 All right Last minute change Come everybody welcome to your own book show. I know music today. I'm on the road and it's difficult. No, it's not a new condo It's a hotel Life is not quite back yet, but I'm trying I'm trying to trying to be normal so This is a hotel in California I'm here for the weekend until Monday and I was in Colorado yesterday, so I'm flying planes are packed Packed no middle seat empty nothing. I mean there's not a sheet to be hit not a seat to be had on On the various on the various airplane so so pretty amazing I hope the sound is good. Let me know if the sound is good. Hope the picture stays good I usually try to get a wired internet connection at the hotel because I don't trust Wi-Fi but these people this hotel they like to meet they told me they would be a wired internet and There isn't so so I'm doing this by Wi-Fi. So just let me know if If the picture stays stable and stays good and that everything everything Everything goes well. Also, let me know what the sound quality is like Hopefully, it's good Television here is it's big. It's not huge. Maybe 65. Yeah, I think 65 inches It's you're looking at it a kind of a weird angle that makes it look bigger than it really is What else do I want to tell you? That's it. So we're in a hotel. I'm in a hotel I'm gonna try to do a show tomorrow also from this hotel. We'll see if I can pull that off It depends on when they want me to check out And I'm driving down to San Diego tomorrow and I'll spend one night in San Diego and then one night in Dallas and then finally get home It's not easy Particularly with the limited flights these days. So while the flights are full There are very few flights. So It's very difficult to get in and out of Puerto Rico given given the Given the limited number of flights that exist today and all the restrictions that exist so We made it. It's not easy wearing a mask on a plane and and keeping that going but I Survived it one more time. All right, let's see Chris says thanks for recommending the documentary poverty Inc powerful film showcasing great African advocates for business. Absolutely. Yeah, excellent film poverty Inc. It's a not it's a Documentary, I think it's on Netflix Chris will correct me if I'm wrong. I think it's on Netflix Alright, you guys know the drill. Don't forget to like the show before you leave. Don't forget to share my programming more broadly because that's how we'll gain you viewers and don't forget to support the show I really appreciate it and It's really crucial to the continuation and the prospering of the show to support it financially Amazon Prime Chris says it was an Amazon on Prime so you can check it out there and of course, we've got a super chat feature here and Please feel free to use it and if there any of our whales out there free free to to use this as a mechanism to Significantly support and promote the show. All right. I've got my coffee and We're gonna get going so a few a few shows ago I talked a little bit about like sugar subsidies and and how all that is sort of a fact the kind of sugar sugar restrictions on on Implotation tariffs Subsidies and then that effect on corn and why corn farmers supported it and people found that quite fascinating and people didn't know much About it. So I figure we'll every once in a while. We'll spend some time looking at if you will the impact of the mixed economy on You know on on our standard living our quality of life on on the economy and how we are doing how Each one of us is doing from material perspective. So We're gonna be doing that Showing you kind of the perversions of a mixed economy showing the consequence of a mixed economy Showing how Cronism becomes an inevitable feature of the mixed economy You just can't avoid it as I showed you with the sugar and Ted Cruz and and Corn farmers and ethanol in that whole story. So today I want to focus on a different industry today We're gonna focus on the shipping industry shipping industry. I did a show a Very positive show about the shipping industry a while back about containers and how containers change the world shipping containers And I really like that story. That's one of my favorite stories Because it's very positive and it shows kind of the the ability of entrepreneurs to really change the world and But today we're gonna talk about How the United States regulates shipping how it controls shipping and kind of the distortions and perversions that that creates and Also that you know because of that kind of the acronism that that Establishes and how all of that works through this system. I I came across this story on a A blog I guess you could call it a blog that I really want to recommend I want to recommend the work of this economist And of course his name is not on the article Let me find his name, that's not right. I need to give you the name. So his name is Scott Lynn Sikom Something like that. L. I. N. C. I. C. O. M. E. Scotland's come he has a I think he was a lawyer he's now mainly writes about economics a lot of its intersection between economics and politics economics and And law I'm learning a lot from his stuff. It's really good. It's detailed. It's You know consistently free market at least the stuff I've seen so far I think he works for Cato, but he publishes on the dispatch the dispatch Is a sub-stack those of you know what sub-stacks are it's a sub-stack. I love sub-stacks It's like blogs that you get on the email Scott stuff is excellent. His sub-stack is called Capitalism it's a capitalism with an O. C. A. P. I. T. O. L. I. S. M Capitalism it's the intersection of politics and capitalism and economics that at least that's I think why he chose that name And the stuff is excellent. I recommend it follow him support him and Consume the material because it's good stuff. Anyway, he had a piece Called your summer cruise just got Cabotaged Cabotaged we'll get to what cabotage means So we're gonna I'm basically gonna be Summarizing this article that he wrote which which I think is excellent about this whole issue of shipping in the United States And it came to his attention Because there was a story out that the Canadian government has now extended its pandemic related moratorium on Fond ports arrivals. So if you arrive in Canada from a foreign port It's a real hassle, right? So so they don't allow Ships to dock in a Canadian port if they're coming from a front port. This is part of the COVID stuff that's going on anyway This is imperiled made impossible US cruises to the coast of Canada, which is of course beautiful, but Curiously It is imperiled US cruises to Alaska. It turns out It turns out. I don't know if you guys knew this That if you leave Seattle on a cruise ship Bound for Alaska Alaska cruises are amazing beautiful I've never been that the pictures and the photos and the videos I've seen are just stunning, right? So so Traveling to Right a lot Alaska is I mean Alaska is beautiful But it turns out that to get to Alaska from Seattle from Los Angeles from San Francisco Or even from Hawaii The cruise ship has to dock in a Canadian port Before it reaches Alaska So they can't go straight from Seattle to Anchorage That's illegal literally illegal For cruise ship to go directly from Seattle to Anchorage They have to stop in a Canadian port in between There are a lot of go directly from Hawaii to Anchorage or Anchorage to Hawaii. They have to stop in between In a Canadian port now Why is this Why is this what we'll get to that so of course everybody's pissed off Everybody's upset the Canadians they the Alaskans upset so they're putting pressure on the Canadians and They're putting pressure on the Canadians to change Canadian law so that they can come to Canada You would think If they were rational There's a wish list for you if they were rational they would put pressure on Washington DC to change American law So that American ships wouldn't have to stop in Canada Because they do So why do they have to do that? It turns out another example if you want to ship If you want to ship LNG you know what LNG is it's liquefied natural gas So if you want to ship liquefied natural gas Which which we produced like we have a lot of natural gas and to ship it It's easier to turn it into liquid and on the other side you turn it back into a gas to ship liquefied natural gas from from Louisiana or Houston like Natural gas producing places with for finaries where they can liquidify the natural gas to Massachusetts Today in the United States Is illegal it's illegal It's a very efficient way of transportation gas transporting natural gas. It's but You can't ship it between two US ports Can't ship it between two-year sports Why you can't take a cruise from Alaska to the mainland US without stopping in Canada and you can't literally Transport America produced liquefied natural gas From Louisiana To Massachusetts that seems insane insane. Do you know where? Massachusetts gets its natural gas from They can't get it from Louisiana not by boat and I don't think there's a pipeline or maybe the pipeline Doesn't supply enough of the gas. You