I don't think there is anything wrong with business, but I do think that since business owners have more power, they have greater responsibility to their employes. I think there is such a thing as worker exploitation; however, I'm not sure how to solve it. If the spear maker is taking advantage of his "idiot" cousins, then the cousins are probably still better off.
I think this is why conservatives think I'm liberal and liberals think I'm conservative.
See, this is exactly why I said, "I think this is why conservatives think I'm liberal and liberals think I'm conservative."
I already answered this question in my first comment: "If the spear maker is taking advantage of his "idiot" cousins, then the cousins are probably still better off."
please !!!please!!! learn math. intrest is an exponential thing.
if you invest 1 cent with 3% intrest in year zero you will have a sum in year 2000 that equals the weight of the sun 88 times in gold. And you wonder where did all the money come from.
that thing is called inflation. The tea party movement is the worst that happened to mankind since the mongolian horde or the huns. 300 million people influenced by a group of ... ah well I stay polite... and cry.
@Factorialofn You learn math first. Interest is the lender charging you for using their money. It isn't money from nowhere, you're just paying them and small amount more each time. It's like paying $6 for a $5 bill, money wasn't made you just have less. This isn't wrong though, because you might be paying $1 per week for $5 right now.
Inflation would be the government printing more money than they have, so each bill is worth less. Hyper-inflation is where you notice it.
@Nawor666 Not only that, but Subsidies can cause inflation too, because they can insulate an entity from its own failures and thus you have businesses out there who will not adjust their prices in accordance to market conditions because they don't have to. As a result you have artificially inflated prices influencing other price points across the market, even if subtly. It's all the more reason to let the free market, and free competition, do its work.
You make a good point .. who can anyone hate business when .. like you said we have cell phones, star bucks and McDonald. I love free trade and businesses .. well who would have anything without them except the food we plant in the back yard and whatever we can make with our own hands or trade.... That's my .02 cents.
A statistic that I always like to pull out for my liberal friends is that the difference between a billionaire and someone below the poverty level is about ten years of technological growth. Ten years ago, the fastest cars ever went 0-60 in six or seven seconds. Now, a honda civic does that. Ten years ago a 400 MHz processor core was really cooking, and now my fifty dollar phone is at least that fast. All of that is possible because of ever expanding wealth. And it's made by capitalism.
Bill - here's the thing about the rich man. He is NOT a hero when he gets wealth from generations of plunder (old money) and uses it foolishly on $50k watches, $300k cars, etc. You see, it also comes from control of the laws and Congress to protect that wealth. It is an elite club, and you know how "we" feel about elitism.
@rarelibra Who made the $50k watches? Who made the $300k cars? People who have jobs who were then paid for their services by the watch and car manufacturers.And they in turn then purchased watches, cars, houses, food, etc.Theres a good chance that the money that you used to pay for your electric bill, internet service, and bought your computer with, came from an employer who purchased YOUR services for products to be bought by others who make more money than you.Will you give up your part in it?
@THEORIGINALEXSCAPER My point is that you cannot look away from the rich who silver spoon their heirs and pay to protect their status from others. Not much of a "created equal" world, is it?
@rarelibra Quite honestly, thats his (their) business not yours or mine. Our US Declaration's statement about "created equal" was never meant to imply "equality" in all things but that each individual deserves in design "as endowed by their creator" the equal rights of "life, liberty, and the pursuit of happiness". Everyone has their own individual defintion of what satisfies this. Equal jealousy isnt covered. And I am not a rich person. Although EVERYONE aspires to be.
@THEORIGINALEXSCAPER no, actually, it isn't just "their" business. It is OUR business when "their" business inescapably intersects and interferes with our very constitutional rights and manipulates the system to benefit only their own. Sorry, but it isn't just the pond scum sucking off of the government teet, it is also the rich idiots clogging the system with their own agenda.
@rarelibra Which business forced you to give them money? Which one did you work 18hours a day 7 days a week for 10 years to start? Who is really sucking off of who's teet here? Just because you voluntarily bought something from some rich guy and helped him get rich, does not mean you are somehow entitled to the money he worked to make. Just out of curiosity, lets say you got a million dollars right now for nothing, what would you do with it?
@karozans I actually don't care anything about you or your efforts, just as you know nothing about me or my efforts - but suffice to say I am happily only 2% away from being in the top 5%. Keep on trying. And the generations of plunder - I guess you don't follow the names that continually pop up all the time. Go figure.
@karozans I actually don't care anything about you or your efforts, just as you know nothing about me or my efforts - but suffice to say I am happily only 2% away from being in the top 5%. Keep on trying. And the generations of plunder - I guess you don't follow the names that continually pop up all the time. Go figure.
I would be a lot more impressed with American productivity if it werent fueled by the labor of foreigners for cents on the dollar to increase profits of company executives at an exponential degree. Jobs that Americans used to do for a reasonable wage that earned the executives a reasonable profit have been outsourced to third world countries leaving Americans unemployed and too poor to feed their families while the companies execs make astronomical profits on the backs of virtual slaves.
You're welcome to disagree with me of course. you can give me a comment why you hate business and corporations using your apple computer while you sit at starbucks and send messages down at&t phone lines to youtube servers running hitachi hard drivees all of which is powered by something like conedison most likely generating electricity by burning oil from exxon mobil
@Vorzt Well you can't blame McDonalds for that -- they're merely providing goods that people willingly buy, despite the well known and well documented fact that McDonalds does not serve the healthiest food around. If that "poor soul" has problems later in life as a result of his voluntary choice of food, he has nobody to blame but himself or his parents/guardians. If he tries to place the blame on others or on companies, that just makes him even more ignorant.
@davenetdog I used to be a raving, dopey liberal. I took a hard look at myself and realized I was mentally sick and was not thinking critically. It took a lot of esolve, but I'm happy to report I'm mostly over my "liberalness" and see very clearly! :-) Yay! ha ha
What are the economic effects of spending vs. investing? If a person spends $500 on goods and/or services, how would that affect the economy as opposed to investing $500 in, say, a mutual fund or individual stocks?
Do they affect the economy differently? If so, how?
1. if you spend those $500,it most likely will end up in the register of a business (littel by little),which in turn can buy new material to make another product and pay the expenses for it or perhaps expand to produce more or better,plus you got what you wanted
2. if you invest those $500,the business has access to the entire sum and can build more or better right away,plus you have some "payback" or return on your investment due to the stock or founds you bought or invested in
Through each dollar earned that is above expenses- it's my fist pounding away at debt... How strong am I? Will I give it any ground? Will I wait a day and let it get on top again?.. Or will I beat it down with real earned money?
MONEY EARNED ABOVE EXPENSES is my weapon TO USE AGAINST DEBT. it's my sword. This enemy.. Debt and lack has been beating me and beating those dearest to me. It has brought out the worst in everyone touched by it. . Others have joined t
Well a lot of rich people got that way from screwing a lot of other people. Or they were born rich. Or just dumb luck too. I realize that simple minded putzes like to worship the almighty $, go ahead.
Hmm... If money(wealth) can be created out of thin air, money devalues when their amount increases (i.e inflation), doesnt that mean, that those people, who are not capable of creating money, will have their money value decreased too? Its a little puzzling to me.
You are thinking on the right line, and he didn't explain the question that you are seeking bluntly enough. Money and Wealth are two different things. That's the building blocks to start from. You had different ideological building blocks.
When inflation increases, your'e dollar is worth less, not your'e assets (wealth).
If inflation grew exponentially, and we were millionaires at McDonalds, that money wouldn't buy much. The money is less valuable, not the assets.
@OffTheGlass87 Well, in my country its a situation, when inflation devalues money. In this case, prices go up. So would paychecks and salaries according to logic, since wealth would still have same value. BUT. In my country, inflation rises, paychecks drop, taxes increase. This system is basically destroying peoples ability to own anything.
You are correct, inflation does devalue money (currency), but not wealth, or assets. The dollar was once backed by gold, but now the dollar is afloat. It's backed by the trust others have in our currency.
When inflation happens, your'e house is not worth less or more. Currency wise it is, but it's worth the same price because inflation causes the money to devalue, so in order to compensate for the devalue, you pay more dollars. Its still worth the same.
I'm not sold that paychecks drop necessarily. They would stay the same or drop depending on the productivity as well, but after enough money is pumped in and you do have inflation, the paychecks WILL go up. Your paycheck might be going down, but show the data that you use as an assertion that paychecks go down. But in any case, inflation leaves us with no good options, just better than bad.
@Drago19930713 No, inflation, governments way of taxing your savings, makes it so you have to own stuff, Gold or silver is common for this use, to keep the government from stealing all your savings. This is why it is considered immoral to have a paper based economy. I wish I didn't live in an immoral country. Does anyone have a solid economy?
Money, or currency, is in place so that each person has the same value of wealth per hour of productivity. Before we had a currency, in America the main currency of trade was tobacco leaves. What ended up happening was people were saving the best of the tobacco for themselves, and trading the not so great tobacco. Not all currency was equal. That is why most cultures even thousands of years ago had coin currency and other type of "equal money system"
i agree with a lot of this. however, the "poorest people in los angeles" live on the streets of skid row and have absolutely nothing except a drug craving and a few broken balloons.
He forgot to mention that the more productive they were, that the government decided to step in and take a little off the top. "protection services and administrative cost and what not" is what I wanted to say, except he mentioned it at the very end.
