2008 Financial Crisis: The Truth About the 2008 Financial Crisis
I was recently asked the question on the 2008 financial crisis and given the common misconception of the usual claims which are made I felt it was important to cover this for its own particular video.
The 2008 financial crisis is quite a complicated topic issue, but for the purpose of this video I have covered the basis of the argument. Many people will falsely claim that the "unregulated markets" caused the problem, as I've noted, this is actually a concession from people to acknowledge capitalism is about the market regulating itself, which is vitally important as the problems that led to the 2008 financial crisis were the exact opposite of that.
I have broken the argument down into sections covering briefly on the truth about the 2008 financial crisis which you can find below. As I've explained, the crisis is every bit as much to blame on the governments for their protectionism, as well as the lending institutions and investment banks, etc. I've argued many times before that the cause of the crisis was caused by manipulation of the market and legally protected fraud, not to do with regulation, per se.
I first cover brief history to help you understand the difference between capitalism and what you see today. It is vitally important that people understand the actual cause of the crisis that way they understand the solution to prevent repeating the problem.
Intro: (0:00)
Anticapitalism: (2:20)
Unregulated Myth: (4:51)
Boom and Bust: (6:21)
Lending Institutions: (11:26)
Investment Banks: (14:52)
Housing Bubble: (18:02)
Credit Default Swaps: (20:57)
A Summary: (22:06)
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The Problem With Socialism: A Response Explaining Why Socialism is Flawed
I had a recent comment asking why socialism is a flawed economic system and felt this was the easiest way for me to convey in a response explaining why socialism is flawed. Bearing in mind I have covered more extensively on subjects like the economic calculation problem, you can watch my videos which explain that problem more extensively, so left much of the argument out in this particular video.
This is just a brief explanation behind why socialism is flawed, otherwise, the video would have far exceeded an hour or more. You can learn more about the economic calculation problem in my 3 main videos:
• Profits and Losses: https://www.youtube.com/watch?v=mVbbFVKWdhI
• Variety of Options: https://www.youtube.com/watch?v=bFoqXD_o6Wc
• Extended Explanation: https://www.youtube.com/watch?v=Zjzofn0qzQ4
In this video I explain pretty much why socialism is a contradiction to the market. It is important to understand that when speaking about the market, you're talking about the opposite of economic control, so the opposite of the market is economic central planning. Socialism is NOT about leaving the market be, it never has been, otherwise, socialists would accept the laws of supply and demand. As I explained, central planning is a very big part of what defines socialism.
However, for the purpose of this video I didn't go into too much detail on definitions, rather, I just wanted to explain the flaws of socialism, such as the disastrous consequences of their price controls above or below market value, being faced with the economic calculation problem and knowledge problem, as well as the serious inflationary problem they are faced with when running the printing press.
There are a variety of other problems I may have cut out such as for why the socialists had to build a wall to keep people in from fleeing the country, but it is pretty self-explanatory. People are free to ask questions on such things as they freely wish.
The main thing to understand is that regardless of socialists arguing in favour of Libertarian, democratic or market socialism (whatever they wish to call themselves), the problems they are faced with in the real world economy are unavoidable. All the good intentions they have are faced with dire consequences.
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Vaush on Thomas Sowell: Refuting Vaush's Pathetic Argument Part 2
Vaush illustrates to a tee beautifully in this video why it is a waste of time debating socialists. The disingenuous attempt at making so-called arguments, if you could even call it that, is the prime example of what you are up against. Throughout the entirety of his so-called argument, he never actually made any argument at all, he merely resorted to patronising one of the greatest economists of our time, Thomas Sowell.
Socialists are very good at moving the goal posts and then they claim you are strawmanning and mischaracterising their positions. Of course, they have to be dishonest to uphold such a dishonest political ideology, Thomas Sowell is right, it really does require extreme ignorance to uphold such a political position, the failure of socialism has been so blatant it requires intellectual degradation to reach such a position, even wilful ignorance.
This being the first video I've properly watched of his it is easy to tell what kind of person he is. I would know, I've argued with his kind a hundred times over, you're dealing with the type of person who flat out refuses facts, reason and logic, a person who thinks simply ridiculing and calling someone 'stupid' is an argument, when in real fact, it isn't. Not once did he make an attempt to critique the arguments Thomas Sowell made, rather, bases it off the fact he said socialism doesn't work, which is correct, it doesn't.
Like Kevin D. Williamson rightly quoted:
"Idealistic socialists in the West usually will tell you that "socialism" is anything other than what actual socialist governments have achieved in the real world."
Exactly, because the socialism they claim has never existed, not once; not in the Ukraine "totalitarian" territory that they tried to call 'free,' most certainly not in the terror regime of Catalonia in the 1930s immediately following the collapse of the government whereby a committee acted as a government and gave freed criminals from prison special privileged positions to terrorise innocent people, and most certainly not the Paris Commune where they used violence against private business owners.
