Posted tagged ‘Walter E. Williams’

Must Reads For The Week 9/2/17

September 2, 2017

HURRICANE HARVEY OBSERVATIONS

“Price Gouging” = Political Rhetoric and/or Economic Ignorance!

Every time a disaster happens the term ‘price gouging’ is used to describe what happens to the pricing system when normal supply and demand is disrupted. The first rule of economics is scarcity. Man’s desires are unlimited while resources needed to satisfy these desires are scarce. This constraint of scarcity exists for any economic system, be it free market or any of the other centrally planned economic systems (socialist, communist, fascist, democratic socialist). The question we must ask is; which system best deals with this inherent constraint? In a free market, prices ration scarce resources to their most valued uses according to the subjective valuations of consumers. In a centrally planned economy, bureaucrats make the decisions on what is valuable and how scarce resources are to be rationed .

A natural disaster quickly shows how a free flow of prices conveys knowledge about where resources are needed most. Prices rising in the affected area constrains consumer demand for these scarce resources on the one hand and incentivize suppliers to bring scarce resources to the affected area on thee other. Prices coordinate supply and demand, and at the same time the coordination of supply and demand is revealed through changing prices. Price rise or fall incrementally during normal market conditions. But during disasters there are wide swings in prices.

The wild swing in prices allows political demagogues to prey on the economically ignorant. This free flow of market prices is called “Price Gouging”. Politicians win when they demagogue rising prices, and the people affected most by the disaster are hurt. Even though the people hurt most don’t realize it.

Here are some videos that explain the role of prices in a market economy.

Walter E. Williams.

John Stossel

Stossel vs. O’Reilly

This video proves Bill O’Reilly’s ignorance about economics. When he is losing the argument he cuts Stossel off and tries to play on emotion instead of logic. He then resorts to calling Stossel a ‘fascist’. These are the tactics of leftists.

People who are being charitable with their own time and money don’t need to be incentivized to “do the right thing” (supplying goods and services to the affected area). Rising prices incentivize, non charitable people (if that’s what you want to call them ), to supply much-needed goods and services to the affected area.

Gas Prices To Rise Even Faster As Tropical Storm Harvey Floods Texas, at usa.com. I heard a gentleman call into a talk show complaining about the rise in gas prices in his part of the country. He didn’t think the prices should go up since his area wasn’t affected by Harvey. This shows the economic ignorance of a vast majority of people in the country. At least 12% of the countries refining capacity is being disrupted by Harvey. Gasoline distribution infrastructure is also being disrupted. Economic law states when supply decreases against a fixed demand the price will increase. This increased price works to coordinate demand to the new reality of the decreased supply. This works to ration the scarce resource to its most valued use until supply can be brought back on-line. Allowing prices to rise allows the coordination of supply and demand to happen much faster than if prices were fixed by government.

Private Sector vs. Public Sector

Private Sector To The Rescue In Texas: Never Underestimate The Power Of The Private Sector To Rise Up To An Challenge, by Mark J. Perry, at carpediamblog. First responders are individuals on the scene at the moment something happens. Second responders are police, firemen or FEMA. In New Orleans people relied on Government to help them. In Texas people are relying on themselves to help each other. Big difference! Many people think order can only come from central planning from Government. They can’t conceive of order happening spontaneously by individuals voluntarily cooperating.

EPA Approves Emergency Fuel Waiver For Texas, at epa.gov. The best way government can help is to get out of the way. Since refineries are down, Texas will now be allowed to purchase gasoline that is banned for use in Texas by EPA regulations. But don’t worry the lifting of the ban will expire on September 15th. Why do we need such regulations in the first place?

