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My basic motivation for being a 
Libertarian has never been 

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economic but model. 
Well, I was convinced that the 

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free market was more efficient 
and would bring about a far more

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prosperous world than statism. 
My major concern was moral the 

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Insight, that coercion and 
aggression of one man, over 

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another was criminal and 
iniquitous, and must be combated

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and abolished. 
Welcome to Keith's night. 

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Don't tread on anyone. 
And the libertarian Institute 

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today. 
I'm joined by Thomas E Woods 

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Junior. 
A PhD from Columbia as well as 

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Harvard, mr. 
Wood. 

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Woods. 
Where is the best place to find 

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your collection of e-books and 
podcasts? 

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Well, I have considered having 
one site with all the eBooks on 

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it. 
But apparently there's some 

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marketing principle that says if
you give people too many choices

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they get overwhelmed, if they 
don't choose anything so you see

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present the ebooks one at a 
time. 

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So the what actually that I just
did an episode of my own show 

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about has to do with Alexandria 
Ocasio, Cortez who was sort of 

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the opposite. 
The kind of person we're talking

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about today just because I keep 
coming across people in the 

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libertarian world who say she's 
the most Libertarian member of 

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Congress and I think the state 
of libertarian education has 

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probably been better. 
So I have been really pushing my

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AOC ebook which is quite 
memorably called AOC is wrong. 

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And so I store that it's 
available at AOC is wrong.com 

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and I know that the point of our
interview is not to talk about 

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my domain names, but But I do 
want to say that fortune was 

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smiling on me when I decided to 
buy AOC is wrong.com because I 

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bought that before, people had 
started calling her AOC. 

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She wasn't quite well-known 
enough. 

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It didn't have the notoriety 
yet. 

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For there to be this three 
initial nickname. 

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I chose it because her real name
is too long for a, for a domain 

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name. 
I thought so, I just made an 

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AOC, then everyone started 
calling her AOC. 

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This is Even though that I own I
own AOC is wrong.com. 

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So I would send people there. 
Get that links to that will be 

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in the description below. 
Tom. 

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I want to talk about some of our
heroes in the Freedom Movement. 

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Please give me what you think is
either this person's greatest 

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contribution or one thing that 
you learn from them, that really

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stands out. 
What is the greatest 

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contribution or most important 
thing you learned from Hans 

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Hermann? 
Hoppa. 

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All right. 
Well, first of all, let me ask 

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just so I can pay. 
Myself correctly. 

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Is this a lightning round with 
50 names? 

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Or is it going to be like for 
names? 

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12 names? 
12 names? 

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All right. 
So what would you, what would 

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your ideal response time for 
each of these? 

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Be three minutes or three 
minutes for each? 

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All right. 
I'll keep an eye on the clock. 

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Okay. 
Alright. 

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Well, Hans has become known in 
terms of his books for his book,

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on democracy. 
And that is a book that really 

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did kind of bring me fully over 
into the end. 

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Up world, but long before that 
book. 

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I had read his books, the 
economics and ethics of private 

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property and a theory of 
socialism and capitalism. 

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And for me, it's not just one 
major contribution. 

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It's a bunch of insights. 
So I think his critique of the 

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public goods argument is very, 
very effective. 

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But there are some Goods that 
they're non-rivalrous at 

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non-excludable and they have to 
be provided for by government or

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they'll be under provided on the
market and he just shows That 

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the string of inconsistencies in
that. 

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So the his book, a theory of 
socialism capitalism has a great

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chapter on that, but there's a 
chapter in his book, the 

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economics and ethics of private 
property that to this day 

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continues to blow my mind. 
And I am sorry because of my 

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Advanced age. 
I don't remember the name of the

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chapter, but you'll know it when
you see it because even though a

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book called the economics and 
ethics of private property, 

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sounds dull and boring. 
It is one of the most 

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intellectually exciting books, 
you will ever read. 

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And he has a book, a chapter in 
there, in which he begins from 

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primitive Society using barter 
and step, by step. 

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He gets you to a modern economy 
with a Fiat money system, and he

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shows how you go from Barter to 
commodity money to commodity 

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money with paper substitutes. 
And then to just the paper with 

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no, Already backing. 
And then he shows where banking 

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comes from. 
And he talks about, and from all

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this. 
He talks about politics. 

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He has given you an analysis. 
A way to look at the world and 

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understand what's going on. 
Like, why would there be a move 

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toward a one-world currency or 
Regional currencies? 

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Why would that be? 
Well, that would be not for the 

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sake of convenience or all that 
we had convenience when we had a

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gold standard that was 
convenient. 

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This is convenience for The 
ruling class because it means 

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that it's harder for One 
National currency to out-compete

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another. 
When there aren't any national 

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currencies. 
There's one being inflated at a 

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consistent rate throughout the 
whole zone. 

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So you just look at the world, 
totally differently, just from 

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that one chapter, but then 
finally thinking of democracies 

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as being like publicly owned, 
government's helps to account 

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for a lot of what goes on since 
the caretakers who watch over 

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the government every Or six 
years, have no personal stake in

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it. 
It's not their private property.

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They don't care what condition 
it's in when they leave because 

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they're not leaving it to their 
son. 

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What do they care? 
If they rack up deaths or they 

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have endless Wars? 
Or they do all kinds of 

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preposterous things, the kinds 
of incentives. 

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They operate under are exactly 
the kind of incentives you have 

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when you're driving a rental 
car. 

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Now, it doesn't mean that you 
always go out and crash a rental

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car. 
But when was the last time you 

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washed a rental car? 
When was the last time you got 

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an oil change for a rental? 
Car. 

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So you don't think of the 
long-term capital value of it. 

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Same thing with a country. 
So these to me are very, very 

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important insights. 
I'm going to adjust my mic so I 

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can sit more comfortable if I 
have 11 more of these, I got to 

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sit comfortable. 
Most important thing you learned

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from Thomas Soul. 
Okay. 

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First of all, I think one of the
most valuable Soul books is not,

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you know, there are some Soul 
books that everybody sort of 

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knows the titles up. 
But one of the first Gotten Soul

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books is his little book from 
the mid-1980s called civil 

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rights rhetoric or reality. 
And if you go to Amazon, you 

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will actually see that I have a 
review of that book from many 

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years ago that I'm very happy 
with the proud of that book. 

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What I love about it is that 
every single page is smashing 

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some myth. 
And so, for example, people 

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think well, discrimination 
causes poverty, or the 

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differences in income or 
education. 

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Educational outcomes or 
whatever. 

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Between all kinds of groups, not
just racial ones are caused are 

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explainable by discrimination 
and he just he says, that is 

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just such a easy convenient 
comic book style argument, but 

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it just doesn't hold when you 
hold all of different groups 

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constant. 
And you look at people in the 

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same geographical area, you 
know, you look at people in the 

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same age range, with the same 
level of work experience, and 

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on, and on then all these these,
these variations that Disappear,

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which is very interesting or if 
you some people will say, oh 

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there must be discrimination 
because White phds earn more 

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than black phds. 
He says, well, let's 

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disaggregate the data and see 
what do they have the phds in 

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because it turns out that Asian 
phds, Au turn white phds because

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they have phds generally in 
things like engineering, whereas

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at least half of black phds are 
in education. 

