Category Archives: Capitalism

This Is Your Last Chance, by Robert Gore

This is Part One, Part Two will be posted 1/21.

The indictment is long and strong. A cabal of politicians, governments, courts, medical authorities, pharmaceutical companies, multinational agencies, the mainstream media, academics, and foundations, particularly the World Economic Forum, have concocted responses to a virus and its variants that have robbed the people of rightful liberties, are a mechanism for the imposition of global totalitarianism, and have amplified rather than reduced the virus’s dangers, inflicting severe injury and death that will last years, perhaps decades, and afflict millions, if not billions, of victims (See “The Means Are The End,” Robert Gore, SLL, November 13, 2021).

This is their last chance. They can reverse course and pray to whatever demonic deity they pray to that it’s enough to prevent the retribution they deserve, or they can perish in the destruction they’ve created. They will reap what they have sown, their time is up.

This is it, the last gasp of the psychopaths who express their contempt and hatred for humanity by trying to rule it. Compulsion, not voluntary and natural cooperation. Power, pull, and politics, not incentives, competition, honest production, and value-for-value trade. From each according to his virtue to each according to his depravity.

The Last Gasp,” Robert Gore, SLL, March 24, 2020

Their time is up. This assertion may appear as recklessly foolish as Luke Skywalker’s ultimatum—“Jabba, this is your last chance, free us or die!”—did to Jabba the Hut at the Sarlacc Pit. It’s not, but to understand why requires an understanding of slow moving (on human time scale) but enormously powerful forces. Most history studies the wrong things and most predictions are straight line projections of the present and recent past.

The linchpin of history is innovation, not governments and rulers. We don’t know who ruled whom when humanity lived in caves, but we do know that someone tamed fire, someone planted seeds and cultivated them for food, and someone invented the wheel. With such steps humanity emerged from the caves and began building civilization. Even at this early stage one thing was clear: innovation creates new capabilities and opportunities and serves as the basis for further innovation.

Government is the acquisition of resources that enables those who govern to exercise control over those whom they govern. This presupposes resources, which presupposes production. Government is always subsidiary to production, yet most history focuses on the former and treats the latter as a secondary matter. This is looking down the telescope from the wrong end. Before a government can take someone must make.

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“Capitalism Has Failed”, by Jeff Thomas

Virtually all of capitalism’s critics have never lived under a capitalistic system. From Jeff Thomas at internationalman.com:

capitalism

Today, more than at any time previously, Westerners are justifying a move toward collectivist thinking with the phrase, “Capitalism has failed.”

In response to this, conservative thinkers offer a knee-jerk reaction that collectivism has also had a dismal record of performance. Neither group tends to gain any ground with the other group, but over time, the West is moving inexorably in the collectivist direction.

As I see it, liberals are putting forward what appears on the surface to be a legitimate criticism, and conservatives are countering it with the apology that, yes, capitalism is failing, but collectivism is worse.

Unfortunately, what we’re seeing here is not classical logic, as Aristotle would have endorsed, but emotionalism that ignores the principles of logic.

If we’re to follow the rules of logical discussion, we begin with the statement that capitalism has failed and, instead of treating it as a given, we examine whether the statement is correct. Only if it proves correct can we build further suppositions upon it.

Whenever I’m confronted with this now oft-stated comment, my first question to the person offering it is, “Have you ever lived in a capitalist country?” That is, “Have you ever lived in a country in which, during your lifetime, a free-market system dominated?”

Most people seem initially confused by this question, as they’re residents of either a European country or a North American country and operate under the assumption that the system in which they live is a capitalist one.

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Privatize Education, by Walter Block

Having their kids at home during the Covid outbreak, a lot of parents have discovered that they’ve turned precious treasures—their children’s brains and characters—over to monsters. From Walter Block at econlib.org:

In the view of Terry McAuliffe, former Virginia Gubernatorial candidate: “I don’t think parents should be telling schools what they should teach.”

According to Mary-Michelle Upson Hirschoff, a professor at the Indiana University School of Law, it is not even clear that parents have an unambiguous right to have their children excused from instruction they regard as objectionable. She states: “The curriculum of a public school in a democratic system of government is necessarily a subject of political debate. These controversies dramatize the inherent tension between the interests of the state and the interests of the parents in shaping the child’s development.”