Thanks To Markets, Houston’s Disaster Isn’t As Bad As It Might Have Been, by Christopher Westley, at mises.org. Excerpt from the article: “At the time of this writing, 26 Harvey-related deaths have been confirmed in the United States….. imagine what the death toll would have been if a similar storm slammed into comparable population centers in the Pacific Rim, Venezuela, or other outposts of the Third World. No doubt: They would be in the thousands…… What makes Houston different has to do with property rights institutions taking root and developing there over decades, making it a center for capital investment, because capital always flows to those areas where it is most secure. The continued increase in the quantity and quality of capital over time increases wealth, allowing its owners to afford better infrastructure and safety, relative to more benighted areas that attract less capital over time. To get an idea about the effects of decades of capital formation on Houston in 2017, consider the devastation that befell Galveston in 1900, when another Category 4 hurricane swept the Texas coast and claimed about 8,000 lives.

Why Houston Doesn’t Need Federal Flood Relief, – In Four Charts, by Ryan McMaken, at mises.org. Let’s not promise federal tax dollars to be assigned for rebuilding Texas. The funds will be subject to crony political distribution. And where ever there is a pile of Federal dollars there will be no shortage of people, who don’t need the money, trying to appropriate it. Excerpt from the article: “This isn’t to say real sharing and kindness are a bad thing. It’s excellent that private charities have already been hard at work helping with the cleanup in Houston. If one wants to insist that governments be involved, there’s nothing stopping other states from handing over funds to Texas directly. The federal government need not be involved at all

The Broken Window Fallacy Hasn’t Been Brought Up…. Yet!

Maybe we have won the war against ‘The Broken Window Fallacy‘. Usually after disasters like this we start to hear ‘experts’ talk about how the disaster will help the economy because of all the jobs created to replace and rebuild the things that were destroyed. I guess that sounds logical on its face, but if we remember our lessons from Frederic Bastiat we should look at what is seen, we should look at what is not seen. You will see the people employed in the rebuilding process. What you don’t see is what could have been done with all the resources, capital, time and labor used for the rebuild. The economy as a whole has less wealth because of a disaster. Everything that was destroyed has to be replaced just to get back to even par. If your car is destroyed. Not only do you not have a car, you won’t have what you could have purchased with the money used to replace your car. The economy as a whole, and you, are poorer by 1 car. The car was a useful good and was destroyed long before its normal replacement time. The broken window fallacy is simply the idea that consumption creates wealth. Production creates wealth. Consumption is the destruction of wealth.

Media / Politics

Fake News About Hurricane Harvey Is Why Americans Hate The Media, at thefederalist.com. This is just one example why the mainstream media has lost credibility.

Trump To Donate $1 Million To Texas Recovery, at cnn.com. I’m not a fan of people being public about their giving. Here is an excerpt from article: “President Donald Trump will donate $1 million of his fortune to recovery efforts in Texas……”

Hillary Clinton To Tell Audiences Her ‘Personal, Raw, Detailed and Surprisingly Funny Story’ In Nationwide Tour With Tickets Selling For Up To $1,200, at dailymail.co.uk. I wonder if Hillary is going to donate these proceeds to the recovery efforts in Texas? Or is she going to give some of he money donated to the Clinton Global Initiative for relief efforts in Texas? Oh! I forgot. Donations to the Clinton Global Initiative have dried up since Hillary lost the Election! Maybe Hillary and Bill will just have to give some of their fortune to the relief effort?

CARTOONS

From therightreason.net.

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Must Reads For The Week 8/5/17

August 4, 2017

Conflicting Visions, by Walter E. Williams, at jewishworldreview.com. Most people agree that certain problems exist. What people disagree about is where the solution will come from. Will the solution come from top down decisions by bureaucrats in government or will the solution come from individuals making decisions in a free market?

Schumer: ‘Our Founding Fathers Intended Congress To ‘Improve Our Healthcare System‘, at mrctv.org. I would normally say Chuck Schumer is a moron. But what really is going on is Chuck Schumer thinks a lot of us are morons. He thinks we will believe the load of crap he is trying to peddle.