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We all know that education is 
not a highly remunerative field.

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So in other words, he would look
at the Channel wisdom, but under

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the microscope of data, he would
look at these big Aggregates and

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he would say the answer to 
whether this is true or not 

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comes from breaking it down and 
disaggregating it. 

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So things like that, but what I 
also learned frankly it was a 

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moral lesson and that is about 
his courage in doing and saying 

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the things he did because that 
meant academic isolation. 

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It meant being called names, but
honestly, what is impressive 

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about him? 
Is that nuts? 

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The matter honestly, you would 
see him on television and he 

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just would be like a hot knife 
through butter. 

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He didn't care what you said. 
Could you briefly explain the 

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difference between the 
constrained and unconstrained 

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worldview? 
Is that? 

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Yes, this is a, this is in his 
book, a conflict of visions. 

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And the the unconstrained vision
is a way of looking at the world

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is the because I guess what he 
was trying to explain, although 

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I don't think he quite put it 
this way is, why is it that 

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people who think the economy can
be? 

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Land. 
And who think, you know, the 

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minimum wage should be X dollars
an hour and who think we should 

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be locked in our homes. 
Because of covid, and who, like,

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all these sorts of disparate 
different things, all seem to 

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reside in the same mind. 
And people who disagree all had.

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It's very rare for people to 
have one of those opinions and 

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not every single one of the 
others. 

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Now, why should that be? 
And what he, what he decided was

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there are certain there are two 
primary visions of people. 

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Might have the world. 
The unconstrained vision is one 

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in which and I don't mean a 
character. 

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But if we can think it, we can 
create, if we could dream it. 

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It can be made to happen that 
there's no sense of the tragic. 

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Fallen aspect of human nature 
that we can remake ourselves. 

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If we need to to create the 
world that we want, we can use 

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our, our brains to plan and 
create an economy of abundance 

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and so on. 
And on, whereas the constrained 

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vision is more pessimistic. 
Stick about what can be 

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accomplished through reason, and
through planning, and through 

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human effort. 
That in fact, it's actually not 

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possible to plan an economy for 
a variety of reasons. 

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And our temptation is to think 
that because I plan my life, I 

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00:10:29,100 --> 00:10:31,500
can plan an economy, but these 
things that these are entirely 

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00:10:31,500 --> 00:10:34,400
different. 
So he's saying that the 

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constrained vision is one that 
understands that human nature is

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what it is. 
And isn't going to be changed. 

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And so we shouldn't Try to talat
Aryan programs to change it in 

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order to bring about our amazing
vision of what the world can be.

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Because what instead will wind 
up doing is creating some 

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horrific totalitarian Nightmare 
and not exactly have a wonderful

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Society to show for it will 
break a lot of eggs, but we'll 

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never get the omelette. 
How about a Lysander Spooner? 

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00:11:01,500 --> 00:11:05,100
All right, Lysander Spooner, a 
number of things from Spooner 

201
00:11:05,100 --> 00:11:09,100
made of the primary one. 
Most people get is has to do 

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00:11:09,100 --> 00:11:12,200
with the Constitution. 
I found his work on the 

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00:11:12,200 --> 00:11:15,600
unconstitutionality of Slavery 
to paper be very interesting 

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00:11:15,900 --> 00:11:18,400
because whether or not I'm 
convinced by it. 

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00:11:18,400 --> 00:11:21,100
I thought his argumentation was 
interesting and his point was 

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00:11:21,100 --> 00:11:23,400
and this was a line of argument 
was picked up by Frederick 

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00:11:23,400 --> 00:11:24,300
Douglass. 
By the way. 

208
00:11:24,500 --> 00:11:26,900
It was a minority line of 
argument among abolitionists. 

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00:11:26,900 --> 00:11:29,200
Most of them. 
Like William Lloyd Garrison 

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00:11:29,200 --> 00:11:31,100
said, the Constitution is a 
pro-slavery die. 

211
00:11:31,300 --> 00:11:33,300
Him. 
And that's why it's a covenant 

212
00:11:33,300 --> 00:11:36,100
with hell. 
We should burn it in public but 

213
00:11:36,400 --> 00:11:38,700
Spooner wasn't so sure. 
He said, well, let's look at the

214
00:11:38,700 --> 00:11:41,300
different parts of the 
Constitution that are alleged to

215
00:11:41,300 --> 00:11:46,400
involve slavery is now in no 
case is the word slavery used 

216
00:11:46,500 --> 00:11:49,600
and in each case. 
I can come up with a benign 

217
00:11:49,600 --> 00:11:53,500
interpretation of what it means.
So, why should we be compelled 

218
00:11:53,500 --> 00:11:57,800
to accept a pro-slavery 
anti-freedom interpretation 

219
00:11:58,100 --> 00:12:01,100
unless the text absolutely 
demand. 

220
00:12:01,200 --> 00:12:02,600
Man's it. 
I don't care about the 

221
00:12:02,600 --> 00:12:04,400
intentions of the people who 
wrote it. 

222
00:12:04,400 --> 00:12:07,500
I can't be bound by the 
intentions of people behind some

223
00:12:07,500 --> 00:12:09,800
closed doors. 
The only thing that is relevant 

224
00:12:09,800 --> 00:12:14,100
to us, are the words themselves 
and the words do not compel us 

225
00:12:14,100 --> 00:12:18,300
to a pro-slavery conclusion. 
And therefore, because slavery 

226
00:12:18,300 --> 00:12:20,700
is such an offense against 
natural law. 

227
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We should never assume slavery. 
We should always assume not 

228
00:12:25,600 --> 00:12:29,100
slavery and since we can come up
with an anti-slavery 

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interpretation of these words, 
then we Do so. 

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So that mean that's at least an 
interesting way to approach the 

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00:12:34,400 --> 00:12:36,700
question. 
Now, the other, but the other 

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main thing is it has to do with 
the Constitution and whether 

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constitutions truly bind us and 
now interestingly Spooner does 

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00:12:46,400 --> 00:12:49,300
not think it's anti libertarian 
to vote. 

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He actually addresses the 
argument that if you vote, then 

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you're giving your consent to 
the system. 

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That's not his view. 
It's if you vote, you're trying 

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to use a defense mechanism that 
you've been given to. 

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Try to make your life better in 
the same way that if you were in

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prison and you got to vote on 
whether you wait, slop or prime 

241
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rib, and you voted for prime 
rib, that's just not because 

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your consent to the prison 
system. 

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It's that you want to make your 
life materially better. 

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And if you abstain from voting, 
maybe going to wind up, eating 

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slop. 
How does that an improvement? 