know where they get the natural gas from Russia So it's legal from Massachusetts to get gas from liquefied natural gas from Russia, but not from Texas of Louisiana Not even by the way From a LNG Terminal that exists in Cove Point, Maryland Would be really cheap because it's a short trip. So these are the kind of a mysteries Kind of perversions the kind of distortions the kind of insanity That we are going to talk about today now today is gonna be a little challenging because I am on a laptop so I've got this tiny little screen and I'm trying to get all the super chat questions and I Don't have enough screen space to have everything that I want on the page And I'm scrolling around and I'm a little lost so you just can have to be patient with me today as We work through this. All right, so let's try to explain this basically these are called Cabotage laws cabotage refers to transportation it refers to primarily by shipping but also You Cabotage laws apply to airlines and we'll talk about airlines later because very similar distortions occur in airlines and And generally the transportation is a good from point good or people from point A to point B are covered under cabotage laws and Since the beginning of the United States This shipping in primarily has been regulated by Congress as far back as 1789 Congress plays prohibitive tariffs on use of foreign ships in domestic trade in Order to support the local shipyards and the fledging US Navy. So the idea was in order to support The ability of the United States to build its own ships in order to support American sailors in order to support the American fleet all kinds of regulations were passed To make it very difficult Too impossible For foreign built ships or foreign man shipped or foreign owned shipped a foreign flag shipped To actually operate in American waters Unless they were coming from a foreign country Now there are two at least two Laws acts that apply today To these issues the first one you might have heard of is called the Jones Act All right, the Jones Act the Jones Act is them Merchant Marines Act of 1920. It's a 1920 bill. It was it was basically Passed in order to ensure we had a domestic shipbuilding capability and then we had merchant Marines So in times of war, you know, they could transport troops and transport equipment overseas So that we could go to war in Europe or wherever Middle East South America wherever we need to go to war So what the Jones Act actually says is this If you want to transport goods Between two Places in America between two ports in America because this relates to shipping You can only do so only do so on a US built US owned US flagged and US staffed US owned US built US flagged and US staffed boat ship in that sense The United States has one of the most restrictive shipping systems in the world The only two countries that restrict shipping more than the United States are Drummer Indonesia, which is just a series of hundreds of islands in a very restrictive shipping system and to China And who is closest to us, but we are more restrictive than them Russia So the United States has restrictive shipping laws like Russia China and Indonesia That's Who we compare ourselves to when it comes to shipping the land of the free the home of the brave the birthplace or the Greatest manifestation of capitalism in human history is now at the level of Indonesia or has been for a long time in terms of shipping So note what this means An American can buy a ship. Let's say in Greece Man it with Americans Put on a US flag And it is would be still illegal for them to transport goods from Massachusetts from if I'm Louisiana to Massachusetts This ship literally has to be built here owned by owned by Americans flagged in America and staffed by Americans So how many merchant marines are there in the US for people who work on ships in the US? Not many if you've ever been on boats ships cruises not a lot of Americans and Indeed the United States there is not a single ship That is US built US owned US flagged and your staffed they can transport liquidified natural gas Which means Since there's no US owned US built US blah blah blah blah There's not a single American ship that can do that which means There's no way no way to transport Louisiana gas to Massachusetts you can Massachusetts can buy it She was a Massachusetts can buy it from Russia Because there's no restriction on Russia Russian boats coming in to Massachusetts as long as they're not coming from Louisiana Right, so imagine in a real free market world, right? Russian ships, let's say the Russians are really good at ships I don't know if they are but let's say they were really good at ships and that great cruise and a great ships for natural gas Well a Russian ship Could go to Louisiana pick up in that liquidified natural gas and take it to Massachusetts and sell it over there But that's illegal. Why is why is almost everything more expensive in Puerto Rico? Because in order to transport anything by boat For mainland United States to Puerto Rico or to Hawaii or to Alaska if you're going to do it by boat Hawaii and Puerto Rico It's the only real viable way to do it. You could use airplanes, but that's even more expensive The only way to do it is using a US built US owned US flagged and US staffed ship and again Liquified natural gas they just aren't those ships and we'll talk later about what ships they are how many of them what's their quality? What's they cost? Now that's For the goods, right? What about cruises because the Canada thing was all about cruises, right? What happens to cruise lines? Well, this is an 1886 law That basically applies the same restrictive rules has to be owned flagged built and staffed by Americans in order to cruise between two US ports So if carnival cruises leaves Seattle, but carnival cruises is not staffed by Americans I Don't know if it's flagged in America. It's probably not flagged in America either It cannot travel between two US ports It has to therefore stop it in international port in between Before it gets to the second US port Now you have similar laws for salvage towing dredging all this stuff just Unbelievable now, what does this do? It dramatically increases the cost of US shipping because transportation between US ports There's no competition Right prices go up because there's no competition Hard to tell how much this is costing the US economy but OECD studies found that output just by getting rid of the Jones Act Output in the United States would go by 50 to 135 billion dollars and that's Way underestimating the true cost as we'll get to all the different complications that happened because of this Imagine so even in the waterways, you know, there's a waterway that goes all along the East Coast The only boats that are allowed to function in that waterway American built American owned American flagged American staffed Imagine if there was competition there imagine if the cost of freight Between US states between US ports between US cities was reduced dramatically What you'd have more trade You'd have therefore more output by other industries for inside the United States consumption Today you would have to ship those goods either by boat at very high tariffs or by truck or by railroad Now I often wonder why in the United States of America do we have so many trucks on the road? Why do we have so I mean there's a ton of trucks on the road and it makes it dangerous Many at many of the accidents we have with mortalities are caused by trucks Trucks a huge burden on the infrastructure and the transportation infrastructure of the United States Why do we have so many trucks on the road? Well a major reason we have so many trucks in the road is Because we can't ship by boat Or we could but it's way too expensive because of the Jones Act It also has to do with the fact that we've regulated the railroads of the railroads and nowhere near as competitive Imagine a world in which railroads had never been regulated or hadn't been regulated in the starting in the 19th century We would have I believe the most effective fastest Most robust real system in the world imagine if government hadn't spent gazillions of dollars building the interstate Interstate system interstate highway system and Instead we would have had private railroads the whole way of life would be different and We'd have phenomenal rail so's Why is the world the rest of the world way ahead of the United States on rail so's partially because We destroyed our rail industry we were ahead of everybody at the turn of the century we destroyed it through regulation So John Jones act just puts more burden on truckers more Supply for them now know That that means the trucks and railroads have a strong incentive never to get rid of the Jones Act Because the supplies them with a huge amount of demand Which would go to shipping? If the Jones Act ever went away now in addition We have a very small shipbuilding industry in the United States Unbelievably inefficient Unbelievably inefficient because it faces zero competition because Shipbuilders in the