He's forgetting something. If you take slaves from Djibouti and make them work for you for free, then you save up enough money to hire scientists to build equipment, then you fire those people from Djibouti and hire a few Americans to run your machines, you have STOLEN!
@wholelover Your imaginary scenario is irrelevant. The fact is, we did not take "slaves from Djibouti" and make them work for free. So come out of your parallel universe and meet reality.
@stogiechomper It's not just a scenario. It's an analogy. And an analogy doesn't have to be something that has actually happened. It is something that could happen. Theoretically speaking, that is.
@PleadNolo Maybe not to you. But as Ronald Reagan stated it in 1964, "those people don't speak for the rest of us!" You may not see the relevancy in it. But Conservatives; true-Conservatives, do! I say 'true-Conservatives' because Ron Paul isn't one!
@wholelover Unfortunately you're forgetting Rome and the South, and California now. Cheap labor, and slave labor tend not to promote innovation to make things more efficient, because there is already low overhead. Rome didn't alter the basic formations it had, for over a thousand years. It ended poorly for them
Bill specifically addressed that: "Free trade is non-coercive. Both parties only get wealthier when both parties willingly trade what they have for what they want."
@wholelover "Take slaves from Djibouti" ?? Really? What an irresponsible and dopey statement. Do you have something productive to add, or do you just criticize common sense?
@Kaniela6759 I'm just attacking this guy's comment on Djibouti.. I mean, doesn't he realize that the USA was built on slave money and the property of dead Indians? I wish he had used another example than to bring Djibouti into this. I believe in the principle of conservation. You can't "make" wealth out of nowhere. You gotta take it from somewhere.
If you are stuck on the concept of conservation, it means that you too simple mindedto grasp basic concepts of economics. I'll try to reiterate Bill Whittle's illustration. The hunter takes two baskets back from his encounter to his tribe of hunters. When one of the other hunters sees the quality of his basket, he immediately makes an offer of either spears or food in trade for the basket. So the hunter that made the trade with the gatherer just made a huge profit.
@diskpanic Lol. Well, let's agree to disagree. I'm a Master's of Accountancy student and I've done my fair share of economics, and performed pretty darn good. However, this isn't just about simple economic concepts, like economies of scale, or the power of specialization. It's about ethics, about justice. I totally agree with you that we CAN make profits, but to make "super profits," we often have to hurt others.
Okay, but that's not what you said. You said you believed in "conservation", but that's not what economic value is about. Free markets allow people to make decisions on their own about what is and what isn't of higher value. Do people sometimes make mistakes and get screwed in the process? Sure, but that doesn't mean that any other system of political-economic organization would keep people from getting screwed, does it? Look at how badly screwed most EVERYONE in Soviet Russia was.
Further, who is "hurt"? What are "super profits". What does "super profits" even mean? Sure, there are companies out there that cheat their customers. Hell, I used to work for one. It's in everyone's best interest that these companies get reported and their transgressions are made public, so people know not to trust them, but that's a free market concept. We don't need a socialist/Marxist state run economy to fix that problem. Regulation doesn't work. Look at Upper Big Branch.
Who is taking what slaves from Djibouti? This is an "appeal to emotion" argument that has no place in a discourse of economics. Slavery is bad. Period. No free market capitalists support slavery, because slavery totally violates the core premises of free market capitalism, so your point is total nonstarter.
@diskpanic My point is, from 7:29 he compared Djibouti to USA, saying US produces so many thousand more times as much as Djibouti. Now, I'm I the only one that sees how silly that really is? How can he compare US with a country that was looted by US and Europe and made to stay light years behind the rest of the world? I don't get it, but I rest my case.
What case are you trying to rest? The United States never laid a hand on Djibouti. The French did. The French also relinquished control of Djibouti 1977. Now, how did the US gain benefit from a French held country, exactly? Now, I'm all for saying that Europeans are evil colonial imperialists that have given an AWFUL name to the "western" civilization, but it's a stretch and a half to apply any fault to the United States. By the way, France is a socialist state, not capitalist.
(continued) so your point misses the mark again (by a wide margin). You have failed to attack free market capitalism with two completely irrelevant comparisons, which goes to show that your grasp of economics is tenuous at best, even given your background in accounting. Let's look at it this way. Pure and simple, free market capitalism is totally against imperialistic colonialism and mercantilism, which is the economic theory you are decrying in Djibouti, but calling it capitalism.
(continued 2) So, please. Do a little research on what free market capitalism ACTUALLY entails before trying to attack it for the perpetuation of slavery (which part of "FREE market" are you not grasping) or for the ills of colonialism (which is part of mercantilism, not capitalism). I know you mean no offense, but it's frankly insulting to be posed with two attacks on characteristics of systems OTHER than capitalism, even when you THINK you are attacking capitalism. Thank you.
@wholelover I'm not sure where you think you're going with the slavery argument. America hardly invented the concept of slavery, and as a matter of fact, we ended the practice far sooner in our nation's history than any other nation. We have been slavery-free for nearly 150 years, and the children and grandchildren of anyone who was a slave, or owned a slave are dead. Please try to make a relevant argument, and reply in accordance with the process outlined at 8:37
@drewdane40 Actually, the US maintained slavery until the middle of the 19th century, after most of Europe (the major powers at the time) had abolished the practice.
@wholelover a stupid comment, but with an echo of a dash of truth. However, you forget all countries which sold slaves (remember African blacks sold slaves to the white Western man) to America, likewise utilised slaves. So really, it's even ground. You're a bit of a failure, aren't you?
Yep, and darwinist US is not working, and social-democratic Europe is working. Why? We invest in people while the US invests in fear, guns, prisons and rules. US affluence is not based on ingenuity - it is oil and using the resources of a largely empty continent. Bad news buddy, your continent is now as full as the rest of the world and you get to play by the same rules now.
@KhanneaSuntzu You must be out of your mind. Europe is working?!?!?!?? Socialist Europe is even worse off than we are, and unlike us, they aren't beginning to wake up
@TheMoron64 - I have seen both. I know many Americans. Most Americans I know (even a few fairly affluent ones) prefer living here. Germany has about double the productivity per capita than the US and a higher export than China. I don't know what Europe you are talking about but there is ZERO socialism here. There is a residual social safety net, but it's very very lean. At least it is no sadistical like in the US. So yes, maybe I need to qualify. 'NORTHERN' Europe works - like a swiss clock ;P
@KhanneaSuntzu Oh, no argument there. Germany isn't socialist. Germany is the only EU country doing well. Coincidence? The countries like Greece, completely socialist....
@TheMoron64 - You need to go back to school. Greece collapsed because it didn't collect taxes from middle to upper classes. You can fart around the term 'socialism' like an infant any more. It's silly. Greece is in massive problems because of exactly the same problems and systemic corruption as in Greece. Greece was sponsored by the EU; the US was out of bounds sponsored by oil looting and a reserve currency and Chinese lenders. And nobody pays the required taxes to keep the country running.
@KhanneaSuntzu Greece went down because of the MASSIVE entitlement programs put in place that caused bankruptcy. They had survived for a period of time because they had enough money from outside to keep the country running. Then, they ran out, the way the USA is going to soon.
You're a MORAN @TheMoron64 I happen to LIVE in Germany and you don't know what the fuck you are talking about. When was the last time you were out of the USA today? Do you even have a Passport? 4 out 5 Americans surveyed don't, and I doubt that you're one of the 20% that do.
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@Drago19930713 I buy a cheeseburger from McDonald's. I pay $1.50 for it. I am hungry and my money s useless to me if I don't spend it, so I feel like I am getting the better end of the bargain by buying that cheeseburger. However, MickyD's would rather have my money than that cheeseburger, because the burger is useless if it isn't bought. The worker thinks he is getting a good bargain by making burgers for his money. McD's think they are because they get the labor to profit. Everyone wins
@Drago19930713 Yes. Themoron64 already made you look like an ass. You assert that to create wealth it's at the expense of others. I wouldn't consider a voluntary exchange between two parties an expense on one another. Also, socialists are so greedy that instead of earning their own property and money, they opt to forcibly take it from others who do. Boom!
@farrelrj I know what he said, but thats not always correct. First of all, needs are not always met as it should- equally. You'd expect all sides benefit equally, but...First of all, business have interest in less competition, so (at least in my country) we have many cases of cartel agreements which pretty much eliminates competition.So, buyer doesnt really have any options to choose from regarding prices, especially. Second are workers themselves.Not always people are happy with their salaries.
@Drago19930713 but they have a job. If they feel that getting whatever sum of money they get is worth the work, they keep the job. In the USA, which is the only country whose policies i know well, there is always competition. Workers don't need to work if they don't think it is worth it, but it is. That is why everyone wins. You don't need to live in luxury to create wealth, you just need to relatively benefit from each transaction.
@TheMoron64 Well, good for USA, then. Since I only know my countries policies, my views are bit different. Just to shed some light on my country: our nation is dying, because people emigrate to foreign countries, where you can make a living, because in here its f-in impossible. Our nation lost more citizens in peace and capitalism era, then in WW2 era. So that can pretty much give you a clue on how f**ked up WE are...
@Drago19930713 Haha I'm not that out of it my friend, I have heard of it, just nothing about it's economic policies. Care to enlighten me on the basics of what happened and why?
@TheMoron64 Well, during economic crisis, our political ''geniuses'' decided to raise taxes enormously to ''fill the holes''. Everyone got ass-raped by government, giving up their last coins for the sake of the ''economy''. People working horrible hours for salaries lower than minimum. Businesses try to avoid heavy losses by cheating. Those fair ones got bankrupted. So whats left of business is cheating assholes. People struggling to survive and emigrate, leaving bigger dept to the rest.
