Nov 14, 2017 | Business, Politics
From: Richest 1% own over half the world's wealth - Business Insider
The world's richest 1% of families and individuals hold over half of global wealth, according to a new report from Credit Suisse. The report suggests inequality is still worsening some eight years after the worst global recession in decades.[...]"The bottom half of adults collectively own less than 1% of total wealth, the richest decile (top 10% of adults) owns 88% of global assets, and the top percentile alone accounts for half of total household wealth," the Credit Suisse report said.[...]In most countries, including the US, a large wealth gap translates into those at the top accruing political power, which in turn can lead to policies that reinforce benefits for the wealthy.
The real question is: how many used political power to acquire wealth as opposed to honestly producing it economically? If someone created the wealth -- like a Bill Gates, Warren Buffet and Jeff Bezos -- then they rightfully own the assets they created.Billionaire politicians and dictators (Castro, Putin, etc.) who earned their money through political means -- theft and cronyism -- do not.Sadly Business Insider, like much of the anti-capitalist press, does not make that distinction.
Nov 1, 2017 | Culture
Capitalist Richard Salsman: The Limits of Public Debt
November 13, 2017, | 4:00–5:00 PM | Broyhill Auditorium (Farrell A31), 1834 Wake Forest Rd, Winston-Salem NC
Government borrowing is at record levels, by some measures, and is projected to climb still higher in the coming decade. Are there “tipping points” we should worry about? If so, what happens after that?Why do governments borrow in the first place? Why do they sometimes over-borrow? Why (and how) do they sometimes default? Are democracies more prone to over-borrowing than other regime types? Does excessive public borrowing commit intergenerational injustice?While answering these questions and illustrating public debt history in multi-century charts, this talk reveals what leading political economists – from Smith in the 18th century to Krugman in the 21st century – have said about public debt. Theorists are classified as pessimists, optimists, and realists. The talk reveals which factors best distinguish these views, which view dominates today’s public debt debate, and why it matters.
Richard Salsman, PhD, is an assistant professor in the philosophy, politics, and economics (PPE) program at Duke University and a core faculty member of the political economy program there. He received his B.A. in Government and Economics from Bowdoin College (1981), his M.A. in Economics from New York University (1988), and his Ph.D. in Political Science from Duke (2012). Prior to entering academia, he was a banker in New York City (the Bank of New York and Citibank) and founder and president of InterMarket Forecasting, Inc.Dr. Salsman is the author of two books—Breaking the Banks: Central Banking Problems and Free Banking Solutions and Gold and Liberty—in addition to scholarly journal articles and dozens of essays on political economy for Forbes. His most recent book, The Political Economy of Public Debt: Three Centuries of Theory and Evidence, was published by Elgar in February 2017. Co-sponsored with the Wake Forest Department of Economics
Oct 23, 2017 | Politics
Writes Scott Holleran on Sacrificing Harvey Weinstein:The downfall of movie studio executive Harvey Weinstein following articles earlier this month in The New Yorker and the New York Times alleging sexual assault and harassment not only demonstrates Hollywood’s hypocrisy, though it certainly does that. What’s happened in the two weeks since the Weinstein claims first emerged has major, possibly ominous, implications for due process, free exercise of speech and the press, and moviemaking.
[...]
...Harvey Weinstein’s fast, epic downfall makes faster the fusion of the New Left’s and conservatives’ political agenda. The result is likely to be accelerated momentum toward a common, sinister goal: total government control of the arts, starting with movies.
[...]
In a statement, the Academy celebrated its expulsion of Oscar-winning Harvey Weinstein by boasting that he was rejected by a vote “well in excess of the required two-thirds majority.” The Academy, which has initiated no action against members accused of serial rape and sued for sexual assault (Cosby), convicted of drunk driving before lashing out against Jews, gays and women and pleaded no contest to a charge of battery against an ex-girlfriend (Gibson) and those who plead guilty to a sex crime involving a 13-year-old girl (Polanski, who fled the country), added that they expelled Weinstein “to send a message that the era of willful ignorance and shameful complicity in sexually predatory behavior and workplace harassment in our industry is over.”
