Posted tagged ‘Milton Friedman’

Must Reads For The Week 2/2/19

February 3, 2019

Shocking Admission By FBI Veteran Shows Why The FBI Shouldn’t Exist, at zerohedge.com. Is the FBI that much different from the East German Staci or the Russian KGB? They go after individuals who might possibly overturn the status quo of government insiders. The FBI abused power when it covertly went after Martin Luther King. And it is abusing its power as it overtly goes after Trump. Here is an excerpt from the article: “The FBI has too much power and far too unforgivable a history to be permitted to control the reigns of the nation with the most powerful military force in the history of civilization. Get rid of it and move in a healthy direction.”

 

The Media Botched The Covington Catholic Story, And The Damage To Their Credibility Will Be Lasting, by Caitlan Flanagan, at theatlantic.com. This article sums up this media created controversy as well as any article I have read.

Here is how Caitlan Flanagan ends her article: “How could the elite media – New York Times, lets say – have protected themselves from this event, which has served to reinforce millions of Americans’ belief that traditional journalistic outlets are purveyors of “fake news”? They might have hewed to a concept that once went by the quaint term ‘journalistic ethics.” among other things, journalistic ethics held that if you didn’t have the reporting to support a story, and if that story had the potential  to hurt its subjects, and if those subjects were private citizens, and if they were moreover minors, you didn’t run the story. You kept reporting it; you let yourself get scooped; and you accepted that speed is not the highest value. Other wise, you were the trash press.”

“At 8:30 yesterday morning, as I was typing this essay, The New York Times emailed me. The subject line was “Ethics Reminders for Freelance Journalists.” (I have occasionally published essays and reviews in the Times). It informed me, inter alia, that the Times expected all of its journalists, both freelance and staff, “to protect the integrity and credibility of Times journalism.” This meant, in part, safeguarding the Times’ “reputation for fairness and impartiality.”

“I am prompted to issue my own ethics reminders for The New York Times. Here they are: You were partly responsible for the election of Trump because you are the most influential newspaper in the country, and you are not fair or impartial. Millions of Americans believe you hate them and that you will casually harm them. Two years ago, they fought  back against you, and they won. It Trump wins again, you will once again have played a small but important role in that victory.”

Milton Friedman On ‘Fair’ Versus ‘Free’, by Mark J. Perry, at carpediemblog, Watch the short video of Milton Friedman vs Donald Trump on trade. Here is an excerpt from the article: “When “fairness” replaces “freedom” all our liberties are in danger.”

“There is no objective standard of ‘fairness’ [or ‘fair’ trade]. ‘Fairness’ [or ‘fair’ trade] is strictly in the eye of the beholder. To a producer or seller, a ‘fair’ price is a high price. To the buyer or consumer, a ‘fair’ price is a low price. How is the conflict to be adjudicated? By competition in a free market? Or by government bureaucrats in a ‘fair’ market?

“Businessmen who sing the glories of free enterprise and then demand ‘fair’ competition [and ‘fair’ trade] are enemies, not friends, of free markets. To them, ‘fair’ competition [and ‘fair’ trade] is a euphemism for a price-fixing agreement [and trade protectionism]. For consumers, and are ‘unfair’ the competition [and trade], the better. That assures lowest prices and highest quality.

Venezuela – A Case Of socialist -Organized Theft, by Daniel Lacalle, at zerohedge.com. Here is an excerpt from the article: “The mistake that many make is to think that this wreck has been caused by a combination of incompetence and folly. and they are wrong. The Venezuelan socialist regime has carried out the largest organized robbery in history and has done so with a perfectly designed plan.”

“The plan was always to expropriate the wealth of the whole country for the benefit of a few political leaders through plundering, destruction of currency and decapitalization. of the state oil company.”

What has happened to Venezuela is not a disaster or a coincidence, it is socialism.

Still Fighting The Last War Against Socialism, by Jeff Deist, at mises.org. Excerpt from the article:  “History and theory don’t matter to socialists because they imagine society can be engineered. The old arguments and historical examples simply don’t apply: even human nature is malleable, and whenever our stubborn tendencies don’t comport with socialism’s grand plans a “social construct” is to blame.”

