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Category: Economics

Socialist Donald Trump and the Socialist Republicans

Laurence Vance writes on the LewRockwell.com blog:

Year-end data from the September 2018 Monthly Treasury Statement of Receipts and Outlays of the U.S. Government show that the deficit for fiscal year 2018 was $779 billion. The federal government spent $4,107.7 billion in fiscal year 2018 (which ended on Sept. 30, 2018), including $600 billion for defense offense (which is actually much higher if all “defense”-related spending is counted). The Republicans control the House, the Senate, and the White House. They are 100% to blame for the profligate spending. Republicans are big spenders just like Democrats. The only limited government they seek is a government limited to control by Republicans.

And Dr. Vance also has an article today that explains Donald Trump’s own socialist mentality and policies, in Trump’s love for Medicare, Medicaid and Socialist Security Social Security.

Will Ocasio-Cortez and Republican Pappas Debate on October 17th?

I’m only writing about this one because Alexandria Ocasio-Cortez has been so popular as well as controversial in her campaign proposals. Ocasio-Cortez is the Democrat candidate for Congress for congressional district 14 in New York, New York, New York. She is the one who wants to spend tens of trillions of taxpayer dollars on “free” health care, “free” education and so on.

According to Rasmussen, that district’s race is “Strong Dem,” with an odometer- or speedometer-like image with the arrow pointing to the far left in blue. I guess if it were the fuel gauge it would be pointing to almost empty. But while that is obviously the case philosophically and intellectually, the Republican candidate, Anthony Pappas, is also running on empty, in my view.

Pappas (Is he related to Ike Pappas, CBS News?) is an “associate professor of economics and finance at St. John’s University,” according to this WNYC article.

I checked the Internet for whatever his actual views are, and it’s difficult to find. However, according to Pappas’s website, there is a debate scheduled between the two on October 17 at PS 69 School auditorium in Queens. Maybe we’ll find out at that time. On his website he considers himself a “moderate, independent Republican with a motto of producing ‘sensible solutions for a kinder, caring world’.” (Oh yeah, how so?)

Pappas is critical of Ocasio-Cortez’s far-left, “bizarre” ideas. He is repeatedly critical of her socialist proposals. But the WNYC article states that Pappas “calls himself a compassionate conservative who supports progressive taxation and lower government spending.” Hmm, “progressive taxation”? Sounds like a socialist to me. A Republican socialist as well.

Well, I wonder if he will suggest any kind of decentralization and de-monopolization away from governmental controls and tax-thefts, repealing the income tax, ending the drug war, or any kind of dismantling of the welfare state that continues to keep the masses in chains by Big Government. Probably not. Will they actually have the debate? I can’t find any other reference to the scheduled debate online except for on his own website.

And if there is a debate, will debate moderators or Ocasio-Cortez ask Pappas about his bitter 14-year-long divorce and his wife’s accusations of abuse, and his suing the judge and the courts? I wouldn’t be surprised, given just recently the circus at Brett Kavanaugh’s hearings, in which a lady’s accusations against him was discussed and discussed and argued, with yelling and screaming, but not much mention of his ignorance of the Constitution and the Fourth Amendment and his earlier rulings which will unleash brutal government tyrants on innocent people. (I wonder if Pappas has any views on the Bill of Rights.)

Dow Crashing? Don’t Panic. Trump Can Cut It Out with the Trade Nonsense

So the stock market fell a little bit yesterday, the Dow went down about 831 points, and some people are panicking. No, I don’t think it’s anything like in 2008, it’s just a “correction.” And I don’t think that it has anything to do with the Fed raising interest rates. Some analysts are saying it’s being caused by the tech sector. I don’t think it’s anything to worry about.

There was a worse downturn in February. At that time I wrote,

Following last Friday’s big 665.75 point decline, Dow Jones Industrial Average then plummeted another 1175 points yesterday. At the opening bell this morning it fell another 600 points but is already up 30 points as I’m writing this. I don’t expect this decline to be an indication of a repeat of 2008. It’s just going through some adjustments, that’s all. Nothing to worry about.

