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Posts Tagged ‘profit’

The U.S. Government Buys and Sells Its Citizens for Profit and Power

Posted by M. C. on December 4, 2023

by John W. Whitehead

Biographical information. Biometric information. Criminal backgrounds. Travel records.

There is not a single person in the U.S. who is not in some government database or another, and these databases are increasingly being shared between agencies, fusion centers, and the police.

Americans have become easy prey for hackers, scammers, snitches, spies, and con artists.

But don’t be fooled into thinking the government is protecting you.

To the contrary, the U.S. government is selling us (or rather, our data) to the highest bidders.

By the way, those highest bidders also include America’s political class and the politicians aspiring to get elected or re-elected. As the Los Angeles Times reports, “If you have been to a political rally, a town hall, or just fit a demographic a campaign is after, chances are good your movements are being tracked with unnerving accuracy by data vendors on the payroll of campaigns.”

Your phones, televisions and digital devices are selling you out to politicians who want your vote.

“Welcome to the new frontier of campaign tech — a loosely regulated world in which simply downloading a weather app or game, connecting to Wi-Fi at a coffee shop or powering up a home router can allow a data broker to monitor your movements with ease, then compile the location information and sell it to a political candidate who can use it to surround you with messages,” writes journalist Evan Halper.

In this way, “we the people” have been reduced to economic units to be bought, bartered and sold by all and sundry.

On a daily basis, Americans have been made to relinquish the most intimate details of who we are—our biological makeup, our genetic blueprints, and our biometrics (facial characteristics and structure, fingerprints, iris scans, etc.)—in order to navigate an increasingly technologically-enabled world.

Those intimate details, in turn, have become the building blocks of massive databases accessed by the government and its corporate partners in crime, vulnerable to data breaches by hackers, cyberattacks and espionage.

For years now, and with little real oversight or restrictions, the government has been compiling massive databases comprised of all manner of sensitive information on the citizenry.

Biographical information. Biometric information. Criminal backgrounds. Travel records.

There is not a single person in the U.S. who is not in some government database or another, and these databases are increasingly being shared between agencies, fusion centers, and the police.

The government has also, with little oversight and few guidelines, been adding to its massive trove of data on Americans by buying commercially available information (CAI) from third-party sources. As a report by the Office of the Director of National Intelligence revealed:

“[Commercially purchased data] can reveal sensitive and intimate information about the personal attributes, private behavior, social connections, and speech of U.S. persons and non-U.S. persons. It can be misused to pry into private lives, ruin reputations, and cause emotional distress and threaten the safety of individuals. Even subject to appropriate controls, CAI can increase the power of the government’s ability to peer into private lives to levels that may exceed our constitutional traditions or other social expectations.”

In other words, this is the diabolically sneaky way in which the government is attempting to sidestep the Fourth Amendment, which requires that government agents have probable cause and a warrant before spying on Americans or searching and seizing their private property.

See the rest here

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TGIF: On “Giving Back”

Posted by M. C. on August 22, 2023

Profit’s bad reputation is unearned, But it’s not true that only sellers can make a profit. Buyers do also, though in a non-financial sense, because they prefer the thing they obtain to the money’s alternative use. Moreover, to the extent that they pay less for an item than they were willing to pay, buyers make an additional profit.

https://libertarianinstitute.org/articles/tgif-on-giving-back/

by Sheldon Richman

market

P&G, the maker of popular household brands like Tide and Downy laundry products, is giving away $10,000 in college scholarships. That’s $1.5 million and 150 scholarships in all. My problem, aside from its encouraging college attendance, is with how the company is promoting the program. The television ads proclaim that the company sees the scholarships as a way of “giving back.” I’ve written about this before, but some further thoughts might be useful.

So, to whom does P&G wish to give back? Not to existing customers exclusively. The only eligibility requirements are U.S. residency, a minimum age of 16, enrollment in or acceptance by an undergraduate program, and free registration at P&G’s website. The online application does ask applicants if they are first-generation college students and where they do their laundry, which sounds creepy. The program is called a “sweepstakes”, and multiple entries are apparently allowed, so the winners are apparently picked randomly. The winners’ checks will be sent to the schools.

