2012 Endorsements: JFK and Ronald Reagan

Posted by PITHOCRATES - October 31st, 2012

2012 Election

JFK did all the Democrat things to Stimulate the Economy out of Recession but none of it Worked

John Fitzgerald Kennedy (JFK) was a Cold War warrior.  Not to mention a World War II combat veteran.  He warned Nikita Khrushchev that any Soviet interference with U.S. access to West Berlin (located behind the Iron Curtain in East Germany) would be an act of war.  Which meant a nuclear war with the USSR.  The Soviets responded by building the Berlin Wall between East and West Berlin.  Blocking free passage between East and West.  JFK authorized the Bay of Pigs Invasion to topple the Soviet-backed Castro government in Cuba.  The invasion failed for the lack of air support.  Castro feared another US invasion.  Shortly thereafter the Soviets installed intermediate-range ballistic missiles in Cuba.  To counter US missiles placed in Turkey.  Once discovered JFK ordered a quarantine of Cuba.  A US naval blockade.  Leading to the Cuban Missile Crisis.  And the closest the US and the USSR ever came to all out nuclear war.  Khrushchev and JFK finally resolved the crisis.  Khrushchev agreed to remove their missiles with a public US guarantee that they would never invade Cuba.  And a private promise to remove those US missiles from Turkey.

JFK sent the Special Forces to South Vietnam to stem the spread of communism in Southeast Asia.  He also initiated the coup that toppled the government of Ngo Dinh Diem (though he did not call for his assassination).  Leading to America’s long involvement in the Vietnam War.  And Kennedy’s Secretary of Defense helped make all of this military action possible.  Robert McNamara.  One of the ‘Whiz Kids’ who helped to rebuild the Ford Motor Company.  And he ran the Department of Defense like he ran Ford.  By the numbers.  He made it more efficient.  Saving a lot of money from the existing budget.  While JFK added an additional $8 billion (about $58 billion in 2011 dollars) of defense spending.  Paying for a lot of the weapons a Cold War warrior needed.  However, he was still concerned about the size of the deficit.  So JFK also included some domestic spending cuts to help offset the increases in defense spending.  But it wasn’t enough.  He had a deficit.  Worse, he had a recession.

JFK did all the Democrat things to stimulate the economy out of recession.  Typical Keynesian economics stuff.  Government spending.  And keeping interest rates artificially low.  But it wasn’t working.  One of the problems was that Keynesian stimulus just doesn’t work.  But another problem was the baby boom following the war.  Who grew up and were looking for jobs in the Sixties.  That just weren’t there.  He needed some really solid economic growth to create those jobs.  And for that he turned to supply-side economics.  What we would later call Reaganomics.  He created a more business-friendly environment.  He offered businesses tax credits for investments in new machinery and equipment.  He accelerated depreciation schedules, allowing businesses to expense their assets more quickly.  Which encouraged investment into new assets.  And he proposed tax cuts on both business AND personal income.  It worked.  Unleashing an economic boom that lasted until 1966.

When Reagan entered Office he did what JFK did and created a Business-Friendly Environment

Ronald Reagan was a Cold War warrior.  While President Carter pursued a policy of detente with the Soviet Union Reagan’s policy was more in keeping with JFK’s policy.  He called the Soviet Union the Evil Empire and pursued a goal of destroying it.  And like Kennedy he built up a strong military.  Reagan invaded Grenada when hard-line communists overthrew a moderate socialist government.  While there were Cuban construction workers and military personnel building a 10,000 foot reinforced runway.  Which would be handy for the Soviets to use in their Central American activities.  Which Reagan also opposed in Nicaragua.  As he helped the Mujahideen resist the Soviets in Afghanistan.  Reagan revived the Carter-canceled B-1 Lancer bomber program.  He introduced the MX intercontinental ballistic missile program.  And when the Soviets deployed SS-20 intermediate-range ballistic missiles Reagan deployed Pershing medium-range ballistic missiles in West Germany.  Then he took it up a notch and introduced a strategic ballistic missiles defense system.  The Strategic Defense Initiative (SDI).  When Reagan gave a speech at the Berlin Wall’s Brandenburg Gate with Mikhail Gorbachev in attendance he said, “General Secretary Gorbachev, if you seek peace, if you seek prosperity for the Soviet Union and Eastern Europe, if you seek liberalization, come here to this gate! Mr. Gorbachev, open this gate! Mr. Gorbachev, tear down this wall!”

