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And that. 
Okay. 

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This is where our world is 
really diverge because I don't 

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believe that we can have a 
functioning Society, where every

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patient each has to know the 
implications of every 

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medication, they're taking, so 
they can fact. 

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Check the Doctor Who apparently 
is willing to be unscrupulous to

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the extent that they can because
they're aided and abetted and 

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encouraged to be corrupt by the 
existence. 

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So I don't, I don't I don't 
disagree with you that welcome 

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to Keith's. 
My don't try it on anyone and 

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the libertarian Institute The 
Economist. 

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Don Boudreaux responds to this 
claim called dumb individuals, 

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brilliant voters. 
Finally. 

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The proponents of government 
intervention are trapped in a 

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fatal contradiction. 
They assume that individuals are

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not competent to run their own 
Affairs or to hire experts to 

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advise them. 
And yet, they also assume that 

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these same individuals are To 
vote for these same experts at 

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The Ballot Box. 
We have seen that on the 

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contrary. 
While most people have a direct 

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idea and a direct test of their 
own personal interests on the 

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market. 
They cannot understand the 

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complex chains of praxeological 
and philosophical reasoning 

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necessary for a choice of rulers
or political policies. 

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Yet. 
This policy sphere of open. 

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Demagogy is precisely. 
The only one where the mass of 

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individuals are deemed to. 
Be competent. 

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So another words you can't run 
your own life for what you have.

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A lot of information, but you 
can run the lives of 330 million

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strangers for which you have no 
information. 

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It's completely ridiculous. 
Our choices are not between no 

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regulation and regulation. 
The reality is people are 

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constantly exchanging 
information about the 

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reliability of other people, 
products, Services organizations

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companies corporations. 
Etc. 

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The real options are between one
a coercively funded Monopoly on 

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regulation and to voluntarily 
funded competing organizations. 

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So, an example of number one in 
America would be the Food and 

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Drug Administration. 
They get coercive funding from 

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taxation, which gives them no 
incentive to provide a good 

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product or service and if people
don't like their service, well, 

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they can't opt out of funding 
them. 

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Also when government 
Organizations fail. 

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They usually get more funding 
because they say, well, we it's 

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not that there's a problem in 
management. 

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We don't have a problem with our
business structure or anything. 

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We just need more funding. 
It's really the taxpayers fault 

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for not giving us enough. 
It of course is never them. 

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Also. 
The FDA has a monopoly in who 

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gets to produce and trade what 
in the economy with regard to 

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Food and Drug. 
So if a and b are consenting 

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adults and they want to make a 
voluntary exchange, but the FDA 

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hasn't given it. 
Their stamp of approval, the 

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state is going to side with the 
FDA and forcibly. 

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Stop two. 
Consenting adults from making a 

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voluntary transaction. 
I mean, the the my body, my 

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choice, people are nowhere to be
found when it comes to the 

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tyranny of the FDA. 
We always hear about how evil 

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monopolies are in the private 
sector and how they're going to 

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gobble up competitors and then 
jack up the price and give us no

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other options, but when it comes
to like the FDA or taxation, Or 

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the money supply or any form of 
Regulation or compulsory 

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education or the money supply 
then they say, yeah, monopolies 

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are absolutely mandatory. 
We can't have can't have any 

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competition, or even 
single-payer healthcare. 

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One of their biggest issues is 
literally one group. 

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Having a monopoly on Healthcare.
Single-payer. 

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Not Polly. 
Payer not multi-payer 

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single-payer. 
They literally Advocate a 

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monopoly. 
So you know that I strongly 

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oppose needing a driver's 
license in order to vote, but 

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they'll happily require you to 
have thousands of licenses. 

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Before you can operate a 
business. 

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It's the big lie of there are no
costs. 

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There's no downside to all of 
these thousands of licenses and 

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regulations. 
You have to comply with. 

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It doesn't affect the poor. 
It doesn't restrict output. 

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It doesn't lower the supply 
which increases the price. 

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It just keeps people safe, but 
if you need one drivers, License

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to get into that voting booth. 
Well, then basically the black 

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population of America is never 
going to have a say again. 