The “payback” angle that P&G touts will sound good to many people. (“Aw, that’s so nice.”) I suppose P&G never even considered entries by saying:

Because we at P&G are always looking for ways to increase our profits by creating goodwill, keeping our current customers from looking at rival products, and luring new customers from our competitors, we are giving away 150 scholarships worth $10,000 each. We’d prefer you to just buy our great products, but if that’s what it takes to get good publicity, so be it. Enter today!

That would offend too many people, though pro-market and pro-free-enterprise people like me would be approvingly amused. Why call it “giving back”? Unearned guilt, what’s why.

Adam Smith famously wrote that we do not believe the grocer puts food on the shelves because they are nice people (which of course they may well be). They do it because that’s how they earn a living. Smith wasn’t being pedantic. He was acknowledging that shoppers already know this. He writes, “We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.” (Sometimes we talk of our own necessities, for instance, when we can’t find what we want. But we know the grocer doesn’t help us out because he loves us.)

The “logic” of payback addresses the matter from the seller’s, not the buyer’s, side. Smith could have addressed grocers by writing:

It is not from the benevolence of the customers that you expect your income but from their regard to their own interest. You address yourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.

Telling this to merchants would hardly be necessary. No merchant thinks his customers are doing him a favor by shopping in his store.

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TGIF: Free Markets and the Pursuit of Happiness

Posted by M. C. on April 29, 2023

For Aristotle, the path to happiness in the sense of the good life is to live according to one’s nature as a rational/social being. Reason is in the driver’s seat in individual and social matters. This suggests a society based on individualism, persuasion, and trade rather than collectivism, force, and domination. (The Greek philosophers’ politics, however, left much to be desired.) The virtues we associate with the ancient Greeks — such as justice, prudence, moderation, and courage — described this way of living intelligently.

https://libertarianinstitute.org/articles/tgif-markets-happiness/

by Sheldon Richman

aristotle

For some time now I’ve thought that many people’s antagonism to the market is motivated not by moral or economic objections but by aesthetic criteria. (I discuss this in What Social Animals Owe to Each Other and here.)

By that I mean they simply find market relations — involving private property, contracts, profit, competition, and “impersonal forces” such as supply and demand — unattractive, even ugly. They wish society had nothing to do with such relations, which they (mistakenly) believe have displaced the cozy cooperation and communalism that marked an earlier golden age. They long to return to the beautiful but lost Garden of Eden, where markets don’t exist and people can be human again. They make just two errors. First, they misunderstand the market. For example, competition and cooperation go together. And second, the longed-for Eden never existed. Before human beings transformed the earth, nature was a cruel master. People weren’t always so nice either.

The aesthetic rejection of markets could explain why we libertarians have made little progress in persuading people that crony capitalism is significantly different from the free market. The people who find markets ugly don’t care whether businesses get favors from the government or not. That’s not what matters to them.

Something underlies this revulsion at the market and the freedom it entails: self-interest, or what the critics would call selfishness. It’s also been called the pursuit of happiness. (Of course, Ayn Rand, who held that the pursuit of self-interest is entirely proper embraced the word selfishness at least for the shock value. See her book The Virtue of Selfishness.) The aesthetic rejection of markets may rest on an aesthetic reaction to self-interest. The line between ethics and aesthetics can be blurry.

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Why Businessmen Make Such Unimpressive Politicians | Mises Wire

Posted by M. C. on October 6, 2021

But it does not matter whether or not he was a competent businessman, because the minute he took his oath of office, he became part of a bureaucracy and any expectations of fiscal or monetary responsibility were immediately lost. This is because it is impossible to run a government “like a business.” There’s no economic calculation and no way of measuring profit.

https://mises.org/wire/why-businessmen-make-such-unimpressive-politicians

Connor Mortell

In 2016, we watched time and time again as polls stated that people liked Donald Trump because he is a businessman and came from outside the world of politics. Dozens of factors led to his election but there is no doubt that among voters this mindset of the potential for a savvy businessman in charge was at play. However, looking at it in hindsight, can we really say that a savvy businessman was ever in charge? Perhaps the most successful libertarian there has ever been, the great Dr. Ron Paul, wrote explaining that when it comes to spending the argument was always “Trump vs. Trump.” He’d speak seeking to cut taxes and then would ask for raises on spending and print money to close the gap. Dr. Paul goes as far as to say, “Following the President’s constantly changing policies can make you dizzy.” So why is it that this businessman would come into office and then act in direct opposition to the business-oriented nature he claimed he’d demonstrate? The easy answer would be that it turned out that he was never really a good businessman to begin with. There may or may not be merit to this argument. But it does not matter whether or not he was a competent businessman, because the minute he took his oath of office, he became part of a bureaucracy and any expectations of fiscal or monetary responsibility were immediately lost. This is because it is impossible to run a government “like a business.” There’s no economic calculation and no way of measuring profit.