Apparently you are "mischaracterising" their positions by not living up to what is in their head, whilst they bat aside the most common dictionary definitions of socialism and ignore that those definitions live up to the socialism you have seen in the real world. Again, like I've stated many times before, socialists refuse to accept practice over theory, rather, they think their theories are of greater importance.
Out of the responses I have made on people, at least the likes of Non-Compete, Second Thought, Viki1999, and believe it or not, Jason Unruhe, made an attempt providing their own arguments. Vaush doesn't, instead, he pretends it's an argument to belittle someones character and call them an idiot. This coming from a guy who clearly hasn't read a single word of what Thomas Sowell has written in his books.
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Vaush on Thomas Sowell: Refuting Vaush's Pathetic Argument Part 1
There have been many times I have been requested to respond on Vaush or even to debate him and I could not let this particular request go. Vaush on Thomas Sowell is simply laughable, his arguments aren't even arguments, so to speak, rather, they are baseless claims and simply resorting to ad hominem attacks with his patronising tone.
As he mentions at the start of his video, he hasn't read a single thing about his actual work and as I point out, much like every other socialist, Vaush is trying to pass off socialism is anything other than what the real world has seen, in other words, typically moving the goal posts.
His baseless claims to claim that Thomas Sowell doesn't understand anything of what he's talking about is the prime example of what socialists think is an argument, but the truth is, if he was to attempt refuting anything Thomas Sowell has stated in his books such as on socialism being faced with resource misallocation, he would fall flat on his backside. It's why he avoids actually trying to tackle any of Thomas Sowell's actual arguments because he knows he is incapable of even going there and would humiliate himself, so instead, pretends his baseless claims and ad hominem attacks are arguments when they quite clearly aren't.
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Common Myths About Capitalism: Refuting Hakim
In this argument on common myths about capitalism refuting Hakim, I respond to his arguments that you will commonly hear about capitalism. Socialists will always use the same old arguments about the boom and bust cycle, exploitation of labour or something else regarding special-interest favours, but as I have pointed out numerous times before, capitalism is not corporatism nor is capitalism the early stages of corporatism.
In correlation to my video, the definition of capitalism is as follows:
"An economic system in which the means of production and distribution are privately or corporately owned and development occurs through the accumulation and reinvestment of profits gained in a free market."
Another definition of capitalism:
"Capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets."
This important point Hakim completely ignores, instead, in his argument he references points from Karl Marx and Friedrich Engels and even on today's economy whereby opportunity is few and far between. As I have explained time and time again, you can't restrict the market by use of government and then blame capitalism for the cause of the problems we have today. We live under a mixed economy and not a capitalist system. Whilst there may be elements of capitalism present today in a mixed economy, capitalism is being strangled half to death via all the socialist government interventionism.
Hakim laughably addresses in one of his audacious claims that capitalism results in the common myth of using up the world resources through over production, again, you can find my arguments on the economic calculation problem which address the argument for why only capitalism can allocate resources efficiently. The history of Hong Kong and Singapore are there for all to see such evidence that the most efficient economies are those which are strongly capitalist, not socialist.
*Economic Calculation Problem:*
• profits and losses: https://www.youtube.com/watch?v=mVbbFVKWdhI
•variety of options: https://www.youtube.com/watch?v=bFoqXD_o6Wc
• fuller explanation: https://www.youtube.com/watch?v=Zjzofn0qzQ4
There were some other arguments he made, but I cut out much of that due to the length of the argument and covered the basis of his erroneous arguments. One such point I cut out was on 'class antogonism' which I could upload separately if requested. It's based on a silly argument to claim what the capitalist wants, but economic reality doesn't permit it and competition and the choice from workers enables them the opportunity to work elsewhere. Again, the lack of opportunity today is not because of capitalism, but because of this mixed economy.
All-in-all, I covered the main arguments made by Hakim and his final point is really just trying to correlate capitalism, again, to corporatism. The financial crisis of 2008 and this credit system based on nothing of real true value, not backed by capital is precisely the problem. This problem is created via the absence of a capitalist system, not the fault of capitalism.
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What is the Juche Idea: Juche Explained
What is the Juche Idea? A question one may commonly ask. In this video, I have Juche explained whilst debunking Viki 1999 on her own particular argument. As I illustrate, the Juche idea can't just be taken from face value with terms such as 'self-reliance,' economic or political independence. As I've addressed the Juche Idea itself lives up to the dictatorship itself. This is something Viki 1999 twists.
Viki 1999 points out in her own video the conflict between Libertarian Socialists and Marxists-Leninists. In this particular case, the Marxists-Leninists are actually correct in saying that, yes, the Juche idea is inherently socialist. However, Viki seems to erroneously think it has something to do with individualism, but as I've addressed, the evidence proves otherwise with the state being the main element of the economy.
In her own argument, she would make the case that North Korea railed against the ideology to become authoritarian, but as I've pointed out, the ideology itself lives up to the dictatorship.
