Somehow this poster captured the mood of recent weather...and politics. Thanks to a trader for passing along.
The reality, however, is that the expansion of government--and the increasing hand of government in the pockets and lives of citizens--has transcended party affiliation. Activism by government--whether the activism be militaristic, social, regulatory, or monetary--has taken precedence over fiscal prudence in both Republican and Democratic administrations.
We pay for governmental profligacy with higher taxes, a debased currency, and quite possibly both. We pay with a diminished opportunity set for our children and disincentives to save.
In a free society, a person is entitled to the fruits of their labor. It is not a governmental giveaway to end taxation on estates that had already paid taxes. It is not a giveaway to allow people to keep more of what they have earned with their own efforts. What a person earns is not the government's property to give away.
There is a name for a system in which others dispose of the fruits of your labor: it is slavery.
In a free society, the government serves the people, protecting their rights and property and protecting their security. The people do not serve the government; first claim to their income does not belong to any militarist, re-distributionist, or interventionist who seeks to impose his or her particular vision of New World Order.
There's a lot in the trading world I don't care for, and some day I'll write about that. But I'll give everyday, independent traders this: they eat what they kill, they don't look for handouts or bailouts, and they put their money at risk every day in support of their own vision, their own enterprise, and their own judgment.
And their hands are in their own pockets.
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28 comments:
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There is a name for a system in which others dispose of the fruits of others' labor: it is slavery.
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So the folks who were drafted and died in WWII, Vietnam, etc. were slaves?
You truly have a remarkable instinct to say what needs to be said...
Free markets should be just that: An opportunity for auction theory to go to work. Gov't meddling is only going to cause more pain and delay the inevitable.
Readers can Google Richard Maybury and Ludwig von Mises for additonal insights.
As a trader, we want to join the winning team, rather than complain about the unfairness of the manipulators.
Hard to do, but worth the effort.
Thanks for a peek into this side of you.
ps a winter getaway does wonders for those cold winter nights.
Amen A say to you and there is another name to what goes on and it's called socialism..
Quote: "But I'll give everyday, independent traders this: they eat what they kill, they don't look for handouts or bailouts, and they put their money at risk every day in support of their own vision, their own enterprise, and their own judgment."
Love it. Thank God for that.
There is a name for a system in which others dispose of the fruits of your labor: it is slavery.
The USA was built on slavery. Stop deluding yourself about your nation.
Eloquently expressed Dr. Brett.. however
Capitalism does not necessarily mean freedom. Buffet made a clear point that without estate taxes his heirs would have no incentive to work or do anything. So from one hand we can argue that higher taxes create a disincentive for work and that is true. But, also, it can be argued that having too much money creates a disincentive to create value.
Moreover, we can argue that if people get way too much money, in line with some ceo parachutes, that in effect the masses, the population, become slavery because of the relative disadvantage.
We can also examine this from game theory and democracy. We'll say that in game theory there are various points where if you make more or less money then you will either benefit more or less from government assistance. In a democracy, we'll assume the majority of people, as rational agents, will have a say and thus things will be geared for the majority and not for the minority. What we find though is this not the case with corporate lobbyist having major influence.
The richest people in the world are very smart. If winner take all then winner lose all. Right. Eventually the masses take over.
Let's not say we value capitalism or corporatism or use labels but work from the key needs that society needs to meet and most of those needs are technological, medical, and humanitarian. Right now 10% up towards 20% of people are underemployed: those people aren't utilizing their potential or advancing mankind. More over, there are scores of people with unmet needs in our country and developing countries -- working from a technological supply side theory then we can see that what we need is something much different then what currently exist: a technological driven society with a key emphasis on individual liberty, a de-emphasis on militarism, and a de-emphasis on control.
Finally, true most traders may earn their keep but many of the largest traders, banks, did not fairly earn their keep.
"But I'll give everyday, independent traders this: they eat what they kill, they don't look for handouts or bailouts, and they put their money at risk every day in support of their own vision, their own enterprise, and their own judgment."
How are these traders different from any business person?
This blog post is going to set a record for number of comments received. I have dozens of things to say.
In reply to E, free markets are desirable.
But the participants rig the game. Someone has to step in to stop abusive practices.
I never understood why self-regulation doesn't work. It's in the best interests of those who make the rules to establish a fair playing field. Failure to do that brings gov't intervention - and that's the last thing they want.
well said Brett.
in 4 months, the 'governments' militant indentured servitude enforcement agency will try to take literally the last of the money I have. my only choice seems to be to trade well, pay the IRS, live in never ending debt, and pay the IRS some more... Sure would be nice to pay my own debts for once...
Very well said, Dr. Brett.
"To take from one, because it is thought his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it."
--Thomas Jefferson, letter to Joseph Milligan, 6 April 1816
Slavery? Really?
I can just imagine the dire conditions of your slave quarters.