For what it’s worth, 2015 was the worst year since 2008, up to December 2015. In July 2015, the DJIA was at 17,568, in August it went down to 15,781, in November back up to 17,910, in January 2016 back down to 15,944, and in April 2016 back up to 17,900 and it has continued to mainly go up since then. You can look at any number of interactive charts to see the numbers over these recent years.

But what’s going on now? Some say it’s technological issues, although there are other factors. I don’t know if Donald Trump’s State of the Onion last week had anything to do with it, or the release on Friday of the Republican FISA memo.

But it is clear that the Trump tax cuts, without any significant cuts in government spending, will have a variety of effects on things. The government is completely out of control, spending like drunken sailors, and Donald Trump is clueless about that. And the Federal Reserve also plays a role.

Today’s Dow is going up and down, very negative, then in the positive territory, and negative again. It could get worse over the next week, like in February. Besides the tech stocks I think that people are “concerned” over Donald Trump’s trade idiocy. His intrusions into the American people’s economic and trade matters are what could cause a further downturn.

The problem with protectionists like the economic ignoramus egomaniac Donald Trump is that they are control freaks who just don’t want to let people be free to do what they want. Just let the consumers buy whatever they want, from wherever and whomever they want, and let producers buy whatever capital goods they need and from wherever and from whomever they want. It’s called freedom, Donald. And prosperity, as well. More freedom has led to more prosperity throughout history, no?

When the government intrudes and imposes the wants and desires of control-freak bureaucrats like Trump and his cohorts and cronies, such intrusions cause distortions in the markets, price distortions and even higher unemployment as well, in the long run. And of course Wall Street will react to the monkey wrench the Control-Freak-in-Chief is throwing into what could have been a stronger economy.

The Nobel Prize in Economics for 2018: To Irrational Statists Once Again

On the selection of statist economists William Nordhaus and Paul Romer for the 2018 Nobel Prize in economics:

Thomas DiLorenzo quotes the Nobel-winning economists:

“The Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive.”

–Paul Samuelson and William Nordhaus, Economics, 13th edition, p. 837.

Samuelson was the first American recipient of the Nobel Prize in Economics (1970), awarded by the Swedish central bank and not the Nobel Foundation.  Nordhaus is this year’s recipient.  In the 1989 edition of their textbook they predicted that the Soviet economy would become larger than the U.S. economy somewhere around the year 2000.

And Robert Wenzel writes that “Both are technocrats for state tinkering with the economy,” and that “Nordhaus is an academic child of the current climate change craze.” And, “Paul Romer, a professor at NYU Stern School of Business, is off in the, far off, palm reading land of macro modeling, where government tinkering is always needed.”

And also Wenzel notes that Romer is against the idea of private police. (See Chapter 12 of For a New Liberty: The Libertarian Manifesto [.pdf] by Murray Rothbard on the privatization of police. For skeptics of private police, Rothbard begins: “In the first place, there is a common fallacy, held even by most advocates of laissez-faire, that the government must supply ‘police protection,’ as if police protection were a single, absolute entity, a fixed quantity of something which the government supplies to all. But in actual fact there is no absolute commodity called ‘police protection’ any more than there is an absolute single commodity called ‘food’ or ‘shelter’.”)

Wenzel quotes Nordhaus on climate change: “The science and economics of global warming are clear. Unless forceful measures are taken the planet will continue to warm.” Wenzel says it’s “Y2K fears on steroids.”

And that’s exactly right. Why doesn’t Nobel Prize winner Nordhaus understand that the planet is warming and will continue to warm no matter what humans do? It is not preventable, because the sun is getting hotter and hotter, in general, and by 1 billion years from now it will have completely dried up everything on Earth, and by 7 billion years it’s all over. Oh, well.