“These most recent spasms of support for the deadly ideology of socialism remind us that progressives aren’t kidding. They may not fully understand what socialism means, but they fully intend to bring it about. Single-payer health care, “free” education, wealth redistribution schemes, highly progressive income taxes, wealth taxes, gun bans, and radical curbs on fossil fuels are all on the immediate agenda. They will do this quickly if possible, incrementally if they have to (see, again, the 20th century). They will do it with or without popular support, using legislatures, courts and judges, supranational agencies,university indoctrination, friendly media, or whatever political, economic, or social tools it takes (including de-platforming and hate speech laws). This is not paranoia; all of this is openly discussed. And say what you will about progressivism, it does have a central if false ethos: egalitarianism.”

Jackboots In The Morning: No One Is Spared From This American Nightmare, at zerohedge.com. 66 year old Roger Stone is accused of witness tampering, obstruction of justice, and lying to Congress. All are non violent crimes. So naturally you send 29 armed FBI agents in 17 vehicles to carry out a SWAT style pre-dawn raid to arrest him. This is bureaucratic insiders (the deep state if you will) sending a message to anyone who wants to shrink the size and power of government (drain the swamp if you will). The message is, “we will destroy you”.

The Ruling Class And An Undeclared Civil War, by Steve McCann, at americanthinker.org. Excerpt from the article: “The United States has long prided itself on the belief that class distinctions were no longer a part of a unique American culture. However, the current social structure has evolved into a near impregnable three-tier categorization in which the ruling class, that sits astride the social order, has revealed, thanks to the election of Donald Trump, open and unabashed disdain for the two lower classes and the unleashing of a radicalized army of malcontents.”

“The citizens who provide the primary labor and resources for the economic engine of the country constitute the second tier. The third is comprised of those who  have been betrayed by a self-serving education system and are conditioned to be totally dependent upon a government dominated by the ruling class.”

“An all-powerful central government is vital to maintaining the elite’s power, income base and pre-eminent class status and must be protected at all cost. In order to retain their supremacy, the tactics of outright lies, innuendos, and character assassinations, as well as exploitation of national tragedies to impugn their adversaries, have been utilized by the foot soldiers in the mainstream media, the political establishment and the entertainment industry.”

“Today vast swaths of the American populace, whether they voted for Trump or not, are indiscriminately accused of being racists, misogynists, white supremacists, ignoramuses, religious zealots, xenophobes and malcontents. Intimidation and threats of violence are no longer condemned so long as it is directed at those identified as a threat to the hegemony of the elites.”

Much Has Changed For The Better Since 2016 – Not That Trump Will Get Credit, by Victor Davis Hanson, at americangreatness.com. Excerpt from the article: “The world did not fall apart after the U.S. pulled out of the flawed Iran nuclear deal. Most yawned when the U.S. left the symbolic but empty Paris climate Accord. ditto when the U.S. moved its embassy in Israel from Tel Aviv to Jerusalem.” In retrospect, most Americans accept that such once controversial decisions were not ever all that controversial.”

“There is also a growing, thought little reported, consensus about what created the current economic renaissance: tax cuts, massive deregulation, recalibration of trade policy, tax incentives to bring back offshore capital, and dramatic rises in oil and natural gas production.”

“Trump has not changed his campaign reputation for being mercurial, crass and crude. But what has changed is the media’s own reputation in its hysterical reaction to Trump. Instead of empirical reporting, the networks and press have become unhinged.”

“When reporting of the presidency has proved 90 percent negative, and false news stories are legion, the media are no longer seen as the remedy to Trump but rather an illness themselves.”

 

ABORTION / INFANTICIDE

Virginia Abortion Bill: Controversy Around Ralph Northam Comments, by Anna North, at vox.com. Listen to Governor Northam and congressional delegate Kathy Tran comment on the videos. They are defending infanticide. Don’t believe me. Listen and watch for yourself. Virginia isn’t as far left in it’s state congressional representation as New York, because the Virginia law got voted down. But New York’s Infanticide Law passed with great fan fare because its State legislature is a progressive majority.

