"He has very little by way of a skill set to understand the kinds of complex problems he wants to address but he has this unbound confidence in himself."
You don't want strong civil rights laws..they just gum things up. Finally someone gets it! Superior classes are not constitutional. Thank you, Dr Epstein.
@Blunic "Socialist" is the easiest term to use for the mix of Marxist socialist ideology Obama has. No, I'm not an idiot. I am a business owner with 30 employees and probably a little more gloabal economic experience than most. You, on the other hand, are loaded with ad hominem and no substance. You are obviously very young and immature. I'm sure your elementary attacks are without a doubt, a sign of future success.
@TinFoilHatLeague E's initial comments on Obama (the lure for this video) make him (E) appear anything but credible or reasonable. Criticizing Obama for having "unbound confidence in himself," seems odd coming from this guy. Have you ever heard someone pontificate with such unbound confidence? He goes on to criticize Obama for not participating in faculty discourse in order to benefit, apparently, from E's wisdom. Then, w/o proof claims O's ideas are set in concrete. & E's aren't? Laughable!
I'm a farmer and believe ethanol has been bad, but what if their is act of god that destroys crops without any support from government. Their won't be any food.
richard epstain is subhuman. He is a robot, a talking machine. What human attributes are manifest in this man? He sounds like he is reading a book when he talks. What the hell is that? We look up to people who obviously have not smiled once in the last 50 years? There is something wrong with his mouth. It resembles the mouth of a fish. Grounds for Icke's reptilian theories? Just kidding. Anyway, this guy is far, far removed from every single person I know, especially the ones I value.
@rickischmidt "You cannot stop the blunders of one govt program by putting another one on top." That's why Libertarian policies, theoretically effective in a FM economy, often have the same unintended consequences in our system as those they criticize. E.g. abolishing the min wage in our system, when other distortions, such as corporate subsidies exist, is immoral & poor policy.
btw ?Bush a had "skill set" that Obama doesn't have? LOL!
@canteluna was this comment directed to me? you must overestimate my understanding of the subject matter in question here. I know very little about political forces, etc. (and I guess I should point out that I believe most people who browse youtube videos don't know enough about these topics to make worthwhile contribution via comments). Anyway, this particular comment of yours makes perfect sense to me. I guess I sense you are a normal human being who can see through this clown.
you peace of shit the bank CEO's robs the wealth of this country USA so were are we going to get that money back? from your bank account you peace of shit
Simply put, our socialist President will go down as the least qualified, most disasterous President in the history of American Politics. Obama hates the Constitution. It can be described in no other way.
This poor baby was neglected as as teen - - check out his teeth. No wonder he's so against universal health care. . . . he's afraid what the orthodontist will do when he gets his hands on him.
@CTSBeast You have a misconception about government. It has nothing to do with intelligence or even the best interests of the general populace-it's all about power.
@HConstantine Have you ever given any thought as to how minimum wage laws keep people down? Makes them zombie worker drones? Minimum wage laws are mine-numbing, dead-end jobs. No one should want to stay in that position. It is living death. Without ever-increasing minimum wage people would be forced to improve themselves, increase their worth so as to improve their lot. Minimum wage laws take away that incentive. People are kept in this living death.
@carcabe Oh, so a hotel maid with three children, who has to work nights at the 7-11, and still has no money to buy a house or invest in a retirement fund, the less we pay her, the better the chance, she'll suddenly get a law degree or an MBA? I didn't know it worked like, just like a miracle. And here I was thinking that everyone that works ought to paid enough to live on. Silly me!
@carcabe I think what you're missing, is that the system is set up so that the poor can never get out of poverty, no matter what they do. And its that way on purpose. With the new tax cut, every millionaire in America is going to get enough extra income to support a middle class family. Why on earth would they want to share that money with poor people. After all, as you its their own fault for not improving themselves. Giving them more wouldn't help, would it?
@carcabe Consider someone that owns a dozen McDonald's franchisees. Should he pay more taxes so there can be more Pell grants for his employees can get the education to get a better job. Or should he take that money and go and have a wild weekend in Dubai--see the Christmas tree decorated with real diamond necklasces--the wife would love that. What a quandary.
To second Mr. Epstein's point about continual discourse, I HIGHLY recommend every libertarian listen to the Block-Epstein debate. You can download for free on iTunes in the Mises Institute's iTunesU section. I agree with Dr. Block mostly - for the sole reason of Mr. Epstein's logic (paraphrased) less government is more production. As they say, I used to be a minarchist but I ran out of excuses. #anarchy
Hate to say this but I'd guesstimate that 97% of what Epstein says is far beyond the intelligence of the average American. Hence, the good ideas never spread.
@RodCornholio So true and so sad!! You almost think it's on purpose with the media pushing stories about Lady gaga or Brad Pitt and Jolie adopting another orphan from Africa or Thailand. How many weeks did we have to endure the Mel Gibson audio. It's bread and circus for the populace. I think that is why I have always valued knowledge over material things.
@MrMarinegold After finding out my MBTI (Meyers Briggs Type Indicator) and reading about it, I discovered that "Thinkers" -- Rationals are a minority in the world. Without some sort of tinkering of the DNA of mankind, be it via a scientist's petri dish or a world-wide cataclysmic catastrophe , I don't see that trend changing (positively) in the near future. Pro-economic-liberty ideas will need to be tailored to fit the mindset of the masses in order to catch on. Epstein is too smart for them.
@RodCornholio >Hate to say this but I'd guesstimate that 97% of what Epstein says is far beyond the intelligence ...
____
What is 97% beyond my intelligence (if I have any) is, why cuts are more necessary than cutting off the Federal Reserve. Why most labor laws have to be more damaging than pumping in $trillions into the economy, through banks, that creates even greater debt bubble, and that taxes everybody, the rich and the poor?
Rofl... can we play next week my FTP ID is crisna2802 =D
And yep
Full Tilt the other day announced to their facebook fans that a new player should go to their website, then make a account usin the promo code SPECIALS.
I think it's the preferred way if your a new player to start with a good bankroll.. Your first deposit will be DOUBLED in addition to a few other nice perks. It is only gonna work for the first 4500 players that register using this
@Ryan. I am white, but it was high time we had a black president. Too bad most Americans do not see Obama as black since he is more white than anything else. He is part black and part Arab!!!
@Ryan591991 It's not a matter of him being "allowed" to be president. Barry won the spot fair and square through the great american political tradition of lying about himself, what he planned to do and what he could accomplish.
Poor richard, you can see from his hisitation and reaction that he is forcing the words out of his mouth. No matter, him and barack were bodies, so he has the right critic him. But perhaps he was hesitant because of this "so called reporter's" mythological outlay. Note to reporter, consumer confidence is throught the roof. Corporations are making money hand over fist at the expense of main street. The only think left is for unemployment to dramatickly tick down. And that is already hapenining.
@slicbro The actual economic situation in which we are requires for very good modern economists not for politicians. Obama is a politician not an economist.
@slicbro Where are you getting your figures? Straight from the .gov?
For the record...anytime you use the words "main street," in reference to the general public, you appear to the rest of the world to be either an idiot, a collectivist, or a combination of both.
@slicbro hilarious.. we're still losing manufacturing sector jobs to china and that is adding to the trade imbalance and ultimately the loss in value in the us dollar.. and it's adding to the debt on an adjustable rate that resets every 2~3 years on short term bonds. the type of jobs we're adding are service sector private jobs or government jobs which don't produce raw goods that we need to export to offset the trade imbalance and you already signal a recovery at negative saving rate.. stop.
@thereallurker They quite clearly attacked GWB as well. I don't know why you're surprised that they don't approve of someone pushing the same policies.
So a liberal who doesn't "get" that libertarians are disgusted by both parties equally(albeit sometimes for different reasons.) How am I not surprised!
The narcissistic lying coward of a president America got is now exposed for who he really is: An arrogant idealogue whose major life accomplishments include voting "present" 130 times and having someone else (a terrorist) write his memoir. Case closed.
PS- Someone tell Obama when he goes to Venezuela to have his "socialist arepas" with his buddy Hugo, to make it a one-way trip.