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So but his key thing was I never
consented to this document and 

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there's no other aspect of life.
Like when you, when you buy a 

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house, you got assigned a you 
have a special day, the closing.

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Were you go in and you just 
spend an hour signing documents?

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00:13:35,300 --> 00:13:36,900
He says, now that's just to buy 
a house. 

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This is an arrangement where we 
can conscripted you. 

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We can grab your money. 
We can tell you what to do. 

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We can lock you in a cage if you
make us unhappy and I don't sign

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anything, so, I don't buy that. 
Ludwig, von mises. 

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00:13:51,900 --> 00:13:56,400
All right. 
Now mises, I think his primary 

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00:13:56,400 --> 00:13:58,900
contributions really our 
economic. 

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00:13:58,900 --> 00:14:01,600
Where's with rothbard. 
It's economics and a number of 

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other fields. 
Now, mises certainly contributed

259
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to other fields, but his real 
contributions were economics. 

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Well, again, in his case, 
certainly moral courage, as he 

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comes from. 
Austria in 1940, with a sort of 

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00:14:18,100 --> 00:14:21,200
a working knowledge of English, 
but it's definitely not his 

263
00:14:21,200 --> 00:14:23,800
first language. 
He doesn't typically write in 

264
00:14:23,800 --> 00:14:27,900
English, but he did write Human 
Action in English with the help 

265
00:14:27,900 --> 00:14:32,600
of Henry hazlitt smoothing out 
his his German style of English,

266
00:14:32,900 --> 00:14:35,000
which you can still see bits and
pieces up. 

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00:14:35,000 --> 00:14:38,500
He has some kind of complicated 
sentences and of course in 

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German the word order doesn't 
matter quite as much. 

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00:14:41,000 --> 00:14:45,300
So you're Guided by the the It 
forms of the verbs and the nouns

270
00:14:45,300 --> 00:14:47,400
and stuff, to figure out what's 
really going on in the sense. 

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00:14:47,400 --> 00:14:50,200
But anyway, I happen to like 
mises pros. 

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So the fact that he stood up 
against the spirit of his age 

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and against the totalitarian, 's
the Nazis who were taking over 

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in Central and Eastern Europe at
that time and then came to the 

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US and stood up to the academics
and the US who were all falling 

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in love with Marxism and, and 
partial Marxism, and he just 

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00:15:12,900 --> 00:15:17,200
wouldn't have any It and today 
when we look back on New York 

278
00:15:17,200 --> 00:15:19,000
University. 
Nobody knows who was teaching in

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00:15:19,000 --> 00:15:24,600
the economics department at NYU 
in 1961 name, me somebody but 

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00:15:24,600 --> 00:15:28,100
they but we know the name Ludwig
von mises because his work is 

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00:15:28,100 --> 00:15:32,100
still discussed and still 
considered important with me is 

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00:15:32,100 --> 00:15:34,300
of course, there are many things
that you would say that you 

283
00:15:34,300 --> 00:15:37,900
walked away with from it, but 
certainly his theory of the 

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00:15:37,900 --> 00:15:40,900
business cycle is very relevant 
to us today that when you 

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00:15:40,900 --> 00:15:45,400
interfere with Market interest 
rates you You set in motion, a 

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00:15:45,400 --> 00:15:50,700
series of events that can't be 
Unwound until the economy has 

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00:15:51,100 --> 00:15:55,300
come undone and needs to be 
redone in a sustainable fashion.

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00:15:55,600 --> 00:15:57,200
In the way. 
It would have been done, without

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00:15:57,200 --> 00:16:01,600
artificially low interest rates.
So the idea that we can fiddle 

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00:16:01,600 --> 00:16:03,800
with prices like the price of 
milk. 

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00:16:04,000 --> 00:16:06,200
Well, most people recognize that
that's going to lead to 

292
00:16:06,200 --> 00:16:09,800
problems, but the price of milk 
is not arbitrary, but when it's 

293
00:16:09,800 --> 00:16:12,200
interest rates, everybody thinks
this is the key to permanent 

294
00:16:12,200 --> 00:16:16,200
Prosperity, but can it Really 
manipulating a rate lower than 

295
00:16:16,200 --> 00:16:19,800
it was set by the decisions of 
millions of people. 

296
00:16:19,800 --> 00:16:21,300
I mean, really, that's, I 
entered. 

297
00:16:21,500 --> 00:16:23,200
So that we shouldn't have any 
more foreign aid. 

298
00:16:23,200 --> 00:16:25,300
Just tell Bangladesh, lower your
interest rates. 

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00:16:25,600 --> 00:16:27,500
If there are no real 
consequences that way, just 

300
00:16:27,500 --> 00:16:30,900
instinctively, we know this is 
preposterous and mises walks us 

301
00:16:30,900 --> 00:16:32,400
through step by step. 
Exactly. 

302
00:16:32,400 --> 00:16:36,400
Why it is. 
So, so that's one of many, many 

303
00:16:36,400 --> 00:16:39,700
economic contributions from 
these has Michael humor. 

304
00:16:41,200 --> 00:16:43,500
Okay. 
Well, I, I love Michael. 

305
00:16:43,600 --> 00:16:46,900
Humor and I highly recommend 
people read his book, the 

306
00:16:46,900 --> 00:16:50,600
problem of political Authority 
and I would say that book 

307
00:16:50,600 --> 00:16:54,500
Rivals, the economics and ethics
of private property in sounding 

308
00:16:54,500 --> 00:16:56,600
like a boring book, but it is 
anything. 

309
00:16:56,600 --> 00:17:01,100
But it is a rollicking 
demolition of argument after 

310
00:17:01,100 --> 00:17:08,500
argument for for the state for 
democracy as being the most 

311
00:17:08,500 --> 00:17:13,500
moral system. 
And what what humor is good. 

312
00:17:13,700 --> 00:17:19,400
That is instead of abstract. 
Theorizing, most of the time his

313
00:17:19,400 --> 00:17:22,500
arguments are made through 
really really Vivid analogies. 

314
00:17:23,300 --> 00:17:26,700
And so a very, very simple 
analogy drawn from the book 

315
00:17:26,900 --> 00:17:30,700
involves you and your friends 
going out after class and having

316
00:17:30,700 --> 00:17:34,000
a drink and your friends, all 
vote that you're going to pay 

317
00:17:34,000 --> 00:17:36,900
for the drinks. 
Does that mean you're obligated 

318
00:17:36,900 --> 00:17:38,300
to pay for the drinks? 
Of course, not. 

319
00:17:39,200 --> 00:17:42,400
You just I don't value any of 
your stupid opinions at all. 

320
00:17:42,900 --> 00:17:45,300
How should you get? 
Why would you get to vote on who

321
00:17:45,300 --> 00:17:47,800
gets to pick who has to pay and 
it happens to be me? 

322
00:17:48,400 --> 00:17:51,500
So he says well, how is this 
different? 

