 The radical fundamental principles of freedom rational self-interest and Individual rocks. This is the Iran Brook show All right, everybody. Welcome to your own book show Enjoying me tonight. She hit it. We'll be having a Fantastic week. It's today's what it's Wednesday and Yeah, my week's going well and Yeah, I'm excited next week. I'll be in Cornell Michigan Two talks in Michigan and and and then in Cincinnati at Xavier Xavier University You can find information about all my talks on your own book show that comes slash Events I think or just go to your own You want book show that calm and you'll figure it out. All right yesterday I streamed my talk that I gave at Columbia University They wouldn't let me come and do a live talk there Because of covert restrictions this covert stuff Continues to just write me nuts I don't talk about a lot on the show because it's just frustrating and I feel like I'm just repeating myself over and over and over again But I won't I don't want to say a few things about it today. We'll talk about it a little bit. I did give a talk yesterday about ESG So you can catch that I live streamed it some of you were here Ali was here But she got frustrated because I wasn't answering super chat questions. So she figured she couldn't raise $600 so she left but tonight we are gonna raise $600 because Ali is here and Ali is all excited. She was ready to go yesterday. So she's got that revved up energy for today as well so You know, I hope I hope you guys participate by asking lots of good questions $20 and above gets priority $50 hundred dollars $200 $300 gets even super priority even greater priority So hopefully you guys will participate at the higher levels We got minute horror who's started us off with the $10 and then we've got some questions from last night Which I wasn't answering but they did make some contributions. So we will get to those later as well One I just had one Yeah, so we're gonna talk about today. We're gonna talk about vaccines a little bit quickly We're gonna talk about billionaire tax this democratic proposal. It's now off the table But it's a it was an interesting proposal where it lasts interesting in the very very negative way We'll talk about the whole democratic economic agenda that's floundering in the Senate and in the house particularly in the Senate But even in the house it's got problems We'll talk about inflation And and we'll see what else we take it and of course we've got a ton of super chat questions So we'll cover those as well You know one thing you can do to help the show is is go to your Twitter account right now and just Let the world know that I'm on live. Maybe we can get some additional people to come over. So just just press share on this YouTube channel and and and Twitter and You know, maybe we can get some additional people to show up and and get engaged All right, just a leftover from yesterday. So if you remember those of you who were there One guy wanted to push back against against, you know, the whole climate change stuff that I was saying and You know, I was arguing that catastrophic climate change was probably not gonna hurt that much and There's probably not gonna happen and the climate change wouldn't hurt particularly wealthy countries and he came back and said, but wait, wait, wait, it's not gonna hurt wealthy countries maybe but it's gonna hurt it's gonna poor countries poor people are gonna be really hurt by Increase in CO2 and therefore increase in temperature and they're the ones who're gonna suffer most and Might come back to that was it's poor countries that need cheap like just the cheap energy more than anybody else Forcing them as the world is trying to do right now to rely on So unreliable source of energy like wind and solar is only gonna make them poorer and and you know I've made this argument before I think many of you know the argument Anyway, watch the journal article dated it turns out October 24th. So what three days ago? I didn't even see it at the time I noticed that today Basically written by the president of Uganda Probably not a good guy. He's the president of Uganda, but written by him and basically says You know, don't sacrifice Africa on You know to make the West feel good Right now he writes many developed Nations are pushing an accelerated transition to renewables on Africa the Western aid industrial complex I love that Western aid industrial complex composed of non-governmental organizations and state development agencies Has poured money into wind and solar projects across the continent This earns them praise in the United States in Europe believes many Africans with unreliable and Expensive electricity that depends on diesel generators of batteries On overcast or still days Generators generators and the mining of lithium for batteries are both highly polluting He continues to stand to for stall Africa's attempt to rise out of poverty which requires reliable energy African manufacturing will struggle to attract investment and thereby to create jobs without the consistent energy sources Agriculture will suffer if the continent can't use natural gas to create synthetic Fertilizer or a power-efficient freight transportation Any any goes on with stuff not all of it's that good, but he goes on and Andy writes Africa has a right to use reliable cheap energy and doing so doesn't prevent the development of the continent's renewables Forcing Africa down one route will hinder a fight against poverty absolutely president of Uganda you absolutely right and Yeah, the Europeans need to be this needs to be told to Europeans this needs to be emphasized to Europeans this is You know really is ridiculous The whole attitude of Europe towards countries like Africa with regard to climate change All right, just thought I dropped that in because they got pushed back on on Africa and on stuff and and And it was just this article just popped up today while I was looking for stuff and it was I thought that was interesting Oh, hey quickly on vaccines. I had surgery on in my mouth today and I Thought it was all good, but now that I'm Speaking excitedly, I'm a little worried about About what's going on in there. All right, we'll see what happens. Maybe I'll calm down a little bit I'll go into Sam Harris podcasting mode, and I'll just speak very very calmly very very I Don't know what the word is So let's let's talk about vaccines. I don't know if I can be calm and talk about vaccines So the reason this came up, I mean it comes up all the time every time I have to show my stupid vaccine card My my my vaccine passport, but it came out today because my wife I think you you know my wife. I've told you that she's had COVID. She had COVID in December and And then in I think it was March April. She got vaccinated with Pfizer to two jabs mainly she did it because She wanted to be able to travel and and we you know, she realized that to travel She was gonna have to be able to prove that she was vaccinated. So she got vaccinated luckily because Indeed to travel outside of the United States. You've had to have vaccination and Now she could travel she hasn't so So she had COVID in December. She's been vaccinated twice And she's in Israel and I think I've also told you that in Israel you have to get an antibody test because they don't trust your vaccine stuff so today she got the she had the the antibody test and she got the result and On the sheet that gives you the results on the antibody test says that a positive result Which means you've got the antibodies to fight COVID is a 24.1 whatever whatever the measurement is whatever the standard is 24.1 and I remember when I got my antibody test after two shots of about five months or four months after I got my second shot of of My Moderna vaccine it was like at 190 and I thought alright I am ready to take on COVID because my antibodies at 190 and the minimum required to be positive Is 24.1? Well, my wife's antibodies today came in at 1400 1400 I think she could be Surrounded by COVID You know whatever and she would fight them all off It's you know, and I guess and this is look she had the the vaccine six months ago I don't know what her levels were would she had the vaccines She has the natural immunity from having COVID. She has two vaccine shots and her antibodies are still unbelievably high and This is the nutty thing Is that As we move into the future here They're gonna demand in order to get in order for you to travel in order to do You know all this other stuff, right? They're gonna demand that she gets a booster at some point and Put aside the whole vaccine mandate. I'll get to that in a minute, but The whole attitude is so unscientific It's so one-size-fits-all It's so authoritarian. I mean some people need a booster Because the antibodies have crashed their way down my parents who are in the 80s Who had two vaccination shots probably needed the booster their antibodies never grows much even with the vaccine They were in their late 80s if they get that they're probably not gonna survive it. Yeah boost them up But for anybody else Isn't it a question of what their level of antibodies is if it's high They don't need a booster if it's slow Maybe they do So why This one-size-fits-all why why somebody who's had COVID required to get vaccinated? Maybe maybe getting COVID is not as effective as vaccination. Maybe that's true But maybe it's good enough particularly if you're young maybe If you're vaccinated if you had COVID you only need one shot of the vaccine Certainly doesn't sound like my wife needed to if she's at 1400 