As I've explained, socialists always take things from face value and attempt to place theory above practice and it is no different on this particular given subject. Much like the North Korean regime that carried out the killings, they seeked the scapegoat to project the blame off elsewhere. This is pretty much what socialists do all the time whether it is speaking about Chile in the early 1970s, Venezuela under Hugo Chà vez, or even Fidel Castro's Cuba.
You can watch her full argument here:
https://www.youtube.com/watch?v=MmnMF7AvDjk&t=187s
0:00 An Introduction
0:38 Viki's Argument
3:06 What is Juche Idea?
3:42 Socialists Miscomprehension
4:57 The "Guiding Principles" of Juche
7:37 The Constitution
8:53 Juche in a Nutshell
11:11 Juche Ideological Disaster
13:11 Seeking a Scapegoat
16:58 Socialists Bodyswerving
18:18 Viki's Big Mistake
19:53 Solid Evidence on Juche
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Is Socialism Inherently Authoritarian: Refuting Viki 1999
Is socialism inherently authoritarian? The answer to that question is, yes. In this video refuting Viki 1999 I make the clear argument that may seem repetitive for why socialism is authoritarian. Viki 1999 made a long-winded argument that completely ignores the economic reality of socialism, not only ignores the most common dictionary definition of socialism.
As I've argued, Viki doesn't comprehend why socialism is a contradiction to both liberty and democracy. I have explained numerous times on the economic calculation problem which you can get a fuller explanation on that topic I covered in previous videos, check them out below:
• profits and losses: https://www.youtube.com/watch?v=mVbbFVKWdhI
•Variety of Options: https://www.youtube.com/watch?v=bFoqXD_o6Wc
• Fuller Explanation: https://www.youtube.com/watch?v=Zjzofn0qzQ4
The economic calculation problem destroys the argument and explains why it is impossible to have central planning of the economy whilst having democracy, which contradicts her argument. Even if she uses the argument of decentralisation it makes no logical sense as socialism is defined around collectivism, political centralisation is a big part of what defines socialism. But even if she uses that argument, her communism requires keeping an entire nations population on the same page and having an economy with trillions of products and the vast difference in demand from each individual, she would have no choice but to use central planning.
I had an interesting discussion as mentioned on the Non-Aggression Principle somewhat relative to this topic issue for a better solution, you can check that out here:
• https://www.youtube.com/watch?v=5pzMBDpZL1U&t=2309s
It never fails to amaze me how socialists think stripping an individual of their rights and liberty can somehow be passed off as libertarian, as I explain, their use of control is a contradiction of liberty, whether trying to organise society or the economy, everything is about control when it comes to socialism.
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Demonisation of the Working Class: Refuting Jordan Theresa Part 2
In this second part on the demonisation of the working class refuting Jordan Theresa, she continues her flawed argument against individualism without fully comprehending what it means and mentions about new Labour neglecting the working class and how the BNP took advantage of this.
What Jordan Theresa fails to comprehend is that all the good intentions voters have and what they wish for is all pie in the sky, it's all well believing in greater representation in parliament from socialists, but economic reality will never permit them for what they believe in, which is why the Labour Party are damned if they do and damned if they don't, there is no way out for them; they either move more in the direction of socialism to appease the left and destroy the economy leading to riots, cling onto the mixed economy which is already causing disruption as they claim they are neglectful, or give up on socialism and face more riots.
Socialists don't understand economics, if they did, they would understand why the likes of Tony Blaire were never going to be like that of old Labour prior to Margaret Thatcher.
Whilst I can agree to a certain extent with the message Jordan Theresa makes regarding the demonisation of the working class, she doesn't understand that her own socialism is the cause of such unemployment problems, etc and this is where the problem lies with her argument, she seems to believe that socialism is the solution to her problems, when, in real fact, socialism is the cause of the problems in working-class communities. The solution is the free market, but we've already established the fact they oppose capitalism.
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Demonisation of the Working Class: Refuting Jordan Theresa Part 1
Recently I was recommended to check out this argument on the demonisation of the working class by Jordan Theresa, a young British woman who makes the argument that Margaret Thatcher destroyed the working class.
It's the common myth you will hear a lot from critiques of Margaret Thatcher, that she destroyed Britain's manufacturing industry, as if to claim it was all their evil scheme and as if Britain had some sort of a choice over the issue. This is why I am refuting Jordan Theresa on the demonisation of the working class because many people like her fail to comprehend why Thatcher did what she did, nor do people seem to understand the economic and political history that led to the closure of the manufacturing industry.
In this video I address upon the decline of the coal mining industry, why it was going out the door in Britain, the unemployment myth regarding the 1980s under Margaret Thatcher and why the Trade Union Congress were not the protector of jobs.
I've lost count of the amount of people who fail to comprehend the problems Britain was facing with regards to why the soaring inflationary problems occurred, they seem to be under the illusion that they can run the printing press and nothing will go wrong.
