Libertarianism | Murray N. Rothbard

Murray N. Rothbard presented this speech at the Michigan Libertarian Party Convention, held in Southfield, Michigan, in May 1989. This selection also includes a question and answer session. Special thanks to Bob Roddis for making this video available.

Source: Libertarianism | Murray N. Rothbard – YouTube

http://www.readrothbard.com/libertarianism-murray-n-rothbard

TRANSCRIPT

00:00
[Applause]
00:08
thank you very much I think this one was
00:10
an abduction super I don’t know if I can
00:12
live up to it
00:14
okay this conventions a great convention
00:17
I mean that’s a really unusual I’m not
00:19
just saying it because there’s another
00:21
convention I attended because I’m too
00:24
unique things about it one effort for
00:26
Libertarian Party conventions one is
00:28
today is the first time today and
00:30
tonight I heard a Libertarian Party
00:31
official and any convention call for
00:33
more members that’s fantastic I said
00:35
unusual situation you might think it’s
00:41
puzzling why it’s unusual that’s an
00:43
interesting question why indeed actually
00:44
welcoming and calling for the membership
00:47
that’s that’s a great spirit in itself
00:49
there are too many parties I’m not gonna
00:51
mention the names in order to protect
00:53
the guilty
00:54
there’s many state party which don’t
00:57
want to grow a membership if you’re we
00:59
have enough member if you have 20
01:00
members why don’t we need more well it’s
01:02
strange and the second great thing about
01:06
the Michigan convention here is that the
01:07
first mention I remember since the
01:09
nineteen seventies I’ve attended every
01:10
national convention since 1975 there in
01:15
many state conventions not everyone the
01:16
minute the first convention since the
01:19
70s which focuses focuses and ideas
01:22
ideas of Liberty and how you apply in
01:23
the real world the first time then it
01:26
bring an usual situation I applaud that
01:27
just great talk about ideas
01:30
what else did I talk about I don’t know
01:33
[Applause]
01:35
so I hope this is the sparks of trend of
01:38
returning to talking about ideas that’s
01:40
number coming for any conventions Lee
01:44
Jung ok let’s start building
01:46
just a general one question always comes
01:50
up should often come up anyway what’s
01:52
the purpose in Libertarian Party I keep
01:54
getting questions like should on purpose
01:57
be to get more votes should should be in
01:59
election should be to spread ideas and I
02:03
can never back another I never
02:04
understand that economy here’s I was
02:06
figuring all of the above is my answer
02:09
that’s the whole point we would we grow
02:11
and membership advanced the idea is
02:13
getting more votes and eventually get
02:15
elected and mold back Oh Leviathan state
02:17
that triggers the whole point of the
02:19
exercise here so I can never understand
02:21
why there should be any kind of any kind
02:23
of split in this stuff listen these
02:26
names the it seems to me that the bully
02:31
ultimate purpose of course of
02:32
libertarian party libertarian party is
02:33
the political action or militaria
02:35
movement and it’s the arm which applies
02:39
the materialism to politics and
02:41
electoral politics and the ideas
02:44
eventually roll back the state and this
02:45
is our method of doing it it seems to me
02:50
that the basic strategy we should employ
02:52
is this two system just again the
02:55
question always comes up what sort of
02:58
strategy sees me in basic strategies
03:00
that I’ve wholly keep the ideas a loss
03:02
of our ultimate goal ultimate principle
03:04
and try to achieve what I’m trying to
03:06
get toward that as fast as possible this
03:08
would seem to be almost banal but it
03:11
seems to be a controversial
03:12
controversial and Linda and the movement
03:17
there are two a Marxist worked as a
03:19
Marxist of Radiance strategy strategic
03:22
theorist as matter fact before they
03:24
started collapsing that two years ago
03:26
they spent most of their time arguing
03:28
about strategy not about principle or
03:31
whatever but something hello how to
03:33
approach how to change the world how to
03:35
how to take a situation say pretty much
03:38
opposed to how bringing about how to
03:40
bring about a very different one and the
03:43
Marx’s identified two basic deviation so
03:46
to speak
03:47
two basic erroneous strategies I would
03:48
endorse this was a different twist one
03:52
is what they call opportunism which I
03:54
think is often rampant in the movement
03:56
huh what happens there I’ve seen this
03:58
happen many libertarian organization
03:59
since I’ve been around the movements
04:01
about Jesus Christ about 43 years I
04:05
remember carrying on anyway what happens
04:08
is you wonder your goal is to advance
04:10
the ideas of Liberty as they objective
04:12
okay and you want to do it rapidly as
04:14
possible and as effectively as possible
04:15
and so you try to get a bullet
04:18
organization which will accomplish that
04:19
and what begins to happen sometimes very
04:23
quickly all the times I Pro long period
04:25
of time because happens subtle or
04:27
sometimes sudden shift of emphasis of
04:31
the the ends become the means become the
04:33
end of the meeting the objectives which
04:36
had been advancing Liberty now becomes
04:38
keeping the organization going keeping
04:39
the payrolls going and so and then
04:41
change the output in order to maximize
04:44
your input so to speak so the ends and
04:46
means are transposed as my friend bully
04:48
Harper used to say early mentor was a
04:51
movement that that is when the glories
04:53
Asian takes all of the mentions of a
04:54
racket you claim you’re advancing
04:57
freedom instead of that you simply
04:58
building your own salaries so that’s one
05:02
problem that keeps popping up there only
05:04
eternal vigilance and realizing the
05:07
problem if they can stop it the other
05:11
problem suddenly at the opposite the
05:13
opposite promises Marx is called
05:16
sectarian is in other words only saying
05:18
okay we want only talking about the
05:20
ultimate goal and never talking about
05:21
any kind of transition to it I think the
05:25
best most extreme example now is the old
05:28
fairly lovable Socialist Party called
05:30
socialist Labor Party I don’t know if
05:31
anybody here has heard of it for guy man
05:34
for good reason as I he’s ever heard of
05:35
it but uh any right socialist labor
05:38
parties in existence since about
05:39
nineteen he said about 1890 or so
05:41
they’ve gotten no place and they’ve
05:43
they’re there their strategic outlook is
05:46
simply a published one pamphlet and the
05:49
one pamphlet has different headlines
05:50
everything to keep up-to-date their
05:52
outreach program is to change the title
05:55
in other words they’ll say are you
05:57
worried about be worried about nuclear
05:59
war pollution
06:00
employment where you know whatever the
06:01
situation is they then they reap it the
06:03
same pamphlet in the answer of socialism
06:06
scrap capitalism a lot of social and
06:09
that’s it
06:09
it’s a pamphlet so it hasn’t been it
06:11
hasn’t been very effective it doesn’t
06:13
really grants not a grabber okay and
06:16
there are a lot of libertarians I think
06:17
tend to have the same emphasis ok smash
06:19
the state that’s it without any kind of
06:22
intervening analysis okay well how do we
06:25
here how do we so what about was what I
06:30
think is the correct strategy sort of
06:31
speaking I think the correct strategies
06:33
the goalie ultimate goal objective
06:34
always keep it in mind and then offer
06:36
but the Marx is called transition
06:38
programs so the transition program to
06:42
attacks lists taxes the United States is
06:44
abolishing income tax it’s a good solid
06:45
transition program
06:53
been running a little that for a few
06:55
years before pressing on so that’s the
07:01
transition program however that has a
07:03
couple of criteria important criteria
07:05
for transition program one it should be
07:06
it should be consistent with the
07:08
objective of the goal okay things very
07:10
important this is what look rose mean
07:13
when they say the mean should not
07:14
contradict the ends I think it’s
07:15
clumsily worded that basically is that
07:17
you can advance the transition program
07:19
shouldn’t undercut the ultimate
07:21
objective you know for example if you
07:24
want to abolish the income tax you don’t
07:25
say we will have we should have a huge
07:27
sales tax but the circles usually
07:29
happens you have both you wind up with
07:32
then folks these are our objectives not
07:35
to help to stay along in trying to
07:36
advance this program our objectives try
07:38
a little of them okay so so that sort of
07:41
stuff once one thing should be any means
07:43
of tiny any proposals advanced should
07:46
not contradict the ultimate objective
07:47
the second thing the means should be
07:49
pretty radical
07:50
okay the transition prayer shouldn’t be
07:52
very some moderate everybody snoozes off
07:54
I have a couple of examples from the
07:57
early days of Libertarian Party started
08:02
the Libertarian Party really first
08:03
flourished in New York City the
08:05
heartland of course a libertarian is a
08:07
physical whether stunning mayoralty race
08:12
1973 Fran young staying up nine thousand
08:15
votes or something which is great for
08:16
that time and so buoyed up by this
08:19
resurgence they decided to run for
08:21
governor next year Jerry to Chile
08:23
Brantford government is they signed on a
08:25
soft core program because they really
08:27
thought they’re going to even either win
08:28
or at least get a lot of votes at the
08:30
pinwheel public soft core program so Chi
08:33
Chi Li not to get who the other turkeys
08:34
were around against them Democrat
08:36
Republican
08:36
then they write 1974 and Gucci late
08:40
great radical pork private program was
08:42
we should cut taxes cut state time was a
08:45
big deal and maybe both the Republican
08:47
Eric I wasn’t so the same thing so we
08:50
were stuck with a situation where have
08:51
the Republicans and Democrats both
08:53
saying should cut taxes taxes are too
08:55
big I mean times radical crazy new party
08:58
also says the same thing what’s the
09:00
point of voting for the radical crazy
09:01
new party the new ultra
09:02
alternative okay so naturally the big
09:05
flop a room with lots of hysteria coming
09:08
out of it and too chewy left the party
09:09
shortly thereafter disillusion broken
09:12
broken man the New York party’s been
09:15
declining every cent every year gets
09:17
less fewer votes but anyway that’s the
09:20
bet so that’s the point and selling out
09:24
in that manner but is the video you know
09:25
for alternative the whole point of going
09:27
for two percent income tax cut things
09:30
like that there are many great things
09:32
about the Clark campaign in 1980 but the
09:34
content was not one of them the content