I hope you bear up well under your terrible burdern.
People were drafted and died in WWII to prevent the socialist Adolf Hitler from bringing the war any further west than Britain. My family fought in that war without thinking twice.
Vietnam, is a different story about stopping the spread of communism. (Think preventing another Venezuela or Cuba.) I'll not boldly assert there are plenty of Vietnamese civilians who are thankful the Americans who sacrificed their lives so the Vietnamese could have the individual economic freedoms they have today. In his inaugural address, Kennedy made the ambitious pledge to "pay any price, bear any burden, meet any hardship, support any friend, oppose any foe, in order to assure the survival and success of liberty." (thats straight from wikipedia)
However, you miss Brett's entire reflection because you can't see it from any other eyes but your own.
Brett's not talking about war. Brett's talking about economics.
There is no private sector choice in regards to who provides Sovereign Defense, like there is for health care. Thats because only the government can decide it to be in the best interests of a nation to go to war.
Imagine if GE had a specific division aimed at providing national defense... "oh lets just invade over here and take asset X"
Brett IS saying that big government is not the answer. Pick up Milton Friedman's Free to Choose--an informative read regardless of where you fall on the political spectrum.
At the end the day, war drafts aren't pretty but they are sometimes necessary. In an ideal world we wouldn't have them at all.
Of course, in an ideal world, there wouldn't be terrorists or corruption or evil.
Lets face it though, there are terrorists and there is evil. They fight to kill us, and we must fight to kill them. Our world is not ideal. We need the government to declare war and defend the everyday lives of our people.
If we don't fight terrorism, we will become slaves. If we let the government meddle in our affairs we will become slaves.
In the meantime, read Friedman and think about what life would be like if everytime you bought a foriegn good the president called you into his office and asked you why you didn't buy domestically. Happening in france right now. Article in last weeks Economist.
Thats not in the long run best interest of the people, but what does Sarkozy care about them anyway.
Thanks for posting this. You have a great gift for eloquently touching on some deep chords in a remarkably timely manner.
I am so sick of politicians and economists-turned-political-hacks telling me I am a useless human being and simultaneously wanting to impose transaction taxes to wipe out my ability to earn a living. What gives them the right to judge me like that? I worked hard to master my craft and I am a better person because of that struggle. I contribute to the world around me in the way that I know best and I believe the people in my life are better off for having known me.
I think Nassim Taleb was right in that the “Nobel” Prize in Economics should be abolished. I cannot think of a single so-called discipline more responsible for human misery over the years. And not because the economy is not a subject worth studying. I have complete respect for economists who approach their field of study with an open mind and intellectual honesty.
The problem lies with the dishonest economists (Nobel Prize winners among them), the ones who want to turn their imperfect understanding of the world into an intellectual platform for world improvement. It is this arrogance of thinking they have it all figured out and their determination to force their vision upon the rest of us, whether by force or any other means necessary, that makes these people dangerous. And bit by bit, we are left poorer, both materially and through eroded liberties. Of course there are the politicians, another group of world improvers just as dangerous. But somehow their plans for us are always wedded into some politically convenient interpretation of economic theory, so once again it comes back to dishonest economics. At the very least, every new PhD in economics should have to swear a version of the Hippocratic Oath. The world would be a better place for it.
You hit the nail on the head. What we have is a gradually encroaching system of slavery. I started a blog around this theme: Save Us From World Improvers. It is aimed at the general public, with a particular focus of being an educational resource on the transaction tax issue. Feel free to take a look.
True words Bret!!!
@eightnine2718281828mu5
Are you serious or just trying to Troll? Honestly, there's no reason to asking your question had you read the post.
It's SO COLD !..heard a Republican asking a Wall ST. executive ( bonus recipient) to pay his heating bill...
There is a name for a system in which others dispose of the fruits of others' labor while pretending to improve the economy: it is two class society and stagnation.Sure, less taxes for corporate America while they continue to export high skill jobs to Communist China under the banner of "Free Trade".Individual traders as independent free citizens deserve to have a voice and to keep their hard earn profits, sure.But we all konw is not as simple as that.In our "free enterprise system" there are many inequalities.If you are going to talk about Government interferience then big industry lobbyists influencing government desicions should be included in the big picture.The taxes that are taken from the people are the direct result of the taxes not taken from big Comglomerate Corporations exporting the peoples jobs,pushing their foreing wars for their corporate gains and the offshore hidden wealthy acount holders hiding their wealth from the IRS.We the people also inlcude the rich and powerful American Corporations and the 1% of the population that owns 50% of the wealth.
Looks like Tim "I-didnt-do-it" Geithner is getting the Doctor off his chair!
Well, I think we're moving towards kleptocracy more than anything else.
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At the end the day, war drafts aren't pretty but they are sometimes necessary.
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So it's best for the collective that some men's freedom be sacrificed so that other men's freedom may be secured.