The Soviets couldn’t keep up with the spending as their command economy was a mess.  It was a different story in America.  In fact, it was Morning in America.  Not only did the Americans spend the Soviets to the brink of collapse they did that in what those on the Left call the Decade of Greed.  Because economic times were so good there was excessive materialistic consumption.  So while the Soviets stood in line for soap and toilet paper the Americans enjoyed Sony Walkmans, CD players, VCRs, new cars, big houses and all the delicious food you could eat.  Americans had a weight problem.  While the Soviets had a malnutrition problem.  The Soviet Union would collapse about 3 years after Reagan left office.  George H. W. Bush, Reagan’s vice president, having the honor to be in office at the end of the Soviet Union.

Like JFK Reagan also had a recession.  As he entered office following the disaster of the Carter presidency.  Carter did all of the Keynesian stuff like JFK.  Using inflation to try to end unemployment.  Which only gave the nation high inflation and high unemployment.  Stagflation.  And malaise.  But unlike JFK Carter refused to try something different when it didn’t work.  When Reagan entered office, though, he did what JFK did.  He created a business-friendly environment.  That included tax cuts.  Tax cuts that stimulated economic activity.  So much economic activity that federal tax receipts went up even though tax rates went down.  So Reagan’s deficits weren’t a revenue problem.  They were a spending problem.  Much like they are today.  Much like they always are.

If JFK and Ronald Reagan were Alive Today they would likely Endorse the Republican Candidates Mitt Romney and Paul Ryan

The attacks on 9/11 didn’t just happen.  It was the last in a chain of events.  There was the 1993 World Trade Center Bombing.  The New York City Landmark Bomb Plot (1993).  The Khobar Towers Bombing (1996).  The United States Embassy Bombings (1998).  The Millennium Attack Plots (2000).  The USS Cole Bombing (2000).  Then 9/11.  Until 9/11 we treated all of these events as criminal offences.  Not acts of war.  While Osama bin Laden and his al Qaeda acted from the start as if they were fighting a war.  Not breaking the law.  President Obama is also reluctant to call these radical Islamist attacks war.  When a radical Muslim in the US Army killed fellow soldiers on an Army base because of America’s ‘crimes against Islam’ the president called that workplace violence.  And when an American ambassador asked for additional security in Benghazi someone in the Obama administration denied the request because President Obama had killed Osama bin Laden.  And defeated al Qaeda.  Having to beef up security to defend against a growing al Qaeda presence, though, would have gone against that narrative of defeating al Qaeda.

The current so-called economic recovery is about the weakest on record.  Despite doing the normal Keynesian things to revive the economy.  Including an almost trillion dollar stimulus package.  Leading to record deficits.  Money the government had to borrow.  Borrowing which required an increase in the official debt ceiling.  This excessive debt and government spending cause the first downgrade of US sovereign debt.  All of this to fix the economy.  Only the economy is not fixed.  And the people who can’t find a full time job holds steady at 14.7% (U-6 unemployment rate).

So if JFK and Ronald Reagan were alive today who would they support in the 2012 election?  Who would a couple of Cold War warriors who risked nuclear war to protect the United States support?  These practitioners of supply-side economics who brought their economies out of recession to record economic growth?  Probably not the candidates foolishly hanging on to failed Keynesian policies despite a real unemployment rate of 14.7%.  Or the ones refusing to accept that we are still being targeted and killed by al Qaeda and other radical Islamist elements in the ongoing War on Terror.  No.  If JFK and Ronald Reagan were alive today they would likely endorse the Republican candidates Mitt Romney and Paul Ryan.



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Mikhail Gorbachev whose watch the Soviet Union Collapsed under attacks Vladimir Putin, A Soviet Union Enthusiast

Posted by PITHOCRATES - December 25th, 2011

Week in Review

The last communist leader of the Soviet Union, Mikhail Gorbachev, is publicly criticizing a man he once supported.  Vladimir Putin.  Who is mocking Russian protestors.  In his quest to return to power.  Over the protests of those he mocks (see Mikhail Gorbachev ‘ashamed’ of Vladimir Putin by Andrew Osborn posted 12/23/2011 on The Telegraph).