So, the Nobel Prize is given to people mainly on the Left, to people who are ignorant and irrational, and based on the emotional rhetoric involved with these people’s writings and activities. Another example is Barack Obama, who was given the Nobel Peace Prize, despite his increasing troop levels in Afghanistan by 30,000 his first month in office, increasing the CIA drone strikes that have been mostly murdering innocent civilians overseas, and more, throughout his time as President.

Loyola University Professor Walter Block Boycotted by Hysterical Snowflakes

Target Liberty informs us that Loyola University, New Orleans economics professor Walter Block is being boycotted by students, based on their erroneous view that he is “racist” and “sexist,” and based on his being smeared by the New York Times as “pro-slavery.” Walter Block is really anti-slavery, because he is against involuntary labor.

And Dr. Block responds to those hysterical students in this article, responding to their accusation of being “pro-slavery”:

What about slavery? My reputation in this regard is based on an interview with the New York Times. I was trying to explain libertarianism to them. I emphasized that voluntarism was crucially important to the NAP. Rape and ordinary sexual intercourse may look alike, but one is voluntary, the other is not. The same with a punch in the nose. It is legitimate in the boxing ring since both parties consented, but not otherwise. It is the same with slavery. If someone (an adult) assents to it, slavery is legitimate. Actual slavery, of course, was not voluntary, since the victim did not agree to any such thing. It was therefore evil and pernicious. Why might a person volunteer to become a slave? One possibility, extreme masochism (don’t knock this; our Jesuit tradition recommends toleration). Another, to save his child’s life. My son, God forbid, has an illness the cure of which would cost $5 million. I’m poor. If someone offers me that amount of money to become his slave, I’d willingly sell myself to him, since I value my son’s life more than my own freedom.

And in response to the students who want to boycott Walter Block and his classes at Loyola University, Robert Wenzel at the aforementioned Target Liberty writes:

The students boycotting Dr. Block will never do anything impressive on the intellectual front. They will be moved by the intellectual fads of the day. They will be anti-plastic straw today, and who knows, maybe pro-butt tattoos tomorrow. They are in an important way insignificant. The student that takes Dr, Block’s class to challenge him or learn from him is taking the first step toward deep thought, independent thought and maybe original thought. This will be the type of person that may make an intellectual contribution down the road.

Walter Block is considered by some to be a radical libertarian. He believes in the non-aggression principle. So, he’s not really radical. In my view, violence is radical. I’m sure that those who actually do have an open mind will check out some of Walter Block’s publications, which include these:

Defending the Undefendable

The Case for Discrimination

Building Blocks for Liberty

The Privatization of Roads and Highways

Elizabeth Warren’s Unwarranted Wage

Labor Relations, Unions and Collective Bargaining: A Political Economic Analysis

Is There a Human Right to Medical Insurance?

Defending the Undefendable II

Other Walter Block Publications

More recently, on the LewRockwell.com blog David Gordon of the Mises Institute congratulates Walter Block on his 100th peer-reviewed journal article he has co-authored with students (not including all the ones he has done alone or with other authors). And Tom Woods does a podcast with Dr. Block on his recent milestone, and lists those 100 papers.

More Recent Articles

Thomas Knapp says the U.S. makes one too many parties to the spratly spat.

Richard Ebeling on Quinn Slobodian and the academic attack on Mises and Hayek.

Brandon Smith on how globalists plan to use technology and poverty to enslave the masses.

Jacob Hornberger on why Kavanaugh matters to libertarians.

James Kunstler doesn’t believe Dr. Christine Blasey Ford. (Her lawyers are also enmeshed with Andrew McCabe and Peter Strzok of the FBI-Russia scandal, believe it or not.)

William Astore discusses fear of defeat and the Vietnam War.

And Laurence Vance responds to conservatives’ 10 bad reasons to eliminate funding for the National Endowment for the Arts.