09:36
was Clark offered the big centerpiece of
09:39
a car campaign which is very well funded
09:41
and bought TV ads was you we haven’t had
09:44
since the centerpiece of the core
09:46
campaign was a 30 percent income tax cut
09:49
unfortunately Reagan was saying the same
09:51
thing is also offering three percent
09:52
income tax cut question is if a
09:54
Republican has a big chance to win over
09:57
is the 30 percent cut on Olympic carry
09:58
on some crazy new party who also says
10:00
grafica 30% cut who’s the who’s the
10:02
average anti-tax person I vote for the
10:04
answer is obvious ain’t us so that’s the
10:08
sort of thing they have to offer a
10:09
clear-cut battle alternative to the
10:11
existing system to give people a reason
10:13
to vote for us to break their habits of
10:15
a lifetime of up some cookie new party
10:17
okay so that’s I think the strategic
10:20
guidelines there for the Olympic Aryan
10:27
quarry now I guess it was not only began
10:28
to get some controversial stuff speech
10:32
Libertarian Party has I consider a great
10:35
platform it was built up over many years
10:36
I one of the architects of a platform
10:39
committee for many years we built it up
10:41
as a specifically to take the principles
10:45
which were a great principles going to
10:46
apply them to pellet political issues
10:48
okay
10:49
there’s enough to make the connection
10:50
and just say your favorite freedom is
10:52
not enough it’s great it’s fine but it’s
10:54
only the first step okay you guys are
10:55
favorite freedom how do you apply it
10:57
okay it will apply it
10:58
Bing Bing Bing well this upset a lot of
11:02
people including many libertarians and
11:03
the possum core is getting rid of a
11:05
platform which is almost impossible to
11:07
do because the ways of voting the bylaws
11:09
are structured once the thing is frozen
11:11
on the platform zones the pop
11:12
get rid of it and the other on the other
11:15
the other proposal issue unfortunately
11:18
carries have a program which is a short
11:20
platform which other essentially is an
11:22
end run around it to appeal to the
11:24
average person but the fleet the
11:26
platform’s considered too radical so is
11:30
your ham you’re beginning to get
11:31
something like a two percent income tax
11:32
cut we’re going to beginning to get to
11:34
the point where who cares anymore so
11:36
that I think should be combatted the
11:38
platform the great platform and I urge
11:41
you all to read it that’s trillion see
11:43
the complaints on it’s too long it’s
11:44
much surer or topic I’ve never got egg
11:46
performs believe mazes
11:48
those are a couple hundred pay into the
11:49
piece and these are this is still fairly
11:52
short one of the things that shield has
11:55
puzzled me for a long time have not
11:56
received an answer yeah and open any
11:58
kind of suggestions I’m not open to many
12:00
things this is what I think I’m open to
12:02
and then why is it that the voter is
12:05
applying much bigger different standard
12:07
to us than they do the Democrats or
12:08
Republicans most for Democrat Republican
12:10
ayala this guy will defect for get with
12:13
us they say but you have 100 positions I
12:15
disagree violently with one of them
12:17
therefore I won’t vote for you then why
12:20
do they do that
12:22
why why do they have to agree that
12:24
everyone every damn one of license Ally
12:26
vote for it I still don’t understand
12:28
this may be psychobabble has a place
12:31
after going to explain this gene Burns
12:34
was the sometime candidate for president
12:39
I think it was a great candidate
12:40
unfortunately things happen and they
12:42
never continued to be Naaman to the
12:44
nomination in the grave I think great
12:46
concept by the way is among the greatest
12:47
speakers I’ve ever heard a bar in any
12:49
party anyway his concept of the Freedom
12:52
Train concept which I think it’s
12:53
terrific Emily
12:54
Amos II said this first much better than
12:56
I do so he’s a radio talk show host
12:57
named great voice he said basically look
13:00
if you don’t agree we have a Freedom
13:01
Train going on a way to freedom I invite
13:04
you to get on the train if you don’t
13:05
like what would be out for you after we
13:06
go 80 percent of the way or 60 percent
13:08
90 percent you’re free to jump off or
13:10
get off at any time but join us in the
13:12
meantime I think it’s a great metaphor
13:13
one of the fun things terrific I’m sorry
13:16
didn’t continue the nomination and many
13:18
rights I think that sort of thing this
13:19
might be a great answer for us nobody
13:22
wants you to agree hundred percent of
13:23
the fight be great if you did but we
13:25
require it as a condition for voting for
13:27
us okay I think um I get to another
13:40
point here about the case for the
13:43
framework in the case for liberty in the
13:44
case against slate ISM I think it’s very
13:46
important to do chin sent one to receive
13:49
the intellectual content it was the show
13:51
that statism doesn’t work that’s great
13:54
against that I’m all for item do it most
13:56
of the time it was something else have
13:58
Jen things also important mainly the
14:00
show is not just intellectual error guys
14:03
where I agree with the public choice
14:04
people such as intellectual error if
14:07
people aren’t that dumb lot of people
14:09
benefit from this stuff we have to
14:11
expose the fact that they are ripping us
14:13
off and one of the advantages of this is
14:16
it gets people high on all the colors
14:18
they shouldn’t if they should in other
14:19
words if you say well the fog try
14:22
support program for beautiful example of
14:24
us it doesn’t work isn’t it’s irrational
14:26
except for it separates all true and
14:28
hurts the consumer people will say yeah
14:31
okay they sort of walk off they don’t
14:33
really care that much it’s like my
14:34
students or any anybody else’s students
14:37
in the classroom if you say they’re
14:38
ripping us off these are bunch of
14:40
thieves they’re looting our pocket then
14:41
they stop do they pay attention they’re
14:43
interested it browses them from their
14:45
usual torpor so look so the moral
14:49
argument is extremely extremely
14:50
important one from utilitarian grounds
14:54
for example thank the farm price
14:56
appropriate font by support program is
14:59
quote irrational on quote the old way of
15:01
looking at okay you pay the taxpayer
15:04
pays the former taxpayers pay least the
15:08
government pays the new Celeste or some
15:10
time not to productor juice at all and
15:12
then prices got supply comes down prices
15:15
go up a fleet the cheese or whatever it
15:17
is a store in some warehouse in for many
15:20
years
15:21
additional all that the part of
15:26
Agriculture is also paying farmers to
15:28
produce more increase their productivity
15:29
to irrigate the Old Lace to electrify
15:32
the EP trees fertilizer so totally
15:35
why is the government paying people of
15:37
farmers want to produce more to produce
15:39
less
15:41
until rational point of view consumer
15:43
before view of the economic system is
15:45
not irrational however the point of view
15:46
of two groups one of the big farmers we
15:49
have paid to produce more and to produce
15:50
less they great that’s great
15:52
they love it too little part of
15:53
Agriculture increases bureaucracy
15:55
tenfold to run these programs ok so we
15:58
have a cozy cozy coalition between the
16:02
Department of Agriculture and the large
16:04
farmers that’s they’re ripping us off I
16:06
think is this cestus thing historical
16:09
point better than simply a sort of a
16:11
logical critique of the program for an
16:14
addition and then in addition to that
16:19
it’s raping my question of outreach
16:22
which of course Louise is always every
16:25
libertarians lips and actually I’m a
16:28
favor everybody voting for us ok I mean
16:30
without exception
16:31
another question who need a target I
16:33
mean we don’t have we don’t have
16:34
unlimited resources which issues in
16:36
concentrate on which people which groose
16:38
need try to get in I think the basic
16:40
thing is I’m trying to constrain on
16:41
people who are somewhere out raiding the
16:45
government some some aspect government
16:47
action its anti-government coalition I
16:50
think we’re trying to build in other
16:53
words is not a coalition with with Dan
16:57
Rather but I hate their mother dog
16:59
cycles I need not to convert Dan Rather
17:01
thanks to the coolest task well anybody
17:03
wants to do is free of course to do it
17:05
or to convert the establishment or
17:10
convert the Reagan administration of the
17:11
Bush administration I think it’s a trick
17:13
terribly mistaken kind of strategy that
17:15
is convert people already hate the
17:17
government one reason or another this
17:19
presents a very different kind of focus
17:22
where you can get return footing it also
17:24
means we’re probably gonna be less
17:25
respectable it was the respectability
17:28
this is not the kind of program to push
17:31
for example one of the outrageous things
17:34
happening right now is the sellout of
17:37
the bush of President Bush on gun
17:38
control and the President Bush what
17:41
lifetime member of the National Rifle
17:43
Association allege
17:44
the posting uncontrolled citizen crunch
17:46
common which means anything at all
17:47
silly somebody uses our gun to shoot
17:49
somebody bingo yeah yeah I have to
17:51
after restrict imports of guns or less
17:54
the Patricia a powerful program with
17:56
people online out in the boonies it’s
17:58
not it the I admit the side of the
18:00
program for urban America New York City
18:02
the argue against gun control their
18:05
minority of one two or three or whatever
18:07
so what this is correct okay you have a
18:10
large number of people out there in the
18:11
non-urban areas wait so that’s a gun
18:13
control and everyone will get their
18:15
votes and support you push you make the
18:18
fullest up in case you can’t be chamber
18:20
gun control and also be in favor any any
18:23
other aspect of private property rights
18:24
and freedom and all the rest of it man
18:26
so that’s just one aspect power policy
18:31
which might be unpopular but you’re very
18:33
important to push and what you get them
18:34
get the votes and support and financial
18:36
support even have a lot of people of
18:37
branches than the topic like the
18:39
national I think the extreme wing of the
18:42
National Rifle Association not the
18:43
sellouts are running it right now that
18:46
sort of thing
18:49
the there are other aspects of this I’ve
18:54
already included the some of it the
18:57
today’s panel symphonies panel but the
19:00
whole drug program is a beautiful
19:02
example of tying in the war against
19:04
drugs of crying in civil liberty
19:06
personal family on one hand and private
19:08
property rights and economic freedom on
19:09
the other because both of them are going