In Obamacare Debate, Some Victims Matter More Than Others, by Mary Katharine Ham, at thefederalist.com. Instead of looking at the people who got (some subsidized) healthcare insurance under Obamacare, let’s look at the people who have been crushed by the exponential increase in premiums and out-of-pocket expenses because of the ‘Affordable’ Care Act aka Obamacare. These are the people who helped flip States toward Trump and away from Obamacare, in Wisconsin, Michigan, Pennsylvania, Ohio and other States.

Why Single-Payer Will Only Make Health Care More Expensive, by Scott Ehrlich, at thefederalist.com. Single payer will decrease the supply of healthcare and increase the demand for healthcare. The cost will rise even though the bureaucrats will try to hid the cost by using tax payer dollars.

Rand Paul Blasts Senate Colleagues Over Healthcare: ‘They Are Just Afraid, at economicpolicyjournal.com. The Republicans are supposed to be the party of smaller Government and free markets. They obviously don’t believe that free markets produce better outcomes than government central planning or they would have repealed Obamacare.

Trump Axes Obama’s MyRA Retirement Accounts After $70 Million Of Taxpayer Funds Wasted, at zerohedge.com. MyRA was just another scheme allowing Government to get its hands on your money to fund the national debt.

Federal Indictments Alleges Chrysler And UAW Execs Stole Millions From Employee Training Programs, at zerohedge.com. The name of the UAW leader who was indicted is Alphons Iacobelli. You couldn’t make up a better name for a Union Leader than that.

In an Economy There Are Wealth Creators And Wealth Preventers. In California The Wealth Preventers Are Winning, by Mark J. Perry, at carpediemblog. Excerpt from the article: “The wealth preventers, i.e. environmental groups, trail lawyers, and Democrat politicians, hold the reins of power in California. they are all system wonks and are experts at gaming the system…..That California’s economy manages to function as well as it does in spite of the barriers placed in front of it is a tribute to the persistence, energy, and creativity of its wealth creators.

California Ranchers Revolt after State Sets Aside 2 Million Acres For A Frog, at zerohedge.com. Here is an example of the above article. Environmentalists and Democrat politicians getting together to decrease the wealth of their state via environmental regulations.

Democrats’ Biggest Donor Urges Shift To Bernie’s Platform: “Being Never-Trump Is Not Nearly Enough, at zerohedge.com. We should hope the Dems go full Bernie so everyone can see socialism for what it really is.

P&G Slashed Digital Ad Spending, This Is What Happened Next, at zerohedge.com. Maybe digital advertisement isn’t as great as it was advertised.

Canada: What Happens When A Crime Victim Takes A Gun From A Criminal And Shoots Him? The Victim Goes To Jail, at johnrlottblogspot.com. Excerpt from the article: The victim faces charges of attempted murder, intent to discharge a firearm, intent to discharge a firearm when being reckless, careless use of a firearm, improper storage of a firearm, pointing a firearm, possession of a weapon for a dangerous purpose, unauthorized possession of a firearm, possession of a firearm knowing that possession is unauthorized, and possession for the purpose of trafficking.” Bureaucrats have no common sense.

Report: McMaster Let Susan Rice Keep Security Clearance After Unmasking, by Cortney O’Brien, at townhall.com. This is an example of the incestuous relationship the establishment, the insiders, the status quo, the swamp, the deep state, what ever you want to call them have with each other. Remember Sandy Berger? He got his security clearance back after stealing and destroying classified documents.

WSJ Asks “Who Paid For The Trump Dossier’?“, at zerohedge.com. Fusion GPS is a hired gun. So who paid for the discredited Fusion GPS Dossier?

Collusion’ Collapses: Dem Congressional Espionage Ring Takes Center Ring, by Clarice Feldman, at americanthinker.com. I agree. Let’s repeal the Special Counsel Law. Excerpt from the article: “Under the Constitution there are three ways to deal with official corruption: the ballot box, impeachment, or criminal prosecution.” The special counsel is a political tool. It is a way of keeping an issue in the headlines for years at the taxpayers expense.