United States Are the only ones who can build ships for us owned yours man US staffed US flag chips So I don't compete with foreigners. They've never developed a competitive niche niche and To build a ship in the United States is four to five times more expensive than it is to build abroad even though Labor costs in the United States and for shipbuilders are not very high by international comparisons now In spite of the fact that it takes four to five times more or maybe because of this Shipyards are heavily domestic shipyards are heavily subsidized By the federal government by the state government by the local government. They subsidize it enormously Now it's true foreign governments like the Chinese and the Koreans also subsidize their shipbuilds but at least they have they face competition and US ships cost 400% more than foreign ships But if you want to transport goods between two-year sports you have to pay the price you have no choice and Of course, it's just not worth it to buy a ship from a US shipbuilder to transport LNG between For transport between the margins is just not high enough They're not willing to pay Massachusetts would rather just buy their natural gas from Russia So we've got a shipyard business industry in the United States But it's completely uncompetitive Even the servicing the servicing of US owned US built US staffed US flagged chips is done overseas Even though when they go overseas they have to pay a 50% tariff It's still cheaper than servicing the boats in the US. That's how inefficient our industry has become so it truly is truly is unbelievable and yet Nothing happens nothing happens So we get higher shipping prices, right which depresses the demand for shipping Which leads you as companies? Shipping companies to buy fewer American made vessels because there's this demand Which raises the prices? Which reduces demand which caused them to buy even fewer and fewer and fewer and so today There's only what 93 There's only 93 US built US flagged US man US owned ships in the United States And they have to supply Puerto Rico. They have to supply Hawaii They have to supply Alaska They have to supply the inner All the inner Canals in the United States any transportation between two ports in the US Uses those ships and no others So of course prices are gonna be through the roof Sorry, 98 ships now other 98 ships One third of 20 years old and another quarter 30 years old more than 30 years old So we're talking about an old inefficient unproductive shipping industry Unbelievably expensive unbelievably inefficient now you get the same thing with the cruise lines Indeed when it comes to cruise lines, there is the basic you're on no large American made Cruises cruise ships. They just don't exist. There was one attempt one attempt. There's one large cruise ship That is considered made in America. We'll see made in America. It works out of Hawaii It's called According to Scott. He says funnily enough. He deliberately named pride of America pride of America So here's the story of pride of America. You can find this. There's a New York Times article about this You can find it in other places But just look at pride of America. So in 2001 and I'm reading for the article powerful Southerners that tried and it failed a Ball was declared unfloatable and was towed across Atlantic to be completed in Germany for Norwegian cruise lines but to avoid To the United States Ship is still billed as made in America and Therefore can travel between two American ports. It's the only cruise ship in the world They can travel between two American ports without stopping in some international destination in between now I'm telling you all this Because I want you to understand the extent to which the extent to which the mixed economy is everywhere and The extent to which most of us don't know it most of it is invisible But it's everywhere distorting perverting Brad, thank you. That's very generous Roland. Thank you Really appreciate it those are the super chat contributions The mixed economy is pervasive government-involving in our economy today is pervasive The distortions are unbelievable. This is just one industry and we're talking about tens if not hundreds of billions of dollars one little industry Just extrapolate that across the mixed economy extrapolate what it would entail If we could actually get rid of all these distortions and provisions It's truly hard to imagine the amount of wealth that would exist in this world Just if we actually deregulate it Really deregulate not the Trump minor But really got rid of deregulate get rid of regulations We need a bill to get rid of the Jones Act a bill to get rid of this other act that affects cruise ships Right Now the other part of this is the excuses what we need we need these shipbuilders We need very inefficient very very expensive shipbuilders We need these boats so that if we ever get engaged in a war we can use them to ship stuff To wherever it is in the world that we are fighting now why we need To be fighting elsewhere in the world why we need to ship a lot of stuff there Why we can't just crush the enemy and come home. That's a whole other story, but During the Gulf War The United States military shipped a lot of equipment a lot of tanks a lot of stuff to the Middle East It only used 29 American ships 160 Foreign ships to do it. Yeah We got help from our allies. We even it turns out got help from the Soviets. This is 1981 I guess From from Russia. We got help from Russia to ship our Military equipment because our ships are so bad our ships cannot handle the US military So why pretend Why pretend now notice the unintended consequences? I hate the unintended consequences because many of these should have been predicted and therefore in a sense I intended but one of the in one of the problems is too much talking Too many pipelines need to be built With shipping might be much cheaper than pipelines I don't know nobody's around the cost because nobody cares because shipping is out of the question It's impossible to ship natural gas so you have to build pipes Because of laws because regulations because of the Jones Act. What can it cost to these impose? What about the lives? What about the congestion? What about the damage to the infrastructure that? So much trucks so much trucking involves What about the fact that we rely that vast parts of the United States rely on fawn is On on farm natural gas when cheaper natural gas is available right here in the United States What about The the poverty that results in places like Puerto Rico because everything is so expensive Because of the Jones Act and if American producers can pass on the cost and still use American shipping Then we as consumers are paying higher prices Right, so everywhere you look the distortions provisions and lost revenue. There's a Scott list a good example here of The San Diego has Cruise docks that are basically vacant 90% of the year 90% of the time they're vacant 80 miles south in Mexico. There is a cruise port that is busy all the time All the time With basically American ships They're just not ships that are own built that are up because right the only ship that's built in America's pride of America So it's a dock that basically exists in order to serve the law that requires you before you enter the United States to stop in a farm port without this law those cruise ships would start in America and end in America and Transfer people between America creating jobs creating economic activity who knows of course One of the biggest lobbyists to keep these laws in place Particularly with cruise lines are the Canadian government that loves the business in Canadian ports and the Mexican government that loves the business in Mexican ports So notice how you get these lobbying coalitions You get these coalitions You've got truck drivers. You've got the Canadian government. You've got the Mexican government then you've got shipbuilders you got unions that are associated with the people who build the ships And then you've got a bureaucracy a massive bureaucracy in Washington, DC that is built around enforcing these laws and All of these Have strong incentives to keep the Jones Act and to keep the cruise lines act in place Who has an incentive to abolish them? Well, all of us But all of us don't get organized All of us don't have a law being on All of us, you know, yes, everything costs me a little bit more, but I'm not willing to spend big bucks to get rid of the Jones Act But you know what the Canadians are Well, I don't know if the Canadians are but suddenly the unions and the shipbuilders and all these other incentives the truckers They have huge incentives To spend a lot of money to keep these laws in place She's got well-organized highly motivated highly financed Lobbying organizations domestically public relations machines They've got their own institutes called the transportation Institute. They've got lawyers lobbying organizations and then there's the rest of us and we're not organized and We don't have a pressure group and it's too complicated