19:11
down the tubes as a result of a and
19:13
totally insane war against drugs which
19:15
is not going to win hasn’t hasn’t won
19:17
not going to win hopeless I and result
19:21
is course to get the government in every
19:23
aspect of our life the it’s very much
19:27
like prohibition 1920s is out warning
19:30
liquor and then shooting everybody who
19:33
mobilizing resources low government
19:35
every level seek out liquor pry it out
19:38
kill anybody’s have a still and all the
19:40
rest of it and it means also of course
19:44
that the doesn’t outlaw a prohibition
19:46
I’m not an outlaw but you’re simply
19:47
the underground gets it look lower cEPAL
19:51
elite forces no quality control the
19:53
black market and things prohibit as you
19:55
get people dying from from metal atoms
19:58
without the alcohol methylene oh the
19:59
poison kind of alcohol things like that
20:01
I don’t have Seagram’s selling a brand
20:03
name in the illegal situation so and the
20:08
whole thing essentially is scam where
20:10
bump up to thing well it’s a scam
20:11
whereby the the government is on the
20:13
take I mean the reason why we’re not
20:15
going to happen I can repeal a war
20:17
against drugs not legalize it very soon
20:19
as the whole the whole darn government’s
20:21
and all the take from the feds to the
20:22
police to look to the drug enforcement
20:24
ratio all the rest of it and foreign
20:26
dictator and everybody else’s old vast
20:28
network a whole business of being on the
20:31
take because they have already broke
20:34
rønneberg
20:35
make nothing best single statement of
20:37
this campaign which will come back to
20:38
haunt Rome war people because the
20:41
remedial remember it is if the
20:43
government can’t even keep drugs out of
20:44
their own prisons how can they do it
20:45
anyplace else
20:53
everybody’s in a cage let’s go camp
20:55
battle-ax so the result of in addition
20:58
to not succeeding on drug farm exactly
21:01
the drug addiction problems got is
21:03
increased in proportion to the amount of
21:05
resources the government’s put into
21:06
fighting it additional land of course
21:09
they using it in order to turn over
21:11
everybody everybody’s financial records
21:13
everybody’s bank account you can’t use
21:14
cash you just can’t hey you gotta want
21:16
to cash it means you’re a drug dealer
21:17
why else would you use cash last would
21:19
you use a beloved government thanks okay
21:21
so this is this is as a move tower to
21:25
eat method of moving towards our
21:27
exchange control and trying to outlaw a
21:30
national rest of us and nobody else and
21:34
people on pole and meat media people and
21:37
so forth and government officials even
21:39
admit this a minimum doesn’t work admit
21:42
they so of course perhaps I’ll be
21:43
publicly committed to the so-called war
21:45
eventually he’s got a crack and how many
21:47
by proportional Earth’s natural product
21:49
left is we have to invest in the rug
21:50
fight until the whole thing is seen as
21:52
hopeless make fifty percent after the
21:54
pmpo in the drug war whatever it is
21:56
causing is ridiculous okay so we can be
22:01
out we can be on the forefront on the
22:03
drug question if we have that it was to
22:05
come that we could keep accelerating
22:09
this the is an example by the way to get
22:14
more to Tory economic questions as an
22:17
example of what I mean by public uniting
22:21
with a public part of public hates the
22:22
establishment hate the government I am
22:24
in live in California the glorious
22:26
summer 1978 when proposition 13 was
22:30
passed and and magnificent saying is he
22:34
because everybody was against it
22:35
everybody hated it throw will destroy
22:37
the state government won’t be police
22:38
anymore if you pass this big tax cut
22:41
property tax cut will be nice school
22:43
don’t be a fireman that’s Rosalie K and
22:47
and and none of it worked in whole and
22:50
everybody’s a big business big unions
22:52
big government our beloved teachers
22:54
unions the whole world weighed in the
22:56
press the media TV everybody attacked it
22:58
they’re responsible I feel like a lady
23:01
police are responsibly in favor cutting
23:03
the property tax in such a two by two
23:04
third
23:05
purple thing and and as the thing bill
23:08
as the hysteria mounted the polls began
23:11
to record the popular publishing
23:13
Thirteen’s getting more and more
23:13
supporters the pita little thing and at
23:16
the end this poor swept the victory but
23:19
no snow establishment support whatsoever
23:20
two or three economist and I was about
23:23
it
23:23
and the save the glorious thing is to
23:27
see in a benefit could happen that I
23:28
could happen somewhere some other time
23:30
too because that was the heyday of
23:33
anti-government sentiment as states so
23:35
far which is late seventy-four the
23:36
Reagan administration came in co-opted
23:38
the whole movement um but it can happen
23:42
again because I think one of the
23:44
glorious things about what’s happening
23:45
less since President Bush got in with
23:49
that with eight years of Reagan miasma
23:52
being lifted at long last and they sort
23:54
of narcosis or whatever the Reagan smile
23:57
my head shaking and he will begin to see
24:01
reality what’s more what happened the
24:04
soon as Bush is hardly in office he yeah
24:06
me and suddenly what happened he there’s
24:08
the SNL crisis which I’m going to talk
24:10
about later and I’m button secretary
24:16
Treasury Brady comes out of bringing
24:17
idea the way to save the essence of SNL
24:20
them pay off with a positive is increase
24:22
tax the tax the deposit bank deposits
24:27
small tax only 25 cents for every
24:29
hundred dollars what is it probably
24:31
won’t care by the way here’s I thinking
24:33
probable on the public choice people
24:34
they would say what’s the public one
24:35
here the small amount of course or
24:37
spread over many people teeny Matt uh I
24:40
was a magnificent is a wonderful thing
24:42
by the way medicine is having American
24:44
politics in my memory nearly a firestorm
24:46
of hatred
24:47
rose up and three three hours old
24:51
publisher was dead three or four hours
24:53
it was great this was doesn’t man whose
24:56
vast at ten o’clock in the morning one
24:57
day whoever was
24:59
by three o’clock let’s crossfire winner
25:02
Madonna says that especially member from
25:04
probably many different finishes we’re
25:05
taking idiotic stops gun said it’s out
25:09
so then otherwise a motor magnificent
25:12
same just beautiful
25:13
I remind me of course the early 80s even
25:16
hide a honeymoons they try to put them
25:18
withholding tax Burma interest and
25:20
dividend that was killed also this is
25:22
great reversion of that ok the second
25:25
step which happened shortly thereafter
25:26
which is so like a one two three
25:28
establishment was the was the
25:32
Congressional pay raise scam sure what
25:36
lead beautiful things American politics
25:38
not organized my libertarian party it
25:41
caught us by surprise and I think they
25:45
have this whole thing breaks they have
25:46
like so-called bipartisan commission of
25:48
beloved people I use eternal love about
25:51
ice it has many with us but people who
25:53
are beloved by the whole right-thinking
25:55
people New York times/cbs and one of the
26:01
most loving people and twentieth century
26:02
America Lloyd Cutler who’s the chairman
26:05
of the bipartisan Commission the
26:07
Cutler’s wisdom as a longtime lobbyist
26:09
of the public trough course in inclusion
26:12
we need a 50 percent pay raise for
26:14
congressman affirm top bureaucrats with
26:16
judges and everything else desperately
26:17
needed otherwise we lose these great
26:19
people
26:22
pay them now the kid it isn’t that it
26:28
wasn’t a grabber and and thing is that
26:33
everyone and with orderly revolution
26:35
against there was a revolution against
26:37
the pay raise but organize a radio talk
26:39
show hosts heroic group for the TV sort
26:43
of locked up in watch TV you watch but
26:46
telling you and all these other creeps
26:48
and and and the radio talk show how so
26:52
ever was sort of semi libertarian or
26:53
eben they rose up as one man regularly
26:55
and has a whole network across the
26:56
country some tea bags and congressmen
26:59
protesting against is run how dare they
27:01
see it points the moral indignation
27:02
again how dare these SOPs welcome cell
27:05
the pain freeze at our expense
27:07
very simple brink effective in the 19th
27:09
century any time Congress voted up a pay
27:11
rate even $100 a year they were thrown
27:13
out of the next election it’s like that
27:15
how dare these people did that okay so
27:17
the same spirit rose up not that in
27:19
America and a tea bags were set all
27:23
these people and then even Whitely the
27:25
White Sulphur Springs mean by or
27:26
whatever the Democratic the Congress or
27:29
international committee whatever met the
27:30
Conclave of a sudden they’re done using
27:32
tea bags tickets and I worked it worked
27:36
that’s the great thing about it because
27:38
the one thing about Congress and we
27:39
complain around a lot about Congress of
27:42
course and one thing about them they
27:43
have to come up for reelection pretty
27:44
often so they’re sensitive to public
27:46
protests the pressure that’s the point
27:48
it’s not the idea of begging these
27:49
people put pressure on look you look you
27:52
and you so and so if you vote against
27:54
before the pay raise you’re out you’re
27:56
finished and so it worked we meet it and
27:58
it’s just a great thing magnificent
28:00
despite all the establishment recycle
28:02
the hokey arguments will lose these
28:04
great people pours nobody here nobody
28:05
quit in a rock park Lorelei have much of
28:10
sociological more one of them nobody
28:11
ever resigns and once in a while I find
28:14
it’s very rare okay so this is these are
28:18
these are heartening assigned inside the
28:19
things are breaking loose again on stays
28:22
as they were before the Reagan
28:23
administration
28:27
okay let’s get the S&L; bailout but I
28:29
think that’s a great example of
28:32
situation where Iraq only a radical
28:35
approach works only a radical poses
28:37
consistent there’s a gradual approach
28:38
which is taken by almost a little think
28:40
tanks we’ve heard about free market
28:43
think tanks today almost all the free
28:44
market think tanks say well of course we
28:46
have to bail out the depositors so our
28:49
government daren’t guarantee have to
28:51
bail them out then you fire a reform
28:53
them other forms are pretty picky and
28:55
begin with I want to talk about that
28:57
right at this moment I want to about the
28:58
bailout nobody knows how much the
29:00
bailout is going to be
29:02
it’s the estimate keeps rising about
29:03
twenty billion dollars every month or so
29:05
started last year about twenty billions
29:07
down off their 120 or 200 or whatever
29:09