And what is the position of Randi Weingarten, the head of the American Federation of Teachers? She declared war on “culture warriors” who are “bullying teachers.” She elaborated: “But culture warriors are labeling any discussion of race, racism or discrimination as CRT to try to make it toxic. They are bullying teachers and trying to stop us from teaching students accurate history.” She opposed those who want to “limit learning and stoke fears about our public schools.”

Whatever happened to the axiom, “the customer is always right?” This is a basic foundational premise which operates all throughout the private economy. The customer wants to purchase new dungarees with holes in them that look ten years old? All the buyers need to do is snap their fingers and their wish is the command of the business sector. Do they want electronic vehicles? Entrepreneurs hasten to provide them. The same with computers instead of typewriters; cell phones in place of land line telephones and cameras; “roughage” instead of food that makes life worth living. They like large groceries instead of mom and pop stores, or, electronic shopping? Again their wishes are sovereign. “The customer is king” might well be the motto of the capitalist system.

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Reflections on Another Year of Covidian Lies and How the Truth Will Ultimately Prevail, by Rob Slane

The truth and reality always ultimately win. From Rob Slane at theblogmire.com:

As we come to the end of the second year in Covidia, I reflect on just how much the instigators of the entire scam have managed to reshape reality in an amazingly short timeframe, such that what was considered normal 12 months ago is now considered abnormal, and what was considered abnormal 12 months ago is now seen as normal.

For instance, had one predicted 12 months ago that after “vaccinating” the elderly and those considered vulnerable, which was the “route back to freedom”, the Johnson Regime and countless others around the world would:

  1. Proceed to push the injection onto all adults
  2. Move on to getting it into children
  3. Make thousands jobless who do not wish to partake in the experiment
  4. Begin the introduction of Vaccine Passports
  5. Announce that the allegedly 95% effective products wane so quickly they’ll need to be taken every few months
  6. Start talking about the possibility of mandatory jabs
  7. Reintroduce the restrictions that these injections were supposed to do away with

…why such a person would have been called a Conspiracy Nut. Yet a year later the same person is called a Conspiracy Nut for opposing these very things they got called a Conspiracy Nut for predicting, but which are now reality.

There is something horribly ironic, and also deeply chilling about this. For it shows not only how easily manipulated so many people are, but also just how easy it has been for the Covidian Regimes to reshape reality such that millions have come to accept as normal the very things they would have dismissed just months earlier as the product of deranged minds.

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Doug Casey on the Importance of Ethics Amid the COVID Hysteria…

Ethics will not only help you deal with Covid bullshit, they are absolutely essential for a rewarding life. From Doug Casey at internationalman.com:

Importance of Ethics
 

International Man: Over the last few years, the global hysteria has shined a light on the morality of most people and their personal ethics. It has been eye-opening, to say the least.

Let’s discuss the meaning of ethics and what it means to live by them.

Webster’s Dictionary defines ethics as:

  1. the discipline dealing with what is good and bad and with moral duty and obligation
  2. a set of moral principles: a theory or system of moral values
  3. a set of moral issues or aspects (such as rightness)

What do you think about the average person’s ethics? And which ethics do you live by?

Doug Casey: These are all workable definitions, depending on the context. Now, there are clearly some people who have no ethics at all, which is to say no principles. They act on the spur of the moment, just doing whatever seems like a good idea at the time. Then there are other people who have flawed principles that will consistently send them in the wrong direction.

My own set of principles can be summed up in two statements:

1: Do all that you say you’re going to do.

2: Don’t aggress against other people or their property.

There are endless corollaries you can derive from these two principles.

It’s also important to distinguish between ethics, an individual’s own guiding principles, and morality, which is a set of community standards.

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Interest rates, money supply, and GDP, Alasdair Macleod

Alasdair Macleod is one of the few economists out there who actually touts honest economics and is not just a political whore. From Macleod at goldmoney.com:

That the world is on the edge of a monetary and economic cliff is becoming increasingly obvious. And becoming more obviously permanent than transient, price inflation will almost certainly lead to rising interest rates. Rising bond yields, falling equity markets and debt-triggered insolvencies will naturally follow.