You know almost six months after the second shot. There's no nuance there's no focus on the individual One-size-fits-all is the collectivist approach to everything There's no consideration of actual risks. I still claim that if you're under the age of 25 Why are you getting vaccinated? Why are children getting vaccinated? What is the purpose of that? COVID is here to stay it's gonna be an endemic disease are we all gonna be expected to get vaccinated every year Why? When if you're under the age of 25 for sure probably even under the age of 40 It's less Deadly significantly less deadly for children by the way than the flu What are you protecting against exactly? I mean the the the FDA is now Approving the vaccines for children. I mean it's fine to approve the vaccines for children But it's gonna be mandated by school district after school district after school district Why is anybody thinking this through? Now granted the vaccines are not very risky, but there's some risk Heart inflammation particularly for young people What's the risk of a ward and who gets to decide what the risk reward is? It's not clear the risk reward is positive for young people not at all Not at all Not based on the statistics I'm seeing in terms of the risk for young people and the statistics I'm seeing about the risk for young people from COVID have not changed Since the statistics we saw out of China in March of last year This is a disease of old people and people with comorbidities It's a disease of old people and obese people and it's insane To cheat young people as if they're old to cheat fit people as if they were obese To cheat everybody the same, you know, it's the same thing with masks, you know I go to university campuses and kids are wearing masks They're all vaccinated and in top of the vaccination. They're wearing masks. Why it's just insanity It's meaningless. It's stupid, but I mean I know the authorities are acquiring it But the students are going along. I think I told you in my debate on socialism with with wolf the one thing that got a real chuckle and a real You know, they really got the kids upset was when I suggested that they shouldn't be wearing masks at the talk They thought that was outrageous. I mean the way this COVID is being handled is a collectivism on steroids You know, we've talked for Decades really now about individualized medicine About customizing medicine to the individual to his genetics this particular circumstances to what he needs and not treating everybody the same COVID is being the exact opposite COVID of being the repudiation of the idea of individualized medicine We're all the same no matter our risk factors We'll all treat it exactly the same and then on top of that now Not only is the culture just accepting that now we get mandates whether it's You know now they want they want OSHA, you know Biden Asked OSHA to propose a plan to force all large companies that have more than a hundred employees To vaccinate. I mean this OSHA is about workplace safety workplace safety associated with the employer not creating a Not putting hazards in the way. It's not about Whether people are vaccinated or not carrying a disease or not OSHA has no authority to do this. I Doubt this will pass constitutional muster with the Supreme Court will see But I mean OSHA shouldn't exist put that aside but the idea of Again one size for all all companies no matter where they are no matter what the circumstances no matter what they work forces like I Mean private companies can decide to do what they want Although I've seen I've seen these tweets God Then a comparing a company requiring it to the employees to get vaccinated with the company requiring the employees to have sex in order to Get the job like they're comparing it to what's his name to? Weinstein the the the the film producer who would have sex with our actresses kind of coast them into having sex with him in order to get parts right now Granted If that's all Weinstein had done is is kind of negotiate negotiate right Tell actresses that they had to have sex with him in order to get parts He would have been deemed a scumbag But he wouldn't have gone to jail. He's gone to jail because he also raped them groped them molested them so he did much more than just Tell them to sleep with him so they could get a part that would make him a Scumbag but to compare the two To compare a vaccine that has no risk has almost zero risk with rape is sick Absolutely sick to compare An employer mandate which is trying to keep employees safe You might not think that this actually keeps them safe, but the goal is to keep them safe That's why a private employer would do this with the goal of humiliating Subjugating, you know raping Forcing yourself on your employees to compare those two things is Sick and insane and and and is an expression of a lack of ability to think the risk is very minimal And again, you can quit your job You can leave but they but think about the motivation of doing of having the mandate versus the motivation of somebody Trying to force you to sleep with them when they know you don't want to It's it's like the left competing hunger to violence It's like the left saying you can't be free on an empty stomach. It's it's comparing things That just are not comparable and you would think people would know better, but I guess not Anyway It's a crazy world and you know the vaccines unfortunately have turned out to be Less effective than we expected when it comes to spedding COVID As expected when it comes to hospitalization and deaths hospitalization and deaths are very low Once you're vaccinated, they really do protect you From death and from hospitalization. They're just not very good at protecting the spread. It's it seems like COVID is Sped By vaccinating people not at the same rate. No one near the same rate is on vaccinating people But much higher than what we expected much higher than what we were we would have Yeah, then what we were promised and that's unfortunate. It would be nice to get a more efficacious vaccine that actually Eliminated the spread as well. So you didn't become you weren't infected and this is why Again anti-science. Why are people focused on cases? Who cares about cases? We should stop reporting cases. We should stop looking at cases. I mean somebody should monitor them What's important is hospitalizations and deaths and Hospitalizations and deaths are down even in places where cases are up so, I mean there's a correlation of its weaker and And No, it's not gonna be it's not gonna be all covert today I'm gonna end covered in two minutes and we're gonna turn to taxes and economics more fun I mean fewer people will watch I noticed that because I guess economics on the agenda today Very few people are interested in the show today. It's it's really curious huh Well, all people really want me to talk about is the cultural issues and of course, I'm not controversial enough if I was an Anti-vaxa if there's an anti-vaxa and pro-trump, there'd be 500 people watching right now That's the the cost the cost you pay for actually being truthful and scientific Anyway, the thing you should look at is is You know hospitalizations and and deaths COVID was never gonna be eliminated. It was it was all you remember lockdowns were supposed to flatten the curve Now it's not about flattening the curve now It's about zero COVID and it's been like this for a while when we all know COVID's gonna be here forever So let's just get on with life and stop this ridiculous masking For particularly vaccinated at least in New York New York of all places the stores have these signs saying we recommend Unvaccinated people masks vaccinated people do not need a mask so you can walk in and out of stores You know without a mask here in Puerto Rico you have to wear a mask indoors It's and show a vaccine passport every time you go into a restaurant Really absurd and ridiculous Yeah, yeah, yeah, I know that people are here like economics episodes And I know Stefan likes art episodes, but the fact is that you guys are in the minority because of 27,500 subscribers to your own book show only about a hundred are here right now and if when I talked about a Cultural phenomena it can get up to much higher than that, right? You are the tiniest of minorities All right, I'm not saying masks don't work. I'm saying masks are Unnecessary unnecessary In this world we live in Yeah, unless if I was 80 something years old, maybe I'd wear a mask if I was on vaccinating me bad way mask But if you're young and healthy Stop it. Just get on with life. Let's get on with life enough Yeah, I know Stefan is an oppressed minority All right Let's switch topics From one form of collectivism to another From the Biden administration's absolutely ridiculous COVID policy which is just as politicized unfortunately as Trump's was and Almost and just almost as pathetic not quite as pathetic, but almost as pathetic Let's move to Biden's pathetic economic policy Cook says hope you get a debate of Robert right. Yeah It's been there's been a challenge put out there. It wasn't by me. It was by this Debate website a debate website that's been set up They put out a challenge on Twitter For me to debate for me to agree to debate Robert Reich and for what rice to agree to debate me I hope you guys will go to Twitter and retweet this We need if we're gonna get Robert Reich to debate me we're gonna have to put some pressure on him the only way to put pressure on him is a Lot of people kind of asking him to debate money goes to charity. I think from the debate. So