who knows because thing is the the SNL’s
29:14
a third of them are officially insolvent
29:17
and the rest of them are farm concerns
29:18
are chosen and solvent so pushing hey
29:20
when does the philosophy one of the
29:22
reality catch up of the philosophy can
29:24
happen anytime oh I think there’s about
29:27
eight billion dollars a month being
29:28
withdrawn by shrew people and let’s get
29:30
out of this stuff a CP climb saying
29:32
right let’s get out or the other thing
29:33
money markets runs or whatever this is
29:35
going to accelerate as the collapse
29:37
accelerates could easily happen so the
29:41
government guarantee is very interesting
29:42
because the government this is probably
29:45
running debate and libertarian party for
29:48
many years over public debt those are
29:51
some for radicals a favor of pitying the
29:53
debts of cute the answer is G is a
29:55
contract who made the contract hunters
29:57
made the government with people one live
30:00
off tax loop for the next twenty years
30:02
not consider that a valid libertarian
30:04
contract sort of like a mafia contract
30:06
you you get together we shoot that guy
30:08
over there
30:09
so the the think about what some of the
30:14
so that interesting enough the the
30:15
question how they can have the S&L; only
30:18
bailout and everybody except making
30:20
businesses to learn to other groups or
30:22
favor of the bailout the other question
30:24
is how do you how do you arrange the
30:26
bail and well you can establish and says
30:28
well half of that will be paid by the
30:29
taxpayers or won’t be a tax though of
30:31
course like deceiving and the other tax
30:33
on deposit amount attack that was
30:35
supposed to be a fee this is one other
30:37
ways
30:38
you know book President Bush proposes
30:40
pleasure no no new taxes you don’t call
30:42
it a tax taxes of that word nobody likes
30:44
taxes anymore so you use the word fee
30:47
this case would be an insurance premium
30:49
raise the insurance premium on the other
30:51
banks of the payor fee on the sound back
30:53
Swiss is pushing up various marginal
30:55
bags and on soundless you understand
30:57
that’s one way that that’s haffley the
31:00
bailout of funds and supposed to come
31:01
from there the other half will come from
31:03
the borrowing ah what how do you fifty
31:06
billion dollars is the estimate be a lot
31:08
more than that
31:08
assure you for things over that question
31:11
is who’s gonna how do you meet the
31:12
gramm-rudman limits on deficits we’re
31:16
supposed to be moving down toward zero
31:18
on the budget dutchess a question when
31:19
you do it by very simple advice you you
31:21
just don’t include it on the budget
31:22
comes a whole budget I see one great way
31:26
to balance the budget is not include
31:27
spending in the budget I wish I get so
31:32
much pleasure that yeah well he create a
31:34
phony new outfit while resolution the
31:36
resolution Finance Corporation something
31:38
like that and they float the bonds that
31:40
it wouldn’t be officially part of the
31:41
government’s if that doesn’t really camp
31:43
why don’t you say saying the third
31:45
method you see which they don’t mention
31:47
way they could really pay off to the
31:49
positives very some seems very simple
31:50
it’s we’re going to force the foundation
31:52
fed power so just print money and pay
31:55
pay pay the people have put the currency
31:56
and give it to them why don’t they do
31:58
that when they picked one of billion
31:59
dollars and give it to the positives and
32:01
write the whole thing off they could do
32:04
it don’t blow against if they’ve got the
32:05
unlimited power of counterfeit the
32:10
reason it was kind of interesting
32:12
because they do it be super duper duper
32:14
inflationary because people then deposit
32:16
the cash in various banks and then the
32:18
attendant one increase the money supply
32:19
like that a couple of trillion dollars
32:22
he’s a nice boy they want to do that it
32:23
won’t acknowledge there’s a problem here
32:25
this fractional reserve banking to begin
32:27
with so they’ll talk about so anyway
32:30
what would happen if scrub this seems
32:32
like a hard situation given the
32:33
positives will go through the ringer
32:35
indeed take that radical stance however
32:38
look look at the great thing about you
32:39
before you allow the the savings loan
32:42
back go bankrupt and allow the
32:44
depositors to take the bath water would
32:46
believe the taxpayers of tuna
32:48
laws or more of new taxes or new
32:50
inflation or however they are grammar
32:53
this and to our beloved depositors and
32:56
savings and loan people learn valuable
32:58
instructive lusts namely never trust our
33:02
government again it’s very similar the
33:12
foreign debt question that the font
33:13
Faridah piling up in Brazil Argentina
33:15
other places what to do about at home
33:17
whether the residents don’t write it off
33:20
which means the Brazilian taxpayers
33:22
don’t be fleeced some more the American
33:24
taxpayer I don’t have to be pleased some
33:25
more and the banks will finally engage
33:28
in some honest accounting which means
33:30
we’ll go under so this is see it’s a
33:34
rather go like that’s a cleansing kind
33:36
of things and odds honesty apply due to
33:38
American politics from first time long
33:40
long time we have the same opportunity
33:42
by way to get rid of unsound banking
33:44
during the 1933 and greed oppression the
33:48
banks were going under they’re going
33:49
there were collapsing as we we spoke and
33:52
but the clerk’s we had told terms that
33:55
one is internal to allow them to go bust
33:57
and that’s it let me go back to the old
33:59
currency forget about paper money in
34:01
fact reserve banking the other route was
34:03
taken of course by Roosevelt and would
34:05
have been taken by Hoover which is of
34:06
course the safe of banks go onto a paper
34:08
fine standard or a list of having
34:10
guarantee deposits on the rest of it
34:12
some of my close friends are in favor of
34:14
eliminating the FDIC government
34:16
insurance and substituting private
34:18
insurance private privately financed
34:21
deposit insurance well I’m not against
34:23
it I make you lunch people it’s like an
34:25
entrepreneurial point if you want to set
34:27
up a five-minute Deposit Insurance
34:29
Corporation you’re free to do it just be
34:31
down Natalie or bust the river hand of
34:36
the Ohio and Maryland
34:37
private insurance department insurance
34:39
firms a few years ago I won one bank was
34:44
a crooked bank and that went under
34:46
neatly all the other banks people got
34:48
scared and the bank run occurred and I
34:49
grabbed my ways and beautiful
34:50
magnificent institution so like spread
34:52
like that and once it’s spread nothing
34:55
to be done about it and I think that’s
34:59
the lesson because the banking system
35:01
the only industry in the United States I
35:03
know of which rests only on public
35:05
comforts you know the ways of my comedy
35:06
we can’t tell public this lesson elves
35:08
or clashing kazoo we rule on the
35:10
confidence of the public you don’t see
35:12
it apply in any place I’ll go buddy
35:13
talks about the importance of confidence
35:15
in the computer industry or confidence
35:16
and TV industry they’ve got TVs to sell
35:18
I think they’ve got computers which are
35:20
good and they work confidence rests on
35:22
the soundness of the product not uncle
35:26
implant on smoke and mirrors which it
35:27
doesn’t function observe banking sister
35:29
that’s why confidence is all-important
35:30
cuz they ain’t got the money they are
35:32
folks think of the money that is a
35:35
dispute among my friends about whether
35:37
public sheiks that their money is there
35:39
on the banks I mean take a poll I think
35:42
they won’t think it’s there even my
35:44
students every year from semester of
35:46
brainwashing slow really believe it’s
35:48
there so so they think the money is they
35:51
I don’t think this will be long gone
35:53
somewhere I think there so anywhere
35:54
that’s I think there are again an
35:56
instructive lesson which should be
35:57
learned to me the idea of ensuring the
35:59
fraction of our banking system for sure
36:01
yes and now is very much like ensuring a
36:03
Titanic after I hit the iceberg
36:06
don’t percentage of you freedom free
36:09
market and do it right paint much
36:11
percentage in okay so by the way free
36:21
enterprise it seems to me I’m getting
36:23
kind of eret at the idea that 0 small
36:25
firm you’ve owned a restaurant or
36:27
whatever you think you’re allowed to go
36:28
under if your big business you’re kind
36:30
of oil illinois banker if you’re if
36:33
you’re lucky or Chrysler or the buy S&L;
36:35
industry you can’t well you can’t be a
36:37
lot of vehicle under your bailout
36:38
automatically by the government it seems
36:40
to me that free enterprise means freedom
36:42
to choose and also therefore me treating
36:44
to lose and from big guys as well as the
36:47
small ones okay
36:56
Kathy I haven’t succeeded alienating
37:00
everybody yet and it will feel a couple
37:02
two more points and current policies and
37:06
current issues
37:08
what does thing which irritates me oh I
37:10
see I don’t see much opposition to it
37:11
either I’m libertarian movement or a
37:12
free-market economist I’m not saying
37:14
it’s not there just don’t see it might
37:16
be there fumbling underground and I
37:17
haven’t seen it yet and we we’ve had in
37:20
last few years a rut verbal reign of
37:22
terror on Wall Street
37:24
many of us have our least favorite
37:26
politician is very difficult I think
37:28
about on my least-favorite politicians
37:30
very difficult aside among a rich
37:31
tapestry of choice if you focus on this
37:35
guy yeah he’s always been a focus on
37:36
something else yeah he’s the one but my
37:38
particular favorite is Rudolph Giuliani
37:40
heroic southerner role of Wall Street
37:42
Hitler the scourge hit series of Wall
37:45
Street and Giuliani instances that you
37:49
probably know it probably be the mayor
37:51
of New York soon and his big thing is
37:55
using the power of the stamp around us
37:56
to the moon alone old prince i a legal
38:00
means it’s certainly unlimited means to
38:02
to what to combat the evils on Wall
38:05
Street what are the evils on Wall Street
38:06
well things like insider trading sign of
38:09
concern means if you hear if you talk
38:12
over martinis and yeah I know Jim Jim I
38:14
know that someone so XYZ corporation is
38:16
going to merge with ABC corporation
38:17
you’re arrested
38:18
it’s the illegal somebody’s spying on
38:20
you ah it’s inside trading evil lock
38:22
them up and the the idea that some kind
38:26
of unfair advantage if you know
38:27
something more than the other guy named
38:29
for profit from it that’s what free
38:30
enterprise is it’s knowing something
38:32
more than the other guy in being a
38:33
traitor and profiting from it whether