Later Abortion Is Back In The Spotlight With New York Law. Here’s What The Law Actually Does, by Katie Reilly, at time.com. Will this law be challenged in court as a violation of Roe v. Wade like this law in Iowa is being challenged. Iowa’s Fetal Heartbeat Law Is Back I Court Today: What’s At Stake, by Steven Gruber Miller, at desmoinesregister.com.

Why do I say the New York law should be challenged as a violation of Roe? Because part of the Roe v. Wade decision was related to the viability of the fetus. The New York law allows for abortions up to the birth (36 weeks), and Babies are viable at 24 to 28 weeks. The progressive left is showing who they really are. It was never about the viability of the baby. It was about the will of the mother trumping the viability of the baby.

For the progressive left I guess the question never was, when life begins. Because obviously the answer isn’t more important than the will of the mother to kill her baby. So now we are talking about weather infanticide is acceptable or not. Don’t accept the premise of that discussion. Because by definition, infanticide is murder?

Just A Clump Of Cells?, at theburningplatform.com. Watch this one minute video before answering that question.

 

SATIRICAL HEADLINES

New Law Allows Parents To Abort Non-Viable Millennials, at babylonbee.com.

‘A Border Wall Is Immoral,’ Says Political Party Advocating For Infanticide, at babylonbee.com.

In Rare Moment Of Honesty, Democrats Finally Admit They Suport Infanticide, at babylonbee.com.

Kamala Harris Polling Poorly Among Unborn Babies, at babylonbee.com.

 

 

CARTOONS

from theburningplatform.

https://www.zerohedge.com/s3/files/inline-images/mrz070518-color-1-mb_orig_0.jpg?itok=5df7Y0ar

 

Political Cartoons by AF Branco

Political Cartoons by Steve Kelley

Political Cartoons by Chip Bok

Political Cartoons by Steve Kelley

Political Cartoons by Gary Varvel

 

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Videos On Various Topics

November 2, 2017

Gun Rights Are Women’s Rights, at PragerU.com.

More and more women are getting concealed permits. Katie Pavlich explains why.

 

Milton Friedman Addresses Economic Fallacy,

Milton Friedman dispatches this question without leaving a mark. Brilliant!

 

College Made Me A Conservative, at PragerU.com.

The brainwashing of students by progressives isn’t working like it used to.

 

Are Your Kids Too Fragile? How To Make The Next Generation Resilient, at reason.com.

I’m glad I grew up when I did. You left the house in the summer early in the morning. Came home for lunch. Left again. Came home for supper. Left again, and tried to make it home before the street lights came on so your mom wouldn’t get mad at you. I wouldn’t trade those days for anything.

Must Reads For The Week 1/2/16

January 2, 2016

Go GMO’s! Farmaceuticals Coming, at economicpolicyjournal.com. Isn’t animal husbandry and cross pollination of the past the same thing as genetic modification?

Crony Corporation Payments To Bill Clinton For “Speaking Fees“, at economicpolicyjournal.com. These payments were paid by companies around the time they had business with Hillary Clinton’s State Department. Is this a bribe, or protection money?

NYC Crazy Alert: ‘Misgendering’ A Transsexual Could Cost A $250,000 Fine, at tammybruce.com. Once again I ask why do we allow these people to get away with such foolishness?

Milton Friedman Should Higher Education Be Subsidized? Game, set, match Milton Friedman. HT libertypenblog.blogspot.com.

Restaurant Owners Beg Gov. Cuomo To Hold Off On Raising Tipped Workers Minimum Wage Again, at economicpolicyjournal.com. Price fixing by Government will hurt the very people the government wants to help.

How Tocqueville Schooled Bernie Sanders 200 Years Ago, at the federalist.com. Sanders proposed a return to Roosevelt’s New Deal and  Johnson’s Great Society. Seriously! We don’t have to return to policies that we have never gotten away from. In fact we have expanded these programs.