323
00:17:51,700 --> 00:17:55,800
Is there some magic dust that 
sprinkled on people when there's

324
00:17:55,800 --> 00:18:00,700
a whole lot of them and you 
know, and one of them happens to

325
00:18:00,700 --> 00:18:04,100
be like a political leader and 
people have voted for him. 

326
00:18:04,100 --> 00:18:06,700
So once they vote for him, 
there's a magic dust. 

327
00:18:06,700 --> 00:18:09,800
That means that if he issues a 
command you're obligated to 

328
00:18:09,800 --> 00:18:12,500
comply. 
What is the source of political 

329
00:18:12,500 --> 00:18:14,200
obligation. 
It's to know. 

330
00:18:14,700 --> 00:18:17,700
And he says, he basically what 
he's saying is every time we 

331
00:18:17,700 --> 00:18:19,600
take the arguments for political
obligation. 

332
00:18:19,600 --> 00:18:23,100
Well, we all consider this or 
well, most of us can send it to 

333
00:18:23,100 --> 00:18:25,300
this and it's impractical for us
all to consent. 

334
00:18:25,300 --> 00:18:26,700
So you just got to do what 
you're told. 

335
00:18:26,700 --> 00:18:29,900
He said, there's no way we would
accept this in any other area of

336
00:18:29,900 --> 00:18:32,000
Our Lives. 
Not in the bar, not anywhere 

337
00:18:32,000 --> 00:18:34,900
else. 
So, why suddenly do we have to 

338
00:18:34,900 --> 00:18:37,500
accept it here? 
And it's basically the answer, 

339
00:18:37,500 --> 00:18:41,000
usually is a lot of hemming and 
hawing, and is now, sorry as a 

340
00:18:41,000 --> 00:18:42,900
rigorous philosopher. 
I don't accept hemming and 

341
00:18:42,900 --> 00:18:47,300
hawing as an Argument so highly 
highly recommended book? 

342
00:18:48,000 --> 00:18:52,600
John has Ness. 
John has this, I got to meet him

343
00:18:52,600 --> 00:18:59,700
once years and years ago 1992. 
I met him at an event put on by 

344
00:18:59,700 --> 00:19:02,900
The Institute for Humane 
studies, and he is, I think he's

345
00:19:02,900 --> 00:19:08,800
still a law professor at 
Georgetown but his his, he's 

346
00:19:08,800 --> 00:19:12,600
written a lot of things. 
And but the, the are the article

347
00:19:12,600 --> 00:19:17,300
that has Duck out all these 
years later and is still 

348
00:19:17,300 --> 00:19:22,100
compelling is the myth of the 
rule of law and very early on in

349
00:19:22,100 --> 00:19:25,900
the Tom would show. 
I did an episode of my podcast 

350
00:19:25,900 --> 00:19:28,900
with him on this, who knows what
number it is. 

351
00:19:28,900 --> 00:19:31,900
I'm maybe some followers of mine
are like the Star Trek 

352
00:19:31,900 --> 00:19:34,100
convention, people like they've 
memorized all the episode 

353
00:19:34,100 --> 00:19:38,900
numbers, but if you look up has 
nests at Toms podcast.com that 

354
00:19:38,900 --> 00:19:40,700
do a search in page, you'll find
it. 

355
00:19:40,900 --> 00:19:43,400
And his argument was with the 
myth of the rule. 

356
00:19:43,600 --> 00:19:47,400
Of law. 
That the people are just naive 

357
00:19:47,400 --> 00:19:51,100
about the state even so-called 
small government conservatives, 

358
00:19:51,100 --> 00:19:54,400
or maybe especially those people
because they think there's an 

359
00:19:54,400 --> 00:20:00,000
objective way to interpret those
words on a page and if we just 

360
00:20:00,000 --> 00:20:04,400
get judges who will do that, 
then we'll be set and so he gave

361
00:20:04,400 --> 00:20:06,100
us a thought experiment in the 
class. 

362
00:20:06,100 --> 00:20:09,800
He said, all right, the First 
Amendment says Congress shall 

363
00:20:09,800 --> 00:20:12,400
make no law in the, you know, 
and he goes on and on respecting

364
00:20:12,400 --> 00:20:14,800
the freedom of speech and all 
that and then he lists. 

365
00:20:15,000 --> 00:20:17,400
Bunch of things that the 
government might do, and he 

366
00:20:17,400 --> 00:20:19,900
says, can the government, 
according to this can the 

367
00:20:19,900 --> 00:20:23,200
government do this, can't do, 
this, can do this, can do this. 

368
00:20:23,700 --> 00:20:26,600
And of course, we all said no, 
no, no no, First Amendment 

369
00:20:26,600 --> 00:20:29,000
prohibits, all that and then he 
went reviewed it with us. 

370
00:20:29,000 --> 00:20:31,700
He said, okay. 
Well for number one, those of 

371
00:20:31,700 --> 00:20:35,400
you who said no treated Congress
as if it said the president. 

372
00:20:35,400 --> 00:20:38,400
So you got that wrong then he 
and then he just listed. 

373
00:20:38,400 --> 00:20:41,400
He said, basically all of you 
inserted your own wishful, 

374
00:20:41,400 --> 00:20:44,700
thinking into these words 
instead of actually looking at 

375
00:20:44,700 --> 00:20:48,600
the words on the page. 
And so he pursues this argument 

376
00:20:48,600 --> 00:20:51,800
further and actually has you 
convinced by the end, that there

377
00:20:51,800 --> 00:20:58,600
is no way to come up with words 
that if that, that some judge 

378
00:20:58,600 --> 00:21:01,700
couldn't figure out some way to 
interpret in a way that gets 

379
00:21:01,700 --> 00:21:05,300
him, the outcome he wants and 
it's a, it's a terrifying 

380
00:21:05,300 --> 00:21:09,900
conclusion, really? 
Because it forces you into, 

381
00:21:10,300 --> 00:21:13,300
let's say a political posture, 
you weren't expecting to adopt 

382
00:21:13,300 --> 00:21:14,800
when you started reading as 
article. 

383
00:21:15,800 --> 00:21:18,800
Michael malice. 
Oh, geez. 

384
00:21:21,500 --> 00:21:23,800
I cheese. 
I've learned a lot from Michael.

385
00:21:23,800 --> 00:21:27,800
Malice on a personal level, 
sometimes what not to do. 

386
00:21:27,800 --> 00:21:31,400
I'll Grant you. 
But I've definitely learned a 

387
00:21:31,408 --> 00:21:35,700
lot from him in just in life 
lessons because he's helped me 

388
00:21:35,700 --> 00:21:38,600
through a lot of some difficult 
times in my life. 

389
00:21:39,200 --> 00:21:45,100
But also what I like about him 
is that he finds, he doesn't, he

390
00:21:45,100 --> 00:21:47,000
doesn't say that evil isn't 
evil. 