In his strongest criticism of the Kremlin yet, the father of perestroika said he was shocked and disappointed by the glib way that Mr Putin had reacted to unprecedented anti-Kremlin protests in recent weeks.

“This is shameful. And embarrassing. I, for example, am ashamed,” he said of Mr Putin’s dismissive attitude after the prime minister sarcastically likened the protestors’ white ribbons to condoms.

“I feel tied to Putin in the sense that at first, when he came to power, I actively supported him everywhere, both here and abroad. And now look,” he said in an interview published in Novaya Gazeta, a liberal newspaper he part owns.

Strong criticisms, indeed.  Mikhail Gorbachev may have been the father of perestroika (a little restructuring of the Soviet economy and society to be a little more like that in the West) but he was still a communist.  What he wanted to do was what China did.  And China did what it did by learning the lessons of perestroika.  And why it destroyed the Soviet Communist Party.  A mistake the Chinese did not make.  At least, not yet.

It would appear that Vladimir Putin wants to do what China did.  He is just trying to restore the glory days of the Soviet Union.  A Soviet Union enthusiast.   When people were cowed and feared the police state and did not protest.  Like good little communists.  The kind that he oppressed and disciplined during his days in the Soviet security police.  The KGB.  Similar to the Nazi Gestapo.   So Putin knows a thing or two about Soviet communism.  Tyranny.  And oppression.  Which is perhaps why the Russian people are none too eager to see him return to power.  And return the Russian people back to the glory days of the Soviet Union.



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LESSONS LEARNED #19: “Philosophical debates can be effective but character assassination is more expedient, especially when no one agrees with your philosophy.” -Old Pithy

Posted by PITHOCRATES - June 24th, 2010

THOMAS JEFFERSON HATED Alexander Hamilton.  So much so he hired Philip Freneau as a translator in his State Department in George Washington’s administration.  You see, Jefferson did not like confrontation.  So he needed a way to slander Hamilton, his policies and the Washington administration without getting his own hands dirty.  And that was what Freneau was supposed to do with the money he earned while working in the State Department.  Publish a newspaper (National Gazette) and attack Hamilton, his policies and the Washington administration.  Papers then were partisan.  More so than today.  Then, lies and libel were tools of the trade.  And they knew how to dig up the dirt.  Or make it up. 

Another scandalmonger, James Callender, was slinging dirt for Jefferson.  And he hit pay dirt.  Mr. and Mrs. Reynolds of Philadelphia had a lucrative business.  They were blackmailing Alexander Hamilton.  Mr. Reynolds had his wife seduce Hamilton.  Which she did.  And did well.  They had an affair.  And Mr. Reynolds then blackmailed him.  Jefferson pounced.  Or, rather, Callender did.  To keep Jefferson’s hands clean.  Hamilton, Callender said, was using his position at the Treasury Department for personal gain.  He was using public funds to pay the blackmailer.  They found no proof of this.  And they did look for it.  Hard.  But when they came up empty, Jefferson said that it just proved what a good thief Hamilton was.  He was so good that he didn’t leave any traces of his treachery behind.

Of course, when you lie down with dogs, you get up with fleas.  And Jefferson’s association with Callender would come back and bite him in the ass.  In a big way.  Upset because Jefferson didn’t appropriately compensate him for all his loyal dirt slinging (he wanted the postmaster’s job in Richmond), he publicized the Sally Hemings rumors.  And after breaking the true story of the Hamilton affair, many would believe this scoop.  That Jefferson was having an affair with one of his slaves.  It was a dark cloud that would forever hang over Jefferson.  And his legacy.

Hamilton admitted to his affair.  Jefferson admitted to no affair.  Hamilton would never hold public office again and would later die in a duel with Jefferson’s one-time toady, Aaron Burr.  This duel resulted because Hamilton was doing whatever he could to keep the amoral and unscrupulous Burr from public office (in this case, it was the governorship of New York).  When the election of 1800 resulted in a tie between Jefferson and Burr, Hamilton urged the House to vote for Jefferson, his archenemy.   Despite what had appeared in the press, Hamilton did have morals and scruples.  Unlike some.  Speaking of which, Jefferson would go on to serve 2 terms as president.  And all of that angst about Hamiltonian policies?  They all went out the window with the Louisiana Purchase (which was unconstitutional, Big Government and Big Finance).

