 And we have a busy schedule today as we have more folks coming to the room. So I just want to welcome up our first speaker, Dr. Murray Saber. Thanks Joey for those well-deserved remarks. I haven't spoken before a group this large since my bar mitzvah 62 years ago, so actually that's not true. And all my friends were having their receptions and catering calls. We had our reception in my apartment, my parents' apartment in the Bronx. Not exactly an example of white privilege, I can tell you that. Anyway, it's great to be here. I've been a supporter of the Mises Institute since it began. I've known Lou for many, many years. Murray Rothbard was a member of my dissertation committee when I was at Rutgers. And I'm proud to say I'm only one of two people in the world that has ever been awarded a doctorate under Murray Rothbard's tutelage. If you like what you hear this morning, I'm available for weddings by mitzvah sweet 16s, Chamber of Commerce Rotary, you name it, I'm available. Have Murray will travel, that's my motto. Today's topic is really important. After listening to Patrick Newman last night that he inspired me and I will shamelessly say that in the last two years I've had three books published and one on the Federal Reserve which is outside with the very edgy title, Why the Federal Reserve Sucks. Keep on going, keep on going. The other book came out two months ago on universal medical care from conception to end of life, the case for a single payer system. Don't gag, the single payer system is you, the individual or the family, not the federal government. And the other one just came out three weeks ago on navigating the boom bus cycle, an entrepreneur survival guide, my first business book on how to really navigate the horrific conditions that the Federal Reserve gives us. So anyway, I just want to go into the basic reason why I wrote this book. I wrote this book because Bernie Sanders was making headway in 2016 with Medicare for All and initially this book was going to be on the welfare state and I said I'd better write something on free market medicine because growing up in the 1950s we essentially had free market medicine. You went to the doctor, $5 visit, you got a prescription, $3, $4, no insurance, no copays, no nothing. It was you, the doctor, you and the pharmacy. And my father had a major operation in 1961 at Lenox Hill Hospital in Manhattan. Blue Cross Blue Shield took care of it. He was a blue collar worker making $3, $4 an hour, no bankruptcy in the family, no nothing. Remember this is before Medicare and Medicaid, keep that in mind. So I wrote this book in order to counteract the medical statism that we're seeing all over the country and all over the world. And I don't have to remind this group what the problem is. It's employer-based insurance because of wage price controls during World War II and Medicare and Medicaid. So I mentioned to Tom DiLorenzo yesterday as I was writing this book and I was going through all the Medicare documents and the Medicaid documents. And I said, haha, there's a book idea that would be really narrow focused. And I came up with a title that Tom, you could use if you want to write the book, it's called July 30th and 31, 1965, how LBJ cemented the welfare warfare state on America. July 30th, Johnson goes to Independence, Missouri and signs the Medicare and Medicaid Act in front of President Truman, who was a big advocate of national health insurance. And the next day, which I remember vividly because it was my first summer school after my freshman year, LBJ announces 100,000, 150,000 troops are going to Vietnam. So July 30, 31st is probably as important as September 11th because we've been suffering under those policies since July 30, 31st. Let me give you some idea of what the extent of this problem is by some numbers since I taught finance for 35 years. Anyone want to guess what the national health expenditures were in 1960 before Medicare and Medicaid? The whole thing, doctor's bills, insurance costs, drug prices. Anyone have idea what the total national cost of healthcare was, medical care was in 1960? Shout it out. 1.2 billion. How much? 1.2 billion. Well, a little bit low. It was 27 billion. 27 billion for the whole thing, for 101, 80 million people in America. In 2019, this is right from the Center for Medicare and Medicaid Services website, CMS.gov. Great website for data on medical care in this country. In 2019, the total cost of medical care in this country, $3.8 trillion. And here's the scary part. By 2028, it's projected that cost will go from $3.8 trillion two years ago to $6.2 trillion in 2028. An increase of about 5.4% compounded annually. It's unsustainable. We know Medicare is going belly up because the trustees told us of the Medicare system that it's going belly up. So let me go into how we go from where we are today with employer-based insurance, Medicare, Medicaid, and overreach by the federal government. And in doing the research for this book, we have to get to medical freedom very simply. You've heard about direct primary care. I interviewed doctors for the book on direct primary care. And they have really good advice for patients. We will take, well, we will ask you to give us $100 a month, $80 a month, whatever the case may be, and you get access to us 24-7. So it's like almost a concierge service. The problem with most physicians, as you know, is they have about 2,000 patients while direct primary care physicians have about 800 patients. So you don't get a 10, 15-minute visit with a direct primary care doctor. You get about a half hour or more because they have to diagnose you correctly. So that would be one way of getting more direct primary care. How do we do that? Now here's what I suggest. And I know Patrick wasn't too big on