391
00:21:47,800 --> 00:21:51,400
But he finds Silver Linings 
that, I don't see sometimes. 

392
00:21:52,100 --> 00:21:55,000
So sometimes I'll say, look at 
these terrible thing. 

393
00:21:55,000 --> 00:21:58,400
The regime is doing or or look 
at this awful speech, this 

394
00:21:58,400 --> 00:22:01,000
Politico just gave, but then 
he'll say, no. 

395
00:22:01,000 --> 00:22:02,200
I don't know. 
Listen to that speech again. 

396
00:22:02,200 --> 00:22:05,200
Is that sound like the speech of
somebody who feels really in 

397
00:22:05,200 --> 00:22:09,400
control of things who feels like
Society is going just the way 

398
00:22:09,400 --> 00:22:11,600
they want. 
Oh, yeah. 

399
00:22:12,000 --> 00:22:15,100
I hadn't quite looked at it that
way, but he often does look at 

400
00:22:15,100 --> 00:22:17,200
it that way and he's currently 
at work on. 

401
00:22:17,300 --> 00:22:21,000
A book to be called the white 
pill and he's going back and 

402
00:22:21,000 --> 00:22:25,300
looking at among other things 
that the the Terrors the horrors

403
00:22:25,300 --> 00:22:28,600
of Communism. 
And and those were overcome, 

404
00:22:29,200 --> 00:22:31,200
those actually were overcome in 
our lifetimes. 

405
00:22:31,200 --> 00:22:34,000
We saw people rising up against 
them. 

406
00:22:34,300 --> 00:22:38,700
It's very, very easy, especially
in our present times to grow 

407
00:22:38,700 --> 00:22:43,700
discouraged, but it's important 
to remember, even now, even with

408
00:22:43,700 --> 00:22:47,200
the censorship and the BS, we 
have to put up with even now. 

409
00:22:47,300 --> 00:22:51,000
We're vastly better off than we 
were with three television 

410
00:22:51,000 --> 00:22:52,700
channels. 
If there were three television 

411
00:22:52,700 --> 00:22:54,200
channels. 
No one would know about the Tom 

412
00:22:54,200 --> 00:22:56,800
would show there couldn't be a 
Tom would show there couldn't be

413
00:22:56,808 --> 00:23:00,400
this conversation. 
So it is important, you know 

414
00:23:00,400 --> 00:23:06,500
much as we have to emphasize the
suffering that we're enduring 

415
00:23:06,500 --> 00:23:10,200
and the Injustice of it all. 
At the same time, for the sake 

416
00:23:10,200 --> 00:23:12,800
of perspective. 
It is important to realize the 

417
00:23:12,800 --> 00:23:16,700
advances that we've made because
we have made them and those can 

418
00:23:16,700 --> 00:23:21,200
save us Us from debilitating and
discouragement, Scott Horton. 

419
00:23:23,100 --> 00:23:27,200
Scott Horton, first of all, he's
taught me. 

420
00:23:27,200 --> 00:23:30,000
What one person's brain is 
capable of holding. 

421
00:23:31,000 --> 00:23:33,000
Just when you think you know, 
there's got to be a finite 

422
00:23:33,000 --> 00:23:35,500
amount. 
Once you learn enough, things, 

423
00:23:35,600 --> 00:23:39,500
other things must get pushed out
or something, apparently, not 

424
00:23:40,100 --> 00:23:42,900
because scotches knows that it 
knows that it knows it. 

425
00:23:43,400 --> 00:23:46,600
But this is a guy who for years 
and years. 

426
00:23:46,600 --> 00:23:50,200
I mean, I think now Scott is 
really getting recognition that 

427
00:23:50,200 --> 00:23:52,900
he deserves Noam Chomsky 
recently. 

428
00:23:53,200 --> 00:23:58,500
Twice praised Scott's book, 
Fool's errand or it may also be 

429
00:23:58,500 --> 00:24:01,300
a Fool's errand. 
The book on Afghanistan and 

430
00:24:01,300 --> 00:24:03,700
that's great. 
I mean, he got a copy Scott sent

431
00:24:03,700 --> 00:24:07,500
to many actually read it and and
he holds it in very high regard 

432
00:24:07,600 --> 00:24:10,100
and that's great. 
And now Scott goes to 

433
00:24:10,100 --> 00:24:13,900
conferences and he walks out 
there and he gets huge cheers 

434
00:24:13,900 --> 00:24:17,100
from everybody, but he Labored 
for years, in relative 

435
00:24:17,100 --> 00:24:19,900
obscurity, you know, not that 
many people knew who he was, but

436
00:24:19,900 --> 00:24:22,800
he just did his interviews. 
He did his shows he learned, and

437
00:24:22,800 --> 00:24:24,900
learned, and learned, and became
the unbelievable expert. 

438
00:24:24,900 --> 00:24:29,000
He is today, and not, because he
majored in Middle Eastern 

439
00:24:29,000 --> 00:24:30,700
studies in college. 
I don't know. 

440
00:24:31,300 --> 00:24:33,400
I don't know if Scott went to 
college, to, be honest with you.

441
00:24:33,400 --> 00:24:36,600
I just know that he reads 
everything he can, he listens to

442
00:24:36,600 --> 00:24:40,300
a wide variety of voices, and he
has an amazing ability to 

443
00:24:40,300 --> 00:24:43,400
synthesize all this, but in 
terms of what I've learned 

444
00:24:43,400 --> 00:24:48,300
academically it is primarily the
counterproductive nature of 

445
00:24:48,300 --> 00:24:50,200
almost everything. 
The US government doesn't 

446
00:24:50,200 --> 00:24:54,300
foreign policy, particularly the
war on terror and then on a 

447
00:24:54,308 --> 00:24:56,700
smaller scale. 
I know I can ask him. 

448
00:24:57,200 --> 00:25:00,200
Well, what did The Surge work? 
If not, what was the problem 

449
00:25:00,200 --> 00:25:03,100
with the Surge and I can get the
answer from him, anytime. 

450
00:25:03,100 --> 00:25:06,100
I want to right away, Adam 
Smith. 

451
00:25:10,100 --> 00:25:15,400
Adam Smith. 
Did did teach me a bit about the

452
00:25:15,400 --> 00:25:18,400
division of labor? 
Although he was teaching the 

453
00:25:18,400 --> 00:25:20,900
division of labor in terms of in
one firm. 

454
00:25:21,200 --> 00:25:24,000
You know, somebody does this 
part something, does that part? 

455
00:25:24,000 --> 00:25:27,000
And if everybody is supposed one
little part we get more done in 

456
00:25:27,000 --> 00:25:31,200
the same amount of time and but 
the real interesting thing about

457
00:25:31,200 --> 00:25:33,300
the division of labor is the 
division of labor across the 

458
00:25:33,300 --> 00:25:36,700
whole society, but that was, 
that still something but also 

459
00:25:36,800 --> 00:25:41,600
but mainly what, what Smith 
taught me was that Society, our 

460
00:25:41,600 --> 00:25:46,100
Commerce, Self-regulating. 
In the sense that we don't need 

461
00:25:46,100 --> 00:25:50,000
to say, we have a major pencil 
shortage. 