RONALD REAGAN WAS routinely called old, senile and out of touch by the entertainment community, the media and his political foes.  But he bested Mikhail Gorbachev and the Soviet Union, something Jimmy Carter never did.  He said ‘no’ at Reykjavik because he told the American people that he wouldn’t give up the Strategic Defense Initiative (SDI).  He knew the Soviet Union was bleeding.  Communism was a farce.  It inhibited human capital.  And impoverished her people.  SDI may have been science fiction in the 1980s, but capitalism wasn’t.  It could do it all.  Including SDI.  The Soviet Union was on the ropes and Reagan would give no quarter.  The days of living in fear of the mushroom cloud were over.  And capitalism would deliver the knockout punch.

Reaganomics, of course, made this all possible.  Supply-side economics.  Which follows the Austrian school.  Say’s Law.  ‘Supply creates demand’.  You don’t stimulate the economy by taxing one group of people so another group can spend.  You stimulate it by creating incentives for risk takers to take risks.  And when they do, they create jobs.  And wealth.

Tax and spend is a failed Keynesian, zero-sum economic policy.  When you take from the earners and give to the non-earners, we just transfer purchasing power.  We don’t create it.  For some to spend more, others must spend less.  Hence, zero-sum.  The net some of goods and services people are purchasing remains the same.  Different people are just doing the purchasing.

When Apple invented the Macintosh personal computer (PC), few were demanding a PC with a graphical user interface (GUI).  But Apple was innovative.  They created something they thought the people would want.  And they did.  They took a risk.  And the Macintosh with its mouse and GUI took off.  Apple manufacturing increased and added jobs.  Retail outlets for the Macintosh expanded and created jobs.  Software firms hired more engineers to write code.  And other firms hired more people to engineer and manufacture PC accessories.  There was a net increase in jobs and wealth.  Just as Say’s Law predicts.  Supply-side economics works.

Of course, the Left hates Reagan and attacked Reaganomics with a vengeance.  They attacked Reagan for being pro-rich.  For not caring about the poor.  And they revised history.  They say the only thing the Reagan tax cuts gave us were record deficits.  Of course, what those tax cuts gave us were record tax receipts.  The government never collected more money.  The House of Representatives (who spends the money), awash in cash, just spent that money faster than the treasury collected it.  The record shows Reaganomics worked.  Lower tax rates spurred economic activity.  More activity generated more jobs and more personal wealth.  Which resulted in more people paying more taxes.  More people paying taxes at a lower rate equaled more tax revenue in the aggregate.  It works.  And it works every time people try it. 

Because Reaganomics worked and showed the Left’s policies were failures, they had to attack Reagan.  To discredit him.  They had to destroy the man.  Except when they’re running for elected office.  Then they strive to show how much more Reagan-like they are than their conservative opponents.  Because they know Reaganomics worked.  And they know that we know Reaganomics worked.

GEORGE W. BUSH was routinely called an ‘idiot’ by the entertainment community, the media and his political foes.  Yet this ‘idiot’ seems to have outwitted the elite of the liberal Left time and time again.  I mean, if their policies were winning, they would be no reason to have attacked Bush in the first place.  The Left hated him with such vitriol that they said he blew up the Twin Towers on 9/11 as a justification for invading Iraq for her oil.  It was Big Oil’s lust for profit, after all, that was driving this Texan’s Big Oil policies.  And taking Iraq’s oil would increase Big Oil’s sales and give her even more obscene profits.

If Bush was an idiot, he must have been an idiot genius to come up with a plan like that.  Then again, gasoline prices crept to $4/gallon following the Iraq War.  Had all that oil gone on the market according to plan, that wouldn’t have happened.  Unless the plan was to keep that oil OFF of the market, thus, by rules of supply and demand, the price of oil (and the gasoline we make from it) would go up thus enriching Big Oil through higher prices resulting from a lower sales volume.  My god, what evil genius.  For an idiot.  Of course, gas taxes, numerous summer gas blends (required by the government’s environmental policies), an aging and over-taxed pipeline infrastructure and insufficient refinery capacity (the government’s environmental policies make it too punishing even to consider building a new refinery) to meet increasing demand (soaring in India and China) had nothing to do with the rise in gas prices.