for us to get a pressure group together. Who's gonna who's gonna? Fight the Jones Act. Nobody Who's gonna win? Well, the people with the money the people are gonna knock on the thing the people who can organize voters the people who are gonna Unless unless you have a moral objection unless you're fighting for free markets unless This is just one blimp in getting rid of the mixed economy But he seems impossible to do this piecemeal Because you're going up against unbelievably powerful pressure groups now for example in the Trump administration In the energy department, which was one of the better departments where they did some better things and deregulation They try to get this is in the government. They try to get a 10-year Jones Act waiver not do away with the Jones Act just a 10-year Jones Act waiver just for LNG just for liquidified natural gas right and They had the entire US oil and gas industry behind them Lobbying for this and This is huge It has geopolitical implications. You're not relying on the Russians It you know, it's just it just makes complete sense to be able to transport gas between the United States and the United States And it despite the fact that people within a trumpet administration supported this push for this try to get this through It didn't happen partially because transportation secretary Elaine Chao opposed it She was by the way named American maritime partnerships inaugural maritime hero. She was made a hero a New award invented for this purpose basically because she opposed a 10-year moratorium on the Jones acts only for LNG That's how powerful The deep state is that's how powerful the lobbying is and the only way to fight them Is to truly fight them? Not by piecemeal Not by little 10-year programs. Not bad a little bit here a little bit there but by a complete repudiation of all of this and Of course, that's what was missing that has been missing from the Republican Party forever Certainly the Democrats are not going to do it What you need is a complete repudiation of the involvement in government in shipping in steel in aluminum in manufacturing And yet the lesson learned from all this is not that's a direction we should move The lesson learned from this is not We should move more strongly towards getting the government out of these industries The lesson learned is we need more industrial policy We need more government involvement. I mean the the the lesson learned is kind of the national conservatives Who want more and more and more? By the way, can you guys is this are we still on I can't tell if we're still on Are we in a different channel or something? Did we switch? All right, I guess we are still on And went away again Whoops, what is this? Huh? Okay. We've got a different different chat stream. Let me close this chat stream We come and go. Sorry about that guys Yeah, this is why I hate I hate doing shows on Wi-Fi hate doing shows on Wi-Fi And not on okay, let me shut that down So instead of learning the lesson from this what we get is we get a Republican Party that wants National conservatism. It wants industrial policy. It wants the government to show up more industries in the United States They're going to protect more quote American jobs All this does is destroy American jobs. It creates industries that are uncompetitive. It raises costs for everybody else And it's an overall unmitigated disaster So hopefully you learned something a little bit about the Jones Act about cruise lines about Why industrial and how industrial policy just does not work? It doesn't seem To really matter It doesn't seem to really matter. Nobody seems to really learn the lesson. Nobody really seems to learn from it The white lessons and it's more evidence that what we really need to do is It's fight on principle not put our hopes on any one of these Political parties and politicians and political groups and indeed, you know, we what we need to do is fight fight the Republican national conservatives fight National economic policy national industrial policy all these policies that only distort preferred Create bad incentives and cost us cost us jobs cost us money cost us wealth cost us lives But that's direction. We are all heading unfortunately. All right. Let's look at the super chat Yes, I got all the super chat questions. I think I Didn't mark them all for All right, let's have a look So somebody's I think it's Alan gives this example and I think this is example directly related to Jones Act This is about offshore wind. You know how they're building off the coast. I guess of Massachusetts and some other places they're building wind farms to produce energy off the coast and And it's And he's giving the example of one developer is getting bids from us fab yards and around one billion for an offshore wind installation vessel Again, because and they can only buy it from a US shipbuilder one billion dollars It's five times the cost in China three times the cost in Europe Why can't they buy the ship in China or in Europe? They have to buy in the US and pay three times or five times the cost Now If I was a supporter of wind, I think this was absurd and ridiculous, right? I'm not a big supporter of wind. So if it's a little bit more expensive in the United States, they're still gonna build it So it's still gonna it's it's just gonna come out of my pocket because it'll be subsidized but just consider that Five times more expensive and they're forced to do it because somebody deems it In our interest in some way Derorates I've heard the same arguments for protecting food corn sugar Automobiles Obama Obama bailing out GM for national security in cases We need huge internal supply of food GM and GM to make total tanks for total war. It's completely nonsense complete nonsense Of course, Trump did the same thing. I mean, it's easy to blame Obama, but Trump subsidized corn and sugar Trump Put tariffs on steel to protect the American steel industry because we need steel for war But the amount of steel we need for war is very small The entire US production of steel even without the tariffs Would suffice if we shifted it to war production according to Generals whose stuff I've read I've read but don't forget We have allies not everybody in the world is our enemy Brazil Canada most European countries they produce steel I'm sure they would sell us steel for manufacturing of weapons if we got into trouble You got into a war Corn and sugar we need corn and sugar for war. How is sugar a national security threat? Sugar is to protect the corn farmers so they can continue selling corn syrup and it's to protect the sugar farmers so they can continue To give money to Marco Rubio There is no national security to produce corn or syrup There's no national security reason to build automobiles in the United States You know what the certain factories in the United States to build tanks We build I don't know what the name of the latest tanks used to build m60s why not build capacity to double the capacity of tanks and mothball it and When the need arises open those plants up make sure they're fully automated. There is robotic as possible Let's even assume we need more steel production capacity mothball some plants and at a time of war open those up and use those to produce Don't believe this is the thing though. That drives me crazy about people not you guys but people is Is that if a democrat says it's a national security issue then all my friends go Oh, they're just bogus. That's ridiculous. That's just an excuse But if an ever republican says it never mind a republican Trump says it like with steel or with farming Everybody go. Oh, no, this is good We have to subsidize the farmers because the Chinese and we have to subsidize steel because of the Chinese and we have to subsidize Why because Trump said it? No, the arguments to intervene in the economy for national security reasons are all bogus all of them There is no role for the US government in the economy if they're national security concerns Then deal with them narrowly as national security concerns If you need extra capacity just in case of war create that extra capacity and mothball it Don't put that online to compete. Don't subsidize Maybe Boeing thought Maybe if there was a possibility for Boeing to go out get it to go bankrupt What it would happen if Boeing went bankrupt with the United States not be able to build fighter planes because Boeing builds a number of fighter planes No, the fighter plane business at Boeing is very profitable worst case scenario is you couldn't build domestic airplanes airplanes for for You know civilian transportation, so what why do they have to be American planes and The if Boeing ever went bankrupt and they could spin off the military stuff and shut down the civilian stuff if that if that was ever necessary But no, we're never gonna allow them to go bankrupt under the guise of national security Boeing is too big to fail and Boeing will be bailed out by government no matter what you can guarantee it now take another example also Capitage laws Why is it That there are so many