462
00:25:50,300 --> 00:25:53,600
So we're going to need more 
firms producing pencils. 

463
00:25:53,900 --> 00:25:56,900
We don't need to send that 
message to anybody because 

464
00:25:57,200 --> 00:25:59,900
they'll get the message when 
they see that the price of 

465
00:25:59,900 --> 00:26:02,900
pencils just tripled. 
And so somebody will think, 

466
00:26:02,900 --> 00:26:05,700
whoa. 
Now that price is high enough 

467
00:26:06,200 --> 00:26:09,800
that I should consider going 
into pencil creation. 

468
00:26:10,900 --> 00:26:14,100
And so, what will happen then is
that they'll be a greater supply

469
00:26:14,100 --> 00:26:16,900
of pencils now and that'll put 
downward pressure on the price 

470
00:26:16,900 --> 00:26:22,000
of pencils until those abnormal 
profits are dissipated and then 

471
00:26:22,200 --> 00:26:25,100
we move on or if suddenly people
decide they want to use 

472
00:26:25,100 --> 00:26:27,400
ballpoint pens from now on. 
They don't like pencils. 

473
00:26:27,800 --> 00:26:30,500
So now you can barely sell 
pencils at all. 

474
00:26:30,500 --> 00:26:33,000
You got to sell them at a very 
low price and that leads to 

475
00:26:33,000 --> 00:26:35,700
losses in pencil firm. 
So again, we don't need to send 

476
00:26:35,700 --> 00:26:37,800
out a memo. 
We have too many pencil firms. 

477
00:26:37,800 --> 00:26:40,100
Now, they figure that out on 
their own. 

478
00:26:40,400 --> 00:26:43,400
Than and sooner than and more 
efficiently than any politician 

479
00:26:43,400 --> 00:26:46,500
could. 
And so this then can lead us to 

480
00:26:46,500 --> 00:26:49,100
use to further insights of our 
own. 

481
00:26:49,400 --> 00:26:52,400
Like, when there is a shortage 
caused by a natural disaster, a 

482
00:26:52,400 --> 00:26:55,500
shortage of lumber. 
Well, what's that going to mean?

483
00:26:55,500 --> 00:26:58,900
It's going to mean that if 
Lumbers price is allowed to rise

484
00:26:58,900 --> 00:27:01,700
fish at Lehigh. 
Then people will people will 

485
00:27:01,700 --> 00:27:05,400
build rafts from across the to, 
you know, from another Island 

486
00:27:05,400 --> 00:27:08,900
and and and roll over there to 
bring the lumber if they have to

487
00:27:09,000 --> 00:27:12,000
at that price or somebody. 
We'll say I'm willing to give up

488
00:27:12,000 --> 00:27:14,600
my weekend where I look forward 
to having a beer and watching 

489
00:27:14,600 --> 00:27:17,900
the game and it give up my 
weekend to drive two states away

490
00:27:17,900 --> 00:27:20,200
to bring lumber because the 
price is so high. 

491
00:27:20,200 --> 00:27:22,900
But if you just force the price 
down, you're interfering in this

492
00:27:22,900 --> 00:27:25,600
natural process that Smith 
identified. 

493
00:27:25,800 --> 00:27:29,100
And so instead all that's going 
to mean is that that Lumber been

494
00:27:29,100 --> 00:27:32,400
snatched up immediately not used
for its most value productive 

495
00:27:32,400 --> 00:27:34,700
use, while a lot of people are 
going without Lumber. 

496
00:27:35,500 --> 00:27:37,700
That's that's not the right 
solution. 

497
00:27:37,700 --> 00:27:42,600
So these these subsidiary 
insights From Smith since Ralph 

498
00:27:42,600 --> 00:27:47,600
Franco. 
I miss Ralph Reiko so much. 

499
00:27:47,600 --> 00:27:52,500
He was a historian at Buffalo 
State College, senior, fellow 

500
00:27:52,500 --> 00:27:55,500
The mises Institute. 
And he wrote a couple of books 

501
00:27:55,500 --> 00:28:00,300
before he died. 
One of them was great Wars, and 

502
00:28:00,300 --> 00:28:03,100
great leaders. 
And the other one I sorry is 

503
00:28:03,100 --> 00:28:06,500
escaping me, but it was really a
compilation of his of his 

504
00:28:06,500 --> 00:28:11,400
lengthy articles on a variety of
topics, from Woodrow Wilson to 

505
00:28:11,400 --> 00:28:14,700
German liberalism and a lot of 
topics that he was knowledgeable

506
00:28:14,700 --> 00:28:19,400
about. 
But I really learned an awful 

507
00:28:19,400 --> 00:28:21,600
lot about what I know about 
World War one and US 

508
00:28:21,600 --> 00:28:25,000
intervention directly from 
hearing Reiko discuss the 

509
00:28:25,000 --> 00:28:27,200
absurdity of it. 
So, that'd be the first thing. 

510
00:28:27,400 --> 00:28:31,500
I also learned about the 
scholarship and debate around 

511
00:28:31,500 --> 00:28:34,500
the Industrial Revolution 
whether or not that on net 

512
00:28:34,500 --> 00:28:38,300
benefit of the average person. 
So, for a while there was a 

513
00:28:38,300 --> 00:28:41,600
debate that was called the 
standard of living debate and it

514
00:28:41,600 --> 00:28:45,200
was divided into two camps. 
One was called The Optimist and 

515
00:28:45,200 --> 00:28:46,900
one the Savannah. 
So you can sort of figure out 

516
00:28:46,900 --> 00:28:51,600
which was, which, But as time 
went on by the 1970s, The 

517
00:28:51,600 --> 00:28:54,200
Optimist had more or less won 
the debate because even a 

518
00:28:54,200 --> 00:28:57,500
Marxist, like EP Thompson was 
forced to admit that. 

519
00:28:57,500 --> 00:29:01,500
Well, nobody says everything got
worse with, but they were saying

520
00:29:01,500 --> 00:29:04,400
that before, you know, wasn't 
nobody, they were saying 

521
00:29:04,400 --> 00:29:09,300
everything got worse. 
So it was people like TS Ashton 

522
00:29:09,500 --> 00:29:14,900
and Rh Maxwell, and and others 
and then later lesser-known 

523
00:29:14,900 --> 00:29:18,400
Scholars, like Sue. 
Shenoy of, I can remember shoes 

524
00:29:18,400 --> 00:29:21,600
from New Zealand or Australia 
who wrote a lot about it. 