According to the economists prevalent in official circles, a prospective mix of so-called deflation and rising prices are contradictory, should not happen at the same time, and therefore cannot be explained. Yet that is the prospect they now face. The errors in their lack of economic judgement have evolved from the time when central banks began to manipulate their currencies to achieve economic objectives and then to subsequently dismiss the evidence of policy failure. It has been a cumulative process for the Federal Reserve and the Bank of England since the 1920s, which can only now end in a final catastrophic failure.

The denial of reasoned economic theory, embodied in a preference by state actors for state-driven outcomes over free markets, has led to this cliff-edge. This article explains some of the key errors in economic and monetary theory that have taken the world to this point — principally the relationships between interest rates, money supply, and GDP.

Introduction

Following the First World War, central banks have not only acted as lender of last resort, which was the role the Bank of England and its imitators took on for themselves in the preceding decades, but they have increasingly tried to manage economic outcomes. The trail-blazer was pre-war Germany which grasped Georg Knapp’s state theory of money as justification for Prussia’s socialism by currency, eventually ending with the collapse of the paper mark in the post-war years. But the genesis of today’s monetary policies has its foundation in the then newly constituted Federal Reserve Bank, chaired by Benjamin Strong, who in the 1920s collaborated with Norman Montague at the Bank of England who was struggling to contain Britain’s post-WW1 decline.

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Money, funny-money and crypto, by Alasdair Macleod

This is a great explanation of money and how money works in an economy, a shredding of Keynesian economics, a clear warning of what’s to come, and a dashing of hopes that cryptocurrencies will be the replacement for failing fiat currencies. Alasdair Macleod is one of the few economists who understands that debt is not money, that money cannot be a liability (see also “Real Money” by Robert Gore, SLL, September 9, 2015). From Macleod at goldmoney.com:

That the post-industrial era of fiat currencies is coming to an end is becoming a real possibility. Major economies are now stalling while price inflation is just beginning to take off, following the excessive currency debasement in all major jurisdictions since the Lehman crisis and accelerated even further by covid.

The dilemma now faced by central banks is whether to raise interest rates sufficiently to tackle price inflation and lend support to their currencies, or to take one last gamble on yet more stimulus in the hope that recessions can be avoided.

Politics and neo-Keynesian economics strongly favour monetary inflation and continued interest rate suppression. But following that course leads to the destruction of currencies. So, how should ordinary people protect themselves from currency risk?

To assist them, this article draws out the distinctions between money, currency, and bank credit. It examines the claims of cryptocurrencies to be replacement money or currencies, explaining why they will be denied either role. An update is given on the uncanny resemblance between current neo-Keynesian monetary inflation and support for financial asset prices, compared with John Law’s proto-Keynesian policies which destroyed the French economy and currency in 1720.

Assuming we continue to follow Law’s playbook, an understanding why money is only physical gold and silver and nothing else will be vital to surviving what appears to be a looming crisis in financial assets and currencies.

Introduction

With the recent acceleration in the growth of money supply it is readily apparent that government spending is increasingly financed through monetary inflation. Those who hoped it would be a temporary phenomenon are being shown to have been overly optimistic. The excuse that its expansion was only a one-off event limited to supporting businesses and consumers through the covid pandemic is now being extended to seeing them through continuing logistics disruptions along with other unexpected problems. We now face an economic slowdown which will reduce government revenues and, according to policy planners, may require additional monetary stimulation to preclude.

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The Kinship of Producers, by Paul Rosenberg

There is indeed a kinship of producers, a kinship of people who create, recognize, and trade value. From Paul Rosenberg at freemansperspective.com:

There is a kinship between productive human beings; one that spreads all across this planet. It may be invisible to power and hierarchy, but we productive people recognize it. When we drive into a new town, we know, almost by instinct, that we can trust the hard-working carpenter further than someone permanently on the dole. It’s possible that the guy on the dole is a saint, but the hardworking man shares our specific ethics, and we are tuned to them. Even if this carpenter is a negative exception, we’ll be able to tell.

