"Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion-when you see that in order to produce, you need to obtain permission from men who produce nothing-when you see that money is flowing to those who deal, not in goods, but in favors- when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you- when you see corruption being rewarded and honesty becoming a self-sacrifice-you may know that your society is doomed. Money is so noble a medium that it does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot." by Ayn Rand, Atlas Shrugged
"The consumers determine ultimately not only the prices of the consumers' goods, but no less the prices of all factors of production. They determine the income of every member of the market economy. The consumers, not the entrepreneurs, pay ultimately the wages earned by every worker, the glamorous movie star as well as the charwoman." by Ludwig Von Mises, Human Action
"That part of the rich man's income, beyond that which he personally uses, is capital and, to do him any good, must find investment." by Leonard Read, Romane-of-Reality
Online writings in their entirety (Linked from FEE's online library)
Economics in One Lesson by Henry Hazlitt
"But the solution is never to reduce supplies arbitrarily, to prevent further inventions or discoveries, or to support people for continuing to perform a service that has lost its value. Yet this is what the world has repeatedly sought to do by protective tariffs, by the destruction of machinery, by the burning of coffee, by a thousand restriction schemes. This is the insane doctrine of wealth through scarcity."
The Law by Frederic Bastiat
"Now, legal plunder can be committed in an infinite number of ways. Thus we have an infinite number of plans for organizing it: tarrifs, protection, benefits, subsidies, encouragements, progressive taxation, public schools, guaranteed jobs, guaranteed profits, minimum wages, a right to relief, a right to the tools of labor, free credit, and so on, and so on. All these plans as a whole- with their common aim of legal plunder- constitute socialism."
Romance of Reality by Leonard E. Read
"Insofar as a good government should have any economic interests, those interests should be directed to the people as consumers. For the only common denominator in a population, economically speaking, is the consumer. The object of a good government's economic affections should be the consumers and not groups and classes. In no other way can a government remain good."
'Liberty and Property' and 'Middle of the Road Policy leads to Socialism' by Ludwig Von Mises
"What vitiates entirely the socialists' economic critique of capitalism is their failure to grasp the sovereignty of the consumers in the market economy. They see only hierarchical organization of the various enterprises and plans, and are at a loss to realize that the profit system forces business to serve the consumers. In their dealings with their employers, the unions proceed as if only malice and greed were to prevent what they call management from paying higher wage rates. Their shortsightedness does not see anything beyond the doors of the factory. They and their henchmen talk about the concentration of economic power, and do not realize that economic power is ultimately vested in the hands of the buying public of which the employees themselves form the immense majority. Their inability to comprehend things as they are is reflected in such inappropriate metaphors as industrial kingdom and dukedoms. They are too dull to see the difference between a sovereign king or duke who could be dispossessed only by a more powerful conqueror and a "chocolate king" who forfeits his "kingdom" as soon as the customers prefer to patronize another supplier."
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"It is that kind of dishonesty that has created the Tea Party in the first place and it makes it look like the Republicans and Democrats are in cahoots. Is it all a big Scam?"
"Individuals are consistently looking to improve their standard of living and improve their material well being. The constant unquenched desire by individuals to improve their lives is the energy source of the economy. And it is the means in which individuals employ to meet these desires that produce the goods and services that make up this material improvement and increased standard of living."
"When the government sells a bond, it borrows money with no profit motive. The government has no intention of producing goods or services that could be sold to the public and pay the newly incurred debt, rather, the government spends the borrowed money at the direction of a political class. Whether the money is spent well, we will never know, as unlike the private enterprise, profit and loss is not calculated, the money is simply spent. A positive rate of return is paid to the investor, regardless of whether or not goods and services desired by the public were created efficiently. No scrutiny by the investor is required; a positive rate of return can be expected, even if their investment is squandered and wasted by the government"
"Why are lawyers, not doctors, the ones chasing down ambulances?"
"The elimination of competition is the focal point of the healthcare bill. I cannot state clearly enough, and Americans must realize regulation and competition are on opposite ends of the spectrum, it is one or the other!"
"The entire health care industry is regulated by the government. The government distorts health care demand by subsidizing health care for the poor and elderly, giving tax incentives for companies to purchase health insurance policies for their employees, and mandating health care policies cover specific health care products and procedures. Meanwhile, the government controls and limits the supply of health professionals, products, and services. With inelastic demand, massive amounts of government subsidies, and a limited supply of health care, it should be of no surprise that health care prices are skyrocketing."
"How the government can take a dollar from an individual, pay for the collection of that dollar (with that dollar), pay for the political process to decide how that dollar should be spent (with that dollar), and pay to spend that dollar (with that dollar) would provide that individual or business with more value than if he himself had used the dollar on what he deemed valuable is unfathomable."
"We have to resist the temptation to react to these bad things in a manner in which we blame government for the problem, and look to government to solve the problem. Government cannot and will not solve all (if any) of our problems, including preventing natural business cycles (recessions). If we are going to stand for limited government, we need to accept and embrace that the problems and challenges we face in this society will only be met and solved by individuals."