[...]Cautioning against jumping to conclusions about Harvey Weinstein fell to film director Woody Allen — who, incidentally, has been offered membership in Hollywood’s academy and refused — who warned that Hollywood’s and New York’s purge “could lead to a witch hunt atmosphere, a Salem atmosphere, where every guy in an office who winks at a woman is suddenly having to call a lawyer to defend himself. That’s not right either.”
The entire article is worth a read.Aug 21, 2017 | Business, Politics
Writes Jason Wilson in "Socialism, fascist-style: hostility to capitalism plus extreme racism: | The Guardian:
...some of the [Alt-Right] groups that marched evince a hostility to neoliberal capitalism, which is equal to that of the most ardent supporters of Bernie Sanders, the leftwing populist who mounted a vigorous challenge to Hillary Clinton during last year’s Democratic primaries – although for the far right it comes inextricably linked to a virulent racism. Many also support the enhancement of the welfare state.For example, those marching under the red and blue banners of the National Socialist Movement (NSM) have signed up to a manifesto that supports a living wage, sweeping improvements in healthcare, an end to sales taxes on “things of life’s necessity” and “land reform” for “affordable housing”.An establishing principle in the document written by their leader, Jeff Schoep, is that the state “shall make it its primary duty to provide a livelihood for its citizens”. It calls for “the nationalisation of all businesses which have been formed into corporations”.The manifesto of Matthew Heimbach’s Traditionalist Worker Party calls for “opportunities for workers to have jobs with justice”. And in a manifesto issued on the day of the Charlottesville march, the noted far-right figurehead Richard Spencer wrote that “the interests of businessmen and global merchants should never take precedence over the wellbeing of workers, families, and the natural world”.Spencer has previously spoken out – including at the American Renaissance conference, a gathering of far-right activists in Nashville in July – in favour of “single payer” universal healthcare.At the conference, Spencer gave Trump just three out of 10 when invited to rate him – because he was “too focused on the Republican agenda” of tax cuts and dismantling Obamacare.These critiques of capitalism and mainstream conservatism are key to the socialist element of national socialism. Observers of the far right argue that understanding this is essential to demystifying the far right’s appeal, especially to the alienated millennial men currently swelling its ranks.
Aug 21, 2017 | Philosophy, Politics
Writes Ben Shapiro on The Group That Got Ignored in Charlottesville | Daily Wire:
In Charlottesville, Antifa engaged in street violence with the alt-right racists. As in Weimar, Germany, fascists flying the swastika engaged in hand-to-hand combat with Antifa members flying the communist red. And yet, the media declared that any negative coverage granted to Antifa would detract from the obvious evils of the alt-right. Sheryl Gay Stolberg of The New York Times tweeted in the midst of the violence, "The hard left seemed as hate-filled as alt-right. I saw club-wielding 'antifa' beating white nationalists being led out of the park." After receiving blowback from the left, Stolberg then corrected herself. She said: "Rethinking this. Should have said violent, not hate-filled. They were standing up to hate."Or perhaps Antifa is a hateful group itself. But that wouldn't fit the convenient narrative Antifa promotes and the media buy: that the sole threat to the republic comes from the racist right. Perhaps that's why the media ignored the events in Sacramento and Berkeley and Seattle -- to point out the evils of Antifa might detract from the evils of the alt-right. That sort of biased coverage only engenders more militancy from the alt-right, which feels it must demonstrate openly and repeatedly to "stand up to Antifa." Which, of course, prompts Antifa to violence.Here's the moral solution, as always: Condemn violence and evil wherever it occurs. The racist philosophy of the alt-right is evil. The violence of the alt-right is evil. The communist philosophy of Antifa is evil. So is the violence of Antifa. If we are to survive as a republic, we must call out Nazis but not punch them; we must stop providing cover to anarchists and communists who seek to hide behind self-proclaimed righteousness to participate in violence.