airlines in the world But none of them fly between American cities like why can't I get a British Airways flight from LA to New York? Why can't I get a I don't know a Korean air flight from Miami to Houston Why can't foreign companies compete in the American domestic market? Because there's a law that says they can't why can't British Airways buy American Airlines? Because American Airlines not that particular line, but all American Airlines cannot be owned by foreigners They have to be owned at least 51% by American entities So for example when Virgin Wanted to fly in America. They had to create a separate company owned 51% by American investors It was on 49% by the original Virgin and It flew in the United States, but it could not have it could not be part of the Virgin Atlantic Airlines it had to be run as a completely separate independent company. Why? Because those are the requirements of the law There's just no exceptions. It's just That's what you have to do so In the United States transportation to a large extent, but yeah, I mean imagine what flying in the United States would be like if US Airlines not just had to compete with the other three US Airlines They're like four or five of them but imagine if they had to compete with Asian Airlines Singapore Air the best airline in the world supposedly or or the Emirates or Or Italia or Air France Imagine if globally there was actual competition if American Airlines could fly within European cities I'm sure in Europe. It's the same thing within European cities and You know between Asian cities and imagine if you really had Free transportation freedom in transportation not free transportation. I mean it would be unbelievable It would be cheaper and better Dramatically better. I'm flying in a US airline is no fun But that's because It's a small group that they compete among each other By the same standards These are the kind of laws again a mixed economy all by the way the airline laws are all also justified in terms of national security because we know that if British Airlines if If if The Brits owned American Airlines. I mean that would be a disaster for national security. I mean Jesus really? How could you even consider such a thing? Yeah, you'd have some big global Airlines. It would be international travel be unbelievably efficient But there wouldn't just be one airline. They'd be competition Plenty of market space Plenty of drive they'd be fewer airlines than they are today in the world But who needs so many islands one of the one of the One of the indications that the market doesn't need so many islands is the fact that they form these alliances where they try to Create a pseudo Looking something that looks like Looks like just three or four lines. So they're they're these three alliances But it's not one alliance now when he had sufficient is one. Thank you Ashley. I really appreciate that She Ashley asks You make a study of current events tolerable and worthwhile. I also value a line of questioning. Why are things the way they are? Yeah, I mean We have to really think why people buy into this Because we're not gonna solve it otherwise when I'm gonna get past this idea The things are the way they are by the way Ashley. Good luck on your new venture. It seems really exciting Ashley's doing a Like a psychology, is it a podcast or is it a Blog, I can't remember. Maybe I think it's a blog, but it looks But art psychology objectivism. I hope it's okay to be giving you a little bit of free advertising Let's see what I yeah, so Always be suspicious when people raise national security issues always Particularly if it's around sugar or corn, but even shipping or anything else Also Note that when these laws get established What they create what the law creates is a pressure group The law makes a crush a pressure group An integral part of it right because it benefits certain people the pressure group the pressure group Now has a massive incentive to keep the law in place and The problem politically is That the people who want the world law to go away are diffused. They're not concentrated. They're not focused They're not they don't have the money the resources of time to get rid of the law So the people who want to keep it a far more motivated than the people who want to get rid of it And that's why the people who want to get rid of these laws us We have to want to get rid of all of them We can't fight them one by one There's no way to win that battle And this is why what we need is a president who will do away with regulations through legislation Find ways to get legislation that eliminates regulation after regulation after regulation after regulation in big chunks in big chunks And unfortunately we we haven't had a president like that since Ronald Reagan and and even he didn't do that much He was basically two presidents who did that Jimmy Carter and Ronald Reagan. That's it That's it. All right, let's see other questions in the national security argument Is the national security argument only valid in mixed economy by this I mean enough truly free society with the national security only be funded voluntarily by its citizens via persuasion. Yes So national security would be funded voluntarily by its citizens through persuasion You would voluntarily send a check-in for the purpose of national security But there would be national security planning and considerations in a free society So the government would have to consider if we have to go to war where would we get our steel? And they might want to take some of that money and invest it in some Building some steel plants and mothballing this they don't compete in a free market in just in case in war So you in a free market in a proper government the government would Into account and have a plan on how to deal with it But the plan would be contingent on No interference in the private economy during peacetime now during war You you might have to compete because you might have to ramp up production of certain goods Which would compete with a private sector, but during peacetime. There's no Interference. Yeah, I did get the questions from the other stream. Let me go back backwards and find them there. They are Let's see I'm looking for questions that relate to this and then I'll And then I'll take other ones Let's see All right, none of them are None of them are related. So let me oh, here's one What is your top methods of transportation to travel on for both long and short distances? Oh Well, it's not really related, but I fly And I drive I like driving. I like the experience of driving So I like doing road trips. I like I like driving fast, but I like doing road trips I find driving very relaxing therapeutic so Driving and flying I really take ships boats, you know, and I've done I think one cruise in my life to maybe And I have it I don't really I'm not a huge fan of trains not a huge fan of trains All right, this is a $50 question. So it gets priority and then we'll go backwards a follow-on from the GME shows When I sell or buy stock Who am I buying them from or selling them to? How does the price know? How does the price know whether the transfer of ownership of stock was triggered by someone wanting to sell or buy and move accordingly So when you buy a stock, you're buying it from a market maker and a market maker sometimes Will provide you a stock that they have an inventory right in inventory so that And they keep an inventory because people are buying the stock all the time and they don't have to go look for stock in order to supply it for you or If they don't have an inventory they will go and buy it and then sell it to you So they there has to be a spread. It's called the bid-ass spread So when you come in to buy you're buying at a particular price That particular price was typically set by the market maker. That's again this bid-ass bid So you're gonna buy at the higher price and you sell at the lower price because they have to make the spread It's they're gonna sell you the stock at the high price and buy from you the stock at the low price And what they make their profit is the spread. That's what Citadel Shares with Robin Hood. They share part of that spread Robin Hood sends the trade. They were way in that spread Part of that is goes it goes to Robin Hood So how does that? How does information get? Embedded in prices. Well, think about it this way. Let's say the bid-ass bet is let's say the stock is Is selling between 50 and 50 point five So if you sold the stock it would be 50 if you bought the stock it would be 50 point five And let's say you you at 50 point five You're buying so you you come in and you buy a bunch of stock at 50 point five and the market maker saying, okay People are willing to buy at 50 point five. I wonder what happens if I push it up to 50 point 75 And you continue to buy at 50 point 75 because you think it's worth 55, let's say, right So the market maker says, okay, there's there's demand at 50 point 75. What if I raised to 51? 