"Real solutions, here they are, debate them, revise them, improve them, use them, support them, implement them, come up with others, but let's start a pro growth movement that would pass Economics 101 or at least 2nd grade math."
"Title III-Borrowing Authority (Western Area Power Administration)- $3,250,000,000 ($3.25 Billion) for "delivering or facilitating the delivery of power generated by energy renewable resources constructed or reasonably expected to be constructed after the date of this enactment"..."the Administrator shall have the authority to have utilized $1,750,000,000 ($1.75 Billion) at any one time"..."If, at the end of the life of a useful project, there is a remaining balance owed to the Treasury under this section, the balance shall be forgiven"..."Funds expended to study projects that are considered pursuant to this section, but that are not constructed shall be forgiven."
"An honest debate can only occur if a policy's benefit is weighed against its cost. People will disagree with the value of each policy. However, if there is no cost associated (other than more debt passed on to another generation), and no sacrifice has to be made to implement certain spending; then policy will always go forward even if its benefits are meager"
"This healthcare legislation proposes health care exchanges. Sounds competitive, but it is just regulative legislation that makes for crony capitalism. Instead of hundreds of insurance companies offering thousands of plans to fit different people's health insurance needs, the federal government will pick and choose which insurance companies are qualified, and dictate what insurance policies must cover. How does this increase choice and competition? It doesn't, it is the polar oposite. This kind of exchange limits competition. It also puts 'big insurance' in the pockets of politicians as it will be the government who determines who is and is not 'qualified'. This creates an oligopoly that is not market based, but politically driven."
"Socialism-increases the power of the well connected, provides a welfare state to those in poverty, provides an entitlement state to those near poverty, and penalizes upward economic mobility. Therefore, Socialism perpetuates social classes, it maintains elitism (power and riches for the connected), inhibits economic mobility for the middle class through high taxation and regulation, and provides a welfare state for those in poverty."
"Of course the Keynesians will argue that if federal spending is reduced, the economy will slow, thus lowering revenues. They believe government spending is able to drive economic growth. Well, it is a nice politically pain free theory, but it is a theory based on multipliers and models, not reality. Reality shows that government spending has doubled in the past 10 years, and increased 40% since 2006, yet we are still seeing a sluggish economy. Do these same economists argue we should have tripled our spending the past ten years, or increased our spending since 2006 by 90%, 150%, or 200%? Any economist still arguing for Keynesian policies believes in the infallibility of their theories and models over evidence and experience."
"Lastly, society has shown man's capacity to rule other men; be it by any form of tyranny or slavery. The bottom line is that any type of taking value by force, whether a supposed value is given in return is irrelevant. Value is yours, and is to be given by your choice. Only you can decide what its return value is to you. We each have our own exchange rates, and it differs from product to product. Therefore, any taking of my value, will not bring me a greater value than what I would have found for myself. Any value given to me which I have not earned, or given an equal value of my own, is stealing from another. I choose to believe this is not what God intended."
10/14/13: Immigration is positive
3/27/13: The stimulus trap
3/4/13: The winning argument
2/26/13: Capitalism is anti poverty
2/24/13: Who's to blame
1/10/13: Bagging Big Ben's Bucks
11/14/12: Time to man up freedom movement
8/6/12: Revenge of the Zeros
4/11/12: Growing out of poverty
3/28/12: Beware of the money printing (Video)
3/19/12: Science, libertarianism, and truth
2/1/12: Just fill the damn potholes!
7/24/11: The problem is spending
5/7/11: Rest in Peace Robin Hood
1/11/11: Regulating away social value
12/6/10: Where's the Capitalists?
11/19/10: No thanks Mr. Buffet
11/18/10: Failed Models and the real cost of QE2
Economic Sites and Resources
The end of sound money (Featured on RealClearMarkets)
Soak-The-Rich Taxes Are Counterproductive (Featured on RealClearMarkets)
Article I, Section 4. The Congress shall assemble at least once in every Year, and such meeting shall be on the first Monday in December, unless they shall by law appoint a different day. (In 1933, the Ratification of the 20th Ammendment changed this date to January 3rd)
Ammendment X- The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
Ammendment XIII- Neither slavery nor involuntary servitude, except as punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction. (Ratified in 1865)
"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.
The Wall Street Reform and Consumer Protection Act (The Financial Reform Bill)
Sec. 7302: "(2) Fee Payment Required- An investment advisor shall, at the time of registration with the Commission, and each fiscal year thereafter during which such adviser is so registered, pay to the Comission a fair and reasonable fee determined by the Commission. In determining such fee, the Commission shall consider objective factors such as- (A) the investment adviser's size; (B) the number of clients of the investment advisor; (C) the types of clients of the investment adviser; and (D) such other relevant factors as the Commission determines to be appropriate.
The American Recovery and Reinvestment Act (The Stimulus Bill- bad policy more than oppressive)
Social Security Administration "For an additional amount for "Limitation on Administrative Expenses", $1,000,000,000 shall be available as follows...