As I've long argued, Margaret Thatcher was not perfect, but she most certainly was not the person the political left make her out to be.If there was any demonising of the working class, that was carried out by the socialists running the printing press.
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Why Keynesian Economics Leads to Corporatism
Why Keynesian economics leads to corporatism is in relation to do with the mixed economy. How a mixed economy is setup it becomes impossible to avoid corporatism because of the government intervention in the market, as well as in relation to the presence of competition.
In this video, I explain the relationship between the marriage of governments interference in the market, coupled with the nature of competition that illustrates why it becomes impossible to avoid. I must reiterate, there is no such thing as a perfect system, but it is important to acknowledge the root cause of the problem, therefore, my argument of separating government from the economy is the best solution possible.
One could argue that Keynesian economics for how it was initially planned by Keynes was only meant to be used as a temporary measure during the period of a crisis, in practice, it has become something permanent which explains the soaring debt and deficit problem today. I give a brief explanation on the banking crisis in relation to this argument as it was Keynesian economics which resulted in the very banking crisis that relates to corporatism.
It illustrates how Keynesians with their good intentions results in the very fraudulence they proclaim to stand against through government protectionism.
Like I have explained, Keynesians believe strongly in trying to control the market, are strongly opposed to the free market as they believe that's what led to such crisis and although they may oppose full-blown socialism, I like to call them low-level central planners, in other words, ad-hoc socialists as they typically view the economy as something that they can control.
Keynesian economics is strongly protectionist at its root through government bailouts, regulation, etc, therefore, it is only natural corporatism thrives off the back of this as I've explained why this is.
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Myth of UK's Failed Rail Privatisation: Debunking Wendover Productions
The myth of UK's failed rail privatisation is something you will hear commonly. Here I make the argument debunking Wendover Productions on British railways. Much like the argument I made in response on Shaun's railway privatisation argument, Wendover Productions has provided a slightly different argument.
His argument claiming that it is a free market in any area is ridiculous given the private sector is over-regulated by the state and everything is controlled by the government. People like Shaun or Wendover Productions fail to comprehend why it is private in name only. As I argue, the problems government creates through all the heavy regulation led to such inefficiency and problems for private companies to operate on.
It's very much similar with the American healthcare system for why it is faced with countless problems, most notably the soaring costs, again, the private sector gets the blame but he completely ignores all the problems the government has created. As stated, it is very much a monopolised market under corporatism and not free market. As always, the government creates a problem and private ownership gets the blame for it.
Like I addressed before from the Conservatives for Liberty, I pointed out how the railway traffic, infrastructure, railway fares, the rolling stock, tracks, stations, etc are all controlled and owned by the state, yet despite this fact, Wenderover Productions assumes that because private companies operated on these government strongly controlled rail tracks controlling the traffic, it must be the fault of the private companies for why they were lossmaking.
Throughout recorded history we have seen the failure of government intervention through price controls, whether it was the shortage at the pump in 1974 or the failed rent controls during the Second World War in the United States, or even the blackouts and food shortage crisis seen in Venezuela, Keynesians and Marxists for the life of them cannot understand prices and the damage they cause via fixing prices above or below market value, they don't understand why without profits and losses you cannot operate a system efficiently.
His logic to blame the market for government setting down lockdowns that restricted the market is truly unbelievable, by his logic, everything should be nationalised given countless private businesses went under as a result of lockdowns. His argument doesn't stand to reason and the history of British Rail proved what a disastrous failure it was which faced up to the same problems Cuba's automobile industry faced where they drive about in outdated 1950s cars, not for a fashion statement, but because of the absence of market-driven price signal information.
As I mentioned, if it were a free market, it would better cater for people who live in remote places like Kingussie because of fierce competition. Wenderover Productions doesn't realise that for the past 25 years the railways have been anti-competitive. A free market would bring in strong competition that would not only drive the costs down, but build new railways, improve technologically, improve overall efficiency as they would no longer be held back by government controlling infrastructure, where trains can go, stations, etc. Therefore, Kingussie would have greater access, plus in a free market these sort of places would flourish from investment that would grow their economy exponentially, unlike the laden down restrictive corporatist market which they live under today.
Again, corporatism is not capitalism, the likes of Wendover Productions wish to have you believe that it is a black and white argument that it's as simple as looking at things as privatisation and nationalisation and doesn't acknowledge the difference between a private sector left be to the free market to one which the government strongly controls and subsidises it.
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Christianity and Socialism: Why Christians Are Right About Socialism
Christianity and socialism is something you are going to hear about quite often. I was recently recommended to check out this particular video response on why he is not right-wing. In his argument he critiques Christian conservatives.
Here I explain why Christians are right about socialism and cover the foundation argument for not only why socialism results in totalitarianism but the reason for why Christians are right. Whilst I am not clued up on the history of Christianity and religion in general, I have a basic enough understanding to explain that the reason for why Christianity protects from the dangers of socialism is because of its conservative beliefs. I may not be a conservative myself, but I have respect for those who are true conservatives.