@teachme2fish But G.W. Bush, after failed businesses and doing a horrible 6 years as Texas Governor. Or Reagan's acting and 8 years and CA Governor. Acting really gets you ready to be the "Ruler of the Free World". All our Presidents are "in way over there heads", they deal, they have lots of advisors and a party "helping" them.
@Loathomar Friedman was right; there are no angels to swoop down and rule us, so we are stuck with ordinary men. Men are fallible, so of course we must limit the authority of any particular man. At least that's the libertarian argument. Some of us go farther and suggest that no man should have any power over any other, but the libertarian line is more generally palatable.
You know, I read shit like this and just wonder how fucking dumb can a person get. FACTS seemingly have no place in the minds of fools like you. Reagan was an actor, who became a union president and negotiated contracts, argued policy, discussed philosophical differences between Liberty and your version of slavery. He was a GREAT governor, and California became the most populist state in the Union. You IGNORE the FACTS, because you are a collectivist tool.
Reagan wasn't so great on the 2nd Amendment when he was governor. He was good on some things, bad on others...and he did a lot of hypocritical things while in office.
I don't understand the idolization of Reagan...or JFK....or Roosevelt, or any other politician for that matter.
Regardless, he voiced a cogent defense of the Constitution. I'm not familiar with what you're saying about the 2nd Amendment, the NRA writes that he was the ONLY President to speak at their convention.
He was the first and perhaps ONLY President to reverse years of Collectivism which negatively impacted the US. He's "idolized" because of the numerous speeches, writings, and positions relative to the Constitution and the uniqueness of America.
@captaindiesalot Reagan was always a good speech maker, but that is about it. SAG president is always an actor. California likes to elect actors that have no qualifications to run the state, ei the Govenator. But clearly you believe in Reagan policy entirely, like amnesty for all illegals? Or increasing federal spending (~2% higher then the 40 year average as a % of GDP)? Or near doubling national debt as a % of GDP? Or illegally selling of arms to Iran? Ya...
1st, leading SAG presented him as a friend to labor, not a collectivist thereof. 2nd, he earned his position and preformed well as the leader of the conservative movement after Goldwater.
He grew the economy, and Congress, which he did not control spent more than was taken in, what part of Congress will control the purse strings don't you understand?
@captaindiesalot LOL, I love it. He grew the economy, but Congress control spending. You want to give him all the credit but none of the blame, it is funny.
Yeah, you're damn right, I do. Congress has been a problem from the start. I'm not saying we should disband it. But the Republic was NEVER meant to have a permanent political class. Charlie Rangel has been in gov't for 50 years. WTF? The least that should occur is term limits for Congress, just as the Presidency.
@captaindiesalot The founding fathers did not put any term limits in the constitution, the term limit for the President was not made until 1951 with the ratification of the 22nd Amendment. Much of our founding fathers where in the life time political class. Really, the thing that most needs to be changed is the gerrymandering in our system, that allows one party to permanently keep an congress seat with almost no political discords. Term limits for Congress may be good, but it was not "meant".
I can't disagree with your assessment more. The first President set the two term precedent. This speaks volumes. Whatever the solution, career politicians are the problem.
@captaindiesalot Congress may have "been a problem", but you can not reasonable claim that Reagan fixed that economy and Congress spent the money. Did Reagan fixed that economy with kind words? Hope? Positive thinking? The congress and president worked together on the economy and debt. If you want to give Reagan credit for the economy's growth, you have to give him blame for the national debt. You could also lay both on congress. Or say both get the blame and credit.
No, sorry. I was a young gun, coming out of school in Reagan's first term. He, personally, with FORCE of belief, turned the Nixon-Ford-Carter economy around. He gets ALL the Credit. And what did Congress do, controlled by the F'N democrats? They spent and spent and spent. You want to mouth the claims of the left, that's your problem, I was there...I knew President Reagan, and he wasn't a spendthrift.
@teachme2fish The only reason barry soetoro AKA POTUS and dimoKKKRat was elected is because he is black. If a white candidate had associated with the likes of the racist Jeremiah Wright, the terrorists Bill Ayers and Bernadine Dohrn, the swindler Tony Rezko, and the communist Frank Marshall Davis, he would have been immediately eliminated from the field. barry soetoro AKA POTUS and dimoKKKRat was given a pass because he is black and because it was time, it was just time for a black president.
Considering the results we have gotten from academic economists, I think the argument here between commenters about Epstein being qualified as an economist is a moot point - would it really be so bad to have someone with a broader view? Not that having a Congress full of lawyers has done anyone any good...
@Exner83 Well that is just stupid. If he was "anti-Keynesian" and had a PhD from a outstanding school, I would not question his qualifications. But as he is a collage professor, I sure he would say he knows he is not qualified for the job of Chairman of the United States Federal Reserve. He eduction, like all who have a PhD, is focused in a small field. He is surely welcome to have views on other fields, but he knows his focus and his focus is Law and not economics.
@Loathomar so the credentials he had to pay large sums of money for is somewhere else; does that make him unable to read books on economics? The idea of qualification is merely a paper from a place with respectable clout saying "he has shown he is educated in this area." Further, the tie-in of the social studies is very close; having a basic understanding of all of them (which he is demonstrating) is almost necessary to grasp completely a specific field.
@4lifejackhammer If you think getting a PhD is just a matter of "reading books" or "having a basic understanding" you should educate your self by reading anything. Having a PhD in a subject means you published meaningful work on the subject of study. But he is not someone working outside the system, being rejected meanly as a outside view. He is a college Professor. If he had an interest or desire to get an econ PhD, why wouldn't he? Do you think people at his school are stopping him... WTF?!?
@Loathomar well, what would an extra PhD earn him in money? He can only teach so many classes, write so many books, etc. in the time alloted. Yes, PhDs do require publishing works, but it is still granted by the universities. However, one doesn't need a PhD to be educated on the matter. Now, the social sciences (politics, law, geography, history, economics, etc.) are really tied in together. Just because his area of expertise is not economics, does not mean he is unknowledgeable about it.
@4lifejackhammer earning him a PhD could earn him extra money, CATO could pay him more, he could write a book on work, consult on econ. You are right that he "only has so much time" and his degrees, teaching and his required work in his field, he has enough time to get as much education as needed for a PhD, and has all his own idea for one, but decide he doesn't want one? I think not. I think you are full of crap and you know it.
@Loathomar yes, he could earn more money, but what would be the original cost of getting another PhD, how much more money would he earn. He is already teaching the link between law and economics; why waste time and money on a PhD that may end up not paying off compared to another book, or showing up in an interview. Simply asserting he has the time ignores the opportunity cost of doing everything else.
@Exner83 Yes, I am sure if you asked him he would say he was qualified to run the US economy with his degree in... LAW??? hmmm, maybe you should find someone who has a reasonable background in economics before putting someone up for as an idle candidate for Chairman of the United States Federal Reserve. Just maybe...
So there goes the theory that Obama wasn't in the Chicago Law College, and was actually a CIA agent. Here we have a withness who says Obama was there.
@johnnyone9 What does that mean? We have college graduates who can't form a basic sentence. And If Barry is really the Constitutional scholar that he supposedly is,he would have known that Clinton was not eligible for the position of SOS. That is only one of many examples that show he is not the "smartest man alive".
All of his dealing of how to create a better society is based on the economics of using money as a medium of exchange. His beliefs of how things should be done are as relevant as any other expert in law, business or economics, IMO. I suggest that you all look outside the paradigm box of current monetary economics and start thinking about a society based on resources and the distribution of those resources with no medium of exchange or barter. A lot of the generation Y people get it, u should to!
@ajcestrada The whole reason currency was created was as a medium of exchange. Even if the universal medium lost its monopoly power, you would have new mediums in different areas. Now, I don't see a problem with that, but just pointing out that money is just an extension of barter designed for ease.
@4lifejackhammer Yes I agree, but I think just the way it was invented we can invent another form of managing societal affairs that can be much more egalitarian, humane, eco-friendly and plainly better. When money was invented, science was non-existent. Now we use science to better our lives. Why do we have to stick to traditional methods of organizing ourselves when we can use the scientific method for social concern and affairs. (PS. Not Orwellian but one that IS scientific and humane.) :-)
@ajcestrada A scientific method for allocating all resources without money or barter? This might work as a sci-fi plot or something, but there's no way we could implement anything like that. Human society is far too complicated to be managed like that.