Sounds like socialism to me.
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So it's best for the collective that some men's freedom be sacrificed so that other men's freedom may be secured.
Sounds like socialism to me.
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Sounds like you don't think terrorism should be prosecuted because of some conspiracy about one man being better than the other.
Where would we be as a nation if someone didn't step up and fight terrorism and prevent these attempted bombings.
One man sacrificing for another doesn't really sound like Socialism at all really. I mean, I'll ask some probing questions here but, what do you know about economics anyway?
If the best you can do is defend socialism by decrying war and war drafts to sound like socialism...
You're outgunned. War is human nature. It doesn't matter what the government structure is. Feudalism. Monarchy. Communism. Capitalism. War has and will be happening for the rest of your life time. Get over it.
You hate the draft? Write your congressman. Like paying for other people's healthcare? Thats your choice, and you are already able to donate your time and money towards those causes.
The act spending other people's money on public health care so that you can sleep well at night is called theft.
You want public health care? Donate your own money but don't tell me where my capital is going to be best placed. Why? Because unlike a majority of Americans out there, I feel as though I have the knowledge to place my capital where it is best needed. Thank you.
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The act spending other people's money on public health care so that you can sleep well at night is called theft.
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Not much different from:
"The act [of] spending other people's money on fighting terrorism so that you can sleep well at night is called theft."
The act of deceiving and manipulating a nation into fighting a war for the benefit of another smaller friendly nation is called TREASON.
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Not much different from:
"The act [of] spending other people's money on fighting terrorism so that you can sleep well at night is called theft."
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There is a huge difference there actually, I don't know if you can read or write or understand economics. But I'll try:
Let's review some facts:
(1)There are motivated terrorists in the world, even currently trying to bomb our planes.
(2)You can live without health insurance.
(3)When a terrorist kills you, its the end game.
When the government takes my money and buys predators and kills terrorists, both myself and the uninsured benefit.
When the government takes my money and insures the uninsured, they benefit and I feel robbed and served with a side of moral hazard. That is where people do things they wouldn't normally do only because they feel covered by insurance. Let me explain: by the government giving these people insurance they are going to feel as though they deserve other things. Things they haven't earned either. Once a democracy learns to vote itself more money... thats the end of the democracy.
Essentially, the viewpoint that I'm getting from you is that you is that you can sleep without terrorist protection yet you cannot sleep without universal healthcare.
To conclude: Whats more important to me? My life or feeling good about destroying this country? My life. Obviously, you think differently.
How can you forget about these people so easily?
http://www.legacy.com/Sept11/Home.aspx
Write one for yourself, so that your family doesn't have to when youre gone.
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The act of deceiving and manipulating a nation into fighting a war for the benefit of another smaller friendly nation is called TREASON.
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The act of deceiving the nation into thinking that it can afford to spend more on its citizens and destroy itself IS TREASON. Not "called" TREASON. IS TREASON.
This thought that we can spend and spend and spend is TREASON. This viral delusion will bring us down from the outside in.
So pat yourselves on the back for helping out the uninsured right now. You'll be asking yourself it was worth it twenty years from now when we revert to martial law and IEDs are on OUR roadsides. (If ten years from now, we are broke, twenty years from now, will we be able to defend the sovereignty from al-queda?)
Not possible? You're not thinking in terms of the risk we are taking on as a nation.
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To conclude your posts are tangential to Brett's point which is that the government has no place in deciding private decisions.
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I don't know if you can read or write or understand economics.
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I know a utility function when I see one.
Figures. What bubble other academia entitles people to think such thoughts.
It still kills me that just because the guys from Harvard etc couldn't figure out how to make money in the market, that they assumed that it was impossible because "they were the smartest" according to themselves. Circular logic.
I'm not talking about utility functions.
I'm talking about politicians using my money to buy votes for themselves by righting wrongs in the world. In the market, if I'm wrong I pay.
I'm not talking about the domain of x and the range of y.
And I'm talking about your arguments and not changing the subject.
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I'm talking about politicians using my money to buy votes for themselves by righting wrongs in the world
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So our government shouldn't right the wrongs of 9/11.
So our government shouldn't right the wrongs of 9/11.
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We can never right the wrongs of 9/11. How would we? Those hardworking americans are never coming back. All we can do is just TRY to avoid it in the future. Terrorism is a constant in our world.
We could "avenge" the deaths but that alone would not be worth it. Thats two wrongs.
This isn't about revenge. This is about keeping a system, not a perfect system, working. Terrorism is sand in the gears.
After reading the comments from other readers I've come to the conclusion that socialists don't like themselves much and they don't really like the rest of humanity either.
It just goes to show how little our educational system/s teach critical thinking. I wish I could get your thoughts on that one.
Keep up the good work, Brett.
I agree with "E" when he said, "You truly have a remarkable instinct to say what needs to be said..."
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