As usual, socialists fail to comprehend the difference between their patronising ignorant worldview of socialism in theory to that of what is put into practice. Ben Shapiro was absolutely spot on about socialism, as was Alley Stuckey regarding taxation being theft. This guy clearly does not understand the meaning of consent. People do not participate in this mixed economy under collectivisation where their rights have been subordinated to the group by choice, it's coercive, therefore, there is no consent to taxation.
As per usual, it's classic socialist mentality to act superior and act the moral high ground by calling others evil when there has been no greater evil to ever exist on this planet than socialism.
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Jimmy Dore: Texas Blackout and Capitalism
Jimmy Dore doesn't understand what he is talking about. His argument on the Texas blackout that resulted in a crisis due to bad weather he tries to blame capitalism. As I illustrate Jimmy Dore blames capitalism, which is typical of socialists, the government creates a problem, capitalism gets the blame for it.
Whilst he may be right about Wall Street and other special-interest groups that get to benefit at the expense of others, he is wrong not only blaming capitalism but contradicting himself by critiquing the government but then calling out for stimulus checks. A lot of people fail to understand the difference between politician's promises and what is in practice when they are voted into government.
I also do not understand the issue they have with food banks, but you'll never hear them complain about people on the government welfare programs unless it is a reduction in welfare spending.
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The Great Reset Explained: Capitalism is NOT the Problem
The Great Reset explained is essentially the globalists agenda for the new world order as many have passed off as a 'conspiracy theory,' however, it is well documented of their agenda and as I argue, capitalism is not the problem.
You can hear the underlying message the globalists are trying to pass off as if the problem is capitalism, therefore, the entire agenda behind climate change, the pandemic and the economic crisis calls for the great reset. It is very clear of what their agenda really is behind their message, if they truly cared about the planet they wouldn't be pointing the finger at the likes of Britain or the United States, they would turn their attention to the very countries dumping tonnes of plastic waste into the oceans.
Like I've mentioned, I'm all for looking after the environment, but the history of socialism is so abysmal on its track record of the planet that it takes extreme ignorance for someone to believe that socialism is a solution to any problem. If anything, where their argument collapses in on itself is the fact capitalism is the solution to such problems, especially on waste with regards to resource usage and allocation.
I didn't feel the need to go into much detail on such information about why private property creates the incentive for private property owners to look after their property and why socialism destroys such incentives, but the important point is to address their real agenda. As I've mentioned, debating these believers on climate change is like talking to a brick wall, instead, target the root of their agenda.
Capitalism is not the problem for why we face this economic crisis, the reason we are in this crisis today and much like what is touched upon in great detail in Ryan Dawson's great book, 'Separation of Business & State' the real problem is the government and corporations in bed together. Quite convenient given the fact the globalists are the con artists and the cause of our global economic crisis.
More recently we've been seeing calls for stronger political centralisation in the European Union seeking to destroy all nation states for its ultimate agenda in the name of climate change, etc, behind every 'crisis' there is an agenda from those who seek more power and control for consolidation. They create a problem in the economy and then act as your saviour, thankfully, enough people out there seem to see right through their agenda and I think enough people are sick and tired enough as it is being kept locked down.
If we wish to solve such problems with the economy today and the climate, there is no better solution than a free market to separate the state from the economy. It simply amuses me how desperate the globalists are to use such events to try and further their anticapitalist agenda.
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Sam Seder Libertarian Debate: Libertarian Arguments
In a recent debate on my channel I was shown this Sam Seder Libertarian debate where he makes some wide off the mark silly arguments. The Libertarian arguments you typically hear as if to try and discredit Libertarianism end up showing the glaringly obvious ignorance of what Libertarianism is about.
I felt sorry for the Libertarian who just seemed uncertain of his position and felt I would give my own brief Libertarian arguments on individual rights from a moral perspective and in relation to the myth of free market monopolies. The Sam Seder Libertarian debate illustrates the ignorance people like Sam Seder have when it comes to economic and political history. I reiterate the fact that things are down to a question of scale and nothing is black and white.
This ludicrous idea to claim Libertarianism has never existed when Libertarianism is a broad brush and that Hong Kong historically was Libertarian, as is Singapore in many respects, is ridiculous. You're always going to hear the ludicrous claim that in the absence of government interference with the free market left be it would lead to all hell breaking loose and giant corporations taking over the market to shaft the consumer. Of course, if you were to ask the likes of Sam Seder to point out a single example of a monopoly stemmed from a free market economy he wouldn't be able to provide you with a single example.
The Sam Seder Libertarian debate shows why people turn against Libertarianism because people like Sam Seder get away with spouting baseless claims hoping that it sticks. If anything is utopian, folk, it is the idea that you could have a mixed economy without corporatism in the name of supposedly protecting yourself from monopolies, oligopolies and cartels. It's a lie, a myth to claim that capitalism would result in extreme oppression. It is a lie peddled by the political Left in desperation to try and conjure up more support for socialism, but history is not on their side.