38:34
it’s a stock market or business in
38:36
general this is a direct assault on
38:39
Freema free markets and free enterprise
38:40
private property all the rest of it it’s
38:43
a victimless crime
38:44
this is much as prostitution and drugs
38:45
it’s a victimless crime it also helps
38:47
the economy by by siphoning act control
38:51
and ownership of assets of corporations
38:53
to the most efficient people open dome
38:55
or any other day other clucks okay and
38:57
to this they are persecuted the working
39:01
the investor to invest prod investment
39:02
bankers will drag
39:03
their office manacles and chains by
39:06
Julian’s thugs and what does the public
39:08
say about I mean usually optimistic
39:09
about public we’re not in this sort of
39:11
situation they don’t understand at the
39:12
end they’re good something taps their
39:14
pocketbook like you know like a pay
39:16
raise or something like that they can
39:17
understand that something on Wall Street
39:19
they’re all for yeah these guys in one
39:22
of my least favorite news things on
39:25
television is the men of the street
39:26
interviews I don’t know whether it’s the
39:28
main real man on the street or whether
39:29
they selected I wonder but you’re a
39:31
bunch of bunch of bozos from beginning
39:33
to end and when they readily arrested
39:35
some of these Wall Street insider
39:37
traders they ask these guard what do you
39:38
think I think Ivan Boesky care what do
39:41
you think of the Bosque punishment it’s
39:43
too too good for there’s a billion
39:45
dollar fine and five years in jail and
39:48
pro in prohibiting forever creating a
39:50
security again too good for mission so
39:52
lock them up and throw away the key it
39:54
seemed to me the modal argument mogul
39:56
opinion of the man on the street and he
39:59
talked about civil liberties or property
40:02
rights of Wall Street people it’s it
40:03
seems for our rich that they who cares
40:06
about their rights and things extremely
40:08
important for us we can enter this to
40:10
mean one of the interesting aspects of
40:12
this was the wolf New York Times
40:16
headline New York Times always try to be
40:18
very objective in their headlines and
40:20
their reporting but this time it weren’t
40:22
very objective in my New York Times
40:23
standards they were early and the big
40:25
headline with something like this I wish
40:26
I could remember like that quote neo and
40:28
the financial page average is even more
40:30
neutral in the other parts of it it’s
40:32
something like this income so big that
40:35
even whilst we can’t stomach that was
40:37
the headline now you can refer to
40:40
Michael Milken indicted it for a billion
40:42
dollars fine fifty five hundred fifty
40:44
years in jail remedy now these are the
40:46
evil from a crime of insider trading
40:48
plus takeover bids in oil our check
40:51
again something a little bit and the
40:55
comments of that look it’s 515 million
40:57
bar a year income okay the three people
41:00
in particular New York Times quoted as
41:01
attacking this barely too much as
41:04
monstrous or so on one let’s cross our
41:05
old buddy John Kenneth Galbraith so you
41:09
expect that from Galbraith all right now
41:10
breakfast was made millions by attacking
41:12
everybody else’s ass
41:16
contribution of social life the other
41:20
words with Donald J Trump with all the
41:22
nerves saying you can be happy unless
41:24
money than that cuts by third none of
41:32
our old buddy the epileptic runs the
41:34
country David Rockefeller who says it’s
41:37
it’s somebody to make that much money it
41:39
shows us a serious imbalance our
41:41
financial system so when we look at here
41:47
we look at a situation I think basically
41:48
we’re really looking at the old
41:50
corporate a week with inefficient which
41:52
is which sure it’s been shafting the
41:54
stockholder to a long time suddenly find
41:56
the system whereby people like milk Inc
41:58
and finance takeover bids and there and
42:00
get the corporation out from under
42:01
inefficient a lease on a new and better
42:03
owners and so pump a stock holds more
42:07
money that’s really what it’s all about
42:08
people like Rockefeller almost the
42:10
embodiment of the old fashioned
42:11
corporate a leak so there’s another
42:15
factor here too which means its pointed
42:17
out years ago namely very rich people
42:18
tend to be in favor of progressive
42:20
income tax you wouldn’t think of that
42:21
the very rich people essentially live
42:23
off inheritance well vote for an era
42:25
wealth they don’t want Lyon like new
42:27
upstarts coming up when Labor income
42:29
which is what Milken’s income was of
42:31
course was percentage Commission of men
42:33
coming up to the firm see however you
42:35
have a war between the old-fashioned
42:36
inherited wealth and people coming up on
42:39
the outside fast on the outside doing
42:41
better things
42:42
actually the whole looking point was the
42:44
it was made possible Williams Act the
42:47
farias Williams Act 1957 when the
42:50
corporate elites were being being hit by
42:53
takeover bid so that people could get
42:54
stockholders together offer them higher
42:57
money their morning and getting down for
42:58
share it was outlawed by the Williams
43:00
Act and Williams that crack down on take
43:03
a little visit and ordered before
43:05
ensuing you amass 5% of any corporate
43:08
stock you have to go public after we’ll
43:09
announce it and that’s your intention
43:10
having a venture will take over and wait
43:12
certain number certain time period to do
43:14
it this of course meant the
43:16
opportunities for arbitrage and rest of
43:19
it and then milk and eggs the tremendous
43:21
financial innovators to get around if I
43:23
take
43:24
bye-bye leverage biased get around and
43:26
so-called junk bonds to get around this
43:28
prohibition the Williams Act was passed
43:31
by the beloved senator Williams was many
43:33
beloved not now the simple education
43:37
senator is always filling a
43:39
congressional record with pleas for more
43:40
money to more government money education
43:42
we got caught on the F scam affair got
43:45
tossed another hoosegow
43:48
senator Williams and the takeover
43:53
pending the financing legalese bent
43:55
bites by honey look we really should be
43:58
called hi you bond therefore junk bonds
44:00
by the competitors who’s watching me
44:02
call low yield bonds gotta be technical
44:06
obviously higher you call would be
44:08
riskier everybody knows that today right
44:11
the bankers were floating low yield
44:13
Bosworth didn’t like the fact that
44:14
Milton was competing with them and very
44:16
successfully so you have these various
44:18
interests trying to crush that
44:20
competition and using the government to
44:21
do it using phony moral arguments to try
44:24
to do it and apparently fairly
44:25
successful at this point so okay to find
44:33
my final of the same I tend to see
44:36
alienated everybody yet my final example
44:38
here a current issue which I think most
44:41
of the most everybody is rolling on up
44:42
should I think libertarian should say on
44:44
to is the the Alaska oil spill sure
44:48
you’re familiar with I couldn’t see
44:50
anything on TV TV news you’re getting
44:51
the point all you get is medical news
44:53
and what’s the one get something they
44:55
Alaskan oil spill I mean I’ve known that
44:58
it’s a belief amilia whatever you’re
45:00
studying reports with on a cancer and
45:02
heart disease and 20 other obscure
45:04
diseases now just when watching a
45:05
regular news program then here a can t
45:09
have the oil spell
45:10
okay who’s blamed to the hospital exelon
45:12
sees the Exxon precisely active people
45:14
we should see feel sorry for Exxon loses
45:17
10 million gallons of oil which is
45:19
approximately five million dollars plus
45:21
the money they have to pay nothing
45:23
correctly so the people will stop with
45:25
the also the fishermen and all the rest
45:27
of it
45:28
so X on the losers allegedly from some
45:31
from allegedly drunken sea captain and
45:34
yet Exxon being boycotted personally
45:37
attacked etc etc and if you look if you
45:40
look at the arm on what we were
45:42
suffering from is essentially
45:43
environmentalist infection here because
45:45
if you look at environmentalist
45:46
propaganda here but they’re saying is
45:48
superb they’re talking about being
45:50
really mother fishermen for about the
45:51
otters the talking about these they talk
45:53
about the water like the words no longer
45:56
blue it’s now a white over it sound
45:59
black or brown to the oil so in other
46:01
words the rights of but it used to be
46:03
the rights of a snail daughter become
46:04
greater than my so human beings or
46:06
rights over caribou or whatever announce
46:09
the rights of the water my from right of
46:11
the natural right of a water remain
46:13
pristine keep them totally idiotic this
46:16
is sort of let’s say that’s the language
46:18
in which this is camp next side are not
46:19
deliberately bump the oil
46:21
the other ones the loss from and thing
46:23
is the economists who say well we can
46:25
fix up this problem x-play internalize
46:28
an externality by forcing sex on a pay
46:30
damage they’re doing that anyway that’s
46:32
not really the problem it’s much deeper
46:33
than that
46:35
the last big what was the the Amoco
46:38
Cadiz tanker off the coast of France
46:40
about 1979 I think I don’t think is a
46:43
big fuss made of metal is much bigger
46:45
about sixty million gallons nobody
46:48
complains there’s nothing big on
46:49
television about it they pay a Famicom
46:51
pay about five hundred million dollars
46:54
from liability that was it there’s no
46:56
big thing already boycotted Amoco and
46:58
all the rest of us that I think it’s
47:00
this is an example of a way of the
47:01
setting which environmentalism is spread
47:03
in West an intervening decade uh and I
47:09
think what we have with the the oil
47:12
pipeline which to try of course is shut
47:13
down the big argument against it was for
47:16
many years which held up the development
47:18
the fact the caribou migratory patterns
47:20
will be disturbed
47:22
I mean careful has got lots of land up
47:24
there in Alaska that’s tundra you know
47:26
huge amount of land a lot less line a
47:28
walk around then but the the idea the
47:30
projection was a carrot will be
47:31
disturbed went by the pipeline well they
47:33
built the pipeline turns out I’m
47:34
terrible loved it because nice and warm
47:37
I stay photo they snuggle up the
47:39
pipeline of the heist warm so we have we
47:44
really amber group of people which have
47:45
not been lured enough I think
47:48
environmentalist movement essentially an
47:50
anti human movements movement should
47:51
want to rollback Industrial Revolution
47:53
was to go back to the primitive period
47:55
when man and nature allegedly imbalance
47:58
which mean for wiping out about 95
48:00