Sec. 1311 "(c) (1) IN GENERAL.- The Secretary shall, by regulation , establish criteria for the certification of health plans as qualified health plans. Such criteria shall require that, to be certified, a plan shall, at a minimum- (A) meet marketing requirements, and not employ marketing practices or benefit designs that have the effect of discouraging the enrollment in such plan by individuals with significant health needs; (B) ensure a sufficient choice of providers (in a manner consistent with applicable network adequacy provisions under section 2702(c) of the Public Health Service Act), and provide information to enrolles and prospective enrollees on the availability of in-network and out-of-network providers; (C) include within health insurance plan networks those essential community providers, where available, that serve predominately low-income, medically-underserved individuals, such as health care providers defined in section 340B(a)(4) of the Public Health Service Act and providers described in section 1927(c)(1)(D)(i)(IV) of the Social Security Act as set forth by section 221 of Public Law 111-8, except that nothing in this subparagraph shall be construed to require any health plan to provide coverage for any specific medical procedure; (D)(i)be accredited with respect to local performance on clinical quality measures such as the Healthcare Effectiveness Data and Information Set, patient experience ratings on a standardized Consumer Asessment of Healthcare Providers and Systems survey, as well as consumer access, utilization management, quality assurance, provider credentialing, complaints and appeals, network adequacy and access, and patient information programs by any entity recognized by the Secretary for the accreditation of health insurance issuers or plans (so long as any such entity has transparent and rigorous methodological and scoring criteria); or (ii) receive such accreditation within a period established by an Exchange for such accreditation that is applicable to all qualified health plans; (E) implement a quality improvement strategy described in subsection (g)(1); (F)utilize a uniform enrollment form that qualified individuals and qualified employers may use (either electronically or on paper) in enrolling in qualified health plans offered through such Exchange, and that takes into account criteria that the National Association of Insurance Commissioners develops and submits to the Secretary; (G) utilize the standard format established for presenting health benefits plan options; and (H) provide information to enrollees and prospective enrollees, and to each Exchange in which the plan is offered, on any quality measures for health plan performance endorsed under section 399JJ of the Public Health Service Act, as applicable.
Clean Energy Jobs and American Power Act (Cap and Trade Bill)
"(11) if unchecked, the impact of climate change will include widespread effects on health and welfare, including- (A) increased outbreaks from waterborne diseases; (B) more droughts; (C) diminished agricultural production; (D) severe storms and floods; (E) heat waves; (F) wildfires; and (G) a substantial rise in sea levels, due in part to- (i) melting mountain glaciers; (ii) shrinking sea ice; and (iii) thawing permafrost;
The National Industrial Recovery Act (The New Deal)
Section 3 (d) Upon his own motion, or if complaint is made to the President that abuses inimical to the public interest and contrary to the policy herein declared are prevalent in any trade or industry or subdivision thereof, and if no code of fair competition therefor has theretofore been approved by the President, the President, after such public notice and hearing as he shall specify, may prescribe and approve a code of fair competition for such trade or industry or subdivision thereof, which shall have the same effect as a code of fair competition approved by the President under subsection (a) of this section.
Article 40. Citizens of the USSR have the right to work (that is, to guaranteed employment and pay in accordance wit the quantity and quality of their work, and not below the state-established minimum), including the right to choose their trade or profession, type of job and work in accordance with their inclinations, abilities, training and education, with due account of the needs of society. This right is ensured by the socialist economic system, steady growth of the productive forces, free vocational and professional training, improvement of skills, training in new trades or professions, and development of the systems of vocational guidance and job placement.
Article 60. It is the duty of, and matter of honour for, every able-bodied citizen of the USSR to work conscientiously in his chosen, socially useful occupation, and strictly to observe labour discipline. Evasion of socially useful work is incompatible with the principles of socialist society.
Article 62. Citizens of the USSR are obliged to safeguard the interests of the Soviet state, and to enhance its power and prestige. Defence of the Socialist Motherland is the sacred duty of every citizen of the USSR. Betrayal of the Motherland is the gravest of crimes against the people.
ARTICLE 16. The state organizes, directs and controls the economic life of the nation according to a plan that guarantees the programmed development of the country, with the purpose of strengthening the socialist system, of increasingly satisfying the material and cultural needs of society and of citizens, of promoting the flourishing of human beings and their integrity, and of serving the progress and security of the country.
The Weimar Constitution (Article 48 was enforced by Adolf Hitler in 1933- Never let a crisis go to waste, huh?)
Art. 48. If a state fails to perform the duties imposed upon it by the federal constitution or by federal law, the President . . may enforce performance with the aid of the armed forces. If public order and security are seriously disturbed or endangered within the Federation, the President . . may take all necessary steps for their restoration, intervening, if need be, with the aid of the armed forces. For the said purpose he may suspend for the time being, either wholly or in part, the fundamental rights described in Articles 114, 115, 117, 118, 123, 124, and 153.
Books on Freedom, Politics, and Economics
Wealth of Nations The Bible of Economics
All time favorite books
Other book recommendations
The following list is compiled from one article and its subsequent comment's section: (Who knew one click could provide such a plethora of book recommendations?)
Feel free to click, start and come back and read!
The Star Spangled Banner (Best Ever)