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Corporatism is NOT Capitalism: Response on a Second Thought Comment
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A response on a comment I recieved on a Second Thought video I made on Capitalism.
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Capitalism vs Narcissism: Capitalism is NOT the Cause of Narcissism
I recently randomly came across an argument by Democracy At Work claiming that Capitalism creates Narcissism. In this topic on Capitalism vs Narcissism I address why Capitalism is NOT the cause of Narcissism, a brief explanation of Narcissism in comparison to that of people seeking self-interest in a capitalist system.
The Narcissism Democracy At Work is referring to is describing a person who suffers from Narcissistic Personality Disorder. It reminds me of Milton Friedman's response on greed: "It's always the other person who is greedy." Self-interest, as I argue, is part and parcel of human nature, there is a healthy amount of that and then there is the Narcissism they are referring to which is severely damaging.
I am no psychologist and don't pretend to be an expert on such subjects, but have studied at least more than enough to comprehend that it is not Capitalism that breeds Narcissism, but damage created through socialism.
The welfare state is an example I gave and something I forgot to mention and left out you could say that whilst Narcissists are very manipulative, they love to be in control, just as they would in such relationships. This is akin to socialism through the central planning of the economy.
Like I argue though, someone who suffers from Narcissistic Personality Disorder isn't simplistic, just as people in society are difficult to comprehend, human beings are complex and it is why it is difficult to pinpoint someone who suffers from genuine Narcissism to those who do not.
The argument by Democracy At Work describing Capitalism on competition is a common myth you will hear that Capitalism is a dog-eat-dog world that individuals are only out to beat one another, whilst competition certainly can make things seem that way, it is a black and white picture view of Capitalism. Yes, I would run a business in photography for my personal gain and self-interest, but I would also do it because I would love to give something that pleases other people, just as many may enter the market becoming a doctor because they have a desire for helping others.
Capitalism is a system based on self-interest, but I personally do not believe that human beings are entirely selfish. Capitalism gives the individual to seek self-interest and certainly do things to achieve their own personal gain, but also, many people are charitable and in my firm belief it is the capitalist system that harnesses that.
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Economic Indicators: Price Mechanism
When it comes to prices people confuse prices as a barrier for people getting what they want, rather what prices are, are economic indicators, they give signals to the market so that we are able to allocate scarce resources to the market with economic efficiency. The price mechanism is the single most important driver behind the economy, it is what enables us to trade in the global economy and are able to translate the scarce resources into commodity prices for the market. This is all driven by what we call supply and demand. This is what the market price definition is, prices set by consumers demand, what people are willing to pay for commodities.
What we must understand about the price system when speaking about economic calculation, we must understand the importance of profit & loss, so what is profit and loss, why is this important? In this video I set out to explain the valuable information profit & loss gives us to be able to allocate scarce resources efficiently, which also gives the market the information for market pricing; what consumers want and what they don't want; what investors should invest more in and what not to invest in; as well as where to place scarce resources and where not to.
Without the price mechanism (price system) there is no economic efficiency for prices thus the inefficiency of Socialism when faced with the economic calculation problem. In order to promote economic growth with economic development we need prices to better improve our living standards through increased productivity and only prices can allow us to achieve that whilst using the fewest scarce resources as possible. Poor economic policy through price fixing via governmental control and ownership is what causes problems.
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What is Economics: Economics Definition
What is economics is a question a lot of people may ask and wonder, 'what is economy'. In this video you will find the economics definition as understanding the economy can set you on the right path of the basics. Bearing in mind my influence of Austrian economics has no bearing on the change to the economics definition.
When people ask 'what is economics' they often think about money, basically finances, rather economics is a study of our place on this earth with scarce resources so it's important to understand the economy for economic efficiency. This will give you an insight as to why laissez faire capitalism, a capitalist economy is better than a planned economy, so when people ask 'what is economics' the simple answer is a study as to how we can better improve our living standards with scarce resources, what type of economic system determines economic efficiency.
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Is the State Your Enemy? Second Thought Doesn't Understand the State Part 2
As Second Thought asks 'Is the State Your Enemy?' I covered much of his erroneous argument in the first part as Second Thought doesn't understand the state, his assumption that the role of the government is somehow to be the provider, but is deluded to believe that the state will be subservient under any form of collectivism.
In this second part I address more on the argument for why the state will not serve you and the differences between promises politicians make to that of what economic reality will allow.
Second Thought likes to claim to be 'altruistic' and as always, no different to the Left claiming to be champions of the poor, everything moral.
I also address on the argument on the Scandinavian economies which time and time again are misrepresented by the political Left, especially when it comes to healthcare and the happiness index. One must remember that what he's calling out for here is a far cry from his other videos shouting to overthrow the private sector and usher in full-blown socialism. It shows the logical fallacy of the Left, the inconsistencies and contradictions, it is why they will never have a credible argument because economics and history is not on their side.