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It's it's all backwards examples
of voluntarily funded competing 

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00:04:41,800 --> 00:04:46,800
organizations in the consumer 
protection or regulatory sector 

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would be places like Yelp 
Consumer Reports, Good 

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Housekeeping, number of 
different catalogs, even 

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YouTube. 
You have a lot of content 

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creators dedicated to reviewing 
products and services and making

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Two videos you have certificates
of authenticity. 

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00:05:04,300 --> 00:05:08,300
This is a seal or small sticker 
on a proprietary computer 

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program T-shirt jersey or any 
other memorabilia or artwork, 

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especially in the world of 
computers and sports. 

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It is commonly a seal on paper 
authenticating a specific 

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artwork, which is made to 
demonstrate that the item is 

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authentic. 
These are also known as product 

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certifications. 
We have places like under, 

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right? 
Ders, laboratory, a global 

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00:05:31,400 --> 00:05:35,100
safety certification company 
headed in Northbrook, Illinois 

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maintains offices in 46 
countries established in 1894. 

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Also, there's a number of ssos 
Standards setting organizations 

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in organization whose primary 
function is developing 

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coordinating promulgating. 
Revising amending, reissuing, 

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reinterpreting or otherwise 
producing technical standards to

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address the needs of a group of 
affected adopters. 

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Also referred to as Network 
standard organizations, if you 

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00:06:03,700 --> 00:06:07,400
would like there will be a link 
in the description of technical 

106
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standard organizations. 
Now, with all of these 

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organizations, they are made of 
imperfect people and there's a 

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lot of shortcomings. 
So what Sam Cedar and his types 

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will often do is engage in the 
unobtainable Perfection fallacy.

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When the arguments for and 
against courses of action are 

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assessed. 
It is important to remember that

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the choice has to be made. 
The available Alternatives. 

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All of them might be criticized 
for their imperfections as might

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the status quo. 
Unless one of the options is 

115
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perfect. 
The imperfections of the others 

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are insufficient grounds for 
rejection. 

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The fallacy of unobtainable 
perfection is committed when a 

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lack of perfection is urged as a
basis for rejection, even though

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none of the Alternatives is 
perfect either. 

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00:06:55,000 --> 00:06:58,200
So, Sam Cedar isn't making a 
good point when he says, well, 

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standard and poor. 
And Moody's and DOW didn't see 

122
00:07:01,300 --> 00:07:04,700
the financial crisis of 2008 
coming with Lehman Brothers and 

123
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bear Stearns there for Private 
Industry regulation is 

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completely unjustified. 
Well, the Federal Reserve wasn't

125
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talking about it either. 
They're the ones who should be, 

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you know, allegedly protecting 
us from all this terrible stuff.

127
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And of course, there were people
in the private sector warning 

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about this such as Peter Schiff 
in his excellent book, wine 

129
00:07:23,900 --> 00:07:27,100
economy, grows and how it 
crashes people like Ron Paul, of

130
00:07:27,100 --> 00:07:29,400
course, we're talking about the 
overinflated. 

131
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Housing bubble long before it 
bursts. 

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So the fact that you might be 
able to find many imperfections 

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in those organizations that I 
listed is not a justification 

134
00:07:41,400 --> 00:07:44,400
for the state. 
Having a coercively funded 

135
00:07:44,400 --> 00:07:48,700
Monopoly on regulation. 
The major reason that the free 

136
00:07:48,700 --> 00:07:53,300
market approach is superior both
morally and economically to the 

137
00:07:53,300 --> 00:07:57,400
statist or the Sam Cedar 
approach to regulation consumer 

138
00:07:57,400 --> 00:08:00,300
protection employee protection. 
In business, you know, 

139
00:08:00,300 --> 00:08:04,900
protection is they do not 
recognize the legitimacy of the 

140
00:08:04,900 --> 00:08:06,600
only regulation that actually 
matters. 

141
00:08:06,900 --> 00:08:10,400
The freedom to disassociate with
Bad actors, even in the private 

142
00:08:10,400 --> 00:08:13,300
sector, they'll often refer to 
this as discrimination. 

143
00:08:13,600 --> 00:08:17,200
If your refusal to associate 
applies differently to some 

144
00:08:17,200 --> 00:08:21,500
groups than others, but the main
example is the state, you have 

145
00:08:21,500 --> 00:08:23,600
to fund the state to the tune of
trillions of dollars. 