525
00:29:21,600 --> 00:29:24,300
Then, of course, Deirdre 
McCloskey has written about this

526
00:29:24,300 --> 00:29:28,000
too that we see that. 
In fact, when we look at Living 

527
00:29:28,000 --> 00:29:32,700
Space per capita clothing, 
caloric intake, life, expectancy

528
00:29:32,900 --> 00:29:37,100
income, whatever, we see that 
actually the standard of living 

529
00:29:37,100 --> 00:29:39,500
was improved and would have been
improved further in Britain. 

530
00:29:39,500 --> 00:29:44,600
If it had coincided with a lot 
of warfare that Britain was 

531
00:29:44,600 --> 00:29:47,100
involved in the Wars of the 
French Revolution and the 

532
00:29:47,108 --> 00:29:50,800
Napoleonic Wars historian Paul 
Johnson. 

533
00:29:52,600 --> 00:29:54,300
All right. 
Now Paul Johnson is not a quote 

534
00:29:54,300 --> 00:29:59,000
unquote professional historian. 
So other historians hate him the

535
00:29:59,000 --> 00:30:00,900
same way. 
They hated David McCullough who 

536
00:30:00,900 --> 00:30:03,800
wrote but biography of John 
Adams and a number of other 

537
00:30:03,800 --> 00:30:08,300
books 1776 and that's mostly 
just professional jealousy 

538
00:30:08,300 --> 00:30:12,000
because most professional 
historians writing excruciating 

539
00:30:12,000 --> 00:30:14,900
Lee boring books, that even 
their peers only pretend to 

540
00:30:14,900 --> 00:30:17,500
read. 
So the fact that McCullough gets

541
00:30:17,500 --> 00:30:20,800
rich as a historian or Johnson 
gets Rich, they can't stand it, 

542
00:30:20,900 --> 00:30:23,600
but Also Johnson was extremely 
prolific. 

543
00:30:23,900 --> 00:30:28,900
I mean, he wrote a history of 
the American people that I'm 

544
00:30:28,900 --> 00:30:30,000
only. 
So, so on. 

545
00:30:30,200 --> 00:30:33,700
I really like his. 
I like his book intellectuals. 

546
00:30:33,700 --> 00:30:36,800
I like his book modern times, 
which is it like a history of 

547
00:30:36,808 --> 00:30:40,700
the 20th century. 
But, but past that he was also a

548
00:30:40,700 --> 00:30:43,600
turns out a tremendous art 
Aficionado. 

549
00:30:44,000 --> 00:30:50,100
So he wrote a huge book, called 
a history of art, spanning art 

550
00:30:50,100 --> 00:30:52,100
all around the world. 
That was just one of his 

551
00:30:52,100 --> 00:30:55,000
Hobbies. 
So he decided to write Majestic 

552
00:30:55,000 --> 00:30:56,300
book about that. 
He wrote a history of 

553
00:30:56,308 --> 00:30:59,500
Christianity, which I think he 
wrote his more left-wing years. 

554
00:30:59,500 --> 00:31:01,000
So I don't necessarily recommend
it. 

555
00:31:01,100 --> 00:31:04,200
He wrote a history of the Jews, 
extremely prolific. 

556
00:31:05,200 --> 00:31:08,800
And I was told as a college 
freshman. 

557
00:31:10,000 --> 00:31:13,500
By another freshman that I 
should read Johnson's book 

558
00:31:13,500 --> 00:31:16,600
Modern Times, And I see when 
you're a Harvard freshman, 

559
00:31:16,600 --> 00:31:19,800
people tell you to read 800 page
books, or whatever it was, and 

560
00:31:19,800 --> 00:31:21,700
they expect you to actually do 
it, and I did it. 

561
00:31:22,000 --> 00:31:25,300
And I loved every minute of it 
because he writes in a crisp and

562
00:31:25,300 --> 00:31:28,000
engaging style where they're 
curious and interesting 

563
00:31:28,000 --> 00:31:30,400
anecdotes on every page and 
quotations. 

564
00:31:30,400 --> 00:31:34,700
You've never heard before or 
interesting, interesting, 

565
00:31:34,700 --> 00:31:36,800
tangent. 
Still go on about some some 

566
00:31:36,800 --> 00:31:40,600
invention and why it mattered. 
There's no There is nobody like 

567
00:31:40,600 --> 00:31:45,100
him, really. 
And in modern times taught me 

568
00:31:45,400 --> 00:31:48,000
that the people I had been 
taught were great, presidents 

569
00:31:48,000 --> 00:31:51,400
were actually bad and the 
supposedly bad presidents, were 

570
00:31:51,400 --> 00:31:55,200
often times, not so bad. 
So that was a key Insight. 

571
00:31:55,200 --> 00:31:59,100
But beyond that, I learned a lot
about the history of Africa in 

572
00:31:59,100 --> 00:32:02,200
the 20th century and the 
Socialist experiment that 

573
00:32:02,200 --> 00:32:05,100
occurred in Africa. 
When Western educated African 

574
00:32:05,100 --> 00:32:08,700
leaders return to Africa and 
imposed on their poor people to 

575
00:32:08,700 --> 00:32:11,000
stupid ideas. 
They got in the west but that 

576
00:32:11,000 --> 00:32:15,300
there were some exceptions where
they didn't impose outright 

577
00:32:15,300 --> 00:32:17,800
socialism and they wound up 
doing a lot better. 

578
00:32:18,200 --> 00:32:22,500
So I learned really about the 
dangers of collectivism as 

579
00:32:22,500 --> 00:32:25,900
illustrated by the atrocities of
the 20th century and the failed 

580
00:32:25,900 --> 00:32:29,600
social experiments, the 20th 
century Murray, rothbard. 

581
00:32:30,600 --> 00:32:32,900
Oh, come on. 
All right, how many more do I 

582
00:32:32,908 --> 00:32:34,500
have? 
After Mary rothbart, so I can 

583
00:32:34,500 --> 00:32:36,800
paste this. 
Now, we got about five more. 

584
00:32:37,100 --> 00:32:39,000
Oh, geez. 
I don't think I lied about the 

585
00:32:39,000 --> 00:32:39,500
12. 
I am. 

586
00:32:39,700 --> 00:32:41,300
I love your eyes. 
All right, well. 

587
00:32:43,900 --> 00:32:46,700
I learned so much from Robert. 
I really don't know where to 

588
00:32:46,700 --> 00:32:49,700
start. 
I his work on the Great 

589
00:32:49,700 --> 00:32:53,800
Depression, convinced me that it
was the feds intervention in the

590
00:32:53,800 --> 00:32:58,100
20s that led to the crack up in 
1929. 

591
00:32:58,400 --> 00:33:01,200
I learned that Herbert Hoover 
was an interventionist, which is

592
00:33:01,500 --> 00:33:04,300
what the historians now admit. 
But it took them long enough to 

593
00:33:04,300 --> 00:33:09,900
catch up to rothbard. 
But I also learned the the the 

594
00:33:10,500 --> 00:33:15,100
basic Contours of Austrian 
economics by by studying the 

595
00:33:15,100 --> 00:33:20,100
concepts in man economy and 
state that was of great 

596
00:33:20,100 --> 00:33:23,700
importance to me. 
And I understood better, where 

597
00:33:23,700 --> 00:33:27,400
mises was coming from by reading
rothbard, scholarly articles on 

598
00:33:27,400 --> 00:33:31,300
epistemology and economics, but 
I learned about the history of 

599
00:33:31,300 --> 00:33:34,600
economic thought by reading his 
two volumes on it. 