@TheMoron64 Its f-in madness. I bet, this shithole would of been avoided, if politicians would have done exact opposite thing- lowering the taxes, so that consumption dont die. But... We have what we have, and we hate it.
@Drago19930713 it is correct. if it's voluntary it is equal as it can be. Business does want less competition, of course. it is in a big government environment that it becomes possible (the lack of competition). If people aren't happy with their salaries then they should find a new employer.
@mba2ceo Wow, if you are serious, please for the sake of the human race and the human gene pool put on a black shirt and black pants and lie down in the middle of a busy road. Or eating some cyanide works too. You literally are a complete intellectual failure on par with flat earthers for believing such foolish, childish, intellectually dishonest and easily disprovable bull chit. Fact: wealth is created, if you can't follow Whittles video and understand it then kill yourself, I am serious.
Now getting a basket and a spear are both easy even though I'm only good at making one: I can have both by just making two baskets, one to trade for a spear and one for myself. If it wasn't for free trade, acquiring the basket would be easy, but acquiring the spear would be difficult. And for the other guy, it would be the other way around. But with free trade we can have both even when we are only able to make one.
Why is there rich and poor if transactions net the same wealth? Simple. There must be transactions that are imbalanced. This happens when someone knowingly or unknowingly steals or trades something of lesser value with something of greater value. Money created "out of thin air", slavery, war and colonialism are examples where the powerful acquired resources, labor and knowledge through imbalanced transactions and are able to accumulate and pass down this wealth from generation to generation.
How are war, slavery, and colonialism free market transactions? They're not, all of them require force, and not the consent of both parties. Some people are rich and some are poor because rich provide wealth to a larger number of people, thus have more people giving them wealth in return. ONE person can get MUCH richer by making HUNDREDS of people A LITTLE BIT richer. The wealth the rich man earns is still proportional to wealth he's given society as a whole.
@ArrogantAmerican333 The only way you can get more through a transaction is if there is an imbalance. My point was, fiat money, war, slavery and colonialism create an imbalance of wealth that is accumulated and passed on by the rich over generations. They are not free market transactions, but they occur. You can't get wealthier out of thin air. To make a great idea requires time, knowledge and energy. Still, an idea can't be used without the resources and labor required to manifest it.
This is completely false. YES YOU CAN get wealthier out of thin air. Invent some great new way of using Nitrogen, and sell it. Bam, new wealth.
Does gold have value? Yes
Why? Because people want it
You mean value isn't an innate characteristic of Gold? That's right, value is determined by the recipient.
If every day you can make 2 days of food & no water and I can make 2 days of water & no food we have 0 wealth, because we're dead. If we trade, we both have wealth and live.
@NativeNewMexican Value can be subjective. Gold has value also because it can do things. Wealth is not so subjective. Edison said invention is 1% inspiration and 99% perspiration. I won't try to debate with you as you clearly have a belief system, seeming w/no experience in creating/inventing anything that works in the physical world, which you must market and sell at a profit. A belief means nothing without proof. Your stance on creating wealth by invention says more than you might be aware.
Truth is what it is. Name one thing that has intrinsic value other than a human. I will prove you wrong every time. Every single thing that is bought or sold has value because of the buyer and seller, the fact that a metal can carry current means nothing unless you want current to be carried. If we were spiritual beings without bodies and could travel through time and space, could never die, you know, like the Q from Star Trek, would we value the intrinsic conductivity of a metal? no.
@NativeNewMexican Point taken; value relies on perception and what is wanted. To say wealth comes from air uplifts the idea-maker while diminishing the laborer. How? By imbalance. The proclamation a rich man makes ideas, makes others relatively more rich (and thus, should get more rich), while the poor, who don't make ideas and therefore have less, is false. Ideas are predicated on matter, so the manifestations of ideas are bound by the laws of conservation of energy. Wealth comes from wealth.
Point taken on the "created from thin air" phrasing. It should have been, "Wealth isn't a fixed unit, it is created through the creative, better use of labor and capital than the currently prevailing use of the same labor and capital." It just happens to be easier to say it the other way.
First, plenty of poor people have come up with ideas and have consequently become rich. The reason for this is that their acts created more wealth for more people.
@NativeNewMexican Just because one can't see or denies the value of some thing, doesn't make it true that thing has no value. You say labor does have value? Yet wealth comes from thin air! We can argue subjectivity all day, for anyone can say what they do or do not value. But the truth is supported by the laws that govern this world. I am saying, this idea of "thin air" is a hoax to hide the real truth of the rich and poor and how it all comes about; by trading riches in an imbalanced way.
Yes, it does make the thing have no value. If nobody is willing to give you something or do something in exchange for your "thing" what value does it have? None other than what you place on it for yourself. (i.e. you wouldn't trade it away)
"trading riches in an imbalanced way"? So, to you, it's preferable to have someone with a gun take a rich person's money and give it to a poor person than to have both the rich and poor person come together, negotiate, and both voluntarily trade?
@NativeNewMexican What you are asking about is an imbalanced trade; to take wealth away by force in exchange for nothing. Is this a good? You seem to make assumptions, such as, the rich always had riches, as if they got it from "thin air." How does poverty come about? What do they have to trade? Do you want to see what you might be missing? The poor have little power to steal. Only the rich have a power that can take away by force. Why did Robin Hood steal from the rich and give to the poor?
I never said the rich always had riches. They amassed their riches by either trade, gift, theft, or fraud. The first two are legitimate, the latter not. Poverty exists as a result of insufficient product whether it be food, clothing, shelter, hell it could even be air in certain environments. What do the poor have to trade? Themselves. That means every part of their being, from organs to labor to creativity. And guess what, it works. Look at individuals' wealth statistics over time.
@NativeNewMexican Perhaps. Would you like to extend your service to the poor and show them how they can use their organs, though they are starving for food; their labor, though no one will hire them or buy their crops due to multinational trade agreements and gov subsidies; their creativity, though they don't have the money to buy creative tools such as paper, pens or computers, so that they too, over time, can create their wealth out of thin air? If so, then I wish you well.
Gov'ts interfere with the sale of organs, blood etc. Gov'ts interfere with the ability of businesses to be started and to pay wages that are commensurate with the productivity of low skill workers. Gov'ts have in some cases prohibitive sales taxes on a huge variety of capital (which is what you were referring to when you said paper, pens etc.) Gov'ts have placed licensing restrictions at the behest of trade unions to keep the poor out. The free market, however does none of these.
@zithen2 In the Robin Hood example, the people he stole money from had amassed their wealth through theft and fraud. It was just. If you want to take wealth away from those that have been given gov't subsidies, gov't monopolies, and favorable regulation, then I'm all for it. That includes companies that have polluted private property, injured non-consenting others, and so on.
@NativeNewMexican It also bears noting that the wealthy people Robin Hood stole from were assorted noblemen, in other words, they were the government!
@NativeNewMexican So gold has no value if nobody is willing to exchange it? Nobody? You mean nobody in the whole universe? Maybe not to human beings. But apparently, gold has a purpose, or else it wouldn't be in existence. Man's value on things is small compared to that of the universe. This is why I always go back to the laws of physics and not man's laws. The laws of physics state you can't get something from nothing. You keep bringing up man's laws, which are false...for a reason.
Value is a term that has no relevance to physics. Properties is the term you are referring to. So, yes, if nobody wants gold, it has no value. Look up the definition of the term.
@NativeNewMexican You're saying if something cannot be perceived, needed or desired as valuable, then it has no value. That's a very absolute statement to make.
@zithen2 It's the definition of value, which is an absolute thing. Value is an evaluation of worth, i.e. it requires a party to do the evaluating. Properties, however are innate. It's merely what the word means, which doesn't change just because you think it should.
Labor has value, if it is used to make something that someone wants. We aren't saying that labor doesn't have value. Stop confusing yourself and talk about the same subject instead of going into tangents.
@ArrogantAmerican333 The man rich in ideas, the man rich in resources and the man rich in labor/skill can come together, exchange and transform the wealth they have into something else, which might be more useful than before. But the wealth changes states. It cannot be created, added or taken away if all is fair and equal. Then everyone wins. If there is an imbalance, one MUST have more and the other, less. This is a law of physics, whether one is aware of it or not. It's natural law.
Everyone does win. The poorest 20% in America today could easily buy all the possessions of the richest 20% from 200 years ago. Wealth is not matter or energy, its the usefulness when they both are arranged in certain ways. If wealth can't be taken away, please explain to me how I can hit your computer with a baseball bat and it will lose value. By the same logic, wealth can be created when I assemble the parts of a computer into functioning machine.
@ArrogantAmerican333 Wealth is matter/energy. But...good point on the smashing of my computer. The value hidden in the arrangement of matter was lost by energy smashing it to pieces. See? You can't arrange matter without energy, which brings us back to my point. Can idea-wealth appear out of thin air? Possible. Unfortunately, it requires labor/resources (energy) to make it physical. If you can't experience a great idea, then its just out there in wonderland. Information intertwines with matter.
@ArrogantAmerican333 On the contrary, it is you mentally back-flipping to believe distortion. I'm not pessimistic here. It's a matter of fact these things occurred. A rich person certainly would want to believe they are much smarter than the poor to soothe their hearts and minds. But few would freely decide to give their wealth to another so they can have much, much more. So, the only way to have more is to take it, which is why you have fiat currency, central banks, war, slavery, etc.