this yesterday, but I think we have to use the current system for our advantage. So what I'm proposing is that medical students, when they become physicians, if they become a direct primary care physician, they get a tax credit or a tax exemption to give them a real incentive to become a direct primary care physician across the country. That would solve the problem, I think, of people getting quality care at an affordable price. So that's one thing. The next thing is with all the different types of medical savings accounts and medical reimbursement accounts, let's have one big medical savings account, a super medical savings account. The money you put in is tax-free. It earns money tax-free. And it's taken out tax-free. That's a huge incentive for youngsters, college graduates, to start putting away money so they don't have to be on Medicare in 40, 50 years. So we need incentives using the current system in order to get from here to there. Another piece of the puzzle is what insurance is supposed to be for, catastrophic loss. That, everybody knows that, who's got any sort of understanding of what insurance is all about. So catastrophic insurance, which would be relatively inexpensive. Now here's the fourth piece of the puzzle that would eliminate, this year probably the federal government will spend $700 billion with the state government on Medicaid alone, $700 billion. We could eliminate that in five years. And here's my challenge to Bill Gates and his former wife, Melinda, with their $55 billion foundation. They literally, if they wanted to, can create enough nonprofit medical centers, which I helped create one in Bergen County, New Jersey, and I support two others in New Jersey. They literally can create several thousand nonprofit medical centers that provides high quality care at no cost to patients. And you could ask them to do $1, $2, or the $5 that my parents paid for in 1955, 1960, for medical care. The umbrella organization for this institution is called Volunteers in Medicine, founded in Hilton Head, South Carolina, in the mid 1990s. I spoke to the founder, Dr. Jack McConnell, who passed away a couple of years ago. Lovely, lovely guy. He saw the need in Hilton Head, where a lot of low income workers not getting any medical care. So to make a long story short, he put it together. He got exemptions from the state legislature for, I think, licensing. So doctors who retired to Hilton Head can practice medicine without going through the hoops of getting a license. The website is vimamerica.org. It's based upon an old concept. Heal the sick in your community so they can get better. And for libertarians, I think we have to be a little bit more proactive on the nonprofit side of things. Because the left says, you libertarians are heartless. You lack compassion. Therefore, we need the government to do all this good stuff. This is an example of how you can take their ideas and turn it around and say, yes, there's a way of doing things. As my late father used to say, there's a right way and there's a wrong way of doing things. The right way is volunteerism versus coercion. And that should be our mantra. Do you want a society based on voluntary association, voluntary relationships, or do you want one based on coercion? And how do we achieve all these nonprofits? Well, the Gates Foundation, Warren Buffett, who gives 4% of his net worth to the Gates Foundation, he could do this also. Michael Bloomberg is big in public health. He can fund this as well. So there are probably a dozen multi-multi-billionaires in this country that could literally change the landscape regarding the nonprofit sector in America. The question is, why aren't they doing it? That's the $64,000 question. If we have the infrastructure, right, the infrastructure, we have it in place. Let's use the current infrastructure to build it out, build it out better, right, and have 5,000, 10,000 nonprofit medical centers across the country. Now, there's one article 30 years ago that I read. I thought Lou Rockwell wrote this article, or Jeff Dice, or Murray Rothbard. December 1991, Peter Drucker, an Austrian, wrote one of the most important articles on social policy in the history of this country. I have a copy of it here. We can make copies and distribute it. It's called, It Profits Us to Strengthen Nonprofits. I want to read a little excerpt from it. Give me a hook here. Because this article is probably the most important one that I've ever read in the Wall Street Journal. And Drucker writes at the end of his essay, the success of the nonprofits undermines the bureaucracy's power and denies its ideology. Worse, the bureaucracy cannot admit that the nonprofits succeed where governments fail. What is needed, therefore, is a public policy that established the nonprofits as the country's first line of attack on its social programs. That's pure libertarian and social analysis, folks. From Peter Drucker, who's not an, quote, IOLOG, he's a management consultant. He looked at the world and says, what works? When I was in graduate school in the 70s, I coined the term, which I never used, called theoactical. If something is theoretically sound, there has to be a practical application. And if something is practical, there should be a good theoretical foundation behind that practical application. So you're welcome to use that term in your writing. Then he concludes his essay, which I think is one of the most brilliant insights. This is Drucker writing. In my 1969 book, The Age of Discontinuity, I first proposed privatization. All you have, every reviewer, tell me that it would never happen. Now, of course, privatization is widely seen as the cure for modern economic economies mismanagement by socialist bureaucrats. We now need to learn that non-profitization