Free Market Progress, at economicpolicyjournal.com. The government hasn’t figured out a way to intervene in the computer industry. This is why computers are improving at a lower cost.

Female Meteorologists All Over The Country Are Wearing The Exact Same $23 Dress, at economicpolicyjournal.com. No conspiracy her it’s just the power of social media.

The Formlessness of Progressivism, by Yonathan Amselem, at mised.org. Progressives have turned any desired good or need into a right. If the progressives were in favor of the second amendment. They would require every citizen to own a gun and if someone couldn’t afford a gun the government would subsidize the purchase.

PC Is About Control, Not Etiquette, by Jeff Deist, at mises.org. Excerpt from the article: “Political correctness is the conscious, designed manipulation of language intended to change the way people speak. write, think, feel, and act, in furtherance of an agenda.” Reject political correctness when it rears it’s ugly head.

Open Carry Comes To Texas: Why The Lone Star State Will Be Safer in 2016, by John R. Lott, at foxnews.com. Incentives matter to criminals.

Murray Rothbard On Alan Greenspan, at econoicpolicyjournal.com. Watch this short video.

 

 

Milton Friedman Wins The Democrat Debate Against Hillary Clinton And Bernie Sanders

October 15, 2015

The first Democrat debate between Bernie Sanders and Hillary Clinton seemed like a debate between Karl Marx and Fidel Castro. Sanders truly believes that Marxist socialism will work, and Hillary just uses the Marxist rhetoric to win a position of power. The real winner in the debate was Milton Friedman who, in the video below, knocks Bernie and Hillary’s free lunch rhetoric out of the park.

SERFDOM OR FREEDOM

Bernie and Hillary tried to out do each other on what they will give away if elected. But, since Government doesn’t produce anything. It can’t give anything away unless politicians and bureaucrats try one or all of the steps listed below.

1)  They can force the person who produces the good or service to provide it for free.

2) They can confiscate money from citizens (taxes) to pay the people who produce the good or service.

3) If they can’t steal enough, they have to borrow money to pay the people who produce the good or service.

4) If they can’t do #2 or #3, they have to get the Federal reserve to print money to pay the people who produce the good or service.

Our Government has spent a little over a half a trillion (500 billion) dollars more than it has taken in taxes each of the last 3 years. These three years follow a three-year period in which it spent over a trillion more than it took in taxes in each year. So as you can see we have exhausted step 2 and are at full speed on steps 3 and 4.

Since no one will work for nothing when they have other options, step one is difficult to implement. Step two has its limits as revenue will start to decrease if taxes are too high. Step 3 syphons money from capital markets and moves it into consumption activities (which is what government spending is). If Government borrows too much, interest rates will go up, the cost of the debt will increase, and Government will have a hard time selling its debt. At this point step 4 will be implemented. The Federal Reserve will step in and buy U.S. T-Bills with electronically printed counterfeit money. Step four is how the Government can fund itself if 2 and 3 are maxed out.

These steps are not a part of a free society, they happen in a country that is heading toward a centrally planned Marxist society. If the government doesn’t own the means of production out right, it uses its force to control the privately owned means of production. This is where we are, and I think you can see the direction we are headed unless ‘we the people’ turn this around.

Related ArticleMilton Friedman, Moving Toward Serfdom, at austrianaddict.com

Related ArticleMilton Friedman: Market Failure vs. Government Failure. Which Has A Higher Cost? at austrianaddict.com.

Related ArticleThe Essential HAYEK. at austrianaddict.com.

 

Specialization And The Division of Labor

October 6, 2015

The video below shows what an individual would have to go through to make a chicken sandwich if there was no division of labor and exchange. This represents a primitive life style that many of us alive today don’t understand because we were born at a time in history that has seeming abundance. But our current standard of living has existed for only a short period of time when you consider the recorded history of the world. The division of labor, specialization, trade, capital formation and accumulation, a medium of exchange {money}, are examples of market phenomena that spontaneously evolved over time. None of these were results of a centrally planned economy. We take these things for granted. In fact we fight against these things at every turn when we vote for more government intervention into the free market, not realizing that government interventions are hampering these very institutions that created our prosperity in the first place.