But I am curious... where are you getting this idea from?
@ghuegel There is no proof to say it will not work as well as there is no proof that it will work. Let us try to implement a resource based economy by way of the scientific method. Instead of having the experiment become realized immediately, there can be a experimental city where volunteers can come and test the hypothesis of intelligently distributing resources and using sciencefor human concern. Check The Venus Project. Also Motivation and value sets are the hardest part of this, not science.
@ajcestrada If a method not requiring force could be found to facilitate the voluntary allocation of resources, then go for it. But, unlike the other sciences, social science cannot be truly tested by the scientific method. Society is far too complex; there is no control.
@4lifejackhammer monetary economics is a social science that was never tested but still was used. It did not even go through rigorous test after test. I believe that society is only complex because we are living in a system that is really hard to grasp and entrepreneurs thrive in ambiguity but when looked at from the top they succeed more on chance than on ingenuity and creativity, with a failure rate of about 95%. Society based on something tangible and testable will make society less complex
@ajcestrada hmm, so entrepreneurs fail because of the existence of money? Not at all because of barriers to entry created by regulations or tax rates that hurt in-between businesses? Oh wait; another Venus project supporter. Dude, communism by any other name still sucks. It would fail. I would hope for the rights of a city to test your theory. But, trying to apply it to people who won't volunteer will be the tricky part. It is centralized, and needs force. I could not accept it.
@4lifejackhammer Entrepreneurs fail due to many factors, but they succeed mostly on chance, I'm reaffirming my point here. Man, you don't even know what The Venus Project is, so to compare it to an outdated social system like communism is fallacious. Again you are fallacious in your assumption that The Venus Project is forcing people. Again, you assume without reasoning that the Venus Project is centralized. You don't accept your OWN false interpretation of what The Venus Project.
1. "False scarcity" through the profit motive is the cause for all problems.
2. All resources are supposed to be the common heritage of all people, not merely a select few.
The first concept ignores that there are plenty of things that are finite until people take an approach to create them, like more finished products or trees.
It also ignores the possible skill required for such things.
@4lifejackhammer the second concept is communist in fashion. Now, how do you solve the problem that not every human being will agree, and that some will assert their personal ownership of natural resources based on the first-come principle. Then what? The whole idea is that all give what they can, an take what they want. If the modern system shows anything, its that people try to take more than they make. So, without a central state, or all willing participants, it will fail.
@4lifejackhammer It will take forever to explain on these comments but for #1 it is the cause of many social ills like poverty and war but not all problems. Please stick away from generalities. #2 There is no rule saying that it has to be the common heritage of all people, we would want that to happen because our home is the earth and all it offers. I mean it literally, we all live on it so it makes sense.
There are somethings like oil that are not infinite. Plus cutting wood too much . . .
TVP does not ignore any skills for producing necessary goods, again you are being fallacious and assuming without understanding first. You again say it is communist, sigh O.o. This new system is completely new to the old fashioned and outdated systems like communism, socialism, fascism, capitalism, the free enterprise system, monarchy and so on. It is not to say they don't work, it is just that their usefulness is not needed anymore. I will not reply anymore!
Cutting taxes permanently doesn't automatically mean that people are going to spend more. People are quite capable of saving both a stimulus check and a tax refund.
@Violent2aShadow Really, cutting taxes on an economic down turn will often have very little useful impact at all on small business. Taxes are not bases on gross sales but profit, most small business lose almost all profit during an economic down turn. Hiring people is a 100% tax deduction for businesses. The idea that if we lower taxes business will hire make no sense. Cutting taxes permanently change long term economics not short term.
This is all going to sort itself out very soon. The current economic habits of the government are unsustainable, and once the infrastructure collpases their power will slip through their hands and the people will pick it back up.
You have to meet people where they are. You cannot just walk up to a bunch of people who are dependent on the government and say "Sorry! No more government for you because your philosophical position is illogical."
They are dependent, so you'd basically through them out on the street. Then we'll have to deal with all manner of social discord. You have to present this stuff in a way that doesn't threaten their ability to survive.
@africanflower84 The welfare state will end whether you want it to or not. There will come a time when the treasury will be unable to support the millions of welfare recipients and so the checks will simply stop coming. Look what happened in Greece, and now Ireland. We're not far behind.
@AtheistPatriot1 It's mostly the excessive leeching from government employees that runs up the debt, but it pales in comparison to the cost of imperialism. No one wants to talk about the 400lb. gorilla in the room. Even IF the history of American wars was legitimate and decent there has to be a limit to what can be spent. If I buy a new car, yes I would want to insure it's value but it has to relate to the value of the car and my income. Are these things ever considered with defense?
@AtheistPatriot1 Clearly high Welfare = economic crash, that is why we see the total collapse of the Nordic countries who all have the world larger welfare systems. Denmark, Norway , Sweden, Finland and the Netherlands are all getting bailed out... Oh wait, they are not. They counties have some of the highest standard of living, great GDP/capita, very low poverty and economies that are doing very well, comparatively. They are the countries with the worlds top tax rates...
@Loathomar I "liked" your comment, because I think the point is forgotten quite often. So when I argue with my friends on the right, I almost always bring up the Nordic countries (to remind them about their *overall* tax rates). However, I also bring the Nordic countries up when I argue with my friends on the left, because these countries are geared for growth (with market friendly policies) in a way that I think my leftist friends overlook.
@wilthiswork Yes, I think there are lots of things wrong with the US that neither party is addressing in the US. I fell you can have a good welfare state that has good economic growth, but at the same time I agree that there is lots wrong with the US welfare. The focus should be education and growth. More on easy of doing business and not so much business tax rate. Really, it is less of a question of Big or Small Gov, than good or bad government.
@Loathomar The Nordic countries are successful because they have a strong manufacturing base and have a low unemloyment rate. They have a culture of hard work and productivity and that is why they are so successful. Having a high tax rate and huge welfare system does not make a country prosperous and does not contribute to a high standard of living. Productivity is the only thing that produces success.
@AtheistPatriot1 Really? Sweden unemployment August 2010, 8.3%, US 9.6%. 1.3% difference. Manufacturing as a % of GDP; Sweden ~20%, US 14%. Either is not a heavy manufacture. Netherlands also has 14% manufacturing. So your "fact" are total crap, now you are left with "is a culture difference", which is really just your personal opinion. The agreement for a Nordic style welfare system is not that is creates wealth but that good system systems do not hurt the creation wealth.
@AtheistPatriot1 The fact of the matter is that we have an underclass that will suffer tremendously under Libertarian policies. That fact is the reason why we have so many problems advancing our economic policies.
If we simply implement our policies without making some provisions for those who are dependent on the government we will start a civil war. The underclass will feel oppressed by a "tyrannical" government and will lash out in revolt. It has happened the world over.
He's a prime example of why we, as libertarians, are fighting a losing battle. Sure his economic theory is sound. I can agree with just about everything he said, but he's so cold. He lacks compassion and consideration for the human condition.
Cut medicare and social security. Undo regulation, minimum wage, and civil rights. OK, how exactly are you going to sell that to the least fortunate amongst us if you come off as an elitist corporate tycoon?! You have to meet people were they are.
@africanflower84 Sweet zombie jesus! A libertarian who get's it! This is why I'm not a libertarian though, but it would be great if others understood that fundamental point you raise. I don't believe using only economics will ever get us anywhere better, especially the broken economic systems we've become accustomed to.
So, whats the answer, less government? More Government? A bigger rule book? A smaller rule book? How about first we take the rule book and Government itself out of the hands of Fed and put power back into the hands of the people??? Until then your never gonna have the size of Government you think you voted on.
To be fair, calling stimulus "taking water from one pond and dumping it in another" is not a fair assessment. Yes, taxes are taken to PAY for stimulus, but there are ALWAYS taxes. That doesn't change. I'm sure the people who pay the most taxes have figured out ways to get around that or can hire the best people to find them loopholes and whathaveyou. Besides, what folks who use that phrase seem to forget is that the economy SHRANK since Dec. 2007. That's what a recession DOES to it.
The economy shrank, which means less money for the private sector and GDP. Now, if gov't has a lot of remaining money, theoretically it CAN give it to the private sector to help boost demand. Arguments against stimulus, if anything, need to be much more substantive than simpleminded proposterous bs about ponds. Seriously? Comparing the u.s. gov't and economy to mere bodies of water?