Anyway It's on Twitter. I will you know, I'm sure I'll accept the debate I've you know, I've been you get to debate Robert Reich show a long time So I will accept the debate at some point, but please Retweet it. Please support it the effort to get this debate done I think once you see who is promoting this you can go to their website and their ways at on the website To promote the debate. So it would be cool if I got to debate Robert Reich I think much better debate than any any of the other leftists could propose All right, so Biden has a pretty ambitious economic agenda it includes The introduction of a vast number of new social programs Probably the biggest expansion in number of programs not necessarily in dollars, but in number of programs since the Great Society since LBJ We're talking about you know expansion of leave for New mothers and fathers. So so time off from work. We're talking about Childcare free a government government subsidized childcare We're talking about expansions of all kinds of programs Mostly as always targeted in the middle class because those are the most popular, you know These are not there to help the poor These are help there to help the middle class and these are there to buy votes And of course, all of these are very popular because the middle class is the largest const, you know, the largest body in in the economy and they They love this because they're gonna get free money Of course, if you ask them how much they're willing to pay for it in terms of increased taxes They all say, oh, no if I have to pay for it. It's not free anymore. I don't want it so So they reject it when the cost-benefit analysis is presented to them But of course Biden has said that he is not going to tax anybody making over I think four hundred and forty thousand dollars a year so He's only gonna tax the so-called rich And he's as always as every president to said, you know, we're not gonna we're not gonna increase taxes in the middle class and indeed You know, most most Most of the tax plans of the last 30 40 years have basically reduced the number of people paying taxes and And and steepened the curve in terms of how much different groups pay Indeed, if you just look at income tax and maybe that's not fair But if you just look at income tax, the United States has the most progressive tax system in the Western world much more Aggressive in terms of the rich so-called rich pay a much higher percentage of all income taxes than in any other country Much higher than in Scandinavia much higher than in Sweden in other places Now if you include all taxes then the percentage that the wealthy pay drops, but it's still significantly higher Best for the thanks is flatten the curve. Yes, I'd like this flatten the tax curve. That would be good Where is Ali? Ali's kind of disappeared and yeah, there's not a lot of energy around Superchats, so I don't know Ali. You got to rev them up if if you're still there We got to get some $20 questions. It's a 50 or $100 questions going to support the show We've got we've got our usual $600 goal and at this pace. We're not getting there. I don't alleys disappeared on me all right So he's got a very ambitious plan. It was originally 3.5 trillion to trillion dollars and That's on top of a so-called infrastructure bail that's also close to trillion dollars and Which is you know a lot a Significant increase in in the in the deficit would represent a significant increase in government debt And a significant increase in just the role of governing the economy and the the growth of governing the economy so You know big, you know, this is big stuff important stuff Whoops so You know, they had this three and a half trillion dollar a budget plan with all these social programs are gonna be expanded And then we have the the infrastructure plan And one of the things that Biden has promised and and some Democrats centrist Democrats ones who don't believe in Modern monetary theory a promise is that they're gonna pay for all this that they're gonna pay for it With tax increases tax increases on the rich and Originally they proposed increasing. Oh Larry, thank you really appreciate that That's very generous of you Originally they proposed Increasing corporate taxes Not quite to the levels before Trump decreased them but still increasing them and increasing the top marginal income tax rate and Cinema from Senate to cinema from Arizona said no Not a good idea. I don't think we benefit if we increase these taxes Nothing good will come of that and of course in the Senate They need every single Democrat to vote for the bill because no Republicans will and then it'll be 50 and they can get over the 50 They can get over the 50 Republicans with the vice president voting 51 to 50 So they need every single Senate and she said no, I'm not gonna do it and then Manchin and by the way, there were other centrist Democratic senators who said no, but they didn't make it public Because they let cinema take the heat. Why should they intervene? Why should they say anything? Let one Senate to take the heat. She took the heat and then Manchin said 3.5 trillion you guys are got to be kidding. I will never be reelected in West Virginia if I vote for this Remember West Virginia went for Trump by like 20 or 30 percentage points So West Virginia should not have a Democratic senator So Manchin realizes this he has to play to a much more conservative a supposedly Republican base so he's saying uh-uh I'm not gonna vote for 3.5 trillion So we've seen Biden's agenda shrink From 3.5 now to something like 1.5 trillion, maybe 2 trillion depending on how you count it and Capital and and of course corporate taxes off the table So the United States will continue to have a 21% corporate tax rate, which is fantastic news and by the way unfortunately also good news for the IRS it turns out that because The corporate tax rate is lower the IRS is generating a lot more money since this is Lafacov This is the idea that when you lower the tax rate People actually pay more taxes not fewer taxes. They declare more They're more incentivized to make the money. But anyway, this year will probably be a record year in terms of Corporate tax collection and That's off the table the personal income tax increased personal income tax rate is off the table Democrats just don't know what to do The agenda shrunk and the tax agenda is completely out the window But they still need to raise the revenue even for one point one and a half trillion They have to raise the revenue with a 2 trillion whatever the deal will ultimately be So they have floated the idea of what's called what they're calling a billionaires tax Now This is a bizarre Tax, it's a kind of a tax that no country in the Western world is ever as far as I know No country in the world is ever puts a tax like this together It's it's a it's a really It's a real piece of work. It's a it's a particularly disgusting tax. It's economically unbelievably destructive It's a tax Motivated by envy and nothing else Nobody even in Sweden Denmark the the so-called redistributive Countries of Europe or fans for example would think of a tanks like this. You know the idea is To tax anybody who has wealth over a billion dollars over a billion dollars on their capital gains on Their capital gains But we already tax capital gains We tax today capital gains when it is realized That is let's say I buy a stock of ten dollars and a year later I got really lucky and I sell it for twenty dollars The ten dollars That I made That gets taxed But let's say I bought a stock for ten dollars I Sell it the next year for well, I sell it. I sell half of it Next year for twenty dollars, right? I only pay the capital gains taxes on the one on the part that I sold Half of it is what's called unrealized I've made money on that investment, but I haven't realized it. I haven't sold it. I haven't cashed out Take Elon Musk for example Elon Musk founded Tesla He still owns. I don't know. Let's say 25% of Tesla Tesla is worth. I don't know last I saw just around numbers up a trillion dollars Elon Musk because he owns 25% of Tesla is worth 250 billion dollars But Elon Musk has not sold let's assume Elon Musk has not sold any shares of Tesla So he hasn't paid any taxes Remember on on this 250 billion dollars remember that He didn't buy the shares His basis of the shares is very very low because he got them when the company was founded for the most part So he has a capital gains of 250 billion dollars But it's not gonna pay any taxes on them until he starts selling the shares Until he starts divesting them selling them and this is why people complain about billionaires That they have so much wealth But they pay so little taxes because they don't pay taxes on that wealth and if the wealth grows But they're not realizing it. They're not selling that stock They don't pay taxes on them And that pisses off a lot of people So what this bill would have done is basically placed at about 25% tax on unrealized capital gains, so for example What they would have done with a lot musk is they would have said, okay, you got in at zero It's now worth 250 billion. We're gonna tax your 250 billion at 25% Suddenly a lot musk is gonna have a tax bill of 70 plus billion dollars Actually, the actual math turns out that a lot musk under the proposal that the Democrats have would have had to pay 50 billion dollars in taxes In one year in the first year of this bill and then afterwards only the incremental increase taxes on that 50 billion dollars in taxes Now notice it would have been a tax that only 