51.25 52 And only when you stop buying somebody stops buying doesn't have to be you but people stop buying Does the market say? Oh, nobody's buying at 52 Okay, that's interesting. Okay. Let me lower it 51.75 Let's see if anybody buys there and a lot of people are buying at 51 point. Well, maybe send him his change I'll go try 52 again And that's how prices are moving in the same on the sell side And even the bid-ass bid might expand or shrink depending on supply and demand for buying and selling the stock So that's kind of that's the mechanism now if you want to if if we need to get into More details of it and I'm happy to do that Brad but that's that's the basic idea. Okay And uh You're almost never buying it from somebody who's literally selling it I mean, you're never because it's going through a broker The broker goes to market maker the market maker makes the transaction Then it goes to a clearinghouse where they literally make sure that you've paid your money And the stock has arrived and it all gets transacted. So it's a it's many many parties touch this transaction In between and that's what people don't understand They have no conception of what's involved And of course the money Is often buying selling stock often on margin You're often borrowing money to do it. You're borrowing it from the broker If the broker if if if the market maker or the clearinghouse is suspicious that the broker doesn't have the money Or the broker's not good for it. Then they might hold up a transaction. That's what happened to robin right That's why they had to reach 2.4 billion dollars. It's a lot of money. Okay Um Let's look that's good. Okay, so i'm uh Just going to go from the top down in terms of the questions What's an example of objective and non objective thinking? I was watching a debate with a rabbi And thought about this when he brought up that he's never met an objective person So objective thinking is of thinking Is thinking right in a sense. It's it's redundant. It means that you're referring to facts You're referring to reality. You're being logical and rational Non objective thinking is not really thinking Non objective thinking is really when you're using emotions. You're letting your emotions interfere. You're letting emotions Move you in one direction or another You're letting that impact your decision making or you're evading certain facts You're purposely not looking in certain directions. You're only using facts that are appropriate or that that fit What you think the conclusion should be Objective means taking in all into account all the facts Applying to reality using logic not letting emotions intervene and not letting your biases intervene Objective thinking is hard because it's very hard to let go of your biases It's very hard to look at reality and actually examine the facts and make sure you have all the available evidence And are not overlooking anything That requires real effort So I can understand him saying he's never met an objective somebody who's really objective because It's unusual to find people who are who are really Really make an effort in their thinking to be objective to be fact-based to be reality-based All right, we've got some 20 buck questions here. Let's see And I might have skipped some 20 buck questions as well But I own a manufacturing company for the first time in 30 years Most of my suppliers are warning me of shortages Is this a side effect of inflated the currency or covet or both? I think it's probably uh It's certainly Covid I think that You know, it's hard to tell what I don't know what manufacturing company you are, but certain businesses Their supply chain has been significantly Hurts and damage by covet People are not going to work people not allowed to work people not allowed to travel certain businesses can't produce so You know, it's not clear mining operations are For raw materials are there. There's a shortage in in chips right now in semiconductors Partially because of covet so I think I think it's mainly covet Affecting it. I'm trying to think of inflating currency would do this um Nobody wants the whole dollar so nobody's willing to sell maybe Because because they're worried the dollar will collapse Maybe but but i'm not i'm not convinced of that. I think it's more related to covet and and all of the economic disruptions that have happened in terms of covet and as I always say when we talk about economics the economic disruptions are not always direct. It's not always the scene It's usually the unseen That is having a real impact These things are very complex As a 22 year old brit I'm interested in how you think the british economy is being handled right now by barris johnson And do you think political figures such a mogath thatcher would have handled things differently? I do at least I hope so. I know I think barris johnson has been a disaster in every respect I think shutting down the british economy shutting down life in the uk Has been a disaster. It's awful. Uh, uk has not done better significantly than sweden Where the economy wasn't shut down where life wasn't shut down No, I think all these shutdowns across the world Particularly in these western countries have been Absolutely disastrous economically and have not really prevented a lot of deaths because if you look at the death rates They're very very high and infection rates are very very high So, uh, it's not clear what value lockdowns have had you've locked people up indoors Where they're much more susceptible to these diseases than if they're outdoors and moving around and Yes, I think thatcher would have handled it differently and in terms of economics Think about the fact that barris johnson has just engaged in a green new deal for the uk Green new deal It you know, I thought conservatives were against green new deals So we're getting a green new deal in the middle of a pandemic Um, the economy can't afford a green new deal even in the best of times It certainly can't afford a green new deal in the worst of times, which is what we have right now So barris johnson just turned out to be a disaster just a disaster Some extent one wishes the the left would have won and they didn't get blamed for all of this And then the right could have come in afterwards, but it's too late now This relates to iron rand. Why did she name herself iron rand? What did it signify? Was she trying to hide her jewish heritage? She needed a pen name because she knew she would um She would be writing a lot of anti-communist stuff and she wanted to try to shield her family From her, you know, I don't think it really worked because they could figure out who she was But so she used the name that didn't Didn't implicate her family directly Uh, she picked the name iron. I think uh, both iron rand um I think she picked iron was a scandinavian name from stories about vikings that she read I can't remember where rand comes from. It does not come from the typewriter. Um, but I don't think she was trying to hide her jewish heritage, but she didn't want to emphasize the jewish heritage either. She did not The jewish part of the heritage didn't mean much to her Um, I think she was looking for an interesting name a short name a good literary name a name that would be remembered And name, you know, a good marketing name if you will and I think I think she got that in iron rand But I I don't remember Where the name exactly comes from. I know there is some literature about Uh, where she got the name from but I don't I don't remember Uh, is nam chomsky a nihilist or is he part of the old left? No, he's not part of the old left He's a he's a what he calls a a leftist anarchist and and and yes, he's he's I think he's a nihilist. He's he's uh, you know, it's it's about Disintegration it's about Fragmentation it's about anarchy anarchy is destruction um So he's not an old left the old left were were all-time socialist types who who had a integrating principle around the proletarian and That's not what animates nam chomsky And and a lot of what animates chomsky when you follow him is hatred of america and hatred of capitalism It's not even the solutions that he has But if you if you listen to his stuff on american farm policy He's lying. He's evading. He's deceiving He's purely motivated by hatred of this country Why does nihilism give people a thrill? Shouldn't thrill's excitements and happiness come only from life enhancing attitudes and activities? Yeah, if you're healthy if you have a healthy mind But if you're unhealthy if you don't if you lack self-esteem If if if if you lack a focus in your own happiness A focus on your own life if you lack all that then You're not a healthy productive Positive human being and therefore you can get a thrill from bad things Serial killers get a thrill from the murder from the act They get sexual arousal from killing people Sexually rough. There's sick people In a sense that their whole value hierarchy everything about them is distorted and perverted And causes them to feel this way and I think the same is true of nihilists not to the extent maybe But to a very similar extent Totalitarianism proves it's possible for intellectuals to create