6 Key Questions About RussiaGate, by Charles Hugh Smith, at oftwominds.com. Here are the six questions: “1) did Russia meddle in the 2016 U.S. election? 2) What federal laws or statutes were broken? 3) What standard of evidence/proof is required in a federal court to convict the accused? 4) If incontrovertible evidence of Russian meddling arose in 2016, why did the federal agencies under the Obama administration (Department of Justice, F.B.I. etc.) do anything? 5) Precisely what meddling occurred? 6) What evidence supports the claim that Russian meddling actually influenced the election?

CARTOONS

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Must Reads For The Week 5/13/17

May 13, 2017

Why Tesla’s Solar Roof Is Just Another Giant Taxpayer Gift To Elon Musk, at zerohedge.com. Elon Musk is skilled at getting his hands on taxpayer money. He is nothing more than a welfare recipient. If a business isn’t profitable without taxpayer money, it shouldn’t exist. Taxpayer money shouldn’t be given to any businesses.

The Minimum Wage Eats Restaurants, at econoicpolicyjournal.com. As the minimum wage rises via government decree. Restaurants close. If these restaurant owners were as talented as Elon Musk, they would get taxpayer dollars from government to pay for the mandated minimum wage increase.

How Fed-Enabled Zombie Companies Crush Productivity Growth, at zerohedge.com. Excerpt from the article: “When lagging firms don’t go bust, they hog scarce resources and drag down productivity…..The survival of weak companies drags down average productivity, but the consequences for growth are even worse. Since such firms take up scarce resources, their prolonged survival (or their delayed restructuring) inflates wages relative to productivity, depresses market prices and undermines investment – all of which deters the expansion of productive companies, particularly startups, and amplifies the mismatch of skills.”

On The AFL-CIO’s Inflated 341-to-1 CEO-To-Worker Pay Ratio, And The Statistical Legerdemain Used To Produce It, by Mark J. Perry, at carpediemblog. When ‘fake stats’ are never analyzed they produce ‘fake news’. The media accepts ‘fake stats’ as long as they fit the media’s vision of the world.

How Capitalism is Setting Washerwomen Free, at fee.org. Excerpt from the article: “Has anything changed the world more than the internet? …….one invention – an engine of liberation – has had a far more powerful effect on daily lives. He means the washing machine…….the greatest invention of the industrial revolution. It freed women from the chore of laundry – or at least from spending one full day a week every week doing it.”

Would You Lease – To -Own A Pair Of Sneakers, by George Pickering, at mises.org. Excerpt from the article: “Unlikely as it is that debt-financed Air Jordans will touch off the next worldwide recession, they nevertheless offer a microcosm of the forces currently forming unsustainable bubbles in an increasing number of markets throughout the economy.”

Trade Ignorance and Demagoguery, by Walter E. Williams, at jewishworldreview.com. I wish Trump would sit down with Dr. Williams for a day and learn something about economics.

California, Illinois, and New York Keep Losing People to Other States, by Ryan McMaken, at mises.org. People are voting with their feet. High taxes, increasing regulations and the high cost of living are incentives that force people to escape to greener pastures.

The Most Dangerous Book On Economics Ever Written For Kids, at economicpolicyjournal.com. The left is propagandizing children into believing capitalism is bad and communism is good.

Hero’ Stopped Mass Murder By Crazed Bar Patron Who Was Armed To The Teeth, Police Say, at dallasnews.com. Gunman who killed sports bar manager is shot by concealed carry holder. Good guy with a gun stops a bad guy with gun.

Senate Hearing Summary: Everything you Thought You  Knew About Russia/Comey Just Got Destroyed, at zerohedge.com. Does anyone outside of the Washington establishment really think this is important? This is the political game of who can make the other side look bad. The people inside the beltway don’t understand how much people outside the beltway are sickened by the political game. We don’t want to play this game or watch this game played anymore.