IS THE POLITICAL Left evil?  Probably not.  Just amoral.  They have an agenda.  They survive on political spoils and patronage.  Old time politics.  Enrich themselves through cronyism.  If tribute is paid they’ll extend favorable treatment.  If tribute is not paid, they will release their wrath via hostile regulation, litigation, Congressional investigation and punitive taxation.  Just like they did to Big Tobacco (and, no, it wasn’t about our health.  They could have just made tobacco illegal.  But they didn’t.  Why?  It just brings in way too much money to the government.  Via sin taxes.  And federal lawsuits.  And with it being addictive, it’s a frickin cash piñata for them.)

They know few agree with their philosophy.  But they don’t care.  It’s not about national prosperity.  It’s about power.  And they want it.  That’s why they can’t debate the issues.  They know they can’t win.  So they attack the messenger.  Not the message.  If you don’t believe that, you can ask Abraham Lincoln, Ronald Reagan, George W. Bush, Sarah Palin and just about any other Republican.  Well, you can’t ask Lincoln or Reagan.  But you can guess what they would say.



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FUNDAMENTAL TRUTH #11: “Before you condemn capitalism, imagine a world without professional sports, movies, cell phones and tampons.” -Old Pithy

Posted by PITHOCRATES - April 27th, 2010

PEOPLE HAVE SOME strong opinions about capitalism.  Both good and bad.  So what is it?  What is capitalism?

Merriman Webster OnLine defines it as:

An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

To explain this let’s start by explaining what it replaced.  In fact, let’s go further back.  A few hundred years when life truly sucked by our standards.  During the Middle Ages, people barely lived.  People worked very hard and had little time off.  When they did they usually spent it sleeping, being sick, dying or being dead.  You grew or killed what you ate.  You built your own house.  You made your own clothes.  You died probably no further than a short walk from where you were born.  And you worked your whole life somewhere in between.

Think of peasant or serf.  That’s what most were.  Tied to the land.  You had no choices.  If you were born on the land you worked the land.  Until you died.  The land owned you and someone owned the land.  You worked the land at the grace of the owner.  You helped produce his food and, in return, he let you have a small parcel of land to grow your food.  There was a bond of loyalty between landlord and tenant.  Land and protection in exchange for backbreaking, never-ending labor.  Doesn’t sound good until you consider the alternative.  Death by famine.  Or death by murder at the hands of roving bands of outlaws.

Improvements in farming led to more food production.  Eventually, there were food surpluses.  This meant not everyone had to farm.  Some could do other things.  And did.  They became specialists.  Artisans.  Craftsmen.  Cities grew in response to commerce.  People went to market to trade for things they wanted.  Then they started using money, which made getting the things they wanted easier (it’s easier to go to the market with a coin purse than with a sack of grain or a side of beef).  Life got better.  People enjoyed some of it.

THUS BEGAN THE rise of a middle class.  Those city folk making things or doing something.  They were good at what they did and people gladly paid for what they did.  These specialists then improved what they did and thought of new things to do.  They created things to make their work easier.  These individual specialists grew into manufacturing shops.  The cost of production only limited their output.  And banking solved that problem.

Alexander Hamilton, one of America’s Founding Fathers, was a capitalist.  And he thought big.  Money is nice but what can it get you?  A few things for the home?  Something for the wife?  Maybe some new farm tools.  Good stuff, yes, but nothing big.  Lots of little sums of money all over the place can buy lots of little things.  But when you pool lots of little sums of money you get one big-ass pile of it.  That money is now capital.  And you can do big things with it.

And that’s what banking has given us.  People with ideas, entrepreneurs, could now borrow money to bring their ideas to market.  And this is, in a nutshell, capitalism.  The free flow of ideas and capital to make life better.  Making life better wasn’t necessarily the objective; it’s just the natural consequence of people mutually partaking in a free market.

BUT WHAT ABOUT the Soviet Union?  Didn’t they do big things, too?  They built jetliners.  They had a space program.  They had factories.  They did these and other things without capitalism.  They did these things for the good of the people, not for profits.  Isn’t that better?

Talk to someone who wiped their ass with Soviet-era toilet paper.  Let me save you the trouble.  It didn’t feel good.  Unless you enjoy the feel of sandpaper back there.  And to add insult to injury, you had to wait in line to get that toilet paper.  If it was available.