Soothe their hearts and minds? The fact that you own a computer makes you richer than 85% of the world. If all wealth came from slavery, war, and colonialism, how is Bill Gates richer than his father? Did Bill Gates engage in slavery, war, and colonialism to make his fortune? The rich, whether by talent or luck, earn their sum by making more covetted items or services than the poor. By allowing them to get rich, we give society motivation to do what's more wanted or needed.
@ArrogantAmerican333 I'm not in disagreement that a rich man w/ideas can make people "more wealthy." I also believe that wealth through trade can be an incentive to produce new goods and services. I didn't say all wealth came from slavery, war, etc. I say GREAT wealth and poverty has been obtained through imbalance, by force or trickery. The rich can't make all these items or services by themselves. We all have to make such goods and services in cooperation.
Oh, and up until recently (the last few decades), the South was significantly poorer than the North, even though they had slavery for far far longer. The slave-holding South produced far less than the industrialized North. If wealth comes from slavery, why was the North richer than the South?
@ArrogantAmerican333 You do realize there was slavery in the North as well as the South. The point isn't which region was more industrialized. The point is the slave owner got much, much wealthier than the slave as a result of the slave working for $0 dollars and zero sense. Hence, imbalance = one having more, the other less.
Oh, and if there is a winner and loser in every transaction, then tell me, what trickery did you use to buy your computer? If you didn't use any, then you must have been tricked yourself into buying it. In which case, why were you such an idiot?
When you buy your lunch, do you think the person at the other side of the counter is an idiot for selling it to you? If not, and if there's a winner and loser in every transaction, then by your logic u must be an idiot for buying it.
@ArrogantAmerican333 Not every trade has to be imbalanced. But, when it IS, for example, if you trade 1oz of silver for 1oz of gold, someone has gotten a better deal and wealthier, while the other poorer. The best way to "cheat" someone is to do it when the other person is (and hoping they always will be) unaware of something's true value. You accumulate more by the person's free will, w/out them discovering they've lost. The other way is by force/power.
@zithen2 That demands that "the value of a thing" is an objective truth, rather than something perceived, decided and interpreted differently by different people. The value of "the second basket" is much lower to the basket maker than it is to the spear maker. BOTH PARTIES WIN in that transaction. Both parties are richer. Explain how "poor" our poor are when they have xBoxes?
@madwilliamflint Not sure I understand you. But, one may say there is a subjective and objective value to all things. The subjective value is mutable. The objective value relies on laws of nature and functional utility and is more solid. Example, gold conducts electricity and is resistant to corrosion, a real thing you can measure with known laws. The objective supports the subjective. If you have x boxes, you have value. You don't have any boxes when you are poor.
This example of trading spears for baskets is false. Wealth is not gained if the thing you desire equals in value to the thing you trade. You have to trade something to get something. So there can never be a loss or gain if the items in the transaction hold the same value. One may "believe" he is wealthier, but the reality is the wealth just changed form from one thing to another. This follows the law of conservation of energy.
Because one man's trash in another man's treasure. Things have different value for different people. For example, if it's easy for me to make baskets I won't miss a basket if I give it away, but if the person who receives it sucks at making baskets, it’s a very valuable gift. And he can give me something easy for him to whip up, like a spear, which I would have a very difficult time making myself.
The law of conservation of energy says energy cannot be created nor destroyed. It can only change form. Where did all the wealth come from? From energy, of course; natural resources transformed by humans. Regarding ideas, they cannot be perceived without a mind, which uses a brain, which relies on food and knowledge to allow one to form and construct ideas. How can you create something out of nothing when everything is created using energy? The "out of thin air" idea appears false.
I really don't like the part about the Civil war budget compared to today. For one you need to look at GDP and not government spending. For two you have to look at real dollars and not nominal dollars. And in regards to today debt needs to be taken into account. Wealth has been created, but your methodology is flawed.
There are so many generalities in this video. Rhetoric doesn't work in the real world. No sources sited... blah blah blah. Its the preacher preaching to the choir
If you conservatives are so in love with America, why don't you fuck her? After all, you've been fucking the rest of the country for the last 30 years.
@usadear2me I agree with you, however these lessons need to be taught and the fact that these videos are so articulate and accessible gives me hope. I would like to see these videos shown in every high school across the nation.
When I was young, I remember someone telling me that the reason capitalism works is because a buyer wants the thing more than the money and a seller wants the money more than the thing. Both parties are happier after the deal. It got me thinking. These vids do that.
Charlatan!
volscaptaind 3 days ago
TEA forever !
compressorjesse 5 days ago
This is one of the best explanations of gains from trade I've ever heard.
MrPatrickHenryCheryl 5 days ago
I don't think there is anything wrong with business, but I do think that since business owners have more power, they have greater responsibility to their employes. I think there is such a thing as worker exploitation; however, I'm not sure how to solve it. If the spear maker is taking advantage of his "idiot" cousins, then the cousins are probably still better off.
I think this is why conservatives think I'm liberal and liberals think I'm conservative.
insidetrip101 1 week ago
@insidetrip101 Better off not having a job at all?
ErenorDotCom 6 days ago
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@ErenorDotCom
See, this is exactly why I said, "I think this is why conservatives think I'm liberal and liberals think I'm conservative."
I already answered this question in my first comment: "If the spear maker is taking advantage of his "idiot" cousins, then the cousins are probably still better off."
insidetrip101 6 days ago
I dont really like this 'we' business much.
Patch5636 1 week ago
please !!!please!!! learn math. intrest is an exponential thing.
if you invest 1 cent with 3% intrest in year zero you will have a sum in year 2000 that equals the weight of the sun 88 times in gold. And you wonder where did all the money come from.
that thing is called inflation. The tea party movement is the worst that happened to mankind since the mongolian horde or the huns. 300 million people influenced by a group of ... ah well I stay polite... and cry.
Factorialofn 1 week ago
@Factorialofn You need to some reading. Inflation is caused by an increase of currency in circulation.
That is not even remotely how interest works.
maychorian 1 week ago
@Factorialofn You learn math first. Interest is the lender charging you for using their money. It isn't money from nowhere, you're just paying them and small amount more each time. It's like paying $6 for a $5 bill, money wasn't made you just have less. This isn't wrong though, because you might be paying $1 per week for $5 right now.
Inflation would be the government printing more money than they have, so each bill is worth less. Hyper-inflation is where you notice it.
Nawor666 5 days ago
@Nawor666 Not only that, but Subsidies can cause inflation too, because they can insulate an entity from its own failures and thus you have businesses out there who will not adjust their prices in accordance to market conditions because they don't have to. As a result you have artificially inflated prices influencing other price points across the market, even if subtly. It's all the more reason to let the free market, and free competition, do its work.
MaxxTheMerciless 11 hours ago
You make a good point .. who can anyone hate business when .. like you said we have cell phones, star bucks and McDonald. I love free trade and businesses .. well who would have anything without them except the food we plant in the back yard and whatever we can make with our own hands or trade.... That's my .02 cents.
kimdmurray 1 week ago
28 Dreamworld liberals saw this video
DaSticksanStonesClub 2 weeks ago
A statistic that I always like to pull out for my liberal friends is that the difference between a billionaire and someone below the poverty level is about ten years of technological growth. Ten years ago, the fastest cars ever went 0-60 in six or seven seconds. Now, a honda civic does that. Ten years ago a 400 MHz processor core was really cooking, and now my fifty dollar phone is at least that fast. All of that is possible because of ever expanding wealth. And it's made by capitalism.
evildude109 2 weeks ago in playlist More videos from BillWhittleChannel
Bill - here's the thing about the rich man. He is NOT a hero when he gets wealth from generations of plunder (old money) and uses it foolishly on $50k watches, $300k cars, etc. You see, it also comes from control of the laws and Congress to protect that wealth. It is an elite club, and you know how "we" feel about elitism.
rarelibra 2 weeks ago
@rarelibra Who made the $50k watches? Who made the $300k cars? People who have jobs who were then paid for their services by the watch and car manufacturers.And they in turn then purchased watches, cars, houses, food, etc.Theres a good chance that the money that you used to pay for your electric bill, internet service, and bought your computer with, came from an employer who purchased YOUR services for products to be bought by others who make more money than you.Will you give up your part in it?
THEORIGINALEXSCAPER 2 weeks ago
@THEORIGINALEXSCAPER My point is that you cannot look away from the rich who silver spoon their heirs and pay to protect their status from others. Not much of a "created equal" world, is it?
rarelibra 2 weeks ago
@rarelibra Quite honestly, thats his (their) business not yours or mine. Our US Declaration's statement about "created equal" was never meant to imply "equality" in all things but that each individual deserves in design "as endowed by their creator" the equal rights of "life, liberty, and the pursuit of happiness". Everyone has their own individual defintion of what satisfies this. Equal jealousy isnt covered. And I am not a rich person. Although EVERYONE aspires to be.
THEORIGINALEXSCAPER 2 weeks ago
@THEORIGINALEXSCAPER no, actually, it isn't just "their" business. It is OUR business when "their" business inescapably intersects and interferes with our very constitutional rights and manipulates the system to benefit only their own. Sorry, but it isn't just the pond scum sucking off of the government teet, it is also the rich idiots clogging the system with their own agenda.
rarelibra 2 weeks ago
@rarelibra Which business forced you to give them money? Which one did you work 18hours a day 7 days a week for 10 years to start? Who is really sucking off of who's teet here? Just because you voluntarily bought something from some rich guy and helped him get rich, does not mean you are somehow entitled to the money he worked to make. Just out of curiosity, lets say you got a million dollars right now for nothing, what would you do with it?
