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All right, so here is that chart
looking at this chart, the 

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greatest chart in the world what
can we learn from it? 

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Okay? 
So, the first thing and at this 

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is actually, I will start with a
shortcoming of the, of the 

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chart. 
The, the hourly, the average 

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hourly wage is that that should 
be in green or something like 

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that because that is the 
relevant that is the relevant 

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line from the perspective of 
time prices based. 

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Basically, whatever you see 
below the, the hourly, the 

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average hourly wages is becoming
cheaper, that doesn't mean that 

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it is not increasing in price, 
but it is becoming cheaper 

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because it is growing in price 
at a slower Pace than average 

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hourly earnings. 
So you can see that housing food

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and beverages cars household 
Furnishings clothing, cell 

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phones toys, computer software 
TVs Are becoming much much less 

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expensive, relative to wages. 
In fact, they are, they are 

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actually becoming cheaper in 
real terms because the overall 

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inflation was 56%. 
I think you are looking now at 

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the chart between 19 between 
1998 and 2018. 

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Yes, that's what you're looking 
at. 

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And basically, what Mark does 
here, he puts he puts the black 

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line through it and that's the 
inflation and what you can see 

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is, That every hourly earnings 
have grown at a faster Pace than

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inflation. 
You would expect that because we

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are becoming more productive. 
But when you look at Child Care,

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Medical Care, College tuition 
College, textbook Hospital 

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Services, what you realize that 
it become massively more 

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expensive. 
What do they have all in common?

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What they have in common is that
the the government is very 

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heavily in involved in their 
production and also in 

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subsidizing of them. 
So for example, college 

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textbooks, Sun College tuition. 
There is a reason why it's 

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increasing and it is because the
government is pumping ever more 

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money into the tertiary 
education system through 

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subsidies. 
So, if a kid doesn't have enough

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money, he can also borrow from 
he can always borrow from the 

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government to pay back later and
he's suddenly sitting quarter of

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a million dollars and the 
university knows it. 

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So, they can jack up the prices 
because they know, they are 

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going to get it Hospital 
Services. 

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Once again. 
This is something that the 

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government has declared is 
basically Universal human 

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rights. 
So a lot of money is being being

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pushed into the healthcare 
sector in government subsidies 

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and government regulations. 
Currently roughly nine, out of 

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every ten dollars. 
That, that is being spent. 

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In, in, in the healthcare sector
is being paid by the government 

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or by by private providers. 
But not by by the people 

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themselves. 
Selves. 

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So obviously when there's a lot 
of money sloshing around in a 

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variety of subsidies and loans 
and, and so forth, the prices 

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are going to go up childcare 
very similar to that that is 

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partly driven by regulation, for
example, in Washington, d.c. 

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just last week. 
It was decided that anybody 

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taking care of children, has to 
have a college degree. 

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Now, obviously, that's 
completely idiotic. 

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There is no reason for that at 
all, plenty of Americans have 

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survived with Latin. 
Nannies for decades, maybe even 

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centuries but today in 
Washington d.c. you need a 

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college degree. 
What does that mean? 

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That means that the your child 
care is going to cost much more 

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because you are getting a person
who is going to be able to 

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command more money and and and 
to a party to pay off their 

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their debt. 
Whereas with the market is 

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permitted to function more or 
less perfectly cars household 

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Furnishings clothing tea, Edie's
is a perfect example because we 

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also import a lot of electronics
from abroad. 

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Those have fallen by something 
like 90%. 

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So this is a very important 
indicator of the heavier the, in

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the, the the government 
involvement in Industry, the, 

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the faster, the prices rise, and
the less they are involved. 

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The the cheaper things get, I 
don't know if you have this 

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expression in the Czech Republic
but are you familiar with 

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hee-hoo? 
Pays the piper calls the tune. 

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Yes, yes. 
So another words when producers 

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have a customer basis, then the 
customer sort of get to call the

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tune, because they're the ones, 
paying them if they're not 

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accountable to the customers. 
Well, then the customers can go 

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somewhere else. 
So the producers act to try and 

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please the consumer. 
But when there's government 

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subsidies, well, then they try 
to please the politicians. 

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And now it's almost like the 
consumers are completely 

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irrelevant. 
You get treated like total trash

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by these producers at that point
because all of their focus is 

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how do we get our funds again 
next year? 

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So we have the case against 
subsidies and then the case you 

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mentioned that case pisses me 
off so much about needing a 

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college degree to babysit kids 
or watch them in exchange for 

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money. 
A belated violation of I mean, 

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just the self-ownership 
principle, but look at that. 

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They're explicitly, lowering the
supply of childcare. 

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Providers. 
Literally, making it illegal, 

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unless you have some degree from
some Marxist University. 

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And then they tell you that, oh 
well, we have no clue, why the 

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price is so high out of nowhere.
They literally limit the supply,

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increase the price and say, 
gosh, I guess the people just 

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have too much freedom. 
I mean, it is unbelievable. 

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That is a very important graph. 
Thank you for bringing that up, 

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completely, unbelievable. 
And it's it has a lot of 

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Consequences negative 
consequences throughout the 

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economy, part of the reason why 
people are taking, you know, 

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people are not having as many 
babies as they could, is because

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they are. 
They're looking at the price of 

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raising a child in a typical 
Advanced economy with 

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regulations like that and 
saying, well, you know, we 

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basically cannot afford this 
that the child is going to cost 

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us three hundred thousand 
dollars before it walks out of 

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the door at the age of 18 
adjusted for you know, childcare

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and G college, education and 
things like that. 

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Do we really have that kind of 
money, especially in the 

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economy, where our real earnings
are becoming smaller due to 

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inflation, but that's not. 
That's, that's a, that's a, 

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that's that's, that's an example
that could be multiplied 

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millions of times. 
So here in Virginia, for 

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example, let's say that you are 
a billionaire and your greatest 

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desire in your life is to build 
a hospital that you are going to

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provide. 
And people with health care, I 

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realized that not very many 
people think that billionaires 

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have a heart but a lot of them 
do and a lot of them want to do 

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a lot of good. 
Look at the charity of Bill 

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Gates and Warren Buffett, and 
things like that. 

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So let's say that. 
You've got a billionaire, who 

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wants to only want to do is to 
build a hospital. 

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Can he do it in a state of 
Virginia? 

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The answer is, yes, he can 
provided that this billionaire 

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can prove to the government of 
Virginia that The need for this 

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hospital and who decides whether
there is a need for additional 

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Hospital? 
Well it's all the other 

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hospitals in Virginia. so, It's 
called certificate of need laws 

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for people that aren't, it's 
called certificate of need 

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because I did not believe that 
this was a real thing. 

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But it actually is and Most 
states have them. 

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So, in America, this country, I 
believe in the Paragon of 

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capitalism. 
Your competitors have to 

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essentially sign off. 
On the old on you having the 

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privilege of taking the risk in 
the marketplace, whether your 

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hospital is going to increase 
the make profit or not, you 

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cannot make it up.