The Truth about the Economics of War

In case you didn’t hear (and you likely didn’t), President Joe Biden authorized military strikes inside Syria on Thursday, February 25th. As one might expect, these strikes were justified as “defensive,” said to be targeting “dangerous militants,” and in the interest of “national security.”

But when you sift through all the rhetoric, why really do nations engage in war, and are they to the benefit of the nation’s people in terms of economics, safety or otherwise. Let’s discuss the Biden Administration’s actions in light of the legendary Chinese General Sun Tzu’s classic treatise, The Art of War.

References:

The Art of War: https://sgp1.digitaloceanspaces.com/proletarian-library/books/203ea0ae84b21fab951c5a55c5e0749d.pdf

Hashtags: #SyriaStrikes #BidenAdministration #War #MiddleEast #SyriaBombing #ForeignPolicy #NationalSecurity #Economics

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Joe Biden’s “Made in America” Executive Order is as Stupid as Trump’s Tariffs

On January 25, 2021, President Joe Biden signed an executive order that sounded eerily similar to President Donald Trump’s “Make America Great Again” slogan. Titled “Executive Order on Ensuring the Future Is Made in All of America by All of America’s Workers,” it dictates that the Federal Government shall use all its powers to ensure that goods and services are made and purchased inside the United States. However, as was the case with Donald Trump’s infamous tarriffs, any such “Made in America Laws” only benefit certain politically connected businesses at the expense of the general public.

Articles Referenced:

https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/25/executive-order-on-ensuring-the-future-is-made-in-all-of-america-by-all-of-americas-workers/

https://www.whitehouse.gov/briefing-room/statements-releases/2021/01/25/president-biden-to-sign-executive-order-strengthening-buy-american-provisions-ensuring-future-of-america-is-made-in-america-by-all-of-americas-workers/

Hashtags: #BidenAdministration #ExecutiveOrder #MadeInAmericaLaws #FreeTrade #Capitalism #Economics

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References

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Richard Wolff: How Capitalism Exploits You DEBUNKED (The Gravel Institute Debunked)

On January 22nd, 2021, famed Marxist Professor Richard Wolff released a video for the Gravel Institute explaining how capitalism exploits you. “In order for capitalists to make a profit, their workers have to earn less than the value they produce, and that extra value has to go to their bosses. You’re being robbed,” says Wolff. Do we really have to refute Marx’s Labor Theory of Value again? Why not? Join me for my first ever livestream video debunk. I’ll be reading and addressing comments throughout.

Hashtags: #Marxism#TheGravelInstitute#RichardWolff#Economics#Socialism#Communism#Capitalism

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References:

Murphy, R. P. (2020, October 05). A Critique of the Labor Theory of Value. Retrieved January 31, 2021, from https://mises.org/wire/critique-labor-theory-value.

Sowell, T. (2014). Basic Economics. New York: Basic Books.

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Yes Gravel Institute, Capitalism IS Freedom

Fordham Law School Professor Zephyr Teachout has released a video for The Gravel Institute titled, “Capitalism vs. Freedom.” In it, she argues that capitalism results in ruthless monopolies that mercilessly dictate the lives of every person within the economy. However, like every other critic of capitalism, she conflates voluntary transactions in the free market with government regulations, then advocates greater power for government to fix the problems that the government caused.

This video was requested by my patron Mikail the Stray Cat. All patrons who pledge $15 per month or more on Patreon or SubscribeStar are guaranteed to have their video requests made.

Hashtags: #TheGravelInstitute #ZephyrTeachout #Capitalism #FreeMarket #Economics #Government #Politics #GravelInstitute

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References:

Agarwal, R. (2018, November 15). Why Amazon Runs Toward Government With HQ2. Retrieved October 25, 2020, from https://www.forbes.com/sites/washingtonbytes/2018/11/15/why-amazon-runs-toward-government-with-hq2/

Apply for licenses and permits. (n.d.). Retrieved October 25, 2020, from https://www.sba.gov/business-guide/launch-your-business/apply-licenses-permits

Chappelow, J. (2020, September 16). Capitalism. Retrieved October 25, 2020, from https://www.investopedia.com/terms/c/capitalism.asp