BDBK666 1 week ago 5
@THEORIGINALEXSCAPER Oh, and not everyone aspires to be rich - some aspire for control, others aspire to assimilate things to their own desire.
rarelibra 2 weeks ago
@rarelibra
Professor Edward Wolff collected data from the Federal Reserve and only 9% of the top 1% richest in America inherited their wealth.
So your theory about "generations of plunder" is false and a lie.
It really demonstrates that you are totally blinded by wealth envy.
I have wealth envy too. I borrowed $50k to put myself through school. I went from the bottom 20% to the top 25% overnight.
I will probably never reach the top 5%, but I am going to try anyway.
karozans 1 week ago 3
@karozans I actually don't care anything about you or your efforts, just as you know nothing about me or my efforts - but suffice to say I am happily only 2% away from being in the top 5%. Keep on trying. And the generations of plunder - I guess you don't follow the names that continually pop up all the time. Go figure.
rarelibra 1 week ago
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@karozans I actually don't care anything about you or your efforts, just as you know nothing about me or my efforts - but suffice to say I am happily only 2% away from being in the top 5%. Keep on trying. And the generations of plunder - I guess you don't follow the names that continually pop up all the time. Go figure.
rarelibra 1 week ago
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fabianstraregy 3 weeks ago in playlist Favorite videos
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fabianstraregy 3 weeks ago in playlist Favorite videos
@imrichyournot I just wanna help you, please let me
valbrazilval 3 weeks ago
I would be a lot more impressed with American productivity if it werent fueled by the labor of foreigners for cents on the dollar to increase profits of company executives at an exponential degree. Jobs that Americans used to do for a reasonable wage that earned the executives a reasonable profit have been outsourced to third world countries leaving Americans unemployed and too poor to feed their families while the companies execs make astronomical profits on the backs of virtual slaves.
gungadin217 4 weeks ago in playlist More videos from BillWhittleChannel
Brilliant !!!!!!!!
fabianstraregy 1 month ago
You're welcome to disagree with me of course. you can give me a comment why you hate business and corporations using your apple computer while you sit at starbucks and send messages down at&t phone lines to youtube servers running hitachi hard drivees all of which is powered by something like conedison most likely generating electricity by burning oil from exxon mobil
imrichyournot 1 month ago 42
@imrichyournot love your post, so many people take businesses and the things they do for us for granted.
swanmix10 1 month ago
@WealthNews :
Any Fool can become Rich, but it takes smarts to stay wealthy.
OntarioSales 1 month ago
The poor soul eating that "Happy" Meal, loses in the end.
Vorzt 1 month ago
@Vorzt Well you can't blame McDonalds for that -- they're merely providing goods that people willingly buy, despite the well known and well documented fact that McDonalds does not serve the healthiest food around. If that "poor soul" has problems later in life as a result of his voluntary choice of food, he has nobody to blame but himself or his parents/guardians. If he tries to place the blame on others or on companies, that just makes him even more ignorant.
Cosmo1093 1 month ago
Do liberals ever recover from their condition?
davenetdog 1 month ago
@davenetdog I used to be a raving, dopey liberal. I took a hard look at myself and realized I was mentally sick and was not thinking critically. It took a lot of esolve, but I'm happy to report I'm mostly over my "liberalness" and see very clearly! :-) Yay! ha ha
Kaniela6759 1 month ago
@Kaniela6759
Be a "classic liberal". The stupid Marxist bastards, like wholelover, stole the concept of "liberal" from us to begin with.
diskpanic 4 weeks ago
What are the economic effects of spending vs. investing? If a person spends $500 on goods and/or services, how would that affect the economy as opposed to investing $500 in, say, a mutual fund or individual stocks?
Do they affect the economy differently? If so, how?
BJ219 2 months ago
@BJ219
1. if you spend those $500,it most likely will end up in the register of a business (littel by little),which in turn can buy new material to make another product and pay the expenses for it or perhaps expand to produce more or better,plus you got what you wanted
2. if you invest those $500,the business has access to the entire sum and can build more or better right away,plus you have some "payback" or return on your investment due to the stock or founds you bought or invested in
Hoschi0913 1 month ago
Beating down debt like an enemy.
Through each dollar earned that is above expenses- it's my fist pounding away at debt... How strong am I? Will I give it any ground? Will I wait a day and let it get on top again?.. Or will I beat it down with real earned money?
MONEY EARNED ABOVE EXPENSES is my weapon TO USE AGAINST DEBT. it's my sword. This enemy.. Debt and lack has been beating me and beating those dearest to me. It has brought out the worst in everyone touched by it. . Others have joined t
Trykan360 2 months ago
So solid
Trykan360 2 months ago
Well a lot of rich people got that way from screwing a lot of other people. Or they were born rich. Or just dumb luck too. I realize that simple minded putzes like to worship the almighty $, go ahead.
DawnOfTheDead991 2 months ago
Hmm... If money(wealth) can be created out of thin air, money devalues when their amount increases (i.e inflation), doesnt that mean, that those people, who are not capable of creating money, will have their money value decreased too? Its a little puzzling to me.
Drago19930713 2 months ago
@Drago19930713
You are thinking on the right line, and he didn't explain the question that you are seeking bluntly enough. Money and Wealth are two different things. That's the building blocks to start from. You had different ideological building blocks.
When inflation increases, your'e dollar is worth less, not your'e assets (wealth).
If inflation grew exponentially, and we were millionaires at McDonalds, that money wouldn't buy much. The money is less valuable, not the assets.
OffTheGlass87 2 months ago
@OffTheGlass87 Well, in my country its a situation, when inflation devalues money. In this case, prices go up. So would paychecks and salaries according to logic, since wealth would still have same value. BUT. In my country, inflation rises, paychecks drop, taxes increase. This system is basically destroying peoples ability to own anything.
Drago19930713 2 months ago
@Drago19930713
You are correct, inflation does devalue money (currency), but not wealth, or assets. The dollar was once backed by gold, but now the dollar is afloat. It's backed by the trust others have in our currency.
When inflation happens, your'e house is not worth less or more. Currency wise it is, but it's worth the same price because inflation causes the money to devalue, so in order to compensate for the devalue, you pay more dollars. Its still worth the same.
OffTheGlass87 2 months ago
@Drago19930713
I'm not sold that paychecks drop necessarily. They would stay the same or drop depending on the productivity as well, but after enough money is pumped in and you do have inflation, the paychecks WILL go up. Your paycheck might be going down, but show the data that you use as an assertion that paychecks go down. But in any case, inflation leaves us with no good options, just better than bad.
OffTheGlass87 2 months ago
@Drago19930713 No, inflation, governments way of taxing your savings, makes it so you have to own stuff, Gold or silver is common for this use, to keep the government from stealing all your savings. This is why it is considered immoral to have a paper based economy. I wish I didn't live in an immoral country. Does anyone have a solid economy?
wwhit2001 2 months ago
@Drago19930713
Money, or currency, is in place so that each person has the same value of wealth per hour of productivity. Before we had a currency, in America the main currency of trade was tobacco leaves. What ended up happening was people were saving the best of the tobacco for themselves, and trading the not so great tobacco. Not all currency was equal. That is why most cultures even thousands of years ago had coin currency and other type of "equal money system"
OffTheGlass87 2 months ago
i agree with a lot of this. however, the "poorest people in los angeles" live on the streets of skid row and have absolutely nothing except a drug craving and a few broken balloons.
raitei202 2 months ago in playlist More videos from BillWhittleChannel
He forgot to mention that the more productive they were, that the government decided to step in and take a little off the top. "protection services and administrative cost and what not" is what I wanted to say, except he mentioned it at the very end.
MRSketch09 2 months ago
He's forgetting something. If you take slaves from Djibouti and make them work for you for free, then you save up enough money to hire scientists to build equipment, then you fire those people from Djibouti and hire a few Americans to run your machines, you have STOLEN!
wholelover 4 months ago 2
@wholelover Your imaginary scenario is irrelevant. The fact is, we did not take "slaves from Djibouti" and make them work for free. So come out of your parallel universe and meet reality.
stogiechomper 4 months ago
@stogiechomper It's not just a scenario. It's an analogy. And an analogy doesn't have to be something that has actually happened. It is something that could happen. Theoretically speaking, that is.
realworldbycj 2 months ago
@realworldbycj LOL! That was funny. Its still not relevant though.
PleadNolo 2 months ago
@PleadNolo Maybe not to you. But as Ronald Reagan stated it in 1964, "those people don't speak for the rest of us!" You may not see the relevancy in it. But Conservatives; true-Conservatives, do! I say 'true-Conservatives' because Ron Paul isn't one!
realworldbycj 2 months ago
@wholelover Unfortunately you're forgetting Rome and the South, and California now. Cheap labor, and slave labor tend not to promote innovation to make things more efficient, because there is already low overhead. Rome didn't alter the basic formations it had, for over a thousand years. It ended poorly for them
madmedic92 1 month ago
@wholelover
Bill specifically addressed that: "Free trade is non-coercive. Both parties only get wealthier when both parties willingly trade what they have for what they want."
sloppyjoes7 1 month ago
@wholelover "Take slaves from Djibouti" ?? Really? What an irresponsible and dopey statement. Do you have something productive to add, or do you just criticize common sense?