percent of the human race and and and
48:04
elevating the alleged rights of animals
48:06
insects fish water mountains everything
48:11
said people those of us who take this
48:13
position are called species this I
48:16
prefer to call humanists the human
48:18
beings mean the prime time priority here
48:23
when I’ve been writing some anti
48:25
environmentalist articles in Liberty
48:27
magazine I last a couple weeks ago Lee
48:30
our guts chairman early August the New
48:33
Jersey with a carrion party call up the
48:36
head of the chair of the Senate beloved
48:37
ham please and the man that they eat
48:40
fire me as the editor of the journal
48:41
libertarian study for daring to attack
48:44
environmentalism so my friend who’s the
48:47
head of the center’s have seen me a lot
48:50
easier than the fire himself and
48:51
subscriber nobody’s forcing him to
48:54
subscribe to me the journal that sort of
48:57
stuff dick has been tackled because
49:00
we’re a socialism of mentioned this
49:04
afternoon is collapsed and he then
49:06
floated its collapsed nobody’s in
49:08
socials anymore but we have a rise in
49:11
various other forms of intervention ISM
49:13
in particular of our model is another
49:16
egalitarianism another measures hatred
49:18
of the rich and things like that which
49:19
strong persist so lots of work for us to
49:23
do I think the climate has got a lot of
49:26
leg Rohan has gotten a lot better with
49:27
the with the retirement rate into the
49:30
ranch in Santa Barbara we now have a
49:33
much more flexible and open a political
49:36
system where you have a chance to move
49:37
and I hope you do it thank you very much
49:43
questions comments forever
49:45
what year what’s your opinion of
49:48
government experimentation on the
49:51
American public without you Eric and
49:52
public knowledge mom transpose I’m
49:57
against that I was not after joining bad
49:58
back yeah okay like for instance I don’t
50:01
know how I was mentioning at that here
50:03
during dinner that the American public
50:06
was injected with the AIDS I guess a
50:12
virus and we’re all carrying the AIDS
50:16
virus around with us and it was a de
50:18
government experimentation back then and
50:21
how we all got this AIDS virus within
50:23
our bodies was back in 1962 when the
50:27
government was giving all these three
50:28
polio injections that they had to AIDS
50:31
virus within this injection of the polio
50:35
so all hearing aids virus
50:37
the only problem is that did not sure
50:39
how the AIDS virus spread to where it’s
50:43
out of control today I never heard of
50:46
that I don’t I don’t know anything about
50:48
that
50:48
it’s out far out yeah it’s as far yeah
50:51
let’s see any evidence that effect come
50:53
up my favorite story about the
50:57
government medicine was a swine flu
50:59
caper remember if any of our members
51:01
that huh let me that was just documented
51:04
and during the Ford administration
51:06
believe Ford was desperately anxious
51:10
again real like that look as if he’s
51:11
going to and discover the great swine
51:14
flu mess and assisted everybody get
51:17
injected with us the virus because don’t
51:21
want 50 cases of swine flu has that had
51:24
been recorded and there that’s their
51:26
that’s what he actually finds swipe
51:28
somebody with swine flu so they can
51:29
justify the program and finally finds a
51:32
found some guy up in northern Michigan
51:34
or in Minnesota so I’m gonna turn out
51:35
now however he was a pig farm we
51:37
actually got it from swine that didn’t
51:39
count so they never really found anybody
51:42
I mean kind of kept injecting people to
51:44
stuff and people getting paralyzed from
51:46
and dying
51:47
from it a feeling hefty rate and my
51:50
favorite story being in New Yorker of
51:52
the time being steep in New York
51:53
politics in social life the the head of
51:58
the mocked the top Mafia family in New
52:01
York the sainted Carlo Gambino I believe
52:03
was pretty old and as his assistant as
52:07
top assistant assistant Godfather good
52:09
you must go get the swine flu virus
52:11
injection and he finally did he taught
52:14
her off and got it and died the next day
52:16
and I think his is his helpful assistant
52:21
was carmine Galante was a secret member
52:22
of the other convene family then took
52:25
over as head of a mafia now that was one
52:28
great story and the other not really a
52:30
story but was that I was telling this
52:34
talking about my class in marketing
52:36
drama history about the situation
52:37
current situation of dawn and at that
52:40
point else in Rockefeller resins the
52:42
vice president and and that morning I
52:45
think Chris present afford to show the
52:47
greatness and safety of the virus the
52:51
shot got himself injected so that my
52:54
students popped up we said well if sport
52:56
dies tomorrow morning Micah Hall
52:57
president I’ve indicated history
52:59
analysis it didn’t happen thank you
53:02
honey
53:03
it yeah right
53:10
program government spying on writing
53:15
comments about
53:22
see
53:23
I have no idea I mean I’m not privy I
53:26
mean people ask me these arcane
53:28
questions but American College I don’t
53:29
really know I know we worst the little
53:32
Pete was spied upon the early founding
53:34
couple years it’s really kind of crazy
53:36
the five people in the party and one of
53:38
the must have been a government agent
53:39
because accorded a great detail about
53:41
this guy someone like I said and I think
53:45
particularly scary period I’m the first
53:47
one on the first libertarian meetings
53:50
from the current period was in eighteen
53:51
this is 1969 false if you don’t believe
53:55
and I was putting out a libertarian form
53:58
of the time you work with getting my
54:01
friend Joe Pete it was a public
54:02
resilient we’ve seen beginning a lot of
54:04
people here let’s get let’s have a
54:05
supper club you know I have a go to a
54:07
Chinese restaurant I have supper coming
54:09
we thought we get about 20 people he
54:11
sends sort of mailing how we got 80
54:13
people who are these people doesn’t put
54:14
new libertarians or whatever I suppose
54:16
and they were interesting thing is one
54:19
of our mud wallow batarians for them was
54:22
the trend of the guys ahead of the app
54:23
chapter four in the car and somebody
54:27
would give a paper it’s the only paper
54:29
on freedom in the French Revolution
54:30
remember it is the next morning Saturday
54:32
night the next morning this yeah I knew
54:35
the Koch context under the cops were
54:37
there reporting on it
54:38
this guy gets a copy this is the app is
54:40
another cops he gets a report them so
54:43
and so spoke they said such a stuff in
54:45
the comments I mean significant
54:46
I mean kamancheh the peculiarities
54:48
things coming little woodland we
54:50
wouldn’t I mean we’re a mighty little
54:51
bit better but we were 1916 at 69 you
54:54
know 20 people and you’re giving papers
54:56
and the cops were there in other words
54:59
spying on us and reporting in the
55:00
taxpayer angle is crap so I don’t know
55:02
what’s going on now but didn’t know that
55:04
was going on then and it was a whole
55:05
like a told my story it lights on that
55:08
betting with us
55:08
that was the Nixon administration really
55:10
good mix was going bananas or the new
55:12
life is more even as everything was yeah
55:22
I think we would have I think no stretch
55:29
painless was so it’s really beneficial
55:32
but I think was an internal Lars an
55:34
internal question and it was it was it
55:38
was the basic majority of the public
55:41
definitely supported that there was
55:42
there were different states where that
55:44
wasn’t true but basically there was an
55:46
internal successful internal revolution
55:48
yeah that’s what if you’d ever addressed
55:51
a free-market alternative to say in the
55:53
environment talking last dimension the
55:56
environment possibly is not being the
56:00
important issue but of course is the
56:02
bottom analysis it still is important to
56:04
a lot of people’s Clarence’s wondering
56:06
well I mean there is a standard for
56:08
private property argument I think is
56:09
correct means the you know I have some
56:13
friends who are libertarian
56:14
environmentalists and they have whole
56:16
system ingenious plan done Natalie
56:19
corrected if you want to save the turtle
56:21
or whatever it is I don’t care about
56:22
saving these you care about saving the
56:25
species sub 28 of the thoroughly viola
56:27
gotten the damn plants and preserve it
56:29
and I have a bleeding dragons that you
56:30
preserve it Elizabeth that some of our
56:32
mental scoopers are doing that maybe by
56:35
plot of land like save species okay I’m
56:38
sitting out against this I would get
56:39
tribute a lot of money to it now that’s
56:41
young different strokes for different
56:42
folks
56:43
other things like pollution is important
56:46
question are they you have to prove that
56:47
you have to sort of show with pollution
56:49
going on what the effect is before you
56:51
can start using the power blip
56:52
government on them and a lot of there’s
56:55
a lot of this stuff seed being very
56:56
vague some of these is doing something
56:58
but it’s like the rainforest in Brazil
57:01
I’m not I mean somehow the pool
57:04
Brazilians get it like everybody else
57:05
can develop and shut down forests
57:07
because the Brazilians doing everybody
57:08
gets hysterical that that’s not
57:11
persuasive to me I think because India
57:12
is a good argument why can’t we develop
57:14
I can’t cut that his damn cars right
57:16
so also I’m not persuaded why they have
57:20
the temperature of the earth can’t rise
57:21
by two degrees in 20 years or 50 years
57:23
and we’re supposed to matter with that
57:25
is no there’s no optimal temperature
57:26
which we have to
57:27
fixing somehow you the government stomp
57:30
increases or decreases 19 I think most
57:33
of us as social war I’ve noticed there
57:39
was a number of organizations and
57:42
because shown that they can save the
57:44
environment at a problem like them
57:47
without whale-watching
57:48
yeah there’s Sierra rainforest in
57:52
Central America with her taking people
57:54
through and charging them sit around
57:56
great there’s nothing wrong without at
57:58
all sure so the best example at my late
58:02
Anthony Fisher the English free-market
58:04
founder about two dozen free Morgan
58:07
Institute’s and he was he invested on
58:10
the turtle breeding grounds in somewhere
58:11
in the Caribbean they don’t think about
58:14
parently about turtles and I’m not I’m
58:15
not a natural scientist I’m working at
58:17
shaky ground I’m not a turtle maven been
58:19
anyway the turtles apparently the high
58:22
death rate for turtle if they’re they’re
58:24
spawned on the beach is a big beach they
58:27
have to walk or crawl over the water
58:28
could be saved and on the leg which is a
58:31
long-forgotten yard and something eaten
58:33