What makes an entrepreneur so successful is his ability to allocate scarce resources to their most profitable ends. This is achieved through economic calculation. Under normal market conditions, prices allow a bright entrepreneur to take the necessary risks to direct resources where he understands they would be most profitable. Some are unsuccessful in their attempts but the ones that do this correctly are the people we as a society end up deeming as savvy businessmen and businesswomen.

The difference between such an individual and a bureaucrat is described by Ludwig von Mises in his book Bureaucracy: a bureaucrat is one who manages “affairs which cannot be checked by economic calculation.” A government official finds him-/herself in a completely different environment where prices do not adequately reflect market conditions, and as a result, even one who would’ve been the most successful of entrepreneurs is now stripped of his most useful tool and can no longer calculate successfully. This is one of the most pressing reasons that governments time and time again make such atrocious decisions. It is also why the minute a businessman/-woman takes an oath of office, he/she is no longer a bright entrepreneur but is immediately dropped to the level of bureaucrat. This is explained best by Mises, later in Bureaucracy:

It is vain to advocate a bureaucratic reform through the appointment of businessmen as heads of various departments. The quality of being an entrepreneur is not inherent in the personality of the entrepreneur; it is inherent in the position which he occupies in the framework of market society. A former entrepreneur who is given charge of a government bureau is in this capacity no longer a businessman but a bureaucrat. His objective can no longer be profit, but compliance with the rules and regulations. As head of a bureau he may have the power to alter some minor rules and some matters of internal procedure. But the setting of the bureau’s activities is determined by rules and regulations which are beyond his reach.

It is for this reason that I claim it never mattered whether Donald Trump is a savvy businessman or not. If he is not, then the point is moot; but even if he is, no bureaucrat has the tools to steer in the right direction. This, however, is most important not looking back at Donald Trump, but rather looking forward at future elections. In 2024 we are likely to see presidential candidates explaining their past experience, in 2022 we are likely to see candidates in the midterm elections leaning on the same kinds of credentials, and most certainly in your own local elections you will hear budding young bureaucrats claim their business experience will give them the ability to more successfully lead your town. This is not to say one must never support business-experienced candidates—plenty of them do understand a great many things and may be skilled in other ways. But it’s also helpful to remember that business experience is not an especially helpful tool that a candidate brings to the table.  Author:

Connor Mortell

Connor Mortell graduated from Texas Christian University with a BBA in finance, minoring in Chinese language and culture. After graduation, he worked as a legislative aide in the Florida House of Representatives from 2019–21. Currently he is an MBA student at Florida State University. Additionally, he is a graduate of Mises University, where he passed the Mündliche Prüfung Viva Voce Exam on economics.

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Morality of Free Markets

Posted by M. C. on December 11, 2019

Free markets are morally superior to other economic systems. To have a claim on what my fellow man produces, I’m forced to serve him. Contrast that requirement to government handouts, where a politician says to me: “You don’t have to get out in that hot sun to mow your fellow man’s lawn. Vote for me and I’ll take what your fellow man produces and give it to you.”

https://www.lewrockwell.com/2019/12/walter-e-williams/morality-of-free-markets/

By

…For many people, profit has become a dirty word and as such has generated slogans such as “people before profits.” Many believe the pursuit of profits is the source of mankind’s troubles. However, it’s often the absence of profit motivation that’s the true villain. For example, contrast the number of complaints heard about profit-oriented establishments such as computer stores, supermarkets and clothing stores to the complaints that one hears about nonprofit establishments such as the U.S. Post Office, the public education system and departments of motor vehicles. Computer stores, supermarkets and clothing stores face competition and must satisfy customers to earn profits and stay in business. Postal workers, public teachers and department of motor vehicles employees depend on politicians and coercion to get their pay. They stay in business whether customers are satisfied with their services or not…

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Auchter's Art: Free market capitalism charade | Michigan Radio

 

 

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