700 Americans would have paid Not every year just the first year and then every year it would have been determined by how much Tesla stock would go up The more it went up the more it paid, but in the first year you'd have to pay 50 billion now. No that if you're the Walton's Sam Walton's children and You've inherited stock in Walmart worth billions and billions of dollars and Walmart stock has not done that well since you inherited it and Maybe you've already sold some of it off and you've diversified and it's in real estate and it's in all kinds of other projects And it's on all the other places Notice that you would actually pay very little money even though You're a billionaire, but you would have very little unrealized capital gains. So this is particularly gonna hurt the new voriche It's particularly gonna hurt The owner entrepreneur who's built his company up and is now worth more than a billion dollars It's particularly in a hood Entrepreneurs Successful entrepreneurs Now how is Elon Musk gonna get 50 billion dollars to pay the tax? He doesn't have 50 billion lying around Well, he's gonna have to sell his shares His ownership in Tesla will go down significantly Which is not good for anybody. It's not good for corporate governance. It's not good for Tesla It's not good for Elon Musk, and the government's gonna take it and instead of 50 billion dollars being in a sense in Tesla Think of the price pressure when you're trying to sell 25% of the stock in a company what that would do to the price Another government has it to waste on its social programs. I Mean talk about highway robbery talk about highway robbery For 700 people I Mean, I don't know how this is constitutional. I don't know how this is not discriminatory disgusting abusive Makes no economic sense. It's completely destructive economically Every dollar you take out of a billionaire's pocket is a dollar. That's not invested It's a dollar. That's not used for productive means. It's a dollar that now in a sense is working to slow economic growth not to expand it. It's It's not clear what happens what happens in a year where the stock market goes down What happens if because maybe because Elon Musk sells 50 billion dollars of Tesla stock what happens if Tesla stock goes down 50% Where the government refund Elon Musk's money It's not clear. We haven't seen the finer proposal yet. What happens if other billionaires when the stock market goes down They paid you by the way Jeff Bezos another one of these evil billionaires, right? We'll have to pay forty four billion dollars forty four billion dollars in taxes talk about Confiscation a confiscatory tax rate It's it's absurd and insane You can't tax what it's not being realized. I mean you can and they are and they want to Anyway, this was on the table every economist I know Road about how ridiculous. This is how pathetic it is. I mean everybody every good economist. I know People who pretend to be economists. I'm sure Richard Wolff thought this was fantastic So did I don't know about Paul Krugman. Paul Krugman hard to tell what he would have thought of this the whole thing was just Insanity now You have to give some of the senators and house members credit some Democrats in the house said we can't vote for this This is insane. It probably can't pass constitutional muster as if they care and and This is just stupid policy And a basically vetoed it mansion Mnuchin in in in the Senate said no and now it's off the table. So the Democrats have back to square one They have lots of ideas of spending money. Yeah, you'll see loves it, of course They have lots of ideas about spending money but they promised and Some of them want to fulfill that promise surprisingly enough they promised To also raise taxes to make it quote revenue neutral and they can't figure that one out So the latest proposal latest proposal is I'm just giving you a heads up warning To tax the increase to have a 3% Surcharge an extra tax of 3% on Anybody earning more than 10 million dollars So instead of a billionaire tax, this is now a millionaire tax It's only 3% so it's significantly lower than what it was before While this is horrible It's probably significantly less damaging economically and certainly less stupid economically still evil and nasty and confiscatory and You know loading up the rich, you know to pay for programs to the middle class It's not even you can't even use the altruism game here of oh, it's about the poor. No, this is these are all Programs that are meant to help the middle class. So let's screw people incredibly successful In order to hand out free primary school education to a bunch of parents Elderly care, you know all kinds of stuff like that at the margins Increasing all the social programs in every direction and of course one thing, you know by the way, this is true of the of the capital gains tax that unrealized capital gains the idea was You know, it was a billionaire tax. Well, what happens to all billionaire taxes. Do you remember the? Alternative minimum tax. I forget when it was passed was passed a long long time ago And the alternative minimum tax was supposed to was supposed to make sure that some of the richest Americans small number in the thousands of Rich families who weren't paying taxes because they found all kinds of loopholes the alternative minimum tax was a way To get them to pay at least some kind of minimum and it was just a few hundred families today, I Think almost half of taxpayers pay the alternative minimum tax It's in in snares everybody You know the income tax when it was passed in 1914 Constitutional amendment and Congress passed the first tax Was very low and only seven percent of Americans paid income tax That was 1914 Went to two years as as president Wilson prepared us to go into the dumbest war ever World War one It was expanded to include almost all Americans So never believe that a tax will stay a billionaire tax then it becomes a what about the guy who makes 900 million Well, and if he's get taxed what about the one who makes 500 million worth worth 500 million And hey, what about the hundred million guy and look, why don't we just tax all one percent? What about the top ten percent and soon the middle class of paying taxes and unrealized capital gains? Every tax proposed where they said oh no only the ritual pay There's always been expanded and a definition of rich has always been expanded. So let me just say how thankful I am Just to senator cinnamon sentiment senator mansion How thankful I am to the centrist Democrats in the house than a lot of them, but the ones who are For stopping these insane proposal. Yeah, this is Ron Widen's widens white. I don't know how you pronounce it the head of the finance committee in the Senate's proposal He's a senator thankful to all the senators Democrats as they may be who have resisted this insanity It's nice to see that the Democratic Party is not a monolith of nutty progressives This is so bad, but that's at least not a monolith of nutty progressives Episodes flat tax already you're not gonna get a flat tax. There's no nobody is incentivized to provide a flat tax Note the Republicans stop talking about flat tax that Trump was never for a flat tax Republicans are not for it never happy so Happy to see Proposal after proposal after proposal defeated It'll be great if Biden's agenda gets killed by the infighting within the Democratic Party Just like repealing Obamacare was killed by the infighting within the Republican Party and the lack of leadership from the White House It would be good to see The Democrats following suit and as I've told you many many times my favorite Balance of power in Washington is is gridlock and one of the great tragedies of the Republican of Trump Was that he managed to lose the Republicans the Senate, which I thought was pretty safe for Republicans Luckily, we still have mansion who's kind of a half Republican and and cinema who's Somewhat leans on economic issues in the right direction This is all good, you know the real enemy is government spending So what I'd really like to see defeated is any spending plan that the government proposes I think something will pass I think Democrats will coalesce around some smaller bill and they will get it passed by the end of the year They have to do something next year is is is midterms Nothing happens in Congress during midterms because everybody's afraid So everybody sticks the status quo. So anything Democrats want to pass is now if you have any influence in Democratic senators or House members Encourage them not to pass anything this year But I think they will it'll just be a smaller Less effectual bill with smaller less effectual taxes less damaging taxes All of that is for the better as compared to the alternative Of course, none of this would be on the table none of it if a publicans hadn't lost the house In 2018 and hadn't lost the Senate in 2020 So you can thank Republicans for being stupid enough And pathetic enough and incompetent enough to lose both the House and the Senate and the White House of course in a span of 40 of Two years two years all right Just a word about The economy more broadly We've talked about this but but I want to I want to talk about this a little bit more what happened to Ali She really did disappear. I Hope I hope it's not the Venezuelan secret police came and said you can't be doing this for you on Brooke He's an enemy of socialism and and dragged off to jail I mean it we shouldn't even laugh about it because it is Venezuela who knows what's going on there, but I Don't