Dilorenzo, T. J. (1996). The myth of natural monopoly. The Review of Austrian Economics, 9(2), 43-58. doi:10.1007/bf01103329

Dunkelberg, W. (2017, April 04). The Insidious Cost Of Regulation. Retrieved October 25, 2020, from https://www.forbes.com/sites/williamdunkelberg/2017/04/04/the-insidious-cost-of-regulation/

Edward Snowden: Leaks that exposed US spy programme. (2014, January 17). Retrieved October 25, 2020, from https://www.bbc.com/news/world-us-canada-23123964

Federal Laws Prohibiting Job Discrimination Questions And Answers. (2009, November 21). Retrieved October 25, 2020, from https://www.eeoc.gov/fact-sheet/federal-laws-prohibiting-job-discrimination-questions-and-answers

Foulkes, A. (2005, May 17). In Defense of Employment-at-Will. Retrieved October 25, 2020, from https://mises.org/library/defense-employment-will

Legrain, M. (2018, November 26). Revealed: Restricting breaks keeps poultry industry workers living in fear. Retrieved October 25, 2020, from https://www.theguardian.com/food/2018/nov/26/revealed-restricting-breaks-keeps-poultry-industry-workers-living-in-fear

Merriam-Webster. (n.d.). Freedom. In Merriam-Webster.com dictionary. Retrieved October 25, 2020, from https://www.merriam-webster.com/dictionary/freedom

Moseley, G. B. (2008). The U.S. Health Care Non-System, 1908-2008. AMA Journal of Ethics, 10(5), 324–331. doi: 10.1001/virtualmentor.2008.10.5.mhst1-0805

Tucker, J. A. (2008, January 07). How Free Is the “Free Market”? Retrieved October 25, 2020, from https://mises.org/library/how-free-free-market

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AOC’s Idiotic Wealth Tax on Billionaires

Democratic darling Alexandria Ocasio-Cortez (#AOC) has released a video with #NowThisNews titled “AOC Calls on Cuomo to Pass Wealth Tax and Save Working Families”. The video asserts as follows: billionaires have collectively increased their net worth by more than $400 billion as a result of coronavirus lock downs, 74% of black and brown immigrant families lost their jobs as a result of the lock downs with few qualifying for unemployment benefits, and New York ought to impose a wealth tax on its billionaires to relieve these immigrant communities. As per the usual, AOC seemingly doesn’t understand what net worth actually is nor that her proposed wealth tax is idiotic and would only make matters worse.

Hashtags: #WealthTax #WealthInequality #Billionaires #NewYork #GovenorCuomo #COVID19 #Coronavirus #Economics

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References:

Riedl, B. (2020, July 02). No, the Pandemic Has Not Surged Billionaire Wealth. Retrieved July 26, 2020, from https://www.nationalreview.com/2020/07/no-the-pandemic-has-not-surged-billionaire-wealth/.

Rising number of wealthy French fleeing abroad. (2015, August 08). Retrieved July 26, 2020, from https://www.france24.com/en/20150808-france-wealthy-flee-high-taxes-les-echos-figures.

Unemployment Insurance and COVID-19. (2020, July 21). Retrieved July 26, 2020, from https://maketheroadny.org/unemployment-insurance-and-covid-19/.

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Why Universal Basic Income (UBI) Can’t Make Us Wealthier

In light of the current worldwide crisis and record levels of unemployment, many people are again talking about universal basic income or UBI. According to WIRED UK, a universal basic income would give people a greater sense of freedom and allow them to engage in activities that are of greater value to the community. However, this is easily disproved when you consider that one’s willingness to pay for an activity voluntarily is what determines how much value that activity has.

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References

Sowell, T. (2014). Basic Economics. New York: Basic Books.

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Idiots Lose Their Minds Over Price Gouging

Every time a disaster like #COVID19 rears its head, politicians and pundits come out of the woodwork to condemn “price gouging.” But what is #PriceGouging? What causes it, and does #Government make it better or worse with regulations?