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Walter E. Williams: “Liberty Is Not For Wimps”

March 22, 2017
Walter E. Williams

Walter E. Williams states in this article, Liberty Is Not For Wimps (read here): “Most Americans, whether liberal or conservative, Democratic or Republican, do not show much understanding or respect for the principles of personal liberty. We criticize our political leaders, but we must recognize that their behavior simply reflects the values of people who elected them to office. That means we are all to blame for greater governmental control over our lives and a decline in personal liberty.”

Our founders told us that eternal vigilance is the price of freedom. Since WWII we have not been vigilant at all. We vote and go back to living our lives. Being informed and active is the most important part of eternal vigilance. Voting is something that happens on one day every two years.

Why have not seen the growth in the power of Government over our lives? Because it has been an incremental increase.

When you see yourself in the mirror everyday you don’t realize how much you have changed over the course of 20 years. When you see a picture of yourself from 20 years ago you ask; “Who is that person?”.

This is what has happened to the growth of Government and the loss of our individual liberty. Unfortunately the majority of the people haven’t been shown a ‘picture’ of what individual liberty originally looked like. Their only picture from their past is a picture of Government solutions to every problem.

These people have not been taught about individual liberty in our schools and universities. In fact they have been indoctrinated into thinking Government is the end all and be all. They have to be educated about individual liberty before they can make informed decisions.

LIBERTY DEFINED

Excerpt from the article: “My initial premise is that each of us owns himself. I am my private property, and you are yours. If we accept the notion of self-ownership, then certain acts can be deemed moral or immoral. Murder, rape and theft are immoral because those acts violate private property.

“Most Americans accept that murder and rape are immoral, but we are ambivalent about theft. Theft can be defined as taking the rightful property of one American and giving it to another, to whom it does not belong. It is also theft to forcibly use one person to serve the purposes of another.”

“At least two-thirds of federal spending can be described as Congress’ Taking the rightful property of one American and giving it to another American, to whom it does not belong. So-called mandatory spending totaled $2.45 trillion in 2015. This, two-thirds of the federal budget goes toward Medicaid, Medicare, Social Security, food assistance, unemployment and other programs and benefits that fall into the category of taking from some and giving to others. To condemn legalized theft is not an argument against taxes to finance the constitutionally mandated functions of the federal government; we are all obligated to pay or share of those.

RIGHTS DEFINED

Excerpt from the article: “Many say that government spending guarantees one right or another. That’s nonsense. True rights exist simultaneously among people. That means that exercise of a right by one person does not impose an obligation on another. In other words, my rights to speech and travel impose no obligations on another except those of noninterference. For Congress to guarantee a right to healthcare, food assistance or any other good or service whether a person can afford it or not does diminish someone else’s rights – namely, their right to their earnings. Congress has no resources of its own. If Congress gives one person something that he did not earn, it necessarily requires Congress drive somebody else of something that he did earn.

FREEDOM OF ASSOCIATION

Excerpt fro the article: “A very difficult liberty pill for many Americans to swallow is freedom of association. As with free speech, the true test for one’s commitment to freedom of association does not come when one permits people of voluntarily associate in ways that he deems acceptable.”

“The true test is when he permits people to associate in ways he deems offensive. If a golf club, fraternity of restaurant were not to admit me because I’m a black person, I would find it offensive, but it’s every organization’s right to associate freely.”

“On the other hand, a public library, public utility or public university does not have a right to refuse me service, because I am a taxpayer.”

CONCLUSION

Excerpt from the article: “The bottom line is that it takes a bold person to be for personal liberty, because you have to be able to cope with people saying things and engaging in voluntary acts that you deem offensive. LIBERTY IS NOT FOR WIMPS.

It is our job to make the case for individual liberty. As I said earlier, people are not being taught about individual liberty in our schools and universities. If people are not curious enough to educate themselves, it is up to us to educate them.

Walter E. Williams has been ringing the bell for individual liberty his whole life. You don’t have to try to save the whole world. You just have to influence the people in your little part of the world. People are starting to be curious about what is going on. The election of Trump proves that people know there is something wrong with the status quo. These people represent fertile ground on which to plant the seeds of liberty.