@whoo689 Really all the stimulus, or anything government can do, is move the hills and valleys of the economic land scape. The stimulus, in theory, should be taking from our good economic future and giving to our bad economic, though it would be far better if we saved during our good economic and then used that saving to pay for our current economic bad times. The statement about a pool would be reasonable if you ignored time, but ignore time rarely a good idea.
Nick's interviews are sometimes indisputably brilliant, pearls one could even say. And this Epstein guy is hauntingly smart, need to dig up more of him... Damn you Reason, I need to work!!
Wow, what a pseudo-intellectual trying to over-talk his way into sounding intellectual. At the end of everything he said, he's talking the typical right-wing agenda that hasn't worked in the past 10 years. It's also a very misleading title, when he even says he didnt know Obama.
See, I don't understand your argument. We haven't had a "right wing" economic structure for some decades, now. A Right Wing agenda calls for a smaller government, more reliance upon individual responsibility. The whole financial structure fell apart while the regulators watched. It's obvious that regulations don't work; to call this guy a "pseudo-intellectual," and say that we've already tried RW economics is false on the face of your argument, and in reality. Please elaborate.
@captaindiesalot The financial structure fell apart because of a lack of regulations. All of the adjustable-rate loans that were meant to go bad, joke of a tax structure (including the lowest taxes ever that we have now), lack of action to our huge problem with outsourcing, and all of the other backroom deals and predatory lending practices are mainly due to a lack of regulations. I probably shouldn't have labeled him right-wing, but he's more of the same "small-government conservatives" who
Again, the evidence proves that REGULATION really FAILED. You're claiming that the loans were "meant to go bad?" OK, obviously this is an opinion, because there's nothing that backs this statement in fact. Your comment about Tax Rates suggests a DECREASE in gov't revenues, but the REVERSE is true, so, you're statement is again, not factual.
Regulations forced bank loans. Again, this is a fact, not an opinion. I think you're just a leftist reactionary. You have an agenda.
@captaindiesalot try to make claim that lower taxes and a corporate free-for-all market will balance itself out for the greater good of the middle class, which is obviously false. If this had been true, then our current tax rates, and as you admit, lack of regulation would have prevented this crisis in the first place
Actually, I'll simply use facts. The last years of the GWBush-Republican Admin shows that from 2002 through 2006, spending as a % of GDP fell each year. When the Dems took power in 2007 this reversed. Clearly taxation had NOTHING to do with Spending. The Fed Gov't is now taking over 24% of GDP with a move toward 26%, this is an outrage.
We're over regulated, over taxed, and bankrupt. All because of collectivists policies that have brought us to the brink of destruction.
@4zcompany You didn't address any of the points he made. Screaming "right-wing agenda" like a typical reactionary lefty frothing at the mouth only makes you look like an idiot.
"He has very little by way of a skill set to understand the kinds of complex problems he wants to address but he has this unbound confidence in himself."
ooooooo smackdown
Rekopaa 2 months ago
You don't want strong civil rights laws..they just gum things up. Finally someone gets it! Superior classes are not constitutional. Thank you, Dr Epstein.
gatersaw 3 months ago
I want to marry Gillespie. :)
LittleMsChachi 3 months ago
@Blunic "Socialist" is the easiest term to use for the mix of Marxist socialist ideology Obama has. No, I'm not an idiot. I am a business owner with 30 employees and probably a little more gloabal economic experience than most. You, on the other hand, are loaded with ad hominem and no substance. You are obviously very young and immature. I'm sure your elementary attacks are without a doubt, a sign of future success.
justbaseball 4 months ago
Love this guy. The most succinct, calmest, least hyperbole, best 12 minutes of connecting the dots I have heard.
spanview 4 months ago
@TinFoilHatLeague E's initial comments on Obama (the lure for this video) make him (E) appear anything but credible or reasonable. Criticizing Obama for having "unbound confidence in himself," seems odd coming from this guy. Have you ever heard someone pontificate with such unbound confidence? He goes on to criticize Obama for not participating in faculty discourse in order to benefit, apparently, from E's wisdom. Then, w/o proof claims O's ideas are set in concrete. & E's aren't? Laughable!
canteluna 4 months ago
Epstein say extreme remark without extreme proof.
UpNfamish2 4 months ago
I'm a farmer and believe ethanol has been bad, but what if their is act of god that destroys crops without any support from government. Their won't be any food.
theapollomoonlanding 4 months ago
Richard Epstein is superhuman.
theapollomoonlanding 4 months ago
richard epstain is subhuman. He is a robot, a talking machine. What human attributes are manifest in this man? He sounds like he is reading a book when he talks. What the hell is that? We look up to people who obviously have not smiled once in the last 50 years? There is something wrong with his mouth. It resembles the mouth of a fish. Grounds for Icke's reptilian theories? Just kidding. Anyway, this guy is far, far removed from every single person I know, especially the ones I value.
rickischmidt 4 months ago
@rickischmidt "You cannot stop the blunders of one govt program by putting another one on top." That's why Libertarian policies, theoretically effective in a FM economy, often have the same unintended consequences in our system as those they criticize. E.g. abolishing the min wage in our system, when other distortions, such as corporate subsidies exist, is immoral & poor policy.
btw ?Bush a had "skill set" that Obama doesn't have? LOL!
canteluna 4 months ago
@canteluna was this comment directed to me? you must overestimate my understanding of the subject matter in question here. I know very little about political forces, etc. (and I guess I should point out that I believe most people who browse youtube videos don't know enough about these topics to make worthwhile contribution via comments). Anyway, this particular comment of yours makes perfect sense to me. I guess I sense you are a normal human being who can see through this clown.
rickischmidt 4 months ago
Epstein should be on more often. He is an intellectual heavyweight
AtibbsSPARTAN 4 months ago
@TinFoilHatLeague That's not nice.
runawaymotor 6 months ago
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Love listening to Epstein...something tells me that interview was much closer to two hours long than twelve minutes
SirEdwinDrake 6 months ago
Love listening to Epstein...something tells me that interview was much closer to two hours long than twelve minutes
SirEdwinDrake 6 months ago
you peace of shit the bank CEO's robs the wealth of this country USA so were are we going to get that money back? from your bank account you peace of shit
NiteAngel 7 months ago
Richard is the master teacher! Thanks Reason
MrBuddickman 8 months ago
Simply put, our socialist President will go down as the least qualified, most disasterous President in the history of American Politics. Obama hates the Constitution. It can be described in no other way.
justbaseball 10 months ago 3
The real problem in this country is not clowns like Obama in office, it is that so many people voted for him.
JRBeaman 1 year ago
This poor baby was neglected as as teen - - check out his teeth. No wonder he's so against universal health care. . . . he's afraid what the orthodontist will do when he gets his hands on him.
KristineHolmgren 1 year ago
@KristineHolmgren typical of a lefty
grow up kris
kevinpatrickfarley 1 year ago
Good as far as it went. But where was the critique of the horrendous spending on so-called defense and homeland security?
StanWarford 1 year ago
Workers of the World Unite isn't just a slogan anymore" -Andy Stern
watch?v=WzG0xpkjWrA
.
"Proletarians of all countries, unite!" - Karl Marx & Engel's Manifesto of the Communist Party,1848, at Chp. 9.
watch?v=uD-h25evW3g
.
(Equal obligation of all to work in industrial armies [8th pt. of communist manifesto]) GOOGLE the others, because they are just as devastating.
.
Allen West 2012
Fashionificationful 1 year ago
I was gonna subscribe until I watched this video. 90% of it was toooo stupid..
bornthug213 1 year ago
@bornthug213 more like you're toooo stupid. Epstein was just way over your head.
suitabledude 1 year ago
@suitabledude hmmm I'm sure.
bornthug213 1 year ago
@bornthug213 No, it's your meds. Ask Obama to re-prescribe your koolaid.
greengringo2003 9 months ago
@greengringo2003 "Ask Obama to re-prescribe your koolaid"? That was both stupid and corney.
bornthug213 9 months ago
Knock out civil rights laws? And this guy is a professor that teaches college students? Where do these fucking people come from?