Hashtags: #Economics #Coronavirus #Disaster #Rationing #FreeMarket #ToiletPaper

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References

Sampson, H. (2020, March 12). Travel prices are dropping almost everywhere as coronavirus fears take over. Retrieved from https://www.washingtonpost.com/travel/2020/03/12/travel-prices-are-dropping-almost-everywhere-coronvavirus-fears-take-over/.

Savodnik, P. (2020, March 19). Can movie theaters survive coronavirus? Retrieved from https://www.vanityfair.com/hollywood/2020/03/can-movie-theaters-survive-coronavirus.

Sowell, T. (2014). Basic Economics. New York: Basic Books.

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The “Real Deal” with Medicare for All DEBUNKED

Robert Reich, progressive economist of Inequality Media, has set out to lecture Americans about the “Real Deal” with Medicare for All. In this video, I join forces with @Shane Killian to debunk these talking points once and for all.

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Hashtags: #MedicareForAll #UniversalHealthcare #RobertReich #InequalityMedia #Economics

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How to Argue for Universal Healthcare:

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References

Bernpainter, K. (2013, July 8). The Truth About SwedenCare: Klaus Bernpaintner. Retrieved from https://mises.org/library/truth-about-swedencare

Bingham, J. (2015, October 29). ‘Shocking’ end of life care in NHS boosting support for assisted suicide – MPs. Retrieved from https://www.telegraph.co.uk/news/politics/11961554/Shocking-end-of-life-care-in-NHS-boosting-support-for-assisted-suicide-MPs.html

Gary, G. (2018, November 2). Infant Mortality Is a Misleading Statistic for International Comparisons. Retrieved from https://mises.org/wire/infant-mortality-misleading-statistic-international-comparisons

Health Care System Performance Rankings. (2017, July 13). Retrieved from https://www.commonwealthfund.org/chart/2017/health-care-system-performance-rankings

Long waits for surgery ‘have tripled in four years’. (2017, June 2). Retrieved from https://www.bbc.com/news/health-40122075

Moseley, G. B. (2008). The U.S. Health Care Non-System, 1908-2008. AMA Journal of Ethics, 10(5), 324–331. doi: 10.1001/virtualmentor.2008.10.5.mhst1-0805

Niemietz, K. (2014, October 30). Health Check: The NHS and Market Reforms. Retrieved from https://iea.org.uk/publications/research/health-check-the-nhs-and-market-reforms

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The ONLY Way to Improve the Economy

Hashtags: #Economics #Election2020 #CampaignAds

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The Coronavirus and the Austrian Business Cycle (2 Day with 2 Cents Podcast)

The #CoronavirusOutbreak has been sensationalized across the media. With entire regions of China shutdown, global markets are preparing for widespread downturn. However, it occurs to me that this supposed epidemic has come about at a time that the U.S. Government and Federal Reserve might have motive to create global uncertainty. Listen to my thoughts on this new edition of the 2 Day with 2 Cents Podcast!

Hashtags: #AustrianBusinessCycle #2DayWith2Cents #CurrentEvents #Coronavirus #Economics

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References

2019 Novel Coronavirus (2019-nCoV) Situation Summary. (2020, January 31). Retrieved from https://www.cdc.gov/coronavirus/2019-nCoV/summary.html#risk-assessment

Daurat, C. (2020, January 31). The Coronavirus Is Infecting the Global Economy. Here’s How. Retrieved from https://www.bloomberg.com/news/articles/2020-01-31/the-global-economy-is-getting-infected-by-the-virus

Foster, S. (2020, January 31). The Repo Market, Explained – And Why The Fed Is Pumping Billions Into It. Retrieved from https://www.bankrate.com/banking/federal-reserve/why-the-fed-pumps-billions-into-repo-market/

Mendell, E. (2020, January 30). Coronavirus Triggers Damage Control From Governments, Companies. Retrieved from https://www.wsj.com/articles/coronavirus-triggers-damage-control-from-governments-companies-11580396657

Smith-Schoenwalder, C. (2020, January 30). Why the Flu Is Still a Bigger Threat to Americans Than Coronavirus. Retrieved from https://www.usnews.com/news/health-news/articles/2020-01-30/why-the-flu-is-a-bigger-threat-to-the-us-than-coronavirus

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