 

Related Article: Walter E. Williams: The State Against Liberty, at austrianaddict.com.

Related Article: Walter E. Williams: Voluntary vs. Involuntary Exchange, or Seduction vs. Rape, at austrianaddict.com.

Related Article: Walter E. Williams Speaks About The Economics Of Liberty, at austrianaddict.com.

Related Article: Walter E. Williams: Are We Moving Toward More Personal Liberty of More Government Control Over Our Lives, at austrianaddict.com.

Related Article: Walter E. Williams Talks About Individual Liberty, at austrianaddict.com.

Let’s Fight Tyranny – Walter E. Williams

December 6, 2016

In a world of subjective value, there is a high cost of agreement. Our founders understood that voluntarily cooperate under general rules produced the highest amount of satisfaction for the most individuals. When people are forced into cooperating using Government power, the vast majority of people aren’t satisfied.

Our constitutional government put shackles on government power and made the individual sovereign. Politicians and government bureaucrats don’t want us to understand that the individual is the ultimate threat to state power. We need to wake up and claim it.

Walter E. Williams talks about the high cost in this article titled Let’s Fight Tyranny (click here). Here are some excerpts from the article.

For more than a half-century, it has become abundantly clear that our nation faces increasing irreconcilable differences. At the root is the fact that there is one group of Americans who mostly want to be left alone and live according to the rule of law and the dictates of the U.S. constitution while another group of Americans wants to control the lives of others and ignore both the rule of law and constitutional restraints on the federal government. Should those Americans who favor the rule of law and constitutional government fight against or yield to those Americans who have contempt for the rule of law and constitutional government?

Some Americans  prefer to manage their own health care needs. Others wish to have the federal government dictate their health care. Some Americans want their earnings to be taxed only for the constitutionally mandated functions of the federal government, which are outlined in Article 1, Section 8 of   the Constitution. Others think American earnings should be taxed for anything on which Congress can muster a majority vote……The list of irreconcilable differences among the American people is nearly without end. These differences survive because of the timidity of those offended and the brute power of the federal government.”

“I think reconciliation is impossible; therefore, separation is the only long-term peaceful solution. Separation and independence do not require that liberty-loving Americans overthrow the federal government.

“You say, “All those government acts that you say violate the rule of law and the Constitution have been ruled constitutional by the courts!” That’s true. The courts have twisted the Constitution, but Thomas Jefferson warned, “To consider the judges as the ultimate arbiters of all constitutional questions (is) a very dangerous doctrine indeed and one which would place us under the despotism of an oligarchy.”

State governors and legislators ought to summon up the courage our Founding Fathers had in their response to the fifth Congress’ Alien and Sedition Acts in 1798. Written by Jefferson and James Madison, the Kentucky and Virginia Resolutions of 1798 and 1799 stated that those states’ legislatures considered the Alien and Sedition Acts unconstitutional……the several States…….are not united on the principle of unlimited submission to their general government….and ….whensoever the general government assumes delegated powers, its acts are authoritative, void, and of no force.” The 10th amendment holds, “The powers not delegated to the U.S. by the constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”

“The federal government should not be permitted to determine the scope of its own powers. Alexander Hamilton, in Federalist No. 28, said, “The State government will, in all possible contingencies, afford complete security against invasions of the public liberty by the national authority.
Former slave Frederick Douglass advised: “Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them. …. The limits of tyrants are prescribed by the endurance of those whom they oppress.” We Americans appear to have very limited endurance in the face of tyrannical oppression.
RELATED ARTICLE FROM MISES.ORG
Here is another great article from mises.org titled Secede And Decentralize: An Open Letter To Clinton Supporters.
Here is an excerpt from the article:”What your feeling (Clinton supporters), this hopelessness, this feeling that you’re no longer represented, this feeling that people other than you are now able to dictate your way of life, this is all a result of the massive expansion of the Federal government. Elections have long ceased being voting for someone you think represents the lifestyle you want to live and are, in practice, an exercise on determining whether or not you get to impose you preferred lifestyle on someone else.”
A weak federal government would produce little divisiveness because there is little to be divided over. A strong Federal government would produce significant divisiveness since there is much to be divided over. It also goes to say that an absolute government would create absolute division while the absence of government would not produce a division because there isn’t any risk of having your life dictated by distant populations.”

