 Earlier this year, I talked about the baby formula crisis in the United States. We did a show on that, Scott Linsecombe, who is one of my favorite commentators on economic policy these days. He's excellent. If you don't follow Scott Linsecombe, L-I-N-C-I-C-O-M-E, on Twitter, you should. He is excellent. Glenn, thank you for the $100. Really, really appreciate it. See, that's how we're going to get on these shows, the 250, is if people jump in with that kind of support. I really appreciate that. Scott has been on top of this baby formula story from its beginning. There was a massive shortage in baby formula in the late spring and in the summer. I mean, parents were frantic. Parents were desperate. 75% of babies in the United States depend, to some extent, on the availability of a baby formula. And there was a real shortage for a variety of reasons, which I covered before, a closing by the FDA of a particular plant, but more deeply, a complete distortion of the market in the United States of baby formula because of the way welfare is allocated, welfare to poor mothers, who that money is used to buy baby formula and how they allocate that and how they subsidize it, basically, government involvement in this market, completely distorted the market, and it helped create very few suppliers domestically. And when they shut down the Abbott plant, there was a significant shortage. But also, the shortage is caused by the fact that we don't import baby formula. For example, Europe is a massive manufacturer of baby formula. And what's interesting is Europe has very stringent food safety regulations. Why don't we just accept the FDA equivalent in Europe as a good standard and just import all the baby formula Europe can produce? The shortage would have been gone if we had done that. It took the FDA a long time to allow for more baby formula to enter into the country from Europe. Ultimately, the U.S. lowered tariffs on baby formula earlier in the year, so we have tariffs on baby formula. Who knew? You see how these things and that, of course, restricts importation, but also the FDA doesn't approve a lot of the companies and they have to go through an approval process. Why when food in Europe is just as healthy if not healthier than in the U.S.? So why doesn't the FDA just say, if you get approved in Europe, you're okay in the United States as well. And vice versa, if the FDA approved something, the Europeans should say, sure, it's approved here as well. They should do that with drugs and they should do that with food. Anyway, in spite of the fact that they opened up, in spite of the fact that the FDA allowed some formula to come in from Europe, in spite of the fact that tariffs were lowered, 25% tariffs on baby formula. Why? To protect American manufacturers, to protect the welfare system, basically. I mean, again, I'm not going to go through the whole story that I went through in the baby formula story I did earlier this year. Anyway, there's still a baby formula shortage. It's not as bad as it was. It's a lot less, but there's still shortages in significant parts of the country. And Congress suspended the tariffs earlier in the year in order to reduce the impact. The Abbott plant in Michigan has been reopened, but there's still a shortage. And tariffs, I expect that to snap back in January 2023. I love, tariffs is like the dumbest tax of all. Why are we taxing baby formula? I mean, is it because we have a trade deficit with Europe? Anyway, let's hope, hope, hope is all we have. Let's hope that people like Scott Lindsicom and others who put pressure on Congress to try to get rid of these, maybe, maybe even permanently, permanently eliminate tariffs on baby formula coming in from anywhere in the world. And, you know, let's get real pressure on the FDA to allow the importation of baby formula from Europe without the FDA having to give its own additional stamp of approval. Same should be with Canada. There's certain countries that even at the current regulatory structure, we can make things a lot easier to import stuff by just accepting kind of each other's regulatory regimes. Now, I'd like to see the regulatory regimes eliminated completely and privatized and for private certification to arise and for baby formula and everything else. But short of that, we've got an FDA, it's not going away. Let's at least do some rational steps to make it function better. Thank you for listening or watching the Iran Book Show. If you'd like to support the show, we make it as easy as possible for you to trade with me. You get value from listening. You get value from watching. Show your appreciation. 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