TreyParkersBitch 1 year ago
What a mind. A truly beautiful mind. This guy needs to be running our government, not the politicians.
CTSBeast 1 year ago 22
@CTSBeast That's irony, I trust?
HConstantine 1 year ago
@CTSBeast You have a misconception about government. It has nothing to do with intelligence or even the best interests of the general populace-it's all about power.
pretorious700 2 months ago
"knock out strong civil rights laws, the family medical leave act--take out the minimum wage--it only gums things up."
After he said that what was the point of talking to this lunatic.
HConstantine 1 year ago
@HConstantine Have you ever given any thought as to how minimum wage laws keep people down? Makes them zombie worker drones? Minimum wage laws are mine-numbing, dead-end jobs. No one should want to stay in that position. It is living death. Without ever-increasing minimum wage people would be forced to improve themselves, increase their worth so as to improve their lot. Minimum wage laws take away that incentive. People are kept in this living death.
carcabe 1 year ago
@carcabe Oh, so a hotel maid with three children, who has to work nights at the 7-11, and still has no money to buy a house or invest in a retirement fund, the less we pay her, the better the chance, she'll suddenly get a law degree or an MBA? I didn't know it worked like, just like a miracle. And here I was thinking that everyone that works ought to paid enough to live on. Silly me!
HConstantine 1 year ago
@carcabe I think what you're missing, is that the system is set up so that the poor can never get out of poverty, no matter what they do. And its that way on purpose. With the new tax cut, every millionaire in America is going to get enough extra income to support a middle class family. Why on earth would they want to share that money with poor people. After all, as you its their own fault for not improving themselves. Giving them more wouldn't help, would it?
HConstantine 1 year ago
@carcabe Consider someone that owns a dozen McDonald's franchisees. Should he pay more taxes so there can be more Pell grants for his employees can get the education to get a better job. Or should he take that money and go and have a wild weekend in Dubai--see the Christmas tree decorated with real diamond necklasces--the wife would love that. What a quandary.
HConstantine 1 year ago
To second Mr. Epstein's point about continual discourse, I HIGHLY recommend every libertarian listen to the Block-Epstein debate. You can download for free on iTunes in the Mises Institute's iTunesU section. I agree with Dr. Block mostly - for the sole reason of Mr. Epstein's logic (paraphrased) less government is more production. As they say, I used to be a minarchist but I ran out of excuses. #anarchy
francisj1 1 year ago
If Epstein was a woman and a lot better looking, she would be close to my ideal.
Epstein, you're my new man crush.
RodCornholio 1 year ago
Hate to say this but I'd guesstimate that 97% of what Epstein says is far beyond the intelligence of the average American. Hence, the good ideas never spread.
RodCornholio 1 year ago 25
@RodCornholio So true and so sad!! You almost think it's on purpose with the media pushing stories about Lady gaga or Brad Pitt and Jolie adopting another orphan from Africa or Thailand. How many weeks did we have to endure the Mel Gibson audio. It's bread and circus for the populace. I think that is why I have always valued knowledge over material things.
MrMarinegold 1 year ago
@MrMarinegold After finding out my MBTI (Meyers Briggs Type Indicator) and reading about it, I discovered that "Thinkers" -- Rationals are a minority in the world. Without some sort of tinkering of the DNA of mankind, be it via a scientist's petri dish or a world-wide cataclysmic catastrophe , I don't see that trend changing (positively) in the near future. Pro-economic-liberty ideas will need to be tailored to fit the mindset of the masses in order to catch on. Epstein is too smart for them.
RodCornholio 1 year ago
@RodCornholio Epstein for Dummies? Yes, it is needed.
MrMarinegold 1 year ago
Comment removed
rollingklouds 4 months ago
@RodCornholio >Hate to say this but I'd guesstimate that 97% of what Epstein says is far beyond the intelligence ...
____
What is 97% beyond my intelligence (if I have any) is, why cuts are more necessary than cutting off the Federal Reserve. Why most labor laws have to be more damaging than pumping in $trillions into the economy, through banks, that creates even greater debt bubble, and that taxes everybody, the rich and the poor?
rollingklouds 4 months ago
@rollingklouds Yeah, cut the Fed at the root. End it.
RodCornholio 4 months ago
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@duto2404
Rofl... can we play next week my FTP ID is crisna2802 =D
And yep
Full Tilt the other day announced to their facebook fans that a new player should go to their website, then make a account usin the promo code SPECIALS.
I think it's the preferred way if your a new player to start with a good bankroll.. Your first deposit will be DOUBLED in addition to a few other nice perks. It is only gonna work for the first 4500 players that register using this
JackOfhearts771 1 year ago
@Ryan. I am white, but it was high time we had a black president. Too bad most Americans do not see Obama as black since he is more white than anything else. He is part black and part Arab!!!
7572126 1 year ago
BEAUTIFUL indictment of Barry the FAILED Marxist.
CStevenTucker 1 year ago
@Exner83 And Obama.
Christobanistan 1 year ago
I do not understand how the U.S. allowed a black president.
Ryan591991 1 year ago
@Ryan591991 It's not a matter of him being "allowed" to be president. Barry won the spot fair and square through the great american political tradition of lying about himself, what he planned to do and what he could accomplish.
oTANSTAAFLo 1 year ago
How do we prevent Too Big To Fail? We eliminate it!!!!!
Wormtail81 1 year ago
I knew the young Obama - when he was a sophomore at Occidental College. He was definitely a Marxist by 1980-1981.
johndrew25 1 year ago
Poor richard, you can see from his hisitation and reaction that he is forcing the words out of his mouth. No matter, him and barack were bodies, so he has the right critic him. But perhaps he was hesitant because of this "so called reporter's" mythological outlay. Note to reporter, consumer confidence is throught the roof. Corporations are making money hand over fist at the expense of main street. The only think left is for unemployment to dramatickly tick down. And that is already hapenining.
slicbro 1 year ago
@slicbro The actual economic situation in which we are requires for very good modern economists not for politicians. Obama is a politician not an economist.
affiliate30 1 year ago
@slicbro Where are you getting your figures? Straight from the .gov?
For the record...anytime you use the words "main street," in reference to the general public, you appear to the rest of the world to be either an idiot, a collectivist, or a combination of both.
bighitter42 1 year ago
@slicbro hilarious.. we're still losing manufacturing sector jobs to china and that is adding to the trade imbalance and ultimately the loss in value in the us dollar.. and it's adding to the debt on an adjustable rate that resets every 2~3 years on short term bonds. the type of jobs we're adding are service sector private jobs or government jobs which don't produce raw goods that we need to export to offset the trade imbalance and you already signal a recovery at negative saving rate.. stop.
spyletu 1 year ago
"I don't stay awake @ night due to a guilty conscience." Great quote.
Epstein should have been listened to.
Americans would rather listen and vote to jingoistic; HOPE & CHANGE.
jibbi4one 1 year ago
Wow, an attack piece on Obama from ReasonTV! How am I not surprised!
thereallurker 1 year ago
@thereallurker But Obama is sooooo attackable. He's one of the worst presidents we've had.
HoldingOnToLiberty 1 year ago
@thereallurker your point?
KaaproTV 1 year ago
@thereallurker They quite clearly attacked GWB as well. I don't know why you're surprised that they don't approve of someone pushing the same policies.
So a liberal who doesn't "get" that libertarians are disgusted by both parties equally(albeit sometimes for different reasons.) How am I not surprised!
bighitter42 1 year ago
The narcissistic lying coward of a president America got is now exposed for who he really is: An arrogant idealogue whose major life accomplishments include voting "present" 130 times and having someone else (a terrorist) write his memoir. Case closed.
PS- Someone tell Obama when he goes to Venezuela to have his "socialist arepas" with his buddy Hugo, to make it a one-way trip.
joekiddone 1 year ago
Its the freaking WAR !!! thats the only problem!!!!!!!!!!!!!
Danny022479 1 year ago
How come no one is talking about War and the Federal Reserve?
saadasim 1 year ago
this guy faced so many hard questions that it snaps easy when questioned
h0tie 1 year ago
Obama is in way over his head. He was elected because he had a great marketing team and the media wanted him to be President.
teachme2fish 1 year ago 24
@teachme2fish But G.W. Bush, after failed businesses and doing a horrible 6 years as Texas Governor. Or Reagan's acting and 8 years and CA Governor. Acting really gets you ready to be the "Ruler of the Free World". All our Presidents are "in way over there heads", they deal, they have lots of advisors and a party "helping" them.