Thomas Sowell: Black Votes Matter

August 1, 2016

Thomas Sowell explains political incentives when it comes to wooing black voters in this article titled “Black Votes Matter” (click here). Let’s read some excerpts from the article.

Black votes matter to many politicians – more so than black lives. That is why such  politicians must  try to keep black voters fearful, angry and resentful. Racial harmony would be a political disaster for such politicians.”

Racial polarization makes both the black population and the white population worse off, but it makes politicians who depend on black votes better off.”

“People who expected the election of President Barack Obama to lead to racial healing and a post-racial society failed to take account of the political reality that racial healing and a post-racial society would, at a minimum, reduce black voter turnout.”

Hillary Clinton desperately needs black votes in this year’s close election. Promoting fear, anger and resentments among blacks – and , if possible, paranoia – serves her political interest. Barack Obama has mastered the art of keeping black voters aroused while keeping white voters soothed – thanks in part to the gullibility of much of the public, who mistake geniality and glib rhetoric for honesty and good will.

Obama has repeatedly put the weight and prestige of the presidency on the side of those who denounce the police before any facts are verified – and even after facts have come out, exposing the fraudulence of such claims as the claim that the “gentle giant’ Michael Brown said, “hands up, don’t shoot.”

“When a career race hustler like Al Sharpton, with a history of hoaxes, is a regular visitor and advisor to the White House, that is a reality that whites and blacks alike ignore at their peril.

Hillary Clinton plays the same political game of posing as a defender of blacks from enemies threatening them on all sides, as she tries to win an election that would amount to a third term of the Obama administration’s policies – most of which have left blacks worse off than before Obama took office.”

“The Ancient phrase, “By their fruits ye shall know them” has been replaced by the current notion that by their rhetoric you should judge them – and vote for them.”

One of the key questions this election year is whether black lives matter more than black votes that can be won by racial charades that undermine and endanger those lives. The answer to that question will affect all Americans, because racial turmoil is to no one’s interest, except some politicians and race hustlers.”

 

Walter E. Williams: What Can Discrimination Explain?

In this related article, What Can Discrimination Explain? (click here), Walter E. Williams looks at racial discrimination to see how much blame it has for the plight of blacks. Here are some excerpts from the article:

Racial discrimination is seen as the cause of many problems of black Americans. No one argues that racial discrimination does not exist or does not have effects. The relevant question, as far as policy and resource allocation are concerned, is: How much of what we see is caused by current racial discrimination?

“Some argue that it is the “legacy of slavery” and societal racism that now explain the social pathology in many black neighborhoods…..When I was a youngster, during the 1940’s illegitimacy was around 15 percent. In the same period, about 80 percent of black children were born inside marriage……Today only a little over 30 percent of black children are raised in two-parent households. The importance of these and other statistics showing greater stability and less pathology among blacks in earlier periods is that they put a lie to today’s excuses. Namely, at a time when blacks were closer to slavery, faced far more discrimination, faced more poverty and had fewer opportunities, there was not the kind of social pathology and weak family structure we see today.”

Intellectuals and political hustlers who blame the plight of so many blacks on poverty, racial discrimination and the “legacy of slavery” are complicit in the sodio-economic and moral decay. But one can earn money, prestige and power in the vistimhood game. As Booker T. Washington long ago observed, “there is another class of coloured people who make a business of keeping the troubles, the wrongs, and the hardships of the Negro race before the public. Having learned  that they are able to make a living out of their troubles, they have grown into the settled habit of advertising their wrongs – partly because they want sympathy and partly because it pays. Some of these people do not want the Negro to lose his grievances, because they do not want to lose their jobs.