Aug 11, 2017 | Philosophy, Politics
Dr. Richard Salsman, visiting assistant professor at Duke University, discusses misperceptions about Alexander Hamilton's political philosophy. Salsman offered these comments during an interview for Carolina Journal Radio Program No. 723. Aug 3, 2017 | Business, Politics
From Al Gore can’t deny that his climate crusade involves great suffering | Financial Post:
Take the rising dominance of solar and wind, which is used to paint supporters of fossil fuels as troglodytes, fools, and shills for Big Oil. The combined share of world energy consumption from renewables is all of two per cent. And it’s an expensive, unreliable, and therefore difficult-to-scale two per cent.Because solar and wind are “unreliables,” they need to be backed up by reliable sources of power, usually fossil fuels, or sometimes non-carbon sources including nuclear and large-scale hydro power (all of which Gore and other environmentalists refuse to support). This is why every grid that incorporates significant solar and wind has more expensive electricity. Germans, on the hook for Chancellor Angela Merkel’s self-righteous anti-carbon commitments, are already paying three times the rates for electricity that Americans do.Stories about “100-per-cent renewable” locations like Georgetown, Tex. are not just anecdotal evidence, they are lies.[...]
Gore’s Inconvenient Sequel gives a biased, self-serving, and convenient picture of fossil fuels and climate — convenient for Gore’s legacy, that is, but inconvenient for the billions his energy poverty policies will harm. As citizens, we must start demanding responsible thought leaders who will give us the whole picture that life-and-death energy and climate decisions require.
Jun 20, 2017 | Business, Politics
From Center for the Protection of Intellectual Property:On June 13, 2017, CPIP Founder Adam Mossoff testified before the House Judiciary Committee’s Subcommittee on the Courts, Intellectual Property and the Internet. He and other witnesses testified about the impact of the Supreme Courts recent decision in TC Heartland LLC v. Kraft Foods Group Brands LLC on innovators and the possibility of future changes to patent law.In his opening statement, Professor Mossoff primarily described how patent owners—particularly individual inventors and small businesses—will now be required to file multiple lawsuits all across the country to enforce their rights. This will drastically increase the cost of protecting their property from infringers, which for many innovators will be cost prohibitive. Professor Mossoff mentioned one such inventor, Bunch-o-Balloons inventor Josh Malone, who is being seriously harmed by the inability to protect his invention from rampant infringement. Together with the litany of other recent disastrous changes to our patent system, innovators are now in a precarious position when deciding to rely on patents to protect their inventions.Professor Mossoff emphasized that Congress’ first priority should be “do no harm.” Rather than make another attempt to pass legislation further restricting patent owners’ rights, it would be better for Congress to simply do nothing. However, Congress could make the patent system better for innovators. One step already being discussed that would be a positive improvement is the suggestion to amend Section 101 to limit the scope of the judicial exceptions to subject matter eligibility. At the hearing, Professor Mossoff astutely noted that the first patent ever issued in the United States—being held up at that moment by Chairman Darrell Issa—would likely be invalidated under current patent eligibility standards.Many questions directed at the witnesses asked for them to propose specific solutions to either perceived venue abuses or broader patent law issues. Professor Mossoff stressed that systemic changes to the patent system will not just affect a few bad actors, but all of the individual inventors, small businesses, universities, licensing companies, and R&D-intensive high-tech and bio-pharma companies who rely on the patent system to protect their innovations. These types of companies have been the fountainhead of the U.S. innovation economy for more than 200 years. “Reform” that only addresses the concerns of accused infringers, but not the costs to patent owners, is doomed to do more harm than good.Professor Mossoff’s written testimony can be found here. Video of the hearing can be found here.
Apr 28, 2017 | Politics
Writes Peter Schwartz, author of In Defense of Selfishness, on Trump's Bombing of Syria:Self-Interest or Self-Sacrifice?