Kaniela6759 1 month ago
@Kaniela6759 I'm just attacking this guy's comment on Djibouti.. I mean, doesn't he realize that the USA was built on slave money and the property of dead Indians? I wish he had used another example than to bring Djibouti into this. I believe in the principle of conservation. You can't "make" wealth out of nowhere. You gotta take it from somewhere.
wholelover 4 weeks ago
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diskpanic 4 weeks ago
@wholelover
If you are stuck on the concept of conservation, it means that you too simple mindedto grasp basic concepts of economics. I'll try to reiterate Bill Whittle's illustration. The hunter takes two baskets back from his encounter to his tribe of hunters. When one of the other hunters sees the quality of his basket, he immediately makes an offer of either spears or food in trade for the basket. So the hunter that made the trade with the gatherer just made a huge profit.
diskpanic 4 weeks ago
@diskpanic Lol. Well, let's agree to disagree. I'm a Master's of Accountancy student and I've done my fair share of economics, and performed pretty darn good. However, this isn't just about simple economic concepts, like economies of scale, or the power of specialization. It's about ethics, about justice. I totally agree with you that we CAN make profits, but to make "super profits," we often have to hurt others.
wholelover 4 weeks ago
@wholelover
Okay, but that's not what you said. You said you believed in "conservation", but that's not what economic value is about. Free markets allow people to make decisions on their own about what is and what isn't of higher value. Do people sometimes make mistakes and get screwed in the process? Sure, but that doesn't mean that any other system of political-economic organization would keep people from getting screwed, does it? Look at how badly screwed most EVERYONE in Soviet Russia was.
diskpanic 4 weeks ago
@wholelover
Further, who is "hurt"? What are "super profits". What does "super profits" even mean? Sure, there are companies out there that cheat their customers. Hell, I used to work for one. It's in everyone's best interest that these companies get reported and their transgressions are made public, so people know not to trust them, but that's a free market concept. We don't need a socialist/Marxist state run economy to fix that problem. Regulation doesn't work. Look at Upper Big Branch.
diskpanic 4 weeks ago
@wholelover
Who is taking what slaves from Djibouti? This is an "appeal to emotion" argument that has no place in a discourse of economics. Slavery is bad. Period. No free market capitalists support slavery, because slavery totally violates the core premises of free market capitalism, so your point is total nonstarter.
diskpanic 4 weeks ago
@diskpanic My point is, from 7:29 he compared Djibouti to USA, saying US produces so many thousand more times as much as Djibouti. Now, I'm I the only one that sees how silly that really is? How can he compare US with a country that was looted by US and Europe and made to stay light years behind the rest of the world? I don't get it, but I rest my case.
wholelover 4 weeks ago
@wholelover
What case are you trying to rest? The United States never laid a hand on Djibouti. The French did. The French also relinquished control of Djibouti 1977. Now, how did the US gain benefit from a French held country, exactly? Now, I'm all for saying that Europeans are evil colonial imperialists that have given an AWFUL name to the "western" civilization, but it's a stretch and a half to apply any fault to the United States. By the way, France is a socialist state, not capitalist.
diskpanic 4 weeks ago
@wholelover
(continued) so your point misses the mark again (by a wide margin). You have failed to attack free market capitalism with two completely irrelevant comparisons, which goes to show that your grasp of economics is tenuous at best, even given your background in accounting. Let's look at it this way. Pure and simple, free market capitalism is totally against imperialistic colonialism and mercantilism, which is the economic theory you are decrying in Djibouti, but calling it capitalism.
diskpanic 4 weeks ago
@wholelover
(continued 2) So, please. Do a little research on what free market capitalism ACTUALLY entails before trying to attack it for the perpetuation of slavery (which part of "FREE market" are you not grasping) or for the ills of colonialism (which is part of mercantilism, not capitalism). I know you mean no offense, but it's frankly insulting to be posed with two attacks on characteristics of systems OTHER than capitalism, even when you THINK you are attacking capitalism. Thank you.
diskpanic 4 weeks ago
@wholelover I'm not sure where you think you're going with the slavery argument. America hardly invented the concept of slavery, and as a matter of fact, we ended the practice far sooner in our nation's history than any other nation. We have been slavery-free for nearly 150 years, and the children and grandchildren of anyone who was a slave, or owned a slave are dead. Please try to make a relevant argument, and reply in accordance with the process outlined at 8:37
drewdane40 4 weeks ago
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@drewdane40 Actually, the US maintained slavery until the middle of the 19th century, after most of Europe (the major powers at the time) had abolished the practice.
wikipediaorg/wiki/Abolition_of_slavery_timeline
Shaiyo5 2 weeks ago in playlist More videos from BillWhittleChannel
@wholelover a stupid comment, but with an echo of a dash of truth. However, you forget all countries which sold slaves (remember African blacks sold slaves to the white Western man) to America, likewise utilised slaves. So really, it's even ground. You're a bit of a failure, aren't you?
Norcha8 3 weeks ago
@wholelover How do you fire a slave?
otsocbayr1 2 weeks ago
I am a liberal and I do not think the way you are explaining liberals.
digitalartistfilms 4 months ago
Yep, and darwinist US is not working, and social-democratic Europe is working. Why? We invest in people while the US invests in fear, guns, prisons and rules. US affluence is not based on ingenuity - it is oil and using the resources of a largely empty continent. Bad news buddy, your continent is now as full as the rest of the world and you get to play by the same rules now.
KhanneaSuntzu 5 months ago
@KhanneaSuntzu You must be out of your mind. Europe is working?!?!?!?? Socialist Europe is even worse off than we are, and unlike us, they aren't beginning to wake up
TheMoron64 4 months ago
@TheMoron64 - I have seen both. I know many Americans. Most Americans I know (even a few fairly affluent ones) prefer living here. Germany has about double the productivity per capita than the US and a higher export than China. I don't know what Europe you are talking about but there is ZERO socialism here. There is a residual social safety net, but it's very very lean. At least it is no sadistical like in the US. So yes, maybe I need to qualify. 'NORTHERN' Europe works - like a swiss clock ;P
KhanneaSuntzu 4 months ago
@KhanneaSuntzu Oh, no argument there. Germany isn't socialist. Germany is the only EU country doing well. Coincidence? The countries like Greece, completely socialist....
TheMoron64 4 months ago
@TheMoron64 - You need to go back to school. Greece collapsed because it didn't collect taxes from middle to upper classes. You can fart around the term 'socialism' like an infant any more. It's silly. Greece is in massive problems because of exactly the same problems and systemic corruption as in Greece. Greece was sponsored by the EU; the US was out of bounds sponsored by oil looting and a reserve currency and Chinese lenders. And nobody pays the required taxes to keep the country running.
KhanneaSuntzu 4 months ago
@KhanneaSuntzu Greece went down because of the MASSIVE entitlement programs put in place that caused bankruptcy. They had survived for a period of time because they had enough money from outside to keep the country running. Then, they ran out, the way the USA is going to soon.
TheMoron64 4 months ago
The US
KhanneaSuntzu 4 months ago
You're a MORAN @TheMoron64 I happen to LIVE in Germany and you don't know what the fuck you are talking about. When was the last time you were out of the USA today? Do you even have a Passport? 4 out 5 Americans surveyed don't, and I doubt that you're one of the 20% that do.
DigitalComponents 4 months ago
@TheMoron64 Which country are you talking about? Most of them are actually pretty well off. Like Norway, Sweden, Germany France, UK, etc,
DawnOfTheDead991 2 months ago 3
@DawnOfTheDead991 add Australia to that list
MrRazzeldazzel88 2 weeks ago
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VisionaryNetworker 5 months ago
Its impossible to create wealth out of nothing, because you earn wealth in expense of others.
Drago19930713 5 months ago
@Drago19930713 I buy a cheeseburger from McDonald's. I pay $1.50 for it. I am hungry and my money s useless to me if I don't spend it, so I feel like I am getting the better end of the bargain by buying that cheeseburger. However, MickyD's would rather have my money than that cheeseburger, because the burger is useless if it isn't bought. The worker thinks he is getting a good bargain by making burgers for his money. McD's think they are because they get the labor to profit. Everyone wins
TheMoron64 5 months ago
@Drago19930713 you're a dumbass.
farrelrj 4 months ago
@farrelrj Wow, are you ready to back that claim up? I guess not, dumbass...
Drago19930713 4 months ago
@Drago19930713 Yes. Themoron64 already made you look like an ass. You assert that to create wealth it's at the expense of others. I wouldn't consider a voluntary exchange between two parties an expense on one another. Also, socialists are so greedy that instead of earning their own property and money, they opt to forcibly take it from others who do. Boom!
farrelrj 4 months ago
@farrelrj I know what he said, but thats not always correct. First of all, needs are not always met as it should- equally. You'd expect all sides benefit equally, but...First of all, business have interest in less competition, so (at least in my country) we have many cases of cartel agreements which pretty much eliminates competition.So, buyer doesnt really have any options to choose from regarding prices, especially. Second are workers themselves.Not always people are happy with their salaries.
Drago19930713 4 months ago
@Drago19930713 but they have a job. If they feel that getting whatever sum of money they get is worth the work, they keep the job. In the USA, which is the only country whose policies i know well, there is always competition. Workers don't need to work if they don't think it is worth it, but it is. That is why everyone wins. You don't need to live in luxury to create wealth, you just need to relatively benefit from each transaction.