I liked this video because this is really I Pencil shown from a different perspective. Entrepreneurs specialize in producing the specific goods that go into making a chicken sandwich. Because of specialization and economics of scale, what is needed to produce a chicken sandwich can be purchased from a grocery store at a low price, stored in your kitchen, and used at your convenience. So instead of spending $1500 and six months producing a chicken sandwich, you can make it when you want to at a low price.

Here is I Pencil as explained by Milton Friedman in his Free To Choose series from the early 80’s.

Here is an article titled ‘The Firm And The Division Of Labor‘ by Per Bylund that goes into more detail about the division of labor. Here are some excerpts.

“Ludwig von Mises emphasized the division of labor as social cooperation and argued that every civilized society is based on the prosperity as well as the mutual dependence caused by the division of labor.

“Eugen von Böhm-Bawerk showed how society, at least the parts that choose division of labor instead of barbarism, consistently develop more roundabout and productive production processes that consist of ever more stages and involve (are dependent on) more people. The roundaboutness or “length” of a production process denotes the number of tasks it includes, where each task is continuously more narrowly defined. The alternative to the division of labor is that the baker has a small field out back where he grows and harvests his wheat, has a mill where he grinds it into flour, and a self-built oven to bake the bread. A longer or more indirect production method, which Böhm-Bawerk talks about, amounts to a farmer specializing in the production of wheat, a miller to grind the wheat, and a baker to produce the dough and bake bread in an oven made by someone specializing in oven making.

“Everybody involved in the production of bread (or any other product or service) — directly or indirectly — is dependent on consumers’ valuation of it. If it cannot be produced cheaply enough, nobody in the chain of productive tasks can sell their intermediate products. The whole economy aims to do this single thing: to produce goods that satisfy the needs and wants of consumers.”

Related ArticleWe’re All Born In The Middle Of The Story, at austrianaddict.com.

Must Reads For The Week 10/3/15

October 2, 2015

Every time there is a mass shooting there’s one thing you can count on. The President will trot out in front of the cameras before the bodies are even cold and play politics. I wrote an article in December of 2012 after the Sandy Hook shootings titled “You Never Let A Serious Crisis Go To Waste” (click here). It showed the template politicians and radicals use to exploit a crisis. The President followed the template then, he has followed it religiously since then and he is following it now. I don’t even have to update this article, just read it as is.

Investing In Schools: Capital Spending, Facility Conditions, and Student Achievement, at nber.org. Study by the National Bureau of Economic Research finds no evidence that capital sending by schools improves student achievement.

Pro-NYC Charter Schools Group Airs TV Ad, ‘Progressives’ Scream Racism, at tammybruce.com. Teachers Unions don’t care if children get a better education. They only care about growing the number of teachers, and the salaries and benefits of the teachers.

Milton Friedman – The Way To Improve Schools video from libertypenblog.blogspot.com.

Questions To Millennials: Why Are You Not Mad As Hell Yet? at davidstockmanscontracorner.com. Millennials are going to be stuck paying for their student debt, Obamacare, social security (that they will never see), early retirement for government workers, all the debt Government officials have piled up just to name a few. It is inter-generational theft. You should be pissed off at my generation for getting you into this mess, I know I am. The question is: What are we going to do about it?

UN Aims To Eradicate Extreme Poverty, Hunger, Illiteracy and More, at tammybruce.com. The UN panel of 27 eminent thinkers said the number one threat to achieving these goals is, drum roll please, climate change (aka global warming). It is easy to set dates on goals, when your excuse for not reaching these goals can never be denied.

The Dirty Truth About “Organic”, by Henry Miller, at hoover.org. If Government officials are involved in setting the standards for what constitutes organic, do you think organic could possibly be a scam?

Crony Socialism: Government Bailouts Do Not Save Jobs, by Doug Reich, at capitalismmagizine.com. Businesses fail because the consumer has decided that they are not productive economic activities. Government officials bailing these businesses won’t change this reality. HT libertypenblog.blogspot.com.