Syria poses little danger to the United States. But there are demonstrable threats to us elsewhere, such as from North Korea and Iran. A genuine act of self-assertiveness would be to eliminate those threats, which for a long time we have not only tolerated but actively abetted.When a country’s foreign policy rests on no clear principles—when it’s an unpredictable and indecipherable hash of emotionalism, altruism and ad hoc machinations—when no firm guidelines exist to determine when we will or won’t use force—then “red lines” sprout up everywhere. And if America has an obligation to take action against “any and all who commit crimes against the innocents anywhere in the world,” then any failure to do so becomes evidence of weakness. If every evil committed by some vicious dictator is an assault against “America’s interests,” then inaction against such dictators shows a lack of will to uphold those “interests.”If, however, we had a principled foreign policy, our government would understand that politically Americans have only one fundamental interest: their freedom—and that our policymakers’ sole task is to protect that freedom. When facing a situation like the one in Syria, therefore, they would morally condemn Assad’s tyranny while remaining true to the principle that we use force only when the liberty of Americans is threatened. They would refuse to treat Americans as selfless servants to the needs of the world. And they would make sure to employ force decisively against those who actually threaten us.For a full explication of a proper foreign policy and of the meaning of a free country’s interests, see The Foreign Policy of Self-Interest: A Moral Ideal for America.
Note: The Foreign Policy of Self-Interest: A Moral Ideal for America is only $2 on Amazon Kindle.
Apr 27, 2017 | Business, Politics, Sci-Tech
What do Climate Fortune Tellers -- Al Gore, Bill Nye, and Leonardo DeCaprio -- fear more than "climate change" and "global warming"?Apparently debating Alex Epstein.Writes the author of the best-selling The Moral Case for Fossil Fuels:I just learned this morning that the CEO of the Leonardo DiCaprio Foundation, who was supposed to debate me next Tuesday at the 20,000 person Collision Conf, has withdrawn.
He gave no explanation to the organizers and certainly did not give me the courtesy of an apology--even though my team has been preparing for this event for weeks.
This is just the latest example of the bankruptcy of the opponents of fossil fuels.
Since the publication of The Moral Case for Fossil Fuels, not one person has written a remotely plausible fundamental critique of the book.
Why? Because it's not reputable?
Impossible.
The Moral Case has been reviewed favorably by dozens of publications (including the WSJ), it has a 4.7 rating across hundreds of reviews on Amazon (very unusual for a book this controversial), it was an NYT and WSJ bestseller, and one of the most respected political commentators of the last 25 years named me "most original thinker of the year" because of my reframing of the climate issue.
Almost no opponents challenge *The Moral Case* because they don't want to *confront a good argument*. Their interest is not the discovery of the policies that will advance human flourishing, it is the status/approval they get by being leaders of a mainstream crusade.
Since the publication of The Moral Case, whenever opponents have tried to refute me in live situations, whether through debates or hostile interviews, it has gone badly for them.
It's getting harder and harder for me to find anyone prominent to debate me. Al Gore won't take my $100,000 offer, Bill Nye The Science Guy is the Silent Guy when it comes to debating, and now Leonardo DiCaprio's man is evading debating.
I have no idea what happened in this latest case (because he didn't have the character to tell me) but it wouldn't surprise me if some YouTube browsing made him conclude that he would be better off attending to "urgent" business far away from the debate hall.
There is still an empty slot to debate me at Collision Conf next Tuesday--if we can fill it with a big name. (Otherwise I will do a full event on the moral case). If Al Gore, Leonardo DiCaprio, Bill Nye The Science Guy, or (the latest "scientific" fossil fuel attacker) Neil deGrasse Tyson is willing to step up, I will happily pay for their First-Class fare. Leo, since I know you prefer to fly private jet when it's time to go attack fossil fuels, I will pay $2000 of your (fossil) fuel.
You can reach me at alex@industrialprogress.net.
Related: Why We Should Celebrate Fossil Fuels on Earth Day (video)
Book: The Moral Case for Fossil Fuels at Amazon