killed up by a new evil man but by other
58:36
species Birds whatever Raccoon River
58:39
what’s going on down there so anyway
58:40
these turtle would lie and 1/2 D rates
58:43
and so Fisher bred the turtles as a red
58:47
rose kept the Predators out a net over
58:49
where we done increase the throw
58:51
population enormously and first kill
58:52
some of the turtles and so a turtle soup
58:55
through in the United States right but
58:58
there’s a net tremendous increase in
58:59
turtles the environmentalists melee
59:02
start gotta starve about this they’re
59:03
killing Turtles
59:04
so they ban the importation of turtles
59:06
from the West West Indies with right and
59:08
of course it’s put them out of business
59:09
which means it’s all the back dying and
59:11
killed my Birds
59:12
I don’t like better for birds to kill on
59:15
those people so that’s yeah that’s the
59:17
sort of things that goes on a lot yeah
59:21
the Libertarian Party and the
59:23
libertarian movement seems to in terms
59:25
of membership funding vote seems to been
59:28
and basically a plateau with this deck
59:31
you think there’ll be any significant
59:34
growth in the next 10 or 20 years and
59:36
what do you think they’ll take for that
59:37
to happen
59:38
Mike well if you look at the Libertarian
59:40
Party it was growing found in 1971 and
59:43
grew phenomenally till 1980 at homes an
59:46
exponential rate and then bingo were hit
59:48
now I don’t think it’s an accident that
59:50
was growing at the same time but that my
59:51
government set of it in general they got
59:53
six anti-tax sentiment and high
59:55
inflation sentiment an anti-war gate or
59:59
gate think a mince crediting the
60:01
presidency Hall and getting on both of
60:03
Vietnam War it all came in about the
60:05
same time that 70s he have tremendous
60:08
revulsion against government what
60:10
happens in 1982 and later he is honey
60:14
moisten at shaking arrested them so
60:17
bring it using libertarian rhetoric and
60:19
exactly doing doing exactly the opposite
60:21
fool the large number of people and and
60:24
so that’s sort so that killed eight
60:26
years so I think we did great by being
60:28
on a plateau so I’m surprised in your
60:30
clients altogether now the Reagan is
60:33
nice I really place a great emphasis on
60:34
Reagan they can I don’t think we’ll be
60:36
with a replica whole phenomenon I think
60:38
they could find anybody who’s like that
60:40
the beloved actor you know those all the
60:43
tricks of the trade on sort of stuff so
60:45
given that I don’t see that there’s as
60:47
the state would be beloved again he
60:50
receivers stored to realize my half of
60:52
the presidency you realize the
60:52
magnificence in the fact that Nixon
60:54
gazillion Peach
60:55
I mean before word gate the talk of
60:58
impatient was your person straight
61:00
constitutional advice but was unfixable
61:02
couldn’t pull down a feature you are not
61:04
to be program feature but Nixon came in
61:06
he wasn’t page and effectively resigned
61:08
before they could actually kick him out
61:09
but it was in pager the great saying
61:11
great step four in Oregon history
61:13
finally impeachment of the president so
61:16
I’m with Carter first one Corrigan I was
61:19
afraid of Corrigan sweater a sweet
61:20
people or four feet but that was didn’t
61:22
happen he was he sank without a trace
61:24
and when Reagan comes in a tree
61:26
establishes a lot of people the
61:27
president the sovereignty of the
61:28
President
61:30
so I think with Regan out of the picture
61:32
this is not going to happen there I mean
61:33
Bush has a higher approval rating I
61:35
think means my said he doesn’t even a
61:36
little bit the same way Paget whatever
61:39
it is and I understand I’m not looking
61:41
toward up by it okay but he hasn’t got
61:43
it and so I think we’re now going to be
61:46
back on normal who ever see with people
61:48
rising up in a Trudeau government yep
61:51
sorry my prognosis isn’t great yeah yeah
61:54
I think there were a few of us who were
61:56
surprised to say the least if your
62:01
advocacy of Ron Paul for our our party
62:05
candidate in the last election I wonder
62:07
if you have any thoughts about it if you
62:09
intend to get involved in the 92
62:11
campaign if you have anybody in mind or
62:13
noise and watch every game baby I don’t
62:16
know even got anybody in mind
62:17
particularly now yeah whatsoever comes
62:20
forth of the best I think it’s certainly
62:22
I think a candidate should be credible
62:24
candidate should be somebody who the
62:26
American public and identify with it as
62:27
a political leader somebody who might be
62:30
might be conceivable to present that’s
62:33
my problem nominating people were
62:35
obviously not president there’s no word
62:38
as president Bobby lights like pop pop a
62:40
lens of poke somebody’s a credible papal
62:43
candidate I think we should crush
62:45
something from the American public the
62:47
look at as a possible credible candidate
62:49
Mike Jacobs activated what’s Regal yeah
62:52
that’s or suck up somebody got out this
62:54
main establishment with Ronco monk
62:56
Walker knock the socks off a bush be
62:59
clear so I mean that sort of thing that
63:01
so I think you should have something and
63:03
raise money you need money for
63:04
presidential campaign and Ron that had
63:07
the ability to do that so I think that
63:09
and then somebody was the pure
63:10
libertarian a waffle of sellout I think
63:12
it’s also true I think there were
63:14
mistakes in his campaign I mean that’s
63:15
you know this chance should be corrected
63:18
but for the future presidential nominee
63:22
yeah
63:26
hoppy properties like Rises when I have
63:32
on the intellectual
63:36
well that’s just it just came out so
63:39
Rome I seem to be having a big impact
63:41
right now it’s with the seller I think
63:43
the first printing so laughing these
63:44
dead fare books and what the humping
63:47
position is it certainly cuts through
63:49
the natural rights versus control
63:51
carrying argument by establishing a
63:53
value free without establishing an
63:55
ethical system the 1793 libertarian
63:58
ethic hardcore totally for correctly and
64:01
he doesn’t by taking an RCT and version
64:05
of communism which is prominent Germany
64:08
extrapolating into economics and
64:10
politics so I think it’s great I mean I
64:11
think it will have a lot of influence
64:12
that they already has so I for supposed
64:16
to the who originally reviewed it didn’t
64:19
understand it and that’s inevitable
64:22
something really brand new but I think
64:24
it’s going to have a big impact yeah
64:27
back there lay back there yeah
64:38
okay
64:41
right
64:43
gender
64:56
so I
65:02
I’m my I’m a favorite me those who are
65:05
interested bar mental is an Italian Pro
65:07
environmentalist libertarians and work
65:09
on bringing the full of something I
65:10
don’t deserve my function but anyway I’m
65:12
so not against it the I mean I got rid
65:16
of my me iti arjuna’s we think the thing
65:18
to my the environmentalist literature
65:20
that I’ve read it’s explicitly anti
65:22
human and basically it starts with least
65:24
or off by saying that before people
65:26
arrived everything was great
65:28
it was balance of nature everything
65:29
everything was the environment will
65:32
balance the species will balance and
65:34
then man comes along screws everything
65:35
up and as linear instead of being this
65:37
beautiful circle and man changes the
65:40
environment dominates it the thermal
65:41
effect that seems to be the basic
65:43
philosophical the Carmela’s physician a
65:46
long time now stop my breath so but you
65:50
know i this fish if you take a moderate
65:52
position you’re not a type newman great
65:54
sees me that’s the foot of metal places
65:57
we went like protects the show my sauce
65:59
versus the snail daughter or us versus
66:01
the Caribous I miss always them all the
66:04
time nos the way I look at ya right
66:12
oh yeah right right uh well I think
66:23
there’s some merit in modern times a
66:25
certain amount of Meredith’s he’s
66:27
obviously a great depression speaker
66:30
with merit but I think basically Paul
66:34
Johnson Farley the International really
66:37
anglo-american deal condoms and the
66:39
conservative movement I’m not a big fan
66:42
they’re conservative I think they’re
66:44
danger-close too old-fashioned observers
66:47
amantha libertarianism basically
66:49
neo-cons our status and they’re
66:51
basically position they take they’re
66:54
very smart they have a lot of media
66:56
influence you won’t be journal during
66:58
crystal so forth and Jack Kemp and makes
67:02
it their position they want more
67:04
efficient welfare state and want welfare
67:05
state after treatment govern pre-1967 in
67:10
favor of the New Deal if everyone’s fair
67:12
deal they love you for Humphrey and
67:13
holding all that stuff and they only
67:15
stop with and govern and the post
67:17
McGovern it’s not good enough for me I’m
67:19
against the New Deal break again you
67:21
know the rest of the movement much less
67:23
deep their collective us they believe
67:28
America imposition of collective might
67:31
all over the world pushing everybody
67:33
around the base from it’s for whirl
67:34
democracy or whatever and I think very
67:37
dangerous movement and then English Inc
67:38
be into this quite a bit
67:40
English right-wing is not Maloney okok
67:43
so for few maverick types so and they
67:47
have a huge amount of this one it’s much
67:49
more than their their number is even
67:51
more than we had something invention
67:52
died from libertarians more influential
67:54
our number Neel contravene more stuff
67:55
all mostly influential and very few
67:57
actual people in it but they have the
67:59
levers of power they’re very smart they
68:01
have mostly Rex Marxist or tatarskiy ice
68:03
and hence they know how to organize
68:04
cadre work and get their people on the
68:07
like kick out the opponents put their
68:09
own people in and so they’ve mentioned
68:11
be very successful online
68:13
yeah
68:21
official oh yeah right well my comment
68:33
and the whole record was properly
68:35
convicted felon or about that but that
68:39
we’ve received orders you’ve got orders
68:41
from Reagan presumably possibly from
68:43
Bush and that question where do you
68:45
stand on people who are doing illegal
68:47
things work or carrying on government
68:51
aggression under orders and it’s a very
68:54
interesting philosophical point and I
68:57
personally know things all of them sick
68:59
of the orders stuff
69:00
the prosecutor John Kakkar raised the
69:03
Hitler point he’s making a good point if
69:05
I gave a point that I that was the IQ on
69:06
defense you’ve just carry out orders you
69:08
wouldn’t do anything he wasn’t a rogue
69:10
elephant little bro cowboy way don’t
69:12
worry we won’t call it I think it says
69:14
fly the same sort of standards in the
69:15
United States at the same time I baited