The history of governments have shown to abuse the rights of the people. Just about the only thing I agree with Second Thought upon is the unjust wars through wasting money on war intervention overseas when money could be put to better use. Second Thought seems to believe morality and altruism is theft and coercion, forcing society into a collective group to pay for others and literally spying on how and what other people spend their money on. This is the biggest reason socialism is so deeply flawed, not only is it a disastrous failure, it really does sum up the Orwellian nightmare. Any normal decent person will value their privacy, therefore, their liberty.
If you haven't seen the first part video, you can check that out here:
https://www.youtube.com/watch?v=hFn6BnhTrwI
Lobbying: (0:00)
Economic Reality: (0:48)
Consequences: (1:22)
A Concession: (1:37)
Forced Altruism: (2:17)
The Enemy: (4:08)
Incentives: (4:27)
Socialism is Totalitarian: (4:41)
Collectivism: (5:10)
Peoples Interests: (5:47)
Trying to Control: (6:24)
Funding Contradiction: (6:40)
Economic Calculation Problem: (7:09)
Human Rights: (7:32)
Happiness Report: (8:32)
Scandinavian Socialism Myth: (10:08)
Big Pharma: (12:31)
Libertarianism Vindicated: (12:58)
Free Stuff: (13:22)
U.S. Education: (13:47)
Transparancy Dealings: (14:01)
Guaranteed Theft: (14:48)
Living Like Kings: (14:58)
'Real' Altruists: (15:20)
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Is the State Your Enemy? Second Thought Doesn't Understand the State Part 1
Is the state your enemy? This was the question asked by Second Thought but doesn't understand the government is not the solution to our problems, it is the problem. Second Thought doesn't understand the state, he thinks the role of the state is somehow to provide for people and has a warped view of public ownership. You can hear his contradiction mentioning about theory and practice when it comes to the role of the state, but doesn't bother to think about the difference between theory and practice when it comes to that of public ownership.
In theory, his socialism may be workers ownership or a government serving the people, but in reality, public ownership is nothing other than government ownership and so long as the government is in charge fixing prices faced with the economic calculation problem, you will never have a government that serves you when it takes ownership of such things like healthcare, education among so many other things.
Scandinavian economies have shown this throughout the years how self-serving the governments have been and they certainly are the utopias that Second Thought would like to have you believe. Everything he speaks of, however, is inconsistent and contradictory. In other videos, he explains how capitalism is the cause of all your ills and that we must overthrow the private sector for a better life, but now points to the Scandanavian countries that have strong private sectors.
In his recent video 'Is the State Your Enemy' he mentions big tech, but he doesn't understand the fact that they are not monopolies, that government is the cause of such problems with why the internet is no longer free market and he also fails to comprehend why oil companies would seek government permission for drilling rights. It should not surprise you, however, that with Second Thought being a socialist he peddles the myth of climate change.
You also have to love the chest-beating from socialists who proclaim to be the champions of everything moral and altruism, they like to paint themselves as the higher beings, the intellectuals, that everyone else are to be pitied for simply not understanding their worldview despite them being the opposite of what they think they are.
There is nothing worse than listening to a socialist bleat off about how 'altruistic' they are, oh, they are never selfish, so they say, but are utterly obsessed with constantly banging off about what the _'rich'_ have. Of course, they are so-called 'altruistic' up to a point, but when it comes to their ideology that comes above everything, they turn the cold shoulder when people suffer the direct consequences of their economic illiterate actions. The minimum wage being a prime example causing soaring unemployment. If that's not selfish, I don't know what is.
Second Thought doesn't understand the state will never serve people so long as you depend upon it and it has nothing to do with profits and you wouldn't classify government theft and violence through taxation as profit, as profit implies an exchange in the marketplace, even still, it is impossible to have such dependency upon the state without it becoming self-serving, especially in the face of the economic calculation problem.
The government is NOT the solution to our problems and recorded history proves that evidence, from the rise of monopolies, oligopolies and cartels, to the soaring inflation, price shortage and surplus waste problems among a great many other things. So when asking the question: is the state your enemy? The answer is, yes.
Intro: (0:00)
Far-Right: (0:17)
They Are Private: (1:32)
Oversimplification: (2:37)
Role of Government: (3:58)
State Definitions:(4:26)
Conservative View: (5:11)
They Are the Problem: (5:30)
Theoretical Nonsense: (6:29)
Government in Theory: (8:03)
The 'IDEA': (8:44)
Desires: (9:28)
Theory and Practice: (10:58)
Government Regulation: (11:50)
Politiicans Lies: (12:19)
Concentration: (13:53)
Intentions: (14:18)
Profits: (14:51)
Unintended Consequences: (15:25)
Bribery (15:43)
Climate Nonsense: (17:16)
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Some People Are Gullible and Politicians Know it: Mitt Romney is Taking Americans for a Ride
Some people are gullible and politicians know it, they can lead people up the garden path because they do not understand basic economics. So long as people are kept in the dark with regards to the study of economics, politicians can easily lead them on with bait.