Loathomar 1 year ago
@Loathomar Friedman was right; there are no angels to swoop down and rule us, so we are stuck with ordinary men. Men are fallible, so of course we must limit the authority of any particular man. At least that's the libertarian argument. Some of us go farther and suggest that no man should have any power over any other, but the libertarian line is more generally palatable.
032125 1 year ago
@Loathomar
You know, I read shit like this and just wonder how fucking dumb can a person get. FACTS seemingly have no place in the minds of fools like you. Reagan was an actor, who became a union president and negotiated contracts, argued policy, discussed philosophical differences between Liberty and your version of slavery. He was a GREAT governor, and California became the most populist state in the Union. You IGNORE the FACTS, because you are a collectivist tool.
captaindiesalot 1 year ago
@captaindiesalot
Reagan wasn't so great on the 2nd Amendment when he was governor. He was good on some things, bad on others...and he did a lot of hypocritical things while in office.
I don't understand the idolization of Reagan...or JFK....or Roosevelt, or any other politician for that matter.
Amy31415 1 year ago
@Amy31415
Regardless, he voiced a cogent defense of the Constitution. I'm not familiar with what you're saying about the 2nd Amendment, the NRA writes that he was the ONLY President to speak at their convention.
He was the first and perhaps ONLY President to reverse years of Collectivism which negatively impacted the US. He's "idolized" because of the numerous speeches, writings, and positions relative to the Constitution and the uniqueness of America.
captaindiesalot 1 year ago
@captaindiesalot Reagan was always a good speech maker, but that is about it. SAG president is always an actor. California likes to elect actors that have no qualifications to run the state, ei the Govenator. But clearly you believe in Reagan policy entirely, like amnesty for all illegals? Or increasing federal spending (~2% higher then the 40 year average as a % of GDP)? Or near doubling national debt as a % of GDP? Or illegally selling of arms to Iran? Ya...
Loathomar 1 year ago
@Loathomar
1st, leading SAG presented him as a friend to labor, not a collectivist thereof. 2nd, he earned his position and preformed well as the leader of the conservative movement after Goldwater.
He grew the economy, and Congress, which he did not control spent more than was taken in, what part of Congress will control the purse strings don't you understand?
captaindiesalot 1 year ago
@captaindiesalot LOL, I love it. He grew the economy, but Congress control spending. You want to give him all the credit but none of the blame, it is funny.
Loathomar 1 year ago
@Loathomar
Yeah, you're damn right, I do. Congress has been a problem from the start. I'm not saying we should disband it. But the Republic was NEVER meant to have a permanent political class. Charlie Rangel has been in gov't for 50 years. WTF? The least that should occur is term limits for Congress, just as the Presidency.
captaindiesalot 1 year ago
@captaindiesalot The founding fathers did not put any term limits in the constitution, the term limit for the President was not made until 1951 with the ratification of the 22nd Amendment. Much of our founding fathers where in the life time political class. Really, the thing that most needs to be changed is the gerrymandering in our system, that allows one party to permanently keep an congress seat with almost no political discords. Term limits for Congress may be good, but it was not "meant".
Loathomar 1 year ago
@Loathomar
I can't disagree with your assessment more. The first President set the two term precedent. This speaks volumes. Whatever the solution, career politicians are the problem.
captaindiesalot 1 year ago
@captaindiesalot Congress may have "been a problem", but you can not reasonable claim that Reagan fixed that economy and Congress spent the money. Did Reagan fixed that economy with kind words? Hope? Positive thinking? The congress and president worked together on the economy and debt. If you want to give Reagan credit for the economy's growth, you have to give him blame for the national debt. You could also lay both on congress. Or say both get the blame and credit.
Loathomar 1 year ago
@Loathomar
No, sorry. I was a young gun, coming out of school in Reagan's first term. He, personally, with FORCE of belief, turned the Nixon-Ford-Carter economy around. He gets ALL the Credit. And what did Congress do, controlled by the F'N democrats? They spent and spent and spent. You want to mouth the claims of the left, that's your problem, I was there...I knew President Reagan, and he wasn't a spendthrift.
captaindiesalot 1 year ago
@teachme2fish The only reason barry soetoro AKA POTUS and dimoKKKRat was elected is because he is black. If a white candidate had associated with the likes of the racist Jeremiah Wright, the terrorists Bill Ayers and Bernadine Dohrn, the swindler Tony Rezko, and the communist Frank Marshall Davis, he would have been immediately eliminated from the field. barry soetoro AKA POTUS and dimoKKKRat was given a pass because he is black and because it was time, it was just time for a black president.
swiftnicknevison 1 year ago
Well done.
Nordberg1985 1 year ago
sarah palin is a cyborg. Now spread the rumor slaves.
LordKaisen 1 year ago
@LordKaisen she is too stupid to be a cyborg, lol.
sniperofbuffalo 1 year ago
@LordKaisen
She is? Seriously?
I KNEW it!
Alex Jones...Eat your heart out.
caltrop69 1 year ago
When my liberal friends ask me how I sleep at night, I tell them "On top of a giant pile of money, surrounded by beautiful women."
littlebier8 1 year ago 12
@littlebier8 Best. Answer. Ever.
You, sir, win 12 internets.
Virgil0211 1 year ago
Considering the results we have gotten from academic economists, I think the argument here between commenters about Epstein being qualified as an economist is a moot point - would it really be so bad to have someone with a broader view? Not that having a Congress full of lawyers has done anyone any good...
bnfox 1 year ago
@Exner83 Well that is just stupid. If he was "anti-Keynesian" and had a PhD from a outstanding school, I would not question his qualifications. But as he is a collage professor, I sure he would say he knows he is not qualified for the job of Chairman of the United States Federal Reserve. He eduction, like all who have a PhD, is focused in a small field. He is surely welcome to have views on other fields, but he knows his focus and his focus is Law and not economics.
Loathomar 1 year ago
@Loathomar so the credentials he had to pay large sums of money for is somewhere else; does that make him unable to read books on economics? The idea of qualification is merely a paper from a place with respectable clout saying "he has shown he is educated in this area." Further, the tie-in of the social studies is very close; having a basic understanding of all of them (which he is demonstrating) is almost necessary to grasp completely a specific field.
4lifejackhammer 1 year ago
@4lifejackhammer If you think getting a PhD is just a matter of "reading books" or "having a basic understanding" you should educate your self by reading anything. Having a PhD in a subject means you published meaningful work on the subject of study. But he is not someone working outside the system, being rejected meanly as a outside view. He is a college Professor. If he had an interest or desire to get an econ PhD, why wouldn't he? Do you think people at his school are stopping him... WTF?!?
Loathomar 1 year ago
@Loathomar well, what would an extra PhD earn him in money? He can only teach so many classes, write so many books, etc. in the time alloted. Yes, PhDs do require publishing works, but it is still granted by the universities. However, one doesn't need a PhD to be educated on the matter. Now, the social sciences (politics, law, geography, history, economics, etc.) are really tied in together. Just because his area of expertise is not economics, does not mean he is unknowledgeable about it.
4lifejackhammer 1 year ago
@4lifejackhammer earning him a PhD could earn him extra money, CATO could pay him more, he could write a book on work, consult on econ. You are right that he "only has so much time" and his degrees, teaching and his required work in his field, he has enough time to get as much education as needed for a PhD, and has all his own idea for one, but decide he doesn't want one? I think not. I think you are full of crap and you know it.
Loathomar 1 year ago
@Loathomar yes, he could earn more money, but what would be the original cost of getting another PhD, how much more money would he earn. He is already teaching the link between law and economics; why waste time and money on a PhD that may end up not paying off compared to another book, or showing up in an interview. Simply asserting he has the time ignores the opportunity cost of doing everything else.
4lifejackhammer 1 year ago
Fantastic interview. Thanks guys.
comicus01 1 year ago 2
@Exner83 Yes, I am sure if you asked him he would say he was qualified to run the US economy with his degree in... LAW??? hmmm, maybe you should find someone who has a reasonable background in economics before putting someone up for as an idle candidate for Chairman of the United States Federal Reserve. Just maybe...