69:19
words is not good enough
69:20
you’re kidding you Apple you can resign
69:21
tight roof bars Lawson
69:24
some people canvas you have the freedom
69:25
to get out government so that’s my
69:28
position essentially
69:29
anti-north and entire Reagan by the way
69:33
bloom north patriotic hope them to the
69:36
extent he go he stand on his head to the
69:38
president lots or some you know it’s
69:39
when push came to shove in his one his
69:40
neck Livan Livan in stand for anything
69:42
sappy kneeing Reagan right and try to
69:45
expose these so-called secret documents
69:47
so I don’t see this nobility there
69:50
either it’s a good ol stuff all because
69:53
two jacks all right I think it’s also
70:00
very very smart politics the part of the
70:02
prosecution to bring in a wounded marine
70:04
hero as a prosecutor which offset then
70:07
remained it yeah over there
70:12
about libertarians selling the idea of
70:16
making it more causal what I mean is
70:19
like instead of saying their policy IRS
70:22
or policy I thought you can say
70:28
privatizing I rather got scared
70:30
oh we don’t want an efficient IRS and oh
70:36
yeah God should’ve seen it enough times
70:39
you hear people want abolish this in the
70:43
court down that maybe explain the
70:48
benefits to accomplish fine
70:54
well I think you understand about it
70:57
first okay I mean I see the obvious to
71:00
me I think the benefits are amazing I
71:02
mean they’re they get the money they can
71:03
keep the money they’ve earned I mean I
71:05
don’t see why it’s difficult to sell
71:06
among this it might think there are
71:08
offsetting circumstance of some sort but
71:10
I try it I’m not against doing happen
71:14
I’ve been since in the visual caesarian
71:16
forever abolishing IRS and this is about
71:19
fest which would flow over you get rid
71:20
of it sure I mean it is a positive a
71:22
negative side every coin you know it’s
71:24
like a welfare system we’ve got one
71:26
abolishing welfare for two basic two
71:27
reason you want to get these people off
71:28
our net you want to get rid of the being
71:31
dependent in a class of generation of
71:33
mulcair dependents virtual ham is good
71:34
for us that’s true both of these sides
71:36
of the coin are correct the which you
71:38
push anytime is an FTM exceptional
71:40
situation yeah
71:46
all right Billy what’s being done right
71:48
now it’s in the California Los Angeles
71:51
they’re the courts of so so clogged up
71:56
an efficient one I’ve been turning to
71:58
private judges money home retired and
72:00
and arbitrating that’s or something much
72:03
more efficient faster molested but also
72:04
for the arbitration movement you get
72:07
judges know what that gun what’s going
72:08
on you have a contract dispute or some
72:10
background about some arcane industry
72:12
what does it put some silikal about the
72:14
radio TV channels or something get
72:17
somebody’s in an expert on TV in the
72:19
stream you can judge it is picked by
72:20
both sides and therefore beer and it’s a
72:22
summary of services on the market it’s
72:24
great it’s happening more and more it’s
72:26
such as a theoretical point my name they
72:28
say well they’re not just arcane points
72:30
they’re happening all the time this way
72:32
we don’t to brain clogged to see it by
72:36
the way is a great book coming out by
72:38
Bruce Benson the summer the title like
72:40
you’ve seen different titles something
72:42
I’ve low in justice and what it is he’s
72:43
an economist the Florida State well this
72:45
is a whole massive companion of how
72:47
private law private courts and private
72:49
enforcement and then successful in
72:51
primitive in Indian tribes and
72:53
pre-modern Europe are sore whole bunch
72:55
of cases that sort it’s great great book
72:57
so that’s the look for it anyway I said
73:02
guess it Archon southern economic
73:03
journal this current issue on the low
73:06
merchant how developed and private
73:07
merchant courses and take over and scoot
73:10
out by the state excellent article yeah
73:29
it hasn’t better the grammars with story
73:32
I mean I guess it’s it’s like it’s like
73:37
all of history that’s struggle between
73:39
aggression and control is way over J
73:42
naught but it’s a struggle between state
73:43
power and social power my social power
73:45
meant voluntary arrangements market
73:48
arrangements voluntary scientific
73:50
involvement civilization role act and
73:52
socialist state power course of the
73:54
state
73:54
looting into the fairing with a
73:55
repressing it that’s a it’s a contest
73:58
between the two things I think I think
74:00
we’re fairly good shape image some some
74:02
bad things and good things back there
74:08
yeah you see the current valve train
74:10
deficit you think the
74:14
there’s nothing to be separate
74:16
connections I don’t care a rap about the
74:17
balance of trade deficit doesn’t exist
74:19
anyway there’s no balance of payments
74:20
deficit right no there’s no problem
74:23
the balance of trade deficit is another
74:26
assist there is no international reserve
74:28
anywhere the reserve money is on gold
74:30
standard there’s no problem there’s no
74:32
way I mean somebody got hold on
74:34
we find 200 billion dollars worth of
74:36
trying goods more than they buy from us
74:38
something got bullet 200 billion dollars
74:40
worth of dollars somewhere and what it
74:42
is of course foreigners hold it for an
74:43
investor’s day in dollars which means
74:46
the dollars which work higher value and
74:48
would be Ravana which means if they’re
74:50
financing cheap imports it’s great when
74:52
with the slice is horrific there’s
74:54
nothing wrong with deficits just like
74:55
worrying about a deficit between
74:56
Dearborne in south speed order if they
74:58
help them with amount of the customs
75:00
barrier between give war in Southfield
75:02
between Las Vegas and Los Angeles or
75:04
whatever they be people griping about
75:05
the deficit than some of them be some
75:07
sort of deficit issues see one of the
75:10
other would be more dollars crossing the
75:12
border this way than that way and people
75:14
are griping that my god we have that
75:15
tariff if the governor mentioned was
75:17
it’s all nonsense there’s no problem
75:19
Edison and the only reason is people
75:21
think as a problem the word deficit is
75:23
the same as in the government budget and
75:25
the balance of trade the time the word
75:28
of the same means nothing it’s two
75:29
totally different things there’s nothing
75:30
to worry about
75:31
unfortunate ista collection of
75:33
statistics often creates problems in
75:35
themselves the beautiful example of it
75:38
that’s it yeah everybody seems to be
75:43
running around the night
75:45
asking the solution to their own pet
75:48
problems okay it ready is it you as an
75:53
economist I think must understand how
75:56
the freedom of movement around the
75:59
countries related to the system of Rome
76:01
grabs one thing I don’t really see a
76:04
direct Aryan solution what type of rose
76:07
yeah I don’t see what the problem of
76:09
English network of Rome 18th century of
76:12
the roars all private and Turnpike’s a
76:15
toll road you can see that this is well
76:18
have five a collection of twelve of
76:19
tolls its government and then streets
76:22
are going to be miles away those are the
76:24
ways in which the streets companies like
76:27
like income so Broadway becomes a
76:30
private well I don’t know it depends on
76:33
yeah I mean I don’t depends how the
76:34
market would work it I don’t know what
76:36
the you know the technological unit was
76:37
day task to be work I’ve on market to be
76:39
a whole Manhattan or to be one
76:41
neighborhood there all sorts of
76:42
possibilities just we dictated in
76:45
advance told many mothers market they’ll
76:48
see what the mark of Morgan’s involves
76:49
the institution but yeah there’ll be I
76:52
mean I mean these streets which are and
76:54
one way to do it one way of finances by
76:56
the ways to have a sticker you know on
77:00
the in your core you buy a sticker of
77:02
choosing the right to drive and certain
77:04
the same the rush hour periods if pay
77:06
market clearing price of the sticker
77:08
this eliminates congestion in rush hour
77:10
butyl boy doing in New York City is to
77:13
first of all they don’t have much either
77:16
they have zero fees or raise low parking
77:19
fees in big congestion but then the
77:20
mayor said we’re going to ban private
77:22
cars from New York from the half this
77:24
temple government and actually to
77:25
subsidize something incorrectly prohibit
77:27
it no cuts and maybe you let the market
77:31
do it you know housing market private
77:32
and feeding private enterprise let them
77:34
work at the pricing Iranian the only
77:36
rational way to do it anyway it’s only
77:39
because we’ve been locked in a situation
77:40
with crippled centuries of government
77:42
roads that we can’t conceive how it
77:44
would work it’s very much as if for some
77:47
kind of some kind of as well
77:49
customs customary historical reasons the
77:51
government was the sole monopoly
77:53
producer shoes that’s everything else is
77:56
free but the government is a little
77:57
issue when I came up and said I think we
78:00
should have privately competitive shoe
78:01
or shoe industry and you could easily
78:03
say hey asset or blame what people go
78:05
unshod who would produce shoes I mean
78:07
was they beat how many firms of the
78:08
people oh hell no you wait let the
78:09
markets rip it under the thumb of the
78:11
market decide way to do it where it
78:14
pushes us to more quiet more questions
78:16
okay yeah I’m back there
78:37
you’re right
78:46
[Applause]
78:49
politician I’m confused Dana Rohrabacher
78:51
I thought he’s the libertarian once he
78:54
just got elected talking about Ollie’s
78:57
or he played a rope down Ollie north how
79:00
much the other day and he wasn’t the
79:03
matheran people can change their minds
79:04
of course he was battling with the
79:06
libertarian saying I’m using will Fabian
79:08
with the parent when he was bitterly
79:09
opposed to all political actions being
79:11
invasive he’s Billy Bentley post even
79:13
defensive violence much less aggressive
79:15
are the pure pacifist and then he
79:20
shifted over sender the job on the
79:21
Reagan’s speech being a campaign team
79:23
open up so that’s nice yeah i mean i
79:28
don’t know what i mean whoever because
79:29
of change they might be respectful to
79:31
communist party people the other change
79:32
I want even to change the problem is the
79:35
corner libertarian of some sense that’s
79:37
that’s always I walk you know I know a
79:40
Reaganite guys its position and look at
79:44
his voting record it’s Reaganite speech
79:46
record and the rest of it so that’s it
79:50
an avid sometimes I’m too bad but does
79:53
happen
79:54
thank you very much okay
79:59
you

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