I randomly came across this nice innocent individual, Tifani when browsing around and her argument is sadly all too common. A lot of people have been tricked into believing that the United States of America is some sort of a capitalist country today, people don't understand that capitalism is not corporatism and most certainly is not the early stages of corporatism. Whilst Tifani is absolutely right for pointing out that capitalism is important, she doesn't comprehend why American healthcare costs so much.
This leads to a story about Mitt Romney and his $3000 handouts for families acting like Santa Clause. You can see Tifani's eyes light up and sadly, there are a lot of nice innocent people out there like her who do genuinely care but just don't understand. This illustrates why some people are so gullible and the politicians know it, they know they can easily pull the wool over the eyes of people and get away with it.
People don't understand that Mitt Romney is taking Americans for a ride, which is a British way of saying, the American people are going to get absolutely shafted from this. As I've stated many times before, the government cannot give to you without having to take from another first. As if the closure of the pipelines destroying jobs wasn't enough, the Democrats now wish to decimate hard-working people, if not through direct higher taxes, it'll be the higher tax through inflation by continuing running the printing press.
This is the price people pay for not understanding capitalism and why capitalism is the solution to the problem, not the cause of their problems. I have explained in numerous videos before about American healthcare, you can check both videos out below.
*Why American healthcare costs so much:*
•https://www.youtube.com/watch?v=SHR7FlRrhAU
*Direct Primary Care:*
• https://www.youtube.com/watch?v=V-c2uPAoh4Q
You can check out Tifani's original video here, as noted, she seems a nice enough person, just doesn't understand the implications:
https://www.youtube.com/watch?v=YZJlLvYDW8I
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Why I Became a Libertarian: Proud to be British
As I was asked why I became a Libertarian and in correlation to why I'm proud to be British I decided to give my explanation. My support of the British union isn't for the sake of the political union itself, but a firm belief that it is the best option currently for not just protecting this country from more socialism, but the best option for freeing up our economy.
I have strong Scottish and British heritage and I'm very proud to be British given the history of our land. I have made it distinctly clear that my pride in being British and even Scottish is not in relation to the British Empire, nothing to do with imperialism or colonialism, but for who our people are, the character of our people that history helped shape and form. The romanticised ancient history has certainly influenced that.
As I explained why I became a Libertarian there is a long history of the tyranny of governments and in my personal opinion, collectivism has been the main culprit, the main problem for what has created so many problems throughout human history. One thing I forgot to mention was that individualism enabled people for the first time in human history to be able to accumulate wealth through voluntary exchange, whereas prior to the industrial revolution there was a long history of wars, battles and plunder for wealth accumulation.
From the economic arguments to the moral perspective, Libertarianism is what I feel most at home with, the arguments are what I strongly reason with and in my view the free market economy thanks to capitalism is the only way people can live harmoniously and that is what I favour overall. Whilst I support the British political union due to current circumstances, I've long argued that a free market economy would naturally give the British people their economic liberty from the central government anyway and allow the people to be independent.
With our people being so strongly intertwined, intermarried over so many years, a history of having fought shoulder to shoulder, Britain is a unique island in my eyes and passionately believe we can make the fight to free our economy together.
Scottish independence unfortunately as I've stated is a direction I feel would be devastating. I wish more of my own people understood the value of the free market, unfortunately, I have come across one too many people who are strongly against capitalism. Whilst the rest of Britain isn't perfect, there are at least more Libertarians UK-wide and conservatives who do believe in the free market and that I feel we can put up more of a fight against socialism.
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Keynesians Don't Understand Economics
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You've heard my arguments in critique of Marxists, now is a rant about a Keynesian.
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Scottish Independence: Why I Don't Support Scottish Independence
Scottish independence has been a hotly debated topic and has more than certainly divided my own country Scotland. In this video I give a bit of background on my view of Scotland as a patriotic proud Scot and Brit and for why I don't support Scottish independence.
I can understand the argument some may make that there would be a greater chance for Scotland to fight for liberty if reduced to just the Scottish government, but unfortunately, knowing what a lot of people are like around me, I fear things would only get progressively worse in this country.
Scottish independence was never about Yes versus no, instead, it was an economic decision for which option was best available. I am by no means claiming that the British union is perfect given we live under corporatism and I can sympathise with many fellow Scots on how they feel, but the answer is not more socialism, our country lived that experience and socialism decimated our economy.
It would be wonderful to know if there are a lot more libertarians and conservatives out there in this dear country, unfortunately, it seems like it is few and far between, would love to be proven wrong on that front.
Intro: (0:00)
Neglect: (2:29)
Indoctrination: (3:29)
Nationalisation: (4:11)
Scandinavian Argument: (6:03)
My Perception: (8:15)
Warning Signs: (10:24)
Currency: (12:17)
Debt and Deficit: (13:13)
Outro: (15:24)
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