TheMoron64 4 months ago
@TheMoron64 Well, good for USA, then. Since I only know my countries policies, my views are bit different. Just to shed some light on my country: our nation is dying, because people emigrate to foreign countries, where you can make a living, because in here its f-in impossible. Our nation lost more citizens in peace and capitalism era, then in WW2 era. So that can pretty much give you a clue on how f**ked up WE are...
Drago19930713 4 months ago
@Drago19930713 What country would that be? I'm not sure how to respond to that without knowing what country it is
TheMoron64 4 months ago
@TheMoron64 Lithuania. I bet its the first time You've heard of it.
Drago19930713 4 months ago
@Drago19930713 Haha I'm not that out of it my friend, I have heard of it, just nothing about it's economic policies. Care to enlighten me on the basics of what happened and why?
TheMoron64 4 months ago
@TheMoron64 Well, during economic crisis, our political ''geniuses'' decided to raise taxes enormously to ''fill the holes''. Everyone got ass-raped by government, giving up their last coins for the sake of the ''economy''. People working horrible hours for salaries lower than minimum. Businesses try to avoid heavy losses by cheating. Those fair ones got bankrupted. So whats left of business is cheating assholes. People struggling to survive and emigrate, leaving bigger dept to the rest.
Drago19930713 4 months ago
@TheMoron64 Its f-in madness. I bet, this shithole would of been avoided, if politicians would have done exact opposite thing- lowering the taxes, so that consumption dont die. But... We have what we have, and we hate it.
Drago19930713 4 months ago
@Drago19930713 Yes... that is what some, like Obama, want to do in America....
TheMoron64 4 months ago
@Drago19930713 it is correct. if it's voluntary it is equal as it can be. Business does want less competition, of course. it is in a big government environment that it becomes possible (the lack of competition). If people aren't happy with their salaries then they should find a new employer.
farrelrj 3 months ago
@farrelrj So even though theoretically it sounds pleasant, in practice its a different thing. And that is my point.
Drago19930713 4 months ago
Very inspiring and educational. Thanks a lot Bill!
jambexuk 5 months ago
Wow, this video was so racist!
koyunbaba73 5 months ago
FACT: wealth is fixed !!! Yes ... rich, lie, cheat, steal & KILL to maintain it. Slavery owners would argue they provide employment.
mba2ceo 6 months ago
@mba2ceo Wow, if you are serious, please for the sake of the human race and the human gene pool put on a black shirt and black pants and lie down in the middle of a busy road. Or eating some cyanide works too. You literally are a complete intellectual failure on par with flat earthers for believing such foolish, childish, intellectually dishonest and easily disprovable bull chit. Fact: wealth is created, if you can't follow Whittles video and understand it then kill yourself, I am serious.
MS3FTW 6 months ago
@mba2ceo uhm... no.
madwilliamflint 6 months ago
@mba2ceo Yeah, there were xboxes and skyscrapers all before, the Native Americans just didn't notice them. What an idiot.
NativeNewMexican 6 months ago
I think Senator Harry Reid, Nancy Pelosi and Barack Obama need to understand this. But alas, it is not going to happen.
bradshaw41 6 months ago
@bradshaw41 Do you think they actually don't? Sounds like a loaded question. But frankly I'm not sure one way or another.
madwilliamflint 6 months ago
Now getting a basket and a spear are both easy even though I'm only good at making one: I can have both by just making two baskets, one to trade for a spear and one for myself. If it wasn't for free trade, acquiring the basket would be easy, but acquiring the spear would be difficult. And for the other guy, it would be the other way around. But with free trade we can have both even when we are only able to make one.
ArrogantAmerican333 6 months ago
Why is there rich and poor if transactions net the same wealth? Simple. There must be transactions that are imbalanced. This happens when someone knowingly or unknowingly steals or trades something of lesser value with something of greater value. Money created "out of thin air", slavery, war and colonialism are examples where the powerful acquired resources, labor and knowledge through imbalanced transactions and are able to accumulate and pass down this wealth from generation to generation.
zithen2 6 months ago
@zithen2
How are war, slavery, and colonialism free market transactions? They're not, all of them require force, and not the consent of both parties. Some people are rich and some are poor because rich provide wealth to a larger number of people, thus have more people giving them wealth in return. ONE person can get MUCH richer by making HUNDREDS of people A LITTLE BIT richer. The wealth the rich man earns is still proportional to wealth he's given society as a whole.
ArrogantAmerican333 6 months ago
@ArrogantAmerican333 The only way you can get more through a transaction is if there is an imbalance. My point was, fiat money, war, slavery and colonialism create an imbalance of wealth that is accumulated and passed on by the rich over generations. They are not free market transactions, but they occur. You can't get wealthier out of thin air. To make a great idea requires time, knowledge and energy. Still, an idea can't be used without the resources and labor required to manifest it.
zithen2 6 months ago
@zithen2
This is completely false. YES YOU CAN get wealthier out of thin air. Invent some great new way of using Nitrogen, and sell it. Bam, new wealth.
Does gold have value? Yes
Why? Because people want it
You mean value isn't an innate characteristic of Gold? That's right, value is determined by the recipient.
If every day you can make 2 days of food & no water and I can make 2 days of water & no food we have 0 wealth, because we're dead. If we trade, we both have wealth and live.
NativeNewMexican 6 months ago
@NativeNewMexican Value can be subjective. Gold has value also because it can do things. Wealth is not so subjective. Edison said invention is 1% inspiration and 99% perspiration. I won't try to debate with you as you clearly have a belief system, seeming w/no experience in creating/inventing anything that works in the physical world, which you must market and sell at a profit. A belief means nothing without proof. Your stance on creating wealth by invention says more than you might be aware.
zithen2 6 months ago
@zithen2
Truth is what it is. Name one thing that has intrinsic value other than a human. I will prove you wrong every time. Every single thing that is bought or sold has value because of the buyer and seller, the fact that a metal can carry current means nothing unless you want current to be carried. If we were spiritual beings without bodies and could travel through time and space, could never die, you know, like the Q from Star Trek, would we value the intrinsic conductivity of a metal? no.
NativeNewMexican 6 months ago
@NativeNewMexican Point taken; value relies on perception and what is wanted. To say wealth comes from air uplifts the idea-maker while diminishing the laborer. How? By imbalance. The proclamation a rich man makes ideas, makes others relatively more rich (and thus, should get more rich), while the poor, who don't make ideas and therefore have less, is false. Ideas are predicated on matter, so the manifestations of ideas are bound by the laws of conservation of energy. Wealth comes from wealth.
zithen2 6 months ago
@zithen2
Point taken on the "created from thin air" phrasing. It should have been, "Wealth isn't a fixed unit, it is created through the creative, better use of labor and capital than the currently prevailing use of the same labor and capital." It just happens to be easier to say it the other way.
First, plenty of poor people have come up with ideas and have consequently become rich. The reason for this is that their acts created more wealth for more people.
NativeNewMexican 6 months ago
@NativeNewMexican Just because one can't see or denies the value of some thing, doesn't make it true that thing has no value. You say labor does have value? Yet wealth comes from thin air! We can argue subjectivity all day, for anyone can say what they do or do not value. But the truth is supported by the laws that govern this world. I am saying, this idea of "thin air" is a hoax to hide the real truth of the rich and poor and how it all comes about; by trading riches in an imbalanced way.
zithen2 6 months ago
@zithen2
Yes, it does make the thing have no value. If nobody is willing to give you something or do something in exchange for your "thing" what value does it have? None other than what you place on it for yourself. (i.e. you wouldn't trade it away)
"trading riches in an imbalanced way"? So, to you, it's preferable to have someone with a gun take a rich person's money and give it to a poor person than to have both the rich and poor person come together, negotiate, and both voluntarily trade?
NativeNewMexican 6 months ago
@NativeNewMexican What you are asking about is an imbalanced trade; to take wealth away by force in exchange for nothing. Is this a good? You seem to make assumptions, such as, the rich always had riches, as if they got it from "thin air." How does poverty come about? What do they have to trade? Do you want to see what you might be missing? The poor have little power to steal. Only the rich have a power that can take away by force. Why did Robin Hood steal from the rich and give to the poor?
zithen2 6 months ago
@zithen2
I never said the rich always had riches. They amassed their riches by either trade, gift, theft, or fraud. The first two are legitimate, the latter not. Poverty exists as a result of insufficient product whether it be food, clothing, shelter, hell it could even be air in certain environments. What do the poor have to trade? Themselves. That means every part of their being, from organs to labor to creativity. And guess what, it works. Look at individuals' wealth statistics over time.
NativeNewMexican 6 months ago
@NativeNewMexican Perhaps. Would you like to extend your service to the poor and show them how they can use their organs, though they are starving for food; their labor, though no one will hire them or buy their crops due to multinational trade agreements and gov subsidies; their creativity, though they don't have the money to buy creative tools such as paper, pens or computers, so that they too, over time, can create their wealth out of thin air? If so, then I wish you well.
Then, you may see.
zithen2 6 months ago
@zithen2
Gov'ts interfere with the sale of organs, blood etc. Gov'ts interfere with the ability of businesses to be started and to pay wages that are commensurate with the productivity of low skill workers. Gov'ts have in some cases prohibitive sales taxes on a huge variety of capital (which is what you were referring to when you said paper, pens etc.) Gov'ts have placed licensing restrictions at the behest of trade unions to keep the poor out. The free market, however does none of these.