146
00:08:23,600 --> 00:08:27,400
And the state is constantly 
bailing out its friends in the 

147
00:08:27,400 --> 00:08:30,100
private sector. 
So you can have all Regulatory 

148
00:08:30,100 --> 00:08:33,400
studies of what's safe and what 
works and what's good, long term

149
00:08:33,400 --> 00:08:34,299
in office. 
Good short-term. 

150
00:08:34,500 --> 00:08:38,600
If you don't have the recognized
right to not chip in for things 

151
00:08:38,600 --> 00:08:41,900
that are evil immoral or things.
You just don't like you, of 

152
00:08:41,900 --> 00:08:45,000
course, have the right to, but 
Sam Cedar doesn't recognize that

153
00:08:45,100 --> 00:08:48,600
the ultimate check and balance 
is the ability to disassociate 

154
00:08:48,600 --> 00:08:53,000
with Bad actors, because Sam 
Cedar doesn't recognize that his

155
00:08:53,000 --> 00:08:55,000
philosophy is a completely 
unjustified. 

156
00:08:55,700 --> 00:08:59,700
My friend a Sarkis tan, Twitter 
says, as long as the state, This

157
00:08:59,800 --> 00:09:03,700
you will never properly, be able
to answer who watches the 

158
00:09:03,700 --> 00:09:05,700
Watchmen. 
So in other words, when they 

159
00:09:05,700 --> 00:09:08,100
say, well, people are imperfect 
and there's criminals and 

160
00:09:08,100 --> 00:09:10,800
there's greed. 
So we need regulation. 

161
00:09:11,100 --> 00:09:13,500
What species do you want doing 
the regulating? 

162
00:09:13,700 --> 00:09:18,200
Their just as corrupt and 
unjustified as anyone else would

163
00:09:18,200 --> 00:09:19,700
be? 
It's the equivalent of saying 

164
00:09:20,800 --> 00:09:23,600
marriages are imperfect there 
for the Catholic church. 

165
00:09:23,600 --> 00:09:26,700
Should have a monopoly on 
deciding who gets to marry who 

166
00:09:26,700 --> 00:09:29,700
for what reason? 
Well, the Catholic Church is 

167
00:09:29,700 --> 00:09:32,000
just made up of people there 
also imperfect. 

168
00:09:32,100 --> 00:09:34,900
So why should they get to rule? 
Maybe if they want to have some 

169
00:09:34,900 --> 00:09:37,900
guidelines and we could delegate
to them like you would in a free

170
00:09:37,900 --> 00:09:40,200
market regulatory setting. 
Well, then that would be 

171
00:09:40,200 --> 00:09:43,800
justified in people can choose 
to associate or not to associate

172
00:09:43,800 --> 00:09:45,300
or choose to fund them or not 
to. 

173
00:09:45,600 --> 00:09:49,600
But when it comes to one group, 
having a monopoly on regulation,

174
00:09:49,800 --> 00:09:52,400
you can never answer. 
Who watches the Watchmen. 

175
00:09:52,400 --> 00:09:56,600
Only a voluntarily funded 
competing organization rule of 

176
00:09:56,600 --> 00:10:01,400
law can address such a It coming
Larkin, Rose puts it best in his

177
00:10:01,400 --> 00:10:02,900
book. 
The most dangerous Superstition 

178
00:10:03,400 --> 00:10:05,800
if human beings are so careless,
stupid and malicious. 

179
00:10:06,100 --> 00:10:08,800
That they cannot be trusted to 
do the right thing on their own.

180
00:10:09,000 --> 00:10:12,300
How would the situation be 
improved by taking a subset of 

181
00:10:12,300 --> 00:10:14,900
those? 
Same careless, stupid and 

182
00:10:14,900 --> 00:10:18,800
malicious human beings and give 
them societal permission to 

183
00:10:18,800 --> 00:10:21,400
forcibly control. 
All the others. 

184
00:10:21,700 --> 00:10:22,900
Thank you for watching Keith 
Knight. 

185
00:10:22,900 --> 00:10:25,300
Don't tread on anyone and the 
libertarian Institute.