may for modern societies be the way out of mismanagement by welfare bureaucracies. It's right there by Peter Drucker, who's probably one of the most well-respected social analysts in the history of the 20th century. So let's take ideas from people who we don't usually consider Austrian economists and run with it because he provides us with the insight. So I feel like I have to remind you of the old adage. If a tree falls in the forest and no one hears it, it doesn't make a noise. By the same token, if someone writes a book that informs about another way about having medical care, how do we achieve that? Well, it's financial leverage. Here's what I'm proposing. I mentioned this to Jeff a little while ago. I didn't develop it fully, but here's what I do. My Universal Medical Care book is available on Amazon, and their book's available here in hardcover. But in Amazon, it's also available in a Kindle edition. Here's the beauty part of it. As an author, I get $6 per book up for the Kindle edition. $6 per book. Mises Institute has been giving away the economics in one lesson, which I have a great affinity for. You know why? Nine months after that book was published, I was born. So I don't know what the relationship is, but I'll take it. I'll take it. I met Henry Haslett at the, well, I got applauded. I need the applause. I met Henry Haslett at the first Austrian economics conference in South Royal, turn Vermont in the next year. And that's fall, Hayek won the Nobel Prize. And to meet Haslett, who at 80 years old made, I mean, he was incredibly vibrant at 80, incredibly vibrant. And we had some nice conversations. But anyway, if the Mises Institute was able to provide 100,000 e-copies of the book by some donor purchasing 100,000 copies, we get the book out to 100,000 people in the hands of very prominent people. But here's the better part. Every royalty I get from those sales will be donated to the Mises Institute, every single dollar. I hope I'm not putting Jeff on the spot here. But the point is, we have to be bold. If we want to have big change, we have to have big ideas and big action. So what do we do? If there are donors in the room, if there are donors on the Mises list that want to do something to move the needle to medical care freedom, could you imagine if we'd sell 100,000 copies a month for 10 months? That's a million copies. That means the Mises Institute gets $6 million. Now I don't know about you, but my heart is racing. $6 million that would allow us to spread the message not only of freedom, but medical freedom to 330 million Americans. You can't buy that any other way. And we have the ideas. We have the ideas. And here's the other part. How much time do I have? Two minutes, great. I'm on the last page, okay? Here's the other part. And this is the fun part, because you gotta have fun when you're promoting liberty. You really have to have fun part. I recommend that the Mises Institute partner with a co-sponsor, whether it's the Kaiser Family Foundation, the Center for Budget Policy Priorities, the Center for American Progress, the Economic Policy Institute. In other words, a free market institution and sort of a left-wing institution or a neutral institution. And they invite Bernie Sanders and me to debate which single-payer system is best for America. And it could be held at C-SPAN. Could you imagine having C-SPAN host a debate with me and Bernie, two New York Jews, debating medical care? This would be bigger than Oli vs. Frazier. And here's another possibility. I listened to Joe Rogan the other day with Sanjay Gupta from CNN. And Rogan said he's a big Bernie supporter. Why doesn't Joe Rogan host that debate? Now, for three hours it'd be very problematic. I would need several breaks to do it, three hours. By the way, why are there no rest stops on I-75? I mean, the demographics of Florida suggest there should be a rest stop every 10 miles. It gets better, folks. It really gets better. To sweeten the path for Bernie to attend, my wife and I established the Sabron Family Charitable Trust several years ago. If Bernie accepts, I will donate $10,000 to a volunteer medical center in Bennington, Vermont. You got it? You got it? For Bernie to refuse means that that nonprofit center doesn't get $10,000. So we put the real screws on him, okay? Anyway, I want to leave you with this one thought. We have an enormous opportunity. We have the soldiers, all the scholars of the Music Institute. We have the ideas, second to none, the best ideas in the world. All we need to do is have a plan to get these ideas out. And I'm doing whatever small part I can now in retirement. My Federal Reserve book is out there. The Universal Medical Care book is out there. My new book just came out, and Hunter Hastings and I just did a podcast on navigating the boom bus cycle on Entrepreneur's Survival Guide. I was hoping that it would be here, but it's not. I guess the supply chain is still disrupted. But the point is, writing has become very easy for me. I can sometimes write 2,000 words a day, which is very nice. And I just wrote an op-ed, which we're trying to get it placed in a major newspaper. So far, we're having a little difficulty. And I spoke to Ryan, if the newspapers don't do it, he'll publish it. It's called The Federal Reserve's Assault on Saviors Continues. Here we are with 5% inflation, we're getting 0% return on our savings. I don't know why ARRP is not up in arms. I really don't understand that at all. That's mind-boggling. Anyway, thank you for being here. I hope you can join me. And if there's someone who wants to write a nice big check or several people want to write a nice big check, what we can do for America will be unprecedented in human history is start turning back tide of statism. Thank you very much.