know did something did one did you guys offend her? Did did somebody make her angry? Shame on you if you did It's not good All right, I did want to talk a little bit more about the economy. I think we're living through Really interesting economic times I think this is a period of time to really keep your eyes open and to monitor the situation Things can deteriorate pretty quickly There's a lot going on right now. We've talked about it. We've talked about the supply chain Issues generally right now what we're seeing across the board is supply problems There's demand Demand is easy But politicians particularly on the left always focus on demand. I Mean not just on the left on the right as well This is Keynesian economics all they care about is what they call aggregate demand So covert hits all we care about is that people have money That money constitutes demand because what are people going to do with the money? You're gonna buy stuff with it and there's never any focus on supply Which is in my view the whole point of economics The whole point of the field of economics is to study supply To study production and trade which is supply Demand is what is easy and self-evident Demand is people have money. They spend it You don't have to really encourage them that much incentivize them that much. They're gonna spend it They're not gonna sit on money. So we gave people money throughout covert. They got checks We paid them not to go to work Indeed we stopped them from going to work in many cases. We prevented them from working So demand is there huge amounts of demand There's demand for goods Americans are buying at a higher rate than ever They're buying stuff not using services, but they dying stuff at the highest rate ever and there's massive demand for employees But there's no supply The goods are not there you want to buy stuff can't get it Delivery times are long you have to wait in line They're talking about these new MacBook Pros. It's gonna take a while until they're available The chip shortages the computer shortages the shortages of everything The cargo ship shortages because plenty of demand because we've thrown money at the problem But you see the real issue in economics is the supply the real issue is production well We stopped production We banned production We told production the producers they couldn't produce We told workers not to work And now surprise surprise We've got supply issues Thank you Todd really really appreciate that you're on book enemy of socialism. That is a great title I I prefer the title of champion of capitalism. How about that? I like positive titles But Todd that's very generous. I really appreciate it. I Don't know where we are today. We're way short of 600, but we're Todd and Larry Um, you know, we I guess we're in Decent shape or probably You know somewhere around 300 maybe a little less than 300 but um So there's still room for growth guys. There's still room to ask $50 questions hundred dollar questions still room to support the show at higher levels anyway, um So the real interesting thing that's going on is this continued focus on the supply this Uh, this continued You know focus on Governor cares is about giving people stuff Again, look at Biden's bills. They just want to give them more stuff But actual stuff needs to be created needs to be produced needs to be supplied needs to be delivered Needs to be exchanged needs to be traded Supply chains are a whole art science I mean monetary modern monetary theory remember modern monetary theory you've talked about in the past one of the basic assumptions of mmt Is that inflation would never happen even if you throw a lot of money on the demand site Even if you throw a lot of money at people Because there is always slack in the economy slack is unused supply And this is Stephanie kelton. Who's one of the big advocates and somebody who I've tried to Debate but she wants $20,000 to debate me Anyway, Stephanie kelton keeps saying there's always slack in the economy Well, where is it? Where is this excess supply? Where is this excess production? It's not there unless you invest in it unless you incentivize it Unless you leave it alone and don't shut it down. It's just not there and even when it is there, it's not easy to ramp it up So what happens when you have lots of demand and supplies constrained? What happens to prices? Well, the prices go up the prices go up Todd wow 200 bucks. Thank you Now now we're now we're at 460 bucks. So we just need 140 to get our goal, but uh, Todd is wow Todd has changed my title now from enemy of socialism to advocate of capitalism. Thank you Todd So I'm going to go by that I should I should change my title every way to advocate of capitalism champion of capitalism Champ I like champ. What do you think champion or advocate? You guys can vote champion or advocate. I think champion sounds better champion of capitalism enemy mortal enemy of socialism I like that. I'm going to change my my uh Twitter handle to that. All right and the problem of course is That if you give money to people not to work Guess what they're gonna do? They're not gonna work Oh, so I said if you have a lot of demand could trade supply prices go up That's price inflation. We're seeing price inflation across the board Cross the board and the consequence of the cross the board is Lowest standard of living for all of us. We're stuck with dollars That are not appreciating unless of course you have bitcoin and then you're then you're made Adrian says I should go by the liberator of the masses. I don't know Sounds a little altruistic Kill socialism in a single blow I like champion of capitalism mortal enemy of socialism I like that. All right But the same thing goes for employment If you pay people not to work they won't work And then there's a shortage of workers Wages go up Wages go up means product prices will go up to compensate for the higher wages because productivity hasn't gone up So wages now are not being driven by productivity increases They're being driven by shortage of labor because we're paying people to stay home That raises prices even more and you get more Price inflation right now. They're more than 10 million listed job openings Three million more than before the pandemic So there's plenty of demand For goods They're just not enough people working to supply them Only six million people are looking for jobs 10 million job openings Many people have resigned the great resignation is on As people realize that in these circumstances wages are going to go up I'll just wait until wages keep going up The number of people working overall in the economy has dropped by three million From 63 percent of working age population To 61.6 percent of working class population So, you know, it looked like last year Writing people checks sending checks setting benefits expanding unemployment insurance all of that Didn't cost anything it looked like it was free What we're paying the cost now slower economic growth Higher price inflation And a mismatch of supply and demand A bottlenecks all over the world It's amazing how Every time the government tinkers It thinks it gets away with it It survives for a little while Under this illusion And then bam reality Slaps it in the face No, there's no free lunch No, if you just print money Subsidize this You're going to distort the economy in one way or the other Anyway What we have today is Is is The consequence of all the rotten policies that the government has engaged in since the beginning of covid Just in terms of this this Biden proposal just to give you one aspect of it in terms of childcare. They want to They want to subsidize childcare So You know because there's a crisis Childcare costs are going up supposedly and there's a crisis and we want to build back better So in order to build back better, we're going to give you an entitlement Every family every family who applies for assistance with childcare will be offered childcare assistance No matter the cost It stipulates the bill stipulates That childcare workers will be paid As much as elementary school teachers, which is 69,930 bucks a year Even though current average childcare worker gets 25,510 Dollars a year So basically the bill is going to raise the cost of childcare by two and a half times And who's going to pay for it the government? Which means all of us through taxes Through more debt through lower economic growth Nobody cares I mean fact is Even you guys don't care I mean, I don't know you guys some of you guys don't care because You know republicans don't care Trump didn't care Economics, that's boring. We're much more interested much more interested in talking about bathrooms for transgender if I did a show on Something related to bathrooms and transgender people There'd be many more people watching I could pander I could talk about CRT all day all night but talk about actual economic stuff That's a snoozer. That's uninteresting. That's boring Unbelievable Unbelievable the world in which we live Anyway, we're going to be a lot poorer because we don't take these things seriously Think about what's happening climate change Well, all of us are focused on CRT The world is turning against Fasal fuels in a way that it hasn't in past decades Even though they made a lot of noise They haven't done anything. They're starting to do stuff. It's starting to happen And where are we worried about the transgenders? um I mean we're killing Fasal fuels We're disincentivizing All production There are massive quantities of natural gas all over the world In the Mediterranean In the