I’ve felt this kinship on multiple continents and among people of many flavors; not just on construction sites, but in truck stops, offices, grocery stores and trains. Productive people bear a specific ethic, and it’s consistent not only over distance, but over time. If you were somehow dropped into ancient Rome, the people you’d want to join wouldn’t be the Senators or the people in bread lines, but the people who build and maintain the aqueducts.

Even the old man, recounting his days of building, repairing and creating… He’s not just saying, “I was once strong,” he’s saying, “I am a producer. And even if I’m too old to work, I remain what I was.”

Ethics Born of Work

The ethics I’m referring to are those which are spawned by work… by productive, dedicated, creative work. And yes, even sweeping a floor becomes creative if you take it seriously and do it well. A shop floor is complex, and complexity must be overcome with on-the-fly creativity.

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The Writing on the Wall, by Jeff Thomas

There’s nothing more dangerous for a society than to believe the political myth that the state can provide for all. From Jeff Thomas at internationalman.com:

Writing on the wall

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.
Ayn Rand; Atlas Shrugged, 1957

Pretty strong words… the last four, in particular.

Ayn Rand knew whereof she spoke. Born in St. Petersburg, Russia, in 1905, she became politically conscious while still a child and did not favour the existing concept of constitutional monarchy. So, it would not have been surprising if, when the Russian revolution broke out when she was twelve, she bought into the proselytising of Vladimir Lenin, as so many did at that time.

Instead, she quickly surmised that the Bolsheviks’ claim to improve life for the average man was, in reality, a plan to diminish the quality of life for all of the people. In doing so, the Bolsheviks confiscated her father’s business and displaced her family. At one point they were nearly starving, but in 1925, she received permission to emigrate to the US. (She later attempted to get her parents and sisters out, but it proved to be too late.)

A Lesson Hard-Learned

In establishing her now well-known beliefs in governmental systems, Ayn Rand had the benefit of having observed the entire progression from a relatively benign monarchical system to totalitarianism. As a result, she not only learned that political leaders can be deceitful in their claims for social improvement, she also learned, first hand, that those leaders (and/or hopeful leaders) who promise that they are going to change the system in such a way that everyone will “have all they need,” are the most deceitful of all.

In my opinion, the greatest possible threat from the fanciful claims by politicians lies in the willingness of the populace to actually believe such claims. Sadly, it does seem as though the majority of people in any country tend to be extraordinarily gullible in this regard.

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A tale of two civilisations, by Alasdair Macleod

China is trying to rediscover its old-time religion while Americans have abandoned theirs. From Alasdair Macleod at goldmoney.com:

In recent years, America’s unsuccessful attempts at containing China as a rival hegemon has only served to promote Chinese antipathy against American capitalism. China is now retreating into the comfort of her long-established moral values, best described as a mixture of Confucianism and Marxism, while despising American individualism, its careless regard for family values, and encouragement of get-rich-quick financial speculation.

After America’s defeat in Afghanistan, the geopolitical issue is now Taiwan, where things are hotting up in the wake of the AUKUS agreement. Taiwan is important because it produces two-thirds of the world’s computer chips. Meanwhile, the large US banks are complacent concerning Taiwan, preferring to salivate at the money-making prospects of China’s $45 trillion financial services market.

The outcome of the Taiwan issue is likely to be decided by the evolution of economic factors. China is protecting herself against a global credit crisis by restraining its creation, while America is going full MMT. The outcome is likely to be a combined financial market and dollar crisis for America, taking down its Western epigones as well. China has protected herself by cornering the market for physical gold and secretly accumulating as much as 20,000-30,000 tonnes in national reserves.

If the dollar fails, which without a radical change in monetary policy it is set to do, with its gold-backing China expects to not only survive but be able to consolidate Taiwan into its territory with little or no opposition.

Introduction

On the one hand we have America and on the other we have China. As civilisations, America is discarding its moral values and social structures while China is determined to stick with its Confucian and Marxist roots. America is inclined to recognise no other civilisations as being civilised, while China’s leadership has seen America’s version and is rejecting it. Both forms of civilisation are being insular with respect to the other, and their need to peacefully cooperate in a multipolar world is increasingly hampered.

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