 

Related ArticleThomas Sowell: The Economics And Politics Of Race, at austrianaddict.com.

Related ArticleThe ‘Disparate Impact’ Racket, by Thomas Sowell, at austrianaddict.com.

Related ArticleMichelle Obama vs. Thomas Sowell On The Politics Of Race, at austrianaddict.com.

 

Must Reads For The Week 7/9/16

July 9, 2016

We Will Comment On Hillary and The Shootings In Dallas In A Few Days

Thinking Beyond Stage One, by Walter E. Williams, at jewishworldreview.com. The unintended consequences of tariffs and trade restrictions (please read this Mr. Trump). Excerpt from the article: The question that should be put to those calling for restrictions on imports is: In an effort to save jobs in one industry, do you care about or even know of its cost and disastrous effects in other industries? When Congress enacts a miracle for one group of Americans, such as steel producers, it creates a non-miracle for another group, such as steel- using producers.

What The World Looks To Someone Who Doesn’t Understand Economics, at cafehayek.com. Here are some excerpts from the article: “.….defense of the minimum wage is strong evidence that the world does indeed include people who really do believe that government-officials’ stated intentions determine the outcomes of government actions.” Always remember the limiting factor of any central planning by government, the amount of knowledge the bureaucrats can bring to bear on any situation isn’t even one tenth of the knowledge brought to bear by millions of individuals competing in the free market.

Smashing The Minimum Wage: robot Made Burgers Coming To San Francisco, at economicpolicyjournal.com. When the cost of labor is mandated to be higher than it would be under normal market conditions, Employers (economic forces) try to correct the intervention in a couple of ways. Since they have to pay more, why not pay even more to a person who can produce as much as two people. Another is to use automation to replace the now too expensive employee. Mandates don’t happen in a vacuum. Two Of The Worlds Largest Employers Are Replacing Workers With Robots.

But Why Aren’t People Buying Electric Cars? at theburning platform.com. The auto industry can’t figure out why ‘stupid’ consumers won’t buy electric cars. Could it be because the cost of owning and operating an electric car (even with all the Gov. subsidies) is higher than owning and operating a gasoline powered car? Maybe the consumer is smarter than people think. Read – Electric Car Sales Crash Into Economic Reality.

Brexit Shows Why Central Planning Won’t Work, by Jason Morgan, at mises.org. Excerpt from the article: “As Ludwig von Mises demonstrated in Human Action, it isn’t that economic interventionism and central planning might not work, it’s that they cannot work. Why? Because we simply do not have the ability to predict human action in the future, either in the immediate future, or in a more intermediate future.” Unfortunately for us the solution to the failure of these tyrants politicians and bureaucrats plans is more of the same thing that failed.

Here We Go Again: An August 2007 Redux, by David Stockman, at mises.org. When central banks try to stop market corrections by printing money via credit expansion, they end up creating bubbles that will eventually have to be liquidated. Of course they will try to stop the market correction that was a result of their attempt to stop the first market correction. The dog chasing it’s tail.

Murray Rothbard vs. EU 1989, at economicpolicyjournal.com.

 

Americas Radical Revolution, by Murray Rothbard, at mises.org. Rothbards take on the American Revolution.

This Is A Toilet” US Rowing To Use Sewage Proof Suits At Rio Olympics, at zerohedge.com. People have asked me why the Olympic committee would have the games at a place like this. Why? Because the Olympic committee is probably just as corrupt as FIFA was with the world cup. The pollution at the Beijing Olympics four years ago was probably just as bad.

Sharp Shooting Army Vet Saves Bald Eagle Stuck Upside Down In A Tree, at tammybruce.com. A young eagle was caught in a rope dangling from a tree. An army vet shot the rope and freed the eagle. The army vet was initially worried he might get in trouble for shooting at an eagle if he attempted to shoot the rope. With the way the legal system is today, I think his fears were justified.