Loathomar 1 year ago
five *
8897670 1 year ago
So there goes the theory that Obama wasn't in the Chicago Law College, and was actually a CIA agent. Here we have a withness who says Obama was there.
johnnyone9 1 year ago 2
@johnnyone9 LOL
Loathomar 1 year ago
@johnnyone9 What does that mean? We have college graduates who can't form a basic sentence. And If Barry is really the Constitutional scholar that he supposedly is,he would have known that Clinton was not eligible for the position of SOS. That is only one of many examples that show he is not the "smartest man alive".
mcap52 1 year ago
@mcap52 , just lookup "Obama CIA agent" and you'll know what I mean. Watch the Youtube video results.
johnnyone9 1 year ago
All of his dealing of how to create a better society is based on the economics of using money as a medium of exchange. His beliefs of how things should be done are as relevant as any other expert in law, business or economics, IMO. I suggest that you all look outside the paradigm box of current monetary economics and start thinking about a society based on resources and the distribution of those resources with no medium of exchange or barter. A lot of the generation Y people get it, u should to!
ajcestrada 1 year ago
@ajcestrada So how do you allocate resources without a medium of exchange or prices?
TCoop6231 1 year ago
@ajcestrada The whole reason currency was created was as a medium of exchange. Even if the universal medium lost its monopoly power, you would have new mediums in different areas. Now, I don't see a problem with that, but just pointing out that money is just an extension of barter designed for ease.
4lifejackhammer 1 year ago
@4lifejackhammer Yes I agree, but I think just the way it was invented we can invent another form of managing societal affairs that can be much more egalitarian, humane, eco-friendly and plainly better. When money was invented, science was non-existent. Now we use science to better our lives. Why do we have to stick to traditional methods of organizing ourselves when we can use the scientific method for social concern and affairs. (PS. Not Orwellian but one that IS scientific and humane.) :-)
ajcestrada 1 year ago
@ajcestrada A scientific method for allocating all resources without money or barter? This might work as a sci-fi plot or something, but there's no way we could implement anything like that. Human society is far too complicated to be managed like that.
But I am curious... where are you getting this idea from?
ghuegel 1 year ago
@ghuegel There is no proof to say it will not work as well as there is no proof that it will work. Let us try to implement a resource based economy by way of the scientific method. Instead of having the experiment become realized immediately, there can be a experimental city where volunteers can come and test the hypothesis of intelligently distributing resources and using sciencefor human concern. Check The Venus Project. Also Motivation and value sets are the hardest part of this, not science.
ajcestrada 1 year ago
@ajcestrada If a method not requiring force could be found to facilitate the voluntary allocation of resources, then go for it. But, unlike the other sciences, social science cannot be truly tested by the scientific method. Society is far too complex; there is no control.
4lifejackhammer 1 year ago
@4lifejackhammer monetary economics is a social science that was never tested but still was used. It did not even go through rigorous test after test. I believe that society is only complex because we are living in a system that is really hard to grasp and entrepreneurs thrive in ambiguity but when looked at from the top they succeed more on chance than on ingenuity and creativity, with a failure rate of about 95%. Society based on something tangible and testable will make society less complex
ajcestrada 1 year ago
@ajcestrada hmm, so entrepreneurs fail because of the existence of money? Not at all because of barriers to entry created by regulations or tax rates that hurt in-between businesses? Oh wait; another Venus project supporter. Dude, communism by any other name still sucks. It would fail. I would hope for the rights of a city to test your theory. But, trying to apply it to people who won't volunteer will be the tricky part. It is centralized, and needs force. I could not accept it.
4lifejackhammer 1 year ago
@4lifejackhammer Entrepreneurs fail due to many factors, but they succeed mostly on chance, I'm reaffirming my point here. Man, you don't even know what The Venus Project is, so to compare it to an outdated social system like communism is fallacious. Again you are fallacious in your assumption that The Venus Project is forcing people. Again, you assume without reasoning that the Venus Project is centralized. You don't accept your OWN false interpretation of what The Venus Project.
ajcestrada 1 year ago
@ajcestrada the whole argument for it is that
1. "False scarcity" through the profit motive is the cause for all problems.
2. All resources are supposed to be the common heritage of all people, not merely a select few.
The first concept ignores that there are plenty of things that are finite until people take an approach to create them, like more finished products or trees.
It also ignores the possible skill required for such things.
4lifejackhammer 1 year ago
@4lifejackhammer the second concept is communist in fashion. Now, how do you solve the problem that not every human being will agree, and that some will assert their personal ownership of natural resources based on the first-come principle. Then what? The whole idea is that all give what they can, an take what they want. If the modern system shows anything, its that people try to take more than they make. So, without a central state, or all willing participants, it will fail.
4lifejackhammer 1 year ago
@4lifejackhammer It will take forever to explain on these comments but for #1 it is the cause of many social ills like poverty and war but not all problems. Please stick away from generalities. #2 There is no rule saying that it has to be the common heritage of all people, we would want that to happen because our home is the earth and all it offers. I mean it literally, we all live on it so it makes sense.
There are somethings like oil that are not infinite. Plus cutting wood too much . . .
ajcestrada 1 year ago
@ajcestrada ruins the ecosystem.
TVP does not ignore any skills for producing necessary goods, again you are being fallacious and assuming without understanding first. You again say it is communist, sigh O.o. This new system is completely new to the old fashioned and outdated systems like communism, socialism, fascism, capitalism, the free enterprise system, monarchy and so on. It is not to say they don't work, it is just that their usefulness is not needed anymore. I will not reply anymore!
ajcestrada 1 year ago
Cutting taxes permanently doesn't automatically mean that people are going to spend more. People are quite capable of saving both a stimulus check and a tax refund.
Violent2aShadow 1 year ago
@Violent2aShadow Really, cutting taxes on an economic down turn will often have very little useful impact at all on small business. Taxes are not bases on gross sales but profit, most small business lose almost all profit during an economic down turn. Hiring people is a 100% tax deduction for businesses. The idea that if we lower taxes business will hire make no sense. Cutting taxes permanently change long term economics not short term.
Loathomar 1 year ago
Man, this guy knows his stuff.
myhipsi 1 year ago
@Exner83 For real
theneedledictator 1 year ago
This is all going to sort itself out very soon. The current economic habits of the government are unsustainable, and once the infrastructure collpases their power will slip through their hands and the people will pick it back up.
AtheistPatriot1 1 year ago
You have to meet people where they are. You cannot just walk up to a bunch of people who are dependent on the government and say "Sorry! No more government for you because your philosophical position is illogical."
They are dependent, so you'd basically through them out on the street. Then we'll have to deal with all manner of social discord. You have to present this stuff in a way that doesn't threaten their ability to survive.
africanflower84 1 year ago
@africanflower84 The welfare state will end whether you want it to or not. There will come a time when the treasury will be unable to support the millions of welfare recipients and so the checks will simply stop coming. Look what happened in Greece, and now Ireland. We're not far behind.
AtheistPatriot1 1 year ago
@AtheistPatriot1 It's mostly the excessive leeching from government employees that runs up the debt, but it pales in comparison to the cost of imperialism. No one wants to talk about the 400lb. gorilla in the room. Even IF the history of American wars was legitimate and decent there has to be a limit to what can be spent. If I buy a new car, yes I would want to insure it's value but it has to relate to the value of the car and my income. Are these things ever considered with defense?
ryinski2 1 year ago
@AtheistPatriot1 Clearly high Welfare = economic crash, that is why we see the total collapse of the Nordic countries who all have the world larger welfare systems. Denmark, Norway , Sweden, Finland and the Netherlands are all getting bailed out... Oh wait, they are not. They counties have some of the highest standard of living, great GDP/capita, very low poverty and economies that are doing very well, comparatively. They are the countries with the worlds top tax rates...
Loathomar 1 year ago
@Loathomar I "liked" your comment, because I think the point is forgotten quite often. So when I argue with my friends on the right, I almost always bring up the Nordic countries (to remind them about their *overall* tax rates). However, I also bring the Nordic countries up when I argue with my friends on the left, because these countries are geared for growth (with market friendly policies) in a way that I think my leftist friends overlook.
wilthiswork 1 year ago
@wilthiswork Yes, I think there are lots of things wrong with the US that neither party is addressing in the US. I fell you can have a good welfare state that has good economic growth, but at the same time I agree that there is lots wrong with the US welfare. The focus should be education and growth. More on easy of doing business and not so much business tax rate. Really, it is less of a question of Big or Small Gov, than good or bad government.
