Biden’s Upcoming Economic Narrative (2 Day with 2 Cents Podcast)

 

In this edition of the 2 Day with 2 Cents podcast, I discuss Joe Biden’s ascendancy as the Democratic Party’s front runner for 2020 in light of the stock market’s tumbling as the coronavirus continues to spread worldwide. Many right-wing commentators are saying that a Biden presidency isn’t nearly as much of a threat as a Sanders presidency, but I have my doubts.

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Hashtags: #Biden2020 #COVID19 #StockMarketCrash2020 #BidenForPresident #Biden #EconomicCrisis

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References

Fitzgerald, M. (2020, February 28). Global stock markets have lost $6 trillion in value in six days. Retrieved from https://www.cnbc.com/2020/02/28/global-stock-markets-have-lost-6-trillion-in-value-in-six-days.html

Haberman, M., & Karni, A. (2020, March 4). The Coronavirus. The Stock Market. Now Biden’s Comeback Adds to Trump’s Bad Week. Retrieved from https://www.nytimes.com/2020/03/04/us/politics/trump-coronavirus-stock-market-biden.html

Rob, G. (2020, March 5). Fed expected to continue cutting interest rates, beginning as soon as later this month. Retrieved from https://www.marketwatch.com/story/fed-expected-to-continue-cutting-interest-rates-beginning-as-soon-as-later-this-month-2020-03-05

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COPYRIGHT DISCLAIMER

This video may contain copyrighted content. Under Section 107 of the Copyright Act 1976, allowance is made for -fair use- for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.

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It is not my intention to cause the original video creator(s) to receive any kind of harassment or abuse. It is my intention to provide a counter argument to the claims they have made. While I have no control over the feedback you choose to provide, I ask that you avoid any forms of harassment or abuse.

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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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This video may contain copyrighted content. Under Section 107 of the Copyright Act 1976, allowance is made for -fair use- for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.

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CHILDREN’S PRIVACY NOTICE

This video is NOT targeted to viewers under the age of 13. I do not collect, use, or disclose information from children on any platform where this video is hosted.

Why Tax Cuts and Tax Hikes are Fundamentally the Same

Federal-Reserve-DC

The Federal Reserve of the United States is the Biggest Scam in History

Ever since President Trump’s tax cuts made it through Congress several months ago, I’ve heard many Republican commentators talking about how much they have helped the economy.  Even whitehouse.gov couldn’t pass up the opportunity to put out a short summary explaining just how the tax cuts are going to, “Provide tremendous relief for the middle class and small business” (“President Donald J. Trump Achieved the Biggest Tax Cuts”, para. 1).  However, well it’s true that tax cuts improve the health of the economy in principle, the current political system combined with the worldwide scam that is the Federal Reserve of the United States ensures that both tax cuts and tax hikes ultimately have the same effect on the economy.

Allow me to explain.  It ought to seem fairly straightforward that when citizens are allowed to keep more of their own money, they tend to spend more on non-essential goods and services than they otherwise would have.  This creates demand in industries that may not have been there if tax rates were higher and so creates job opportunities.  Sounds pretty good right?

Well, the problem is that most citizens don’t see beyond the surface rhetoric that takes place between the two political parties.  If your only source of information is the mainstream media, it would seem that Democrats want to increase taxes in order to fund more government programs, and Republicans want to cut taxes in order to stimulate economic growth as was described above.  However, what’s more important to consider is the government’s budget itself, not simply what tax cuts or tax hikes are passed.

As I’ve written and spoken about before, it doesn’t matter who sits in the White House or Congress.  Spending only goes in one direction.  Up. And the Trump administration is no exception to this rule.  This means that the U.S. is still engaging in deficit spending.  So if taxes aren’t going up to cover the interest and principle payments on U.S. Treasury securities, how are they being paid off?

If you’re interested in a detailed explanation of how the Federal Reserve Banking System works, I recommend Mike Maloney’s video linked below.

However, to sum it up.  The U.S. can pay off it’s debt in two ways.  The first is to increase taxes and use the additional revenue to pay down the debt.  The second is to have the Federal Reserve inflate the currency through the issuance of additional treasury securities and pay off older securities with the newly created money.  While both these methods are always used simultaneously to some degree, the former might be cast as the Democrats’ preferred method while the latter might be cast as the Republicans’ preferred method.

However, both methods, at the end of the day, end up having the same effect on the economy.  If taxes are increased, citizens will become more frugal with the money that they pocket, knowing they won’t have as much to spend on that big screen television or brand-new sports car.  This decreases demand in the economy and may lead to layoffs and economic decline.  No one wants to advocate for this to happen right?

However, what of inflating the currency?  Well, if the currency is inflated, in the short term it may look like the tax cuts are having a positive effect on the economy because citizens believe they can be more cavalier with how they spend their money.  Demand is increased and economic growth follows.  However, while it will take time for the effects to show, the new money that the government printed to finance its debt will seep its way into the economy, devaluing the U.S. dollar.

As the people realize that the dollar is less valuable than it was before, prices will rise and investors who thought that the tax cuts meant new economic opportunity will begin to reverse course.  They will attempt to save their assets as they see that their newly saved tax credits cannot take them as far as they initially believed.  As with the effect of tax hikes, this type of economic decline is caused by the government stealing wealth from its citizens.  The citizens simply did not feel the theft as forcefully because no currency was actually taken out of their pockets.  It was simply devalued by inflation.

The economist John Maynard Keynes once said, “By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft” (Keynes, para. 1).  While I’m not a fan of Keynes’ economic philosophy, he was certainly correct on this point.  Due to the fact that very few people understand the Federal Reserve and fractional reserve banking, most people don’t realize that under the current system, balancing the budget is impossible.

For this reason, there is fundamentally no difference between tax cuts and tax hikes.  Both will have the same effect in the long run.  As always, this political debate between Republicans and Democrats is nothing but a sham designed to stop the people from seeing what the state is doing.  Confiscating their hard-earned wealth and taking away their freedoms.  It’s what the government does and will continue to do until the people wake up.

And that is my 2 cents. Take it for what it’s worth.

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Citations:

Keynes, J. M. (n.d.). A quote from The Economic Consequences of the Peace. Retrieved November 19, 2018, from https://www.goodreads.com/quotes/919069-by-this-means-the-government-may-secretly-and-unobserved-confiscate

President Donald J. Trump Achieved the Biggest Tax Cuts and Reforms in American History. (2018, February 5). Retrieved November 19, 2018, from https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-achieved-biggest-tax-cuts-reforms-american-history/

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Money vs. Currency

I was recently asked who would be responsible for printing money in an Anarcho-Capitalist society. To answer that question we first have to make the important distinction between “money” and “currency.” Once we do, it quickly becomes clear that private central banks are not necessary for the creation of money. They only want you to think they are.

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