an unthinking Population who will just follow orders. Maybe Plato is right that most people really aren't much And intellectuals can easily rule Um Certainly under the right conditions. That's true But is that Is that the best? That we think of the human race Um, I don't think so. I think today most people can be ruled. I mean, this is one of my observations about the trump era what the trump era showed us is how Easily people were willing to be unthinking And how easily people were willing to just go along with anything the guy said anything the guy said They're ready for an authoritarian Trump just wasn't it yet. He's not popular enough But he could have been it I think you'd have to be more principled than trump to be the real authoritarian, but I can imagine it happening See it happening. Trump gave us a glimpse of it And I do think in the culture in which we live a culture of Um anti-intellectualism a culture of altruism a culture of collectivism We're ripe for exactly that. But you also have the opposite. You also have people following The founders and fighting for freedom You have people emigrating to america and and and going out into the wilderness and establishing Their own communities and their own farms and their own lives and pursuing their own happiness You have examples of the opposite. So I think it's a matter of culture to matter of education It's a matter of what kind of culture we have and culture is ultimately going to be determined by the ideas people hold And if I if people hold bad ideas, they're open to being manipulated. They're open to being mindless and that's that's Where they are today The ideas that they have are empty the ideas of they have lead them nowhere the ideas that they have leave them susceptible To an authoritarian and I've been warning about this for years and years and years The alienation the unprincipled nature of today's intellectuals Creates a population that is seeking certainty that is seeking authority That is seeking somebody who seems like they know what they're doing and and that leads us towards authoritarianism And of course, that's what led us to authoritarianism in the 20th century but that's culture People are not original thinkers very few people in the world original thinkers very very few So But people can can can can think once you give them the tools and once you give them the information and once you give them the ideas They can integrate knowledge. I mean, I didn't come up with objectivism But I can integrate it can make it mine and what we need is for them to make their own and if they do we can create a culture of Independence a culture of thinkers a culture that Resists authoritarianism But I gave a little talk the other day and one of the shows I think christian turned into a short video Of of why I think it's too early for objectivism. What we would need to happen for culture to be pro-freedom And that requires Still a lot of work Why do the vast majority of intellectuals gravitate towards communism and egalitarianism rather than nationalism and racism? Well, because I think there is a You know, iron man said of all the forms of collectivism Racism is the most primitive And it is it's the most primitive and anti-intellectual It's the most primitive and and and You know just emotionalist and barbaric of all forms of of collectivism and nationalism Is is very similar Right, it's this arbitrary border that surrounds this place. This makes us special and uniquely different than the people over there and we should you know That's like if you if you if you read iron rands essay on war The roots of war one of her brilliant essays It's that kind of nationalism Collectivism leads it so communism and egalitarianism are just as evil in many respects more evil But they are presented as more sophisticated And they are universal So they're not They're not primitive in that sense It applies to everybody. It doesn't just apply to People of the same color skin of people in the same geographic area the principles that apply to everybody They're universal Which is which is good, right? Now these are really really bad principles, but you want universal principles So they're more sophisticated And they're more consistent with a with with a view of altruism That just views suffering or need as the standard Rather than you know racism which views need and Adds another component. It's an arbitrary component and even the egalitarians know that although, you know mox was Was a racist mox's don't like to admit it, but if you read his letters with with Oh, Jesus names slip my mind, but anyway, if you read his letters, you know that he was racist Harvard research studies says one in five people are dying from fossil fuels You are very critical of layman being conspiratorial What are they supposed to do when trash is being passed off as science? I agree with you I don't blame the layman for being conspiratorial. I blame the people who feed the conspiracies I blame the intellectuals for not providing proper explanations I blame these idiots who put together these stupid facts facts and quotes to present the you know Pseudo science that presents itself as science I generally even though I reel against people I generally don't blame common people for much I think they're very much products of the intellectuals. They're very much products of this kind of stuff that they're being fed So it is the You know the conspiratorial nature of the world is the conspiracy theories out there are consequences of the fact that It's somebody says like Alex Jones. It's not even Alex Jones because Alex Jones is not intellectual He's just a he's just a feeder of conspiracy theories. No, it's the it's it's Walt Krugman it's um It's intellectuals on the right Who can't explain what's going on who can't provide? real information who lied to them who distort who pervert and They come all the common person gets is this bombardment of Nonsensical stuff that doesn't integrate and none of the intellectuals will integrate it for him. So then comes Alex Jones And he says no, here's the explanation Let me put this all together for you. Let me explain the gibberish from the intellectuals So it's it's Alex Jones down intellectual. That's just an opportunist who steps into the void Created by the intellectuals who are instead of creating a Integrated view of the world something that we can use to explain what was going on in the world They fragment and disintegrate and confuse and lie and and deceive people And this causes the average person to not know what the hell is going on and create alienation Which I talk about often how alienated the common person is because of this kind of information that comes to them from Harvard University or think about think about what the intellectuals tell the common man about the minimum wage And then you can't find a job Or tell him about think about what insentions intellectuals are political leaders think about what our political leaders tell him about We're bringing manufacturing jobs back to America. Just wait so he sits and waits and they never come And what's he supposed to do? He doesn't understand the intricacies of capitalism and how these jobs are never coming back And they never went away really they were replaced. He was replaced by a machine and he doesn't even know that But nobody tells him that what he should really be doing is retraining What he should really be doing is moving because they're never coming back to Cincinnati or wherever it happens. He live So the intellectuals and the politicians lie and deceive and And confuse and disintegrate things for him and then Q and on or or alex jones come around and say no No, there's a simple explanation the cabal over there does this and that and they're manipulating and they're behind You know, it's the pedophiles Okay, well, at least I understand that I understand if somebody's doing it too. I understand. I should hate those people. That's easy. That is understandable economics, that's hard And nobody's giving me an economic explanation. They're giving me anti economic explanations So no, I don't blame the common person I blame the intellectuals and the politicians I blame people like Ted Cruz Who should know better who's smart? I blame paul krugman I blame Uh, what's his name? This new guy who just started a think tank cast I blame the people who wrote the essays that the last show I took apart on god country community, right the new agenda for the right new think tank new activist organizations god country community those are the people I blame Those are the people who lead people Towards either authoritarianism or conspiracy theories. There's no other outlet Super Bowl just happened if you root for the underdog Are you being an altruistic is rooting for the underdog more about going along with your emotions? I don't know. It depends on what your emotions are. I mean You got to root for somebody um I guess if neither one of the teams is your team Then you've got to root for somebody um It's it's kind of there's a certain Appeal to rooting for an