uk itself Of course in the united states many places from pennsylvania down to texas all the way to california Huge massive untapped reservoirs of natural gas And yet there was a shortage Supply shortage plenty of demand But another supply shortage why because we haven't invested in infrastructure. We haven't invested In fossil fuels. Why? Because we were told That it's bad and it's evil because exxon had three board members elected who are Board members to exxon who are anti fossil fuels three board members Were elected. Why is exxon going to invest? in more production of gas when it's shareholders are electing Climate change advocates this board of directors. I mean we're going to have a nasty winter this winter Europe is going to have shortages of natural gas shortages of heating Some people in europe particularly the poor are going to be very cold very cold Some places that are not going to have an electricity are going to be super cold But nobody will learn the lesson Let's build more windmills. How about some how about some some of those solar panels on your home in london where the sun never shines If we want to get this economy going What we need is to unshackle the supply Unshackle the producers It's easy How about a bill that bans government for intervening in way housing is being built? That allows developers to build anyway, they can buy land How about getting rid of occupational licensing that would increase supply? Occupational licenses reduce supply reduce production reduce availability of labor. How about reducing? All the labor laws that make it so difficult to hire and fire people. What about the labor laws? There are quiet uber drivers to be categorized as employees instead of contractors These are what these are the things that make infrastructure expensive You don't need any infrastructure bill. You just need to get people off the producer's backs Subways now cost one billion dollars per mile Not because Subways need to cost one billion dollars per mile But because of the regulations The unions the contracting laws the stupid Immoral by-american provisions that trump and biden and all of these idiots are put together The environmental regulations There's no labor shortage in the world You're worried about labor shortages How about Opening up our borders to immigrants The immigrants desperate to come to america They pay to come to america thousands of dollars That could be your tax You know make it anybody Who pays the u.s. government? $5,000 can immigrate to the u.s. You'd raise a lot of money that way Make it $10,000 it's stunning How easy it is to solve the economic challenges that we face right now And how nobody nobody in the entire political spectrum nobody is proposing any of this It's a joke of politics today Status of the right status of the left collectivists of the right collectivists of the left Socialists of the right socialists of the left There's no opposition at least the Republican party used to be an opposition party They used to propose things that okay, we're not ideal not as good as I You want to stop sound the bottlenecks in los angeles? How about getting rid of some of the zoning laws in la that prevent containers from being stacked higher than two Containers one on top of the other. You know the port of la has such a restriction or maybe it's long beach Now they I think they've actually done away with that just for now as an emergency measure But one of the reasons for the backlog and the fact that the ships can't get into the port of los angeles Is because there's no way to put the containers because the containers are stacked one on top of the other Two at a time instead of four six eight at the time And you could go on and on and on about the absurdity and ridiculous nature of this The vaccine mandates the the masks. Can you imagine? I don't know if this is true, but can you imagine? working on the port of los angeles with heavy machinery And having to wear a mask. Yeah productivity would decrease I mean the stupidity Is and and the lack of Any kind of thinking about what the real again economics is about supply Economics is about production If I had to define The topic of economics would be the study the field that studies Production and trade not consumption consumption is easy not demand Supply all right. Uh, by the way, I got a lot of that from the grumpy economist Uh, one of my favorite economist John Cochran. You can find him at John Just put grumpy economist in google and you'll find him great read. I highly recommend reading his blog on a regular basis All right, let's see um We have got a bunch of questions here We'll start with the big dollar ones and we'll head down Okay, uh, uh, let's see larry 100 bucks. Thank you larry with socialists and progressives Rich people are always looked towards badly Why are successful people vilified and blamed for society's ills? Well because Of envy and it's again. It's not just socialists and progressives I mean Trump Barely reduced the top marginal tax rate He actually advocated for increasing it. It's only others other republicans who insisted on it Generally in our society the rich are vilified and the rich are vilified primarily because the rich are viewed as I wish they were but viewed as self interested a selfish How do you succeed in life by focusing on you by being ambitious by working hard by Making it, you know by by by trying by trying to make your life better by being self interested That's how you succeed in life and everybody knows that And there is a deep moral resentment Which I think at the end of the day is at the heart of envy that comes from altruism remember altruism says Your moral duty your moral responsibilities to serve others to live for others Self-interest is immoral by its very nature according to altruism So rich people immediately immoral Their success taints them So yes, you could say envy envy envy, but envy doesn't explain anything Not enough. Why why is there so much envy? because that is the product of ultimately It's a psychological product of altruism So the reason at the bottom of this is altruism and the reason they can get away with it Why is there nobody objecting? Why is there nobody defending the rich and when I defend the rich? I'm called what a pawn of the corporations a pawn of the wealthy a pawn of big tech, right? I have to be ridiculed. I have to be put down because nobody will defend the rich. Why because we're trained to be Altruists we're trained to think That morally the good means others the good means benefit to others And if you're not sacrificing for other people, then you're not being good And if you're making gazillions of dollars and you're keeping it, then you're not being good So Fundamentally the resentment of the rich comes from the fact that they are viewed as being self-interested and we hate and resent Self-interested people because of the morality of altruism. It dominates our world Thank you. Frank for reminding me that they call me a bootlicker that that's very nice of you um You know iron man talks about the salat. I mean she talks about the fact that the world is dying from an orgy Of envy of sorry an orgy of altruism Now if you believe in altruism And as a consequence of that You have never been ambitious You have never pushed yourself You have never done the things that are going to make you rich But you have been good You've been altruistic at least a little bit well The results of that is going to be envy you're going to look at these rich self-interested people Who seem to be happy and enjoying their wealth Seem to be doing well You're poor and miserable Or middle-class and miserable or whatever Because you've been an altruist because you've been a good altruist you're miserable And you feel envious you hate them. What do you hate them for for being self-interested? For being successful for being ambitious That's why anruin defines envious hatred of the good for being the good not the good By the standard of altruism But the good by outstanding It was varsh who called me a bootlicker, but I've seen it I've seen it all over the place including for people on the right who when I defend big tech. I see the same kind of terminology So Larry that's why They hate the rich for their success Because it's him all In their minds because of the morality of altruism and that Breeds envy and envy is hatred of the good for being the good, which means hatred of self-interest Hatred of success hatred of production All right, let's see we have a couple of 50 dollar questions. Here's one Alex says you're right to talk about the importance of economic issues, especially Conservatives won't yeah, they won't they don't talk about it But I think it's wrong to minimize the cultural issues take a look at biden's executive order and gender equality And equity and equality it's all out one reality. Yeah, I know and I talk about those issues all the time Right. I talk about inequality. I talked about inequality before Equity and crt war on the table. I wrote a book about it I identified it as the issue the left was going to use both economically and culturally and that's why we wrote a book about it So I know the importance of cultural issues up to a point, right? But The other side of that is And I know none of you believe me, but this is my view is that The nutty social issues They're not going to take hold They're not going to take hold and uh, yeah gender equity and equality is Disgusting and a disaster What he's proposing Of course, it's also economic because they're trying to force Wages to be