Loathomar 1 year ago
@Loathomar Agree enthusiastically.
wilthiswork 1 year ago
@Loathomar The Nordic countries are successful because they have a strong manufacturing base and have a low unemloyment rate. They have a culture of hard work and productivity and that is why they are so successful. Having a high tax rate and huge welfare system does not make a country prosperous and does not contribute to a high standard of living. Productivity is the only thing that produces success.
AtheistPatriot1 1 year ago
@AtheistPatriot1 Really? Sweden unemployment August 2010, 8.3%, US 9.6%. 1.3% difference. Manufacturing as a % of GDP; Sweden ~20%, US 14%. Either is not a heavy manufacture. Netherlands also has 14% manufacturing. So your "fact" are total crap, now you are left with "is a culture difference", which is really just your personal opinion. The agreement for a Nordic style welfare system is not that is creates wealth but that good system systems do not hurt the creation wealth.
Loathomar 1 year ago 3
@AtheistPatriot1 The fact of the matter is that we have an underclass that will suffer tremendously under Libertarian policies. That fact is the reason why we have so many problems advancing our economic policies.
If we simply implement our policies without making some provisions for those who are dependent on the government we will start a civil war. The underclass will feel oppressed by a "tyrannical" government and will lash out in revolt. It has happened the world over.
africanflower84 1 year ago
He's a prime example of why we, as libertarians, are fighting a losing battle. Sure his economic theory is sound. I can agree with just about everything he said, but he's so cold. He lacks compassion and consideration for the human condition.
Cut medicare and social security. Undo regulation, minimum wage, and civil rights. OK, how exactly are you going to sell that to the least fortunate amongst us if you come off as an elitist corporate tycoon?! You have to meet people were they are.
africanflower84 1 year ago
@africanflower84 Sweet zombie jesus! A libertarian who get's it! This is why I'm not a libertarian though, but it would be great if others understood that fundamental point you raise. I don't believe using only economics will ever get us anywhere better, especially the broken economic systems we've become accustomed to.
ryinski2 1 year ago
So, whats the answer, less government? More Government? A bigger rule book? A smaller rule book? How about first we take the rule book and Government itself out of the hands of Fed and put power back into the hands of the people??? Until then your never gonna have the size of Government you think you voted on.
yammyspeed13 1 year ago
@yammyspeed13 First step: reversing Citizens United
4zcompany 1 year ago
To be fair, calling stimulus "taking water from one pond and dumping it in another" is not a fair assessment. Yes, taxes are taken to PAY for stimulus, but there are ALWAYS taxes. That doesn't change. I'm sure the people who pay the most taxes have figured out ways to get around that or can hire the best people to find them loopholes and whathaveyou. Besides, what folks who use that phrase seem to forget is that the economy SHRANK since Dec. 2007. That's what a recession DOES to it.
whoo689 1 year ago
The economy shrank, which means less money for the private sector and GDP. Now, if gov't has a lot of remaining money, theoretically it CAN give it to the private sector to help boost demand. Arguments against stimulus, if anything, need to be much more substantive than simpleminded proposterous bs about ponds. Seriously? Comparing the u.s. gov't and economy to mere bodies of water?
whoo689 1 year ago
The stimulus pond comparison would be much more relevant in good economic times.
whoo689 1 year ago
@whoo689 Really all the stimulus, or anything government can do, is move the hills and valleys of the economic land scape. The stimulus, in theory, should be taking from our good economic future and giving to our bad economic, though it would be far better if we saved during our good economic and then used that saving to pay for our current economic bad times. The statement about a pool would be reasonable if you ignored time, but ignore time rarely a good idea.
Loathomar 1 year ago
Fannie and Freddie = two big crapolas
sodie77 1 year ago
That's good. At least one successful Jew isn't guilty.
Great Interview!
Buergs323 1 year ago
@Buergs323 Wow.
HiwaKaoru 1 year ago
Who cares about Obama... the US is fucked anyhow. Just look at their children, fat as fuck.
dudz40 1 year ago
Nick's interviews are sometimes indisputably brilliant, pearls one could even say. And this Epstein guy is hauntingly smart, need to dig up more of him... Damn you Reason, I need to work!!
pooltoo 1 year ago 3
Wow, what a pseudo-intellectual trying to over-talk his way into sounding intellectual. At the end of everything he said, he's talking the typical right-wing agenda that hasn't worked in the past 10 years. It's also a very misleading title, when he even says he didnt know Obama.
4zcompany 1 year ago
@4zcompany What right-wing agenda are you talking about? How was Bush's economic policy different than Obama's ?
TheProgressistViewer 1 year ago 4
@4zcompany There's no such thing as right-wing left-wing. They're all the same.
sniper6081 1 year ago 3
@4zcompany Bush was a fascist/Keynesian as Obama is as well. Obama is Bush on steroids.
residentzombie 1 year ago 3
@4zcompany
See, I don't understand your argument. We haven't had a "right wing" economic structure for some decades, now. A Right Wing agenda calls for a smaller government, more reliance upon individual responsibility. The whole financial structure fell apart while the regulators watched. It's obvious that regulations don't work; to call this guy a "pseudo-intellectual," and say that we've already tried RW economics is false on the face of your argument, and in reality. Please elaborate.
captaindiesalot 1 year ago
@captaindiesalot The financial structure fell apart because of a lack of regulations. All of the adjustable-rate loans that were meant to go bad, joke of a tax structure (including the lowest taxes ever that we have now), lack of action to our huge problem with outsourcing, and all of the other backroom deals and predatory lending practices are mainly due to a lack of regulations. I probably shouldn't have labeled him right-wing, but he's more of the same "small-government conservatives" who
4zcompany 1 year ago
@4zcompany "The financial structure fell apart because of a lack of regulations" Delusion.
darkr0astedblend 1 year ago
@4zcompany
Again, the evidence proves that REGULATION really FAILED. You're claiming that the loans were "meant to go bad?" OK, obviously this is an opinion, because there's nothing that backs this statement in fact. Your comment about Tax Rates suggests a DECREASE in gov't revenues, but the REVERSE is true, so, you're statement is again, not factual.
Regulations forced bank loans. Again, this is a fact, not an opinion. I think you're just a leftist reactionary. You have an agenda.
captaindiesalot 1 year ago
@captaindiesalot try to make claim that lower taxes and a corporate free-for-all market will balance itself out for the greater good of the middle class, which is obviously false. If this had been true, then our current tax rates, and as you admit, lack of regulation would have prevented this crisis in the first place
4zcompany 1 year ago
@4zcompany You're kidding.
tjttzcspplt 1 year ago
@4zcompany
Actually, I'll simply use facts. The last years of the GWBush-Republican Admin shows that from 2002 through 2006, spending as a % of GDP fell each year. When the Dems took power in 2007 this reversed. Clearly taxation had NOTHING to do with Spending. The Fed Gov't is now taking over 24% of GDP with a move toward 26%, this is an outrage.
We're over regulated, over taxed, and bankrupt. All because of collectivists policies that have brought us to the brink of destruction.
captaindiesalot 1 year ago
@4zcompany You didn't address any of the points he made. Screaming "right-wing agenda" like a typical reactionary lefty frothing at the mouth only makes you look like an idiot.
itachi705 1 year ago
This is by far the best Reason TV that I have watched. Thank you Reason.
SrgGoofy 1 year ago
great interview!
xXdmrusXx 1 year ago
Totalitarian Progressive-Fascists!
yakyakyak69 1 year ago
Very smart interview. I really liked the answer to the last question.
aphtj 1 year ago
This guy sounds like an Austrian Economist. I like it!
Wcoltd 1 year ago
@Wcoltd I think he is. That, or Virginia School. There's a lot of overlap between the two.
Moragauth 1 year ago
@Moragauth he's not quite an Austrian Economist, he believes that government intervention is justified to save extranalities.
He's afraid of financial dominos,
Wcoltd 1 year ago