underdog as long as you don't despise The better the better let's say more successful team because the better more successful So you can root for an underdog, but that doesn't make you hate success for the sake of success So anybody who rooted for kansas city, but can't see What kind of an achievement? tom brady had and in the extent to which he is now clearly the greatest of all time and one of the greatest athletes of all time Doing this at the age of 40 of 43, which is stunning and unthinkable really um in football a damaging a physically damaging sport Um, then you know, how can you you can't hate tom brady, right? Even if you root for the other team you have to admire him Otherwise you're hating the good for being the good And he's good. It's just no question about that. You got to admire that With the american price rise in steel production In steel production cause the rest to raise raw prices as well With the american price rise in steel production Cause the rest to reach well, I wouldn't say cause but yeah other manufacturers and i'm not sure this is what you mean other manufacturers Who use steel they're going to raise their price and and we saw this Tariff and steel caused prices of steel based content Steel based stuff like automobiles. They price the rise all else held constant So you can't just raise the price of steel through tariffs not have other implications for it With aluminum rise if steel is if there's a tariff and steel And steel prices rise In the united states with the price of aluminum also rise not necessarily I'd have to think about that. I don't see why I mean it might If aluminum could be a substitute for steel in certain uses, right? If aluminum can be a substitute for steel in certain uses then Um demand for aluminum would go up And the demand for aluminum would drive aluminum prices up. Yes. Okay. So yes the answer is yes If aluminum is a substitute No, right Um, I think I got all the super chat questions. Okay, great Thanks guys. Sorry for the technical glitches. It is what it is. Um, but I'm glad The stream was resurrected somewhere else and we still got a stream. Okay, one more question Is there any point of societal decay? That not entering the political fray become moral abdication I don't understand the question because what what are you advocating? Let's say I entered the political fray tomorrow And because because I observed societal decay around me What would that do? What would I achieve by that? Who would benefit from that? Nobody Certainly not me, but nobody because if society is decaying then I cannot have any impact on politics What what would it mean for me to run for president? It would mean nobody would vote for me Let's say you started a third party, but nobody will vote for you. What why why do you think politics is primary? The only time Not entering politics becomes moral abdication is when society is getting better But whether it's a third party or going into an existing political party You would have no influence because nobody wants to hear it. Nobody wants to hear the truth But the way to keep working principles of persuasion is to work on principles of persuasion for the voters not for the political party Right i'm trying to convince you And then that will impact how you vote and then society is getting better So if I can convince people in society about these ideas Then the people in society will then elect better politicians and then It makes sense for me to enter politics But to enter politics now is a massive in my view waste of time energy effort money When right now we need to be devoting all of our resources all about efforts to change in the culture Politics is downstream from culture Which is downstream for philosophy But why would anybody listen to me? In terms of you cannot incremental policy changes Why would anybody care what I have to say about incremental policy changes? Who am I? What do I have to contribute to the debate in the political realm? Do I bring voters to the table? No, you guys they're not enough of you What do I bring that would cause anybody to listen to me? nothing Given the corrupt nature of our political system I don't bring voters I bring challenges Good ideas for what for freedom, but people in politics are not interested in good ideas Who's interested in good ideas? Biden Trump Ted Cruz Makarubia, who's interested in good ideas? Who in politics is interested in good ideas? People want leadership to propose free market legislation Can I call bullshit on that? Who are the people who are these people who want free market legislation? I don't know I don't know who they are and Who would give me the power to propose free market legislation and by the way There are a ton of groups involved in politics I mean look at look at Kato Institute Kato Institute writes I don't know I get tons of working papers from there about changing this legislation and working that legislation And moving more towards free markets here and working more towards free markets there They do massive amounts of work In the realm of proposing legislation to work to move us towards more free markets Has anybody listened to them in the last 40 years? No or barely Where have they gotten All they do is politics So I'm not saying I've gotten any better that I've done any better But I know that that path is not a productive path to go by That's Let Kato do it. They do a fine job You know the guy I read whose articles I read from you today Scott Littingham He does that And he's great at it I mean luckily We had some education regulation from 40 years ago We haven't had a deregulation bill in congress Since the 1980s. I don't think maybe some in the 90s And if you get a little bit of regulation reform, so what? You you're willing to dedicate your life for that not me I'm much more ambitious than that I want to change your minds I want to I want to put you on a path towards success and happiness And towards being advocates for for for for real lazific capitalism I don't want to just change the little regulation here and there And and if you consider what trump did everything trump did is going to be reversed by biden like that Which is exactly what I said when he did it It's not that valuable So, I don't know I I I just don't understand what the point is in going to politics. Yeah, I'd rather see more objective screenwriters More objective artists more objective novelists more objective professors more objective There's more objective youtube More objective psychologist and politicians We'll get to politics when the world is ready Battle beaver says I was first made away a vine man when I was 21 I'm 54 now To say reading out of short changed my thinking profoundly would be an understatement. No exactly how you feel Now For my question. What's your favorite sci-fi movie? Movie That's a tough one um well I think it's I think it's between aliens the second alien Or terminator two so both james cameron movies from the 1980s Now blade runners way too dark Way too pessimistic It's very well made but way too pessimistic um 2001 is just it's unintelligible And and at the end of the day not that interesting Logan's run is good But I think terminator two I think aliens the second alien movie Far superior movies. There's some of the best action movies ever made The the great science fiction. They're exciting and they have really really both of those movies have really really really good philosophical themes aliens It's it's it's all about the human mind. It's it's a goni weaver's Reason and rationality starship troopers way too now I mean the book was was good. It wasn't one of the hand lines best and the movie was not that good No terminator two is the theme is is free. Well, and it's beautifully concretized Powerfully made and incredibly suspenseful Star Trek for indeed had whales you know big environmentalist movie But uh, no, I'd say yeah those two are the ones I can think of right now. There might be some old ones I'm not a huge fan of the Star Wars franchise. I'm not it. I like Star Trek But I like the tv series the original one best Star Trek was good, but you know can't compare to terminator. Sorry Terminator one and two a phenomenal And aliens two is phenomenal. Of course alien one was same director as Blade Runner Ridley Scott All right, thanks guys. I will see you all Tomorrow, I hope if I hope I'll be able to squeeze in a show tomorrow morning It'll be fairly early. I think and Yeah, look forward to look forward to that. I did a talk if you missed it I did a talk earlier today the video sucks, but I think their content is pretty good You can find that on my channel. Uh, just a little bit while ago like an hour or two ago I did a talk for a russian audience russian objectivists Are interested in objectivism, um Don't forget to like the show before you leave. Don't forget to support the Iran book show at your own book show Dot com slash support patreon or subscribe star monthly contributions are greatly greatly greatly appreciated And, uh, thanks for all the super chat us today. Bye everybody. I will, um