equal so they're trying to force that equality Which is as economic consequences I'm not denying any of that It's just that That's all people care about right now Literally all people care about I see that all over the web and that to me is Where you living? And it's also It's also a consequence of being relatively well off relatively what well, it's relatively relatively god. I can't even talk That's because my face is still a little numb from the surgery I had earlier today Anyway, alex thanks for the supports. I appreciate it and yes, you're right I shouldn't minimize the damage being done by the by the By that it and I don't Naruto 1341 a question he asked yesterday Is it possible with common technology plus land availability to solve world hunger? If gates musk and bezos all donated to the cause I keep thinking about the land needed the distribution logistics and many other factors that it would that uh, that it would be impossible What is the problem of world hunger? World hunger today Is that it's the lowest it's probably ever been in all of human history Or maybe not today because of coveted but pre-covid World hunger was being solved It was being solved by liberating the economies of countries where people were hungry It was being solved by relying supply chains by allowing globalization by allowing trade It was being solved by raising people out of poverty through relatively speaking Okay, free markets or markets that are free No, if you took the money from bezos and gates and musk you could solve it for one year But you wouldn't solve it permanently the permanent solution to world hunger Is capitalism the permanent solution to world hunger is freedom And again world hunger is being solved. There are fewer famines today than ever in spite of supposedly climate change Because of relative economic freedom So the solution to world hunger is freedom Not More government programs Not confiscating wealth from some people and giving it to others look governments Have engaged in um Probably at this point hundreds of billions of dollars of foreign aid over the last 70 years That had very little impact on world hunger A little bit of capitalism A little bit of freedom In places like asia has had an unbelievably impact an unbelievable impact on world hunger That's what is needed. All right. Todd. That's very generous. Thank you. Wow Todd says stay focused on ethics morality It carried the day in your last debate politics economics is just a derivative Are the hundreders night off? Champion of capitalism champion of the individual. Yeah, but look economics and ethics are related, right? It's all related Economics and politics are related the derivatives of ethics and morality, but Talking about ethics morality Divorced from economics and politics is floating You got to make it real for people and the way you make it real the ethics Is through the politics and economics It's through illustrating the irrationality through illustrating the The envy that results from altruism illustrating the kind of irrationality that The the statists policies resulted All right, let's see. We got a few 20 dollar questions. Thank you. Todd. Appreciate it. Um This one is from yesterday Justin asked I've been profiting from IP on a site project My friends are currently pleased about that. However, I can imagine That when the profit starts hitting six figures, my friends will consider me greedy and I should give back. Yep success breeds resentment success is associated with selfishness success Is associated with a morality of self interest and therefore is resented And it breeds envy So unfortunately that is likely to happen. All right, brian Could you explain how the love of a parent Should have for his or her own child deferred from unconditional love Do you or a child some amount of love no matter what become What because they don't ask to be born? Thanks I mean you do Oh The child love because they didn't ask to be born The challenge is and this is why Choosing to become a parent is a big decision You have to make sure you have the capacity for that love and you have to make sure that You're going to enjoy in some way Having the child That the child is a value to you so You know, that's why You know, he should be around babies before you have a baby. It's unbelievably hard work It's easy if if if you have the wrong attitude to become a zenful of the child and not to love him and that is a tragedy And you can't unconditionally love. It's just impossible to unconditionally love So the worst case scenario is you're trying but you can't love the thing the kid, right So You've got to you know, I Think we love our children because they bring us a month's amount of pleasure Satisfaction interest fascination A child there's a wonder I mean, I still love babies even when they're not mine Although I love mine more because they're mine now as the child becomes an adult You know, then that conditional aspect becomes much more serious Because now they're making their own choices that their own human beings You're in a position to judge them and you don't owe them anything anymore Up until they're 18 you owe them. You owe them something you owe them Being them up to the best of your ability and part of that is to love them because it's an important part of the parent-child relationship so Yes, the fact that they did not ask to be born The fact that you are committed Once you have them, this is why I'm pro-abortion I want you to have every opportunity to change your mind But once they're born, it's your responsibility and your responsibility is to do the best job you're capable of doing Daniel asks Discovering and listening to your channel of the past year flip me from a 22 year progressive to defend of individual rights and markets Thanks for all you do starting out with shrug the next few weeks. Wow. That is amazing news. Daniel. Thank you I'm uh, I'm so glad to have flipped you Um, I think you're in for wow. What a treat you have in front of you As you read Atlas shrugged it'll be an experience of the lifetime relish it enjoy it Um I'm jealous of the fact you get to read Atlas shrug for the first time. I'll never have that opportunity again um So so relish it because you only have one of these Let's see I think there was another 20 dollar question. Yeah, capitalist nick canadian dollars, but we count them here Um, what happens when oil is north of 100 heating bills up 300 or 400 percent of gas prices are north of seven bucks Isn't that the ultimate wake-up call in political suicide for advocates of greed and gender you would think I don't you know near us. I don't think Um oil is going to be above 100 has been in the past. I don't think gas prices have ever reached north of seven So I don't think we're gonna head to seven dollars, but maybe who knows um with inflation you could easily get there so It's a wake-up call the question is will they wake up? Just because somebody has a wake-up call doesn't mean they wake up But it's certainly a suicide and I've always said The the policies of the left result in suicide and most people don't want to commit suicide not in america And it's political suicide the left cannot survive such an outcome There'll be a massive backlash in america massive backlash Against the left like there was in the 80s after the left dominated the uh the 70s and brought about all this horror jennifer, thank you really Appreciate the sport. Look forward to seeing you in michigan next week. All right. Let's see brian asks I'd be I've been watching battlestar galactica The way the economy off the ship is run is a leftist wet dream. It's hilarious There's an episode on the black market where they end up admitting they need to distribute resources. Yeah, I mean It's often thought you need statism in emergency like in battlestar galactica But of course you don't it doesn't work. That's why black markets always develop in emergencies Because you need markets And black markets are not great markets and are particularly efficient, but they're much better than the central planning organizers By the way, a battlestar galactica Has I think the first two or three seasons are really good and then it goes downhill fast And by the end the show sucks So I don't want to you know, I really enjoyed it for a while and then it gets weird and then When it tries to resolve the weirdnesses It goes nuts All right, let's do some of the Smaller dollar questions the five most of these are five and ten dollar questions. Okay Nathan writes this is again from yesterday. I think If a board sacrifices profit for ESG, why doesn't wall street pick up On this lowering their stock price? It would Ultimately, it would ultimately the sg would cause the company to have Lower income and but again, even wall street. Remember black rock is part of wall street black rock is pushing asg Even wall street for a while at least until It manifests in the numbers Can be fooled by esg can pretend that esg Does not hurt income and of course many investors irrational and Which used to correct the irrationality. So let's say a board Passes it becomes esg Stock price goes down Now if you've watched other people's money now somebody like Larry the liquidator could come Buy up the shares kick out managers in the board And return the company to maximizing shareholder wealth make a fortune And be successful that way and that used to be what we did in america When a company became when a stock became cheap because of bad management Better management would come in and replace them And we had hostile takeovers were a