From Ireland to Germany to Italy to Mexico: How Americas Source of Immigrants has Changed in Each State From 1850 to 2013, at pewhispanic.com. Hat Tip to Carpe Diem Blog. It is interesting to see the changes in the country of origin of immigrants to the United States over the decades starting in 1850. In certain periods in history you would have thought we were being invaded by the Irish and later by the Germans. The difference is these immigrants weren’t immigrating to a welfare state.

“Bacha Bazi” Obama’s Silence On Afghan Military Raping Children, at michellemalkin.com. All you multiculturalists who think that all cultures are equal and shouldn’t be judged, read this and tell me what you think. Our soldiers are being punished, by our military, for trying to stop child rape by Afghan military officers because it is part of their culture. Our guys should be receiving medals for stopping child rape.

Must Reads For The Week 8/1/15

July 31, 2015
The pen is mightier than the sword...

 The pen is mightier than the sword… (Photo credit: mbshane)

Happy 103rd Birthday Milton Friedman, by Mark J. Perry, at carpediemblog. Yesterday was Milton Friedman’s birthday. Milton Friedman had a talent for explaining complex economic concepts in a way that regular people like me were able to understand. This post by Mark J. Perry has some great quotes and a link to some great videos. Here is a video of Milton Friedman at his best as he takes on leftist Phil Donahue.

Here is the full episode with Friedman on the Donahue show. This is a great lesson on how to talk to a leftist.

Same Attorney In Charge Of Retrieving Lois Lerner’s IRS E-Mails Now In Charge Of Retrieving State Department Benghazi E-Mails!, at investmentwatchblog.com. A cleaner is a person who gets rid of incriminating evidence at the scene of a crime. Former IRS cleaner Kate Duval, is now going to the State Department to apply her craft to the Benghazi e-mails. Read a previous post titled, Hillary and Benghazi: Call In The Cleaners.

Former Obamacare Chief To Lead Top Insurance Lobby, by Paige Winfield Cunningham, at washingtonexaminer.com. The incestuous relationship between government bureaucrats and crony capitalists is here for all to see. Here is a quote, “There is no better individual than Marilyn to lead our industry through the increasingly complex health care transformation that is underway,” So let’s see if I understand this. A bureaucrat makes the health care system more complex for businesses, and then gets hired to help businesses with the complexity of the system. Who says government doesn’t create jobs?

Shocker: Louisiana Shooter Was On Psychotropic Drugs And Was Denied A Gun Permit, at theburningplatform.com.   If psychotropic drugs increase the risk of suicide. It doesn’t seem like a big jump to say that they increase the risk of homicide.

Total Collapse: Greece Reverts To Barter Economy For First Time Since Nazi Occupation, at zerohedge.com. Greece is moving towards barter because citizens can’t get to their money. When you move toward barter you are moving toward a lower standard of living, because transaction costs are higher.

Meanwhile In Venezuela…. The Socialist Paradise Has Arrived, at zerohede.com. Like F. A. Hayek said: The centrally planned socialist road leads to serfdom and poverty.

Jim Grant: Financial Prices Should Be Discovered, Not Administered, at zerohedge.com. Free market prices convey information for how scarce resources can be used in their most efficient way. Artificially set prices convey false information channeling scarce resources to less efficient uses.

Feds Get The Power To Seize Medical Records On ‘Fishing Expeditions’ With No Subpoena From A Judge, by Mark Fitzgibbons, at americanthinker.com. Another example of the violation of citizens fourth amendment rights to be secure in their persons, houses, papers, and effects against unreasonable searches and seizures without a warrant.

New Male Privilege Tax, at economicpolicyjournal.com. Watch this short video of Mark Dice getting people to sign a petition to pass a “Male Privilege Tax”. Can we survive this kind of ignorance?

How Student Loans Create Demand For Useless Degrees, by Josh Grossman, at mises.org. Student loans have create a couple of things. 1) Debt serfs who will be making payments for years. 2) Young people with meaningless degrees. 3) Rising college prices. Student loans have created a bubble in college education.