NativeNewMexican 6 months ago
@zithen2 In the Robin Hood example, the people he stole money from had amassed their wealth through theft and fraud. It was just. If you want to take wealth away from those that have been given gov't subsidies, gov't monopolies, and favorable regulation, then I'm all for it. That includes companies that have polluted private property, injured non-consenting others, and so on.
NativeNewMexican 6 months ago
@NativeNewMexican There you have it.
zithen2 6 months ago
@NativeNewMexican It also bears noting that the wealthy people Robin Hood stole from were assorted noblemen, in other words, they were the government!
Halo4Lyf 6 months ago
@Halo4Lyf
Good point, but I'd say "many of".
NativeNewMexican 6 months ago
@NativeNewMexican So gold has no value if nobody is willing to exchange it? Nobody? You mean nobody in the whole universe? Maybe not to human beings. But apparently, gold has a purpose, or else it wouldn't be in existence. Man's value on things is small compared to that of the universe. This is why I always go back to the laws of physics and not man's laws. The laws of physics state you can't get something from nothing. You keep bringing up man's laws, which are false...for a reason.
zithen2 6 months ago
@zithen2
Value is a term that has no relevance to physics. Properties is the term you are referring to. So, yes, if nobody wants gold, it has no value. Look up the definition of the term.
NativeNewMexican 6 months ago
@NativeNewMexican You're saying if something cannot be perceived, needed or desired as valuable, then it has no value. That's a very absolute statement to make.
zithen2 6 months ago
@zithen2 It's the definition of value, which is an absolute thing. Value is an evaluation of worth, i.e. it requires a party to do the evaluating. Properties, however are innate. It's merely what the word means, which doesn't change just because you think it should.
NativeNewMexican 6 months ago
@zithen2
Labor has value, if it is used to make something that someone wants. We aren't saying that labor doesn't have value. Stop confusing yourself and talk about the same subject instead of going into tangents.
NativeNewMexican 6 months ago
@ArrogantAmerican333 The man rich in ideas, the man rich in resources and the man rich in labor/skill can come together, exchange and transform the wealth they have into something else, which might be more useful than before. But the wealth changes states. It cannot be created, added or taken away if all is fair and equal. Then everyone wins. If there is an imbalance, one MUST have more and the other, less. This is a law of physics, whether one is aware of it or not. It's natural law.
zithen2 6 months ago
@zithen2
Everyone does win. The poorest 20% in America today could easily buy all the possessions of the richest 20% from 200 years ago. Wealth is not matter or energy, its the usefulness when they both are arranged in certain ways. If wealth can't be taken away, please explain to me how I can hit your computer with a baseball bat and it will lose value. By the same logic, wealth can be created when I assemble the parts of a computer into functioning machine.
ArrogantAmerican333 6 months ago
@ArrogantAmerican333 Wealth is matter/energy. But...good point on the smashing of my computer. The value hidden in the arrangement of matter was lost by energy smashing it to pieces. See? You can't arrange matter without energy, which brings us back to my point. Can idea-wealth appear out of thin air? Possible. Unfortunately, it requires labor/resources (energy) to make it physical. If you can't experience a great idea, then its just out there in wonderland. Information intertwines with matter.
zithen2 6 months ago
@zithen2
Dude, you are doing some incredible mental back flips to keep your pessimism alive and well.
ArrogantAmerican333 6 months ago
@ArrogantAmerican333 On the contrary, it is you mentally back-flipping to believe distortion. I'm not pessimistic here. It's a matter of fact these things occurred. A rich person certainly would want to believe they are much smarter than the poor to soothe their hearts and minds. But few would freely decide to give their wealth to another so they can have much, much more. So, the only way to have more is to take it, which is why you have fiat currency, central banks, war, slavery, etc.
zithen2 6 months ago
@zithen2
Soothe their hearts and minds? The fact that you own a computer makes you richer than 85% of the world. If all wealth came from slavery, war, and colonialism, how is Bill Gates richer than his father? Did Bill Gates engage in slavery, war, and colonialism to make his fortune? The rich, whether by talent or luck, earn their sum by making more covetted items or services than the poor. By allowing them to get rich, we give society motivation to do what's more wanted or needed.
ArrogantAmerican333 6 months ago
@ArrogantAmerican333 I'm not in disagreement that a rich man w/ideas can make people "more wealthy." I also believe that wealth through trade can be an incentive to produce new goods and services. I didn't say all wealth came from slavery, war, etc. I say GREAT wealth and poverty has been obtained through imbalance, by force or trickery. The rich can't make all these items or services by themselves. We all have to make such goods and services in cooperation.
zithen2 6 months ago
@zithen2
Oh, and up until recently (the last few decades), the South was significantly poorer than the North, even though they had slavery for far far longer. The slave-holding South produced far less than the industrialized North. If wealth comes from slavery, why was the North richer than the South?
ArrogantAmerican333 6 months ago
@ArrogantAmerican333 You do realize there was slavery in the North as well as the South. The point isn't which region was more industrialized. The point is the slave owner got much, much wealthier than the slave as a result of the slave working for $0 dollars and zero sense. Hence, imbalance = one having more, the other less.
zithen2 6 months ago
@zithen2
Oh, and if there is a winner and loser in every transaction, then tell me, what trickery did you use to buy your computer? If you didn't use any, then you must have been tricked yourself into buying it. In which case, why were you such an idiot?
When you buy your lunch, do you think the person at the other side of the counter is an idiot for selling it to you? If not, and if there's a winner and loser in every transaction, then by your logic u must be an idiot for buying it.
ArrogantAmerican333 6 months ago
@ArrogantAmerican333 Not every trade has to be imbalanced. But, when it IS, for example, if you trade 1oz of silver for 1oz of gold, someone has gotten a better deal and wealthier, while the other poorer. The best way to "cheat" someone is to do it when the other person is (and hoping they always will be) unaware of something's true value. You accumulate more by the person's free will, w/out them discovering they've lost. The other way is by force/power.
zithen2 6 months ago
@zithen2 That demands that "the value of a thing" is an objective truth, rather than something perceived, decided and interpreted differently by different people. The value of "the second basket" is much lower to the basket maker than it is to the spear maker. BOTH PARTIES WIN in that transaction. Both parties are richer. Explain how "poor" our poor are when they have xBoxes?
madwilliamflint 6 months ago
@madwilliamflint Not sure I understand you. But, one may say there is a subjective and objective value to all things. The subjective value is mutable. The objective value relies on laws of nature and functional utility and is more solid. Example, gold conducts electricity and is resistant to corrosion, a real thing you can measure with known laws. The objective supports the subjective. If you have x boxes, you have value. You don't have any boxes when you are poor.
zithen2 6 months ago
This example of trading spears for baskets is false. Wealth is not gained if the thing you desire equals in value to the thing you trade. You have to trade something to get something. So there can never be a loss or gain if the items in the transaction hold the same value. One may "believe" he is wealthier, but the reality is the wealth just changed form from one thing to another. This follows the law of conservation of energy.
zithen2 6 months ago
@zithen2
Because one man's trash in another man's treasure. Things have different value for different people. For example, if it's easy for me to make baskets I won't miss a basket if I give it away, but if the person who receives it sucks at making baskets, it’s a very valuable gift. And he can give me something easy for him to whip up, like a spear, which I would have a very difficult time making myself.
ArrogantAmerican333 6 months ago
The law of conservation of energy says energy cannot be created nor destroyed. It can only change form. Where did all the wealth come from? From energy, of course; natural resources transformed by humans. Regarding ideas, they cannot be perceived without a mind, which uses a brain, which relies on food and knowledge to allow one to form and construct ideas. How can you create something out of nothing when everything is created using energy? The "out of thin air" idea appears false.
zithen2 6 months ago
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merculiv 6 months ago
I really don't like the part about the Civil war budget compared to today. For one you need to look at GDP and not government spending. For two you have to look at real dollars and not nominal dollars. And in regards to today debt needs to be taken into account. Wealth has been created, but your methodology is flawed.
jimbo525SE 6 months ago
There are so many generalities in this video. Rhetoric doesn't work in the real world. No sources sited... blah blah blah. Its the preacher preaching to the choir
wteufel1 6 months ago
@wteufel1 No specifics in your comment either. Look in the mirror.
logofreetv 6 months ago 2
@logofreetv What part of this travesty of a propaganda video would you like me to refute? Please be specific.
wteufel1 6 months ago
@wteufel1 I would like you to refute the 3 points of where wealth comes from as expressed at the 2 minute 48 second mark. watch?v=KkXI-MNSb8Q&t=2m48s
NativeNewMexican 6 months ago
This has been flagged as spam show
If you conservatives are so in love with America, why don't you fuck her? After all, you've been fucking the rest of the country for the last 30 years.
dontchastop 6 months ago
@usadear2me I agree with you, however these lessons need to be taught and the fact that these videos are so articulate and accessible gives me hope. I would like to see these videos shown in every high school across the nation.
When I was young, I remember someone telling me that the reason capitalism works is because a buyer wants the thing more than the money and a seller wants the money more than the thing. Both parties are happier after the deal. It got me thinking. These vids do that.
koyunbaba73 6 months ago
I really like the way he communicates economics.
RichGonzalezVerona 7 months ago
LEARN THE INSIDER SECRETS OF THE SUPER WEALTHY !!
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Steventk26 7 months ago
Nice! Looking forward to get more ideas from you guys. Thanks!
chanceryford 7 months ago