beautiful american invention Going back to the 19th century you and celebrated in the 1980s and then Everybody turned against them and now we have laws that prohibit that kind of behavior At the state level and some at the federal level And generally the courts are very pro management instead of being pro shareholder and pro Takeovers So they used to be a market mechanism to take care of bad managerial decisions That market mechanism has been undermined By our legal system By statism again, it doesn't matter left right doesn't matter what state you in Most states have these kind of anti takeover legislations My minotaur asked what do you think of the statement school is just to show people you can be taught? um I don't think that's true It certainly shouldn't be true School should be a place where you can learn Learning is a virtue a huge virtue Education is a virtue Now it's true that our schools Are now very good Not very good as an understatement. Many of them are terrible horrible But Statements like that don't do anything. They don't help You should want to go to school because you want to learn You want to get educated you want to learn things you didn't know Best fed hank says say something nice about my wife I mean, she's my wife. Isn't that saying a lot? I mean, she's the love of my life. She's uh, She's you know, we'd be together for a long long long time I think our love has only grown over the years not shrunk You know, she's a passionate Valuer it's probably the thing that stands out about her is she knows what she wants And and she goes for it and she's passionate about it and she doesn't give in So hopefully that qualifies best at hank. I don't want um Generic jam. Sorry. I'm a student love the show. Oh Really appreciate that. I know 10 bucks is all five bucks is a lot of money For a student. So I appreciate the support Ryan says the only way this ends is once we all live in cardboard boxes Yeah, that uh, that's an end. Not a good end, but it's an end. We can all be in the uh in squid games Can all join squid games Pretty bad end. I don't want that end You need to fight it gene says I watched other people's money loved it. Thanks for the recommendation. Yeah, I love that movie You should all watch it Cory, uh, also I actually have a Permanent favorite one of Leonard peacocks That one being why should one act on principle? Yes, that's an excellent talk I'm going to be talking about Why what should I act on principle on friday? Friday show Will be dedicated to principles And I'll be talking about Leonard peacocks. I say why would you rank up principle? He's talk about that Um, I'll be talking about more, you know an expansion of that I've got a series of questions that somebody sent me about this That will answer Uh, like when one should not act based on a principle, right or when when does it you know when what should Deviate from what appears to be the principle Uh, so Cory that'll be and actually a fellow australian troi Uh has asked me to talk about that. So that'll be on friday Yuan's rules for life will be on acting on principle and it'll be Um, I'm I'm fresh. I'm refreshing Um by reading, uh, Leonard peacocks, why would you act on principle? Which is one of his great essays and great talks um flawed and he says you're on book legendary champion of capitalism. I'm not legendary yet We're working on it, right? But we need about a million subscribers and then I'm willing to add legendary um, so uh Let's see, uh Frank says remember the 80s and 90s when there were yuppies at that time I didn't like them and I bought into the anti-rich attitude now. I regret doing that. Yeah It was called the me generation the yuppies and uh, they weren't anyone he was bad is What we have right now Cory says you're on book stars in capitalism the unknown ideal I like that We should make a movie um Is the obsession is the obsession with identity? What is the obsession with identity? um I'm not sure what I'm not sure what that question is If there is a question peter asks i'm somewhat excited for germany Probably going from terrible pyramid scheme pension system We have right now to a more stock annuity like system in the new legislature Still government run though. Yeah, I mean much better Still government run is a big problem But a pyramid scheme get away from the pyramid scheme is fantastic I wish the united states could do but you can't even talk about it in the u.s It's one of those things that you get cancelled for talking about In politics so um And the republicans won't do it anymore. They're they're committed to saving social security Instead of being the party that wants to reform social security privatize social security They're the party that wants to protect social security. It's it's horrible another one of Another one of the things that that uh trump did to help destroy the republican party is focus them away From reforming entitlements, which they were beginning to talk about and then it turned out it's not popular among the Republican base. So now they don't talk about it anymore Uh face says thanks for introducing me to classical music. There is so much richness to it that I did not appreciate Oh, fantastic. That is so much fun to hear faith. Thank you I'm glad you're enjoying it. I I still love it. I still discover new stuff. I still enjoy listening to old stuff Stuff I've listened to many many times, but I still discover new stuff. It's just An endless fountain of pleasure deep Meaningful pleasure Kory asked did I get the other super chat about your favorite iron man talk? I apologize If you did I missed it. I did not I don't know where where it is. Anyway, my favorite iron man talk as a talk as a talk would be Uh philosophy who needs it? I I think that is her best Talk It's written as a talk not as a as a article I think many of her other talks are too dense too hard Written as articles not as talks not good verbal communication You see you could ask me what's her favorite essay that would be much harder I think the other good talk she gave was the last talk she gave about Businessmen the the persecuted minority But I think philosophy who needs is my favorite talk what talk Um Brie asks if greed is evil Then why do we let thousands of greedy bureaucrats take all the money? Demand more and more They give some to greedy community activists who also demand more and more and more. Yeah. I mean greed is not evil greed is just Greed is just wanting more And yeah, you could argue that bureaucrats are greedy I'm not sure I'm greed is neutral. It depends what you're greedy for And and what you do to satisfy that greed Greed is a is a single-minded commitment Single-minded commitment to a particular goal to a particular value. It could be money Could be something else be greedy in love All right, I think we are done for today um Thank you guys really appreciate it. Uh, don't forget you can support the show here on superchat Every time we do a show if you're there live you can do it But of course most of you listen to the show not life Many many many multiples of you listen to this not life For you the best way to support the show you can applaud the show while you're listening to it on youtube You can press that applaud button and make a contribution But the best way to support the show is through a monthly contribution. You can do it and I really really appreciate it and Very you know as a percentage A small minority of you actually do this so many of you listen to the show and and never support don't support it, which is You know You're getting something You want to show value for value would be nice even at two dollars five dollars a hundred dollars thousand dollars to show You know that you value what you're getting by contributing towards it You can do it on patreon subscribe star. You can do it on my website your on book show dot com slash support You can do it in locals. There are lots of ways in which you can support your on book show I encourage you to do so You know, I survive With this show based on your supports. I I very very much appreciate it. Thank you to all the superchatists today Particularly the ones who did a hundred and two hundred dollars You guys made it possible of us to reach our goal of 600 bucks today every time we seem to find different ways of reaching our goal And but I I appreciate the support. I really do. Thank you all of you And I'll see you Friday Friday. We're doing a show on principles Don't miss it on principle. You shouldn't miss it. I I think it'd be I think it'd be a really good show Richard Go to sleep go away. Why do you even show up here? I don't know um On Friday to be principles on saturday. We're doing a show. I'm not sure exactly what time probably in the mornings of your Pacific time people this would be hard but for you europeans. It'll be a lot easier, but we'll do on probably um at 11 o'clock east coast time or 12 o'clock east coast time and uh that show Will be on the role of the military in a free society So there'll be a lot of questions about war about military And of course, it'll be open to your uh super chats and then on Sunday at 3 p.m. We'll do a show on uh an AMA Ask me anything From my hundred dollars and above monthly supporters and super chats So well, we've got four three more shows this month Before the end of the month and then of course next week I'll be in michigan new york state cornell university and uh Cincinnati to give talks you can come to those talks If you register in advance to do that you can go to your own book show dot com and look under event the events tag