When you think of the Soviet economy you have to think of stores with empty shelves and warehouses full of stuff no one wants.  This is what a command economy does for you.  Some bureaucrat, not the consumer, determines what to sell.  And one person simply cannot figure out what a hundred million plus want.  To get an idea of how difficult this is, pick a movie that 4 of your friends would love to see.  Pick a couple of guys and a couple of girls.  For diversity.  And remove the possibility of sex completely from the equation.  Now pick.  Not so easy, is it?  Now try to pick a movie a hundred million people would love to see.  Can’t do it, can you?  No one can.  Because people are diverse.  One size doesn’t fit all.

Soviet president Mikhail Gorbachev asked Margaret Thatcher how she made sure her people had enough food to eat.  The Soviets were having difficulty feeding theirs.  In fact, they were importing grain from their archenemy.  The United States.  The answer to Gorbachev’s answer was that Thatcher did nothing to feed her people.  The free market fed her people.  Capitalism.

As far as those other big things the Soviets did, they acquired a lot of the knowledge to do those things through an elaborate network of espionage.  They stole technology and copied it.  And they were the first into space because their captured Nazi rocket scientists did it before our captured Nazi rocket scientists did.  (The seed of the space industry was the Nazi V-2 rocket that reigned terror on London and other cities during World War II).

(Lest you think that I’m ripping on the Soviet/Russian people, I’m not.  Just their economic system during the Soviet era.  Their people have suffered.  And persevered.  It was them after all who first threw back Napoleon in Europe.  And it was them who first threw back the Nazis in Europe.  They gave us Pyotr Ilyich Tchaikovsky, Sergei Rachmaninoff, Leo Tolstoy, Fyodor Dostoyevsky, Mikhail Dolivo-Dobrovolsky and, of course, Maria Sharapova to name just a few of the greats.  Good people.  Just sometimes bad government.  As in most nations.  Even in the U.S.)

SO WHAT IS the basic difference between capitalism and a command economy like that of the former Soviet Union?  Probably the freedom to take and accept risk.  Bankers take a risk in loaning money.  They analyze the risk.  If the return on the loan is greater than the risk, they’ll make the loan.  It’s their call.  And they’re pretty good.  Their successes are far greater than their failures.

Some loans are riskier than others.  There’s a greater chance of failure.  But it could also be the next, say, Microsoft.  Or Apple.  If so, even though there’s great risk, the potential of reward is so great that people will want to loan money.  They’ll buy junk bonds (high risk/high yield) or an initial public offering of stock.  They’ll risk their money for a greater return on their investment.  If it pays off.  And they don’t always do.  But good ideas with potential typically find financing.  And investors typically make more money than they lose.  It’s a pretty good system.  Capitalism.

WHEN YOU HAVE risk takers who choose to participate in the free flow of ideas and capital, great things happen.  Modern AC electrical power that we take for granted is invented (thank you Nikola Tesla for the genius and George Westinghouse for taking the risk).  You develop modern commercial jet aviation (thank you Boeing for the 707, 727, 737, 747, well, you get the picture).  You transform the world when you add impurities to semiconducting material and sandwich them together (thank you John Bardeen, Walter H. Brattain and William B. Shockley for the transistor).

These great things, along with others, give us professional sports (stadiums, transportation to and from the stadium, jetliners to take teams to other stadiums, oil exploration and refining for jet and car fuel, etc.).  They give us movies (financing, cameras and production equipment, special effects, theaters, popcorn, DVDs for home viewing, etc.).  They give us cell phones (cellular towers, switching networks, compact and long lasting batteries, interactive handheld devices, voicemail, email, texting, etc.).  And they liberated women to do whatever they want wherever they want by making feminine hygiene protection portable and plentiful (mass production, rail and truck transport, retail and vending outlets, etc.) and by providing convenient privacy (public toilet facilities with vending machines and disposal bins). 

Imagine any of these things provided by the same people who renew our driver’s license.  Do you think any of it would be as good?  Or do you think it would be more like Soviet-era life?  There’s so much we take for granted in capitalism because we can.  It’s a system that works on basic human nature.  It doesn’t require sacrifice.  It doesn’t depend on consensus.  It just needs the free flow of ideas and capital.  And great things follow.



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