600
00:33:34,800 --> 00:33:38,600
I learned about the Of pseudo, 
Anarchy, in the history of 

601
00:33:38,600 --> 00:33:41,500
early, colonial Pennsylvania 
that I hadn't known about. 

602
00:33:41,500 --> 00:33:46,400
But that is worth knowing that 
when the British Representatives

603
00:33:46,400 --> 00:33:48,300
showed up. 
They got to the whatever the 

604
00:33:48,308 --> 00:33:51,300
hall was that the politicos were
supposed to meet in. 

605
00:33:51,300 --> 00:33:53,900
It was all dusty with papers 
everywhere. 

606
00:33:54,200 --> 00:33:55,900
No. 
Sign of anyone having been there

607
00:33:55,900 --> 00:33:58,200
in the longest time, you know, 
there's just little things like 

608
00:33:58,200 --> 00:34:00,900
that. 
I enjoyed learning from from 

609
00:34:00,900 --> 00:34:06,700
him, but I also learned about 
People who before the Cold War 

610
00:34:06,700 --> 00:34:09,500
got into really high gear in the
1950s were warning. 

611
00:34:09,500 --> 00:34:12,800
That that was a bad idea that 
communism was terrible, but 

612
00:34:12,800 --> 00:34:17,400
converting your country into a 
gigantic Warfare State might be 

613
00:34:17,400 --> 00:34:20,500
a mistake and it might be a 
mistake you never ever get to 

614
00:34:20,507 --> 00:34:22,199
take back and we're living 
through that. 

615
00:34:22,199 --> 00:34:24,199
Right now. 
We have a military that just 

616
00:34:24,199 --> 00:34:27,900
keeps going around looking for 
for enemies, that it's a program

617
00:34:27,900 --> 00:34:31,800
in search of justification. 
Well, I think that maybe we 

618
00:34:31,800 --> 00:34:34,500
should have learned a lesson. 
From all that. 

619
00:34:35,100 --> 00:34:40,300
But you know, I I learned about 
some of the ideological 

620
00:34:40,300 --> 00:34:44,300
movements of the 1960s which 
rothbard latched onto searching 

621
00:34:44,300 --> 00:34:48,699
for anti-war people. 
But also the implications of the

622
00:34:48,699 --> 00:34:52,100
non-aggression principle are 
spelled out in great detail. 

623
00:34:52,500 --> 00:34:54,900
Not always in ways. 
I agree with, but always in ways

624
00:34:54,900 --> 00:34:57,700
that make me think in his book, 
the ethics of Liberty. 

625
00:34:57,900 --> 00:35:02,900
I learned about money and 
banking from rothbard and and 

626
00:35:03,900 --> 00:35:06,500
where money comes from and what 
the purpose is supposed to 

627
00:35:06,500 --> 00:35:08,500
serve. 
And what what's what's an 

628
00:35:08,500 --> 00:35:11,800
example of a good money and 
transitioning back to a good 

629
00:35:11,800 --> 00:35:13,800
money and all sorts of things 
like that. 

630
00:35:13,900 --> 00:35:16,000
I remember asking him in person 
one time. 

631
00:35:16,800 --> 00:35:20,600
Is there a history of money 
written from a pro gold standard

632
00:35:20,600 --> 00:35:23,500
perspective? 
And he said, well, you might 

633
00:35:23,500 --> 00:35:25,700
look at The Minority Report of 
the u.s. 

634
00:35:25,700 --> 00:35:29,200
Gold Commission because it has a
couple of lengthy chapters on 

635
00:35:29,200 --> 00:35:32,900
the history and and sure enough.
It's actually it's a book. 

636
00:35:33,000 --> 00:35:36,200
The Cato Institute published in 
the early 80s called the case 

637
00:35:36,200 --> 00:35:37,900
for gold. 
So it's actually written in the 

638
00:35:37,908 --> 00:35:41,500
form of a book and sure enough, 
the historical material in there

639
00:35:41,500 --> 00:35:44,700
is tremendously good. 
I found out only after 

640
00:35:44,700 --> 00:35:48,400
rothbart's deaf that. 
He wrote those chapters, but he 

641
00:35:48,408 --> 00:35:51,000
didn't tell me that he could 
easily have said, I wrote the 

642
00:35:51,000 --> 00:35:55,000
chapters on economic history in 
that report, but he didn't say a

643
00:35:55,000 --> 00:35:57,600
word about that. 
He just let let me read it 

644
00:35:57,600 --> 00:35:59,400
without realizing it was his 
thing. 

645
00:35:59,800 --> 00:36:01,800
So he also taught me, humility, 
I guess. 

646
00:36:03,000 --> 00:36:08,700
Frederic bastiat. 
Basquiat lived up until the 

647
00:36:08,700 --> 00:36:11,900
mid-nineteenth century and was 
an economic journalist, but was 

648
00:36:11,900 --> 00:36:13,900
also an excellent Economist in 
his own. 

649
00:36:13,900 --> 00:36:15,900
Right is not given proper credit
for that. 

650
00:36:16,100 --> 00:36:19,900
But he's one of the, he is the 
first person who taught me the 

651
00:36:19,900 --> 00:36:23,600
principle of the Unseen that in 
economics. 

652
00:36:23,600 --> 00:36:26,700
It's not sufficient to look at 
something solely with your 

653
00:36:26,700 --> 00:36:29,800
physical eyes. 
You also need to look at it with

654
00:36:29,800 --> 00:36:33,300
your mind's eye because for 
example, if the government 

655
00:36:33,400 --> 00:36:36,000
builds some big project and then
Hey, everybody. 

656
00:36:36,100 --> 00:36:39,900
Look at this big project and you
should congratulate us for this 

657
00:36:39,900 --> 00:36:42,100
big project. 
That's what you see with your 

658
00:36:42,100 --> 00:36:46,100
physical eyes, but surely the 
labor and the resources and the 

659
00:36:46,100 --> 00:36:50,200
time to create this thing would 
have gone into something else, 

660
00:36:50,800 --> 00:36:53,500
the satisfaction of other needs,
but I can't see those because 

661
00:36:53,500 --> 00:36:55,300
they weren't allowed to come 
into existence. 

662
00:36:56,000 --> 00:36:59,300
So we have to evaluate it in 
terms of the opportunities for 

663
00:36:59,300 --> 00:37:01,500
gone. 
So, for example, in the 19th 

664
00:37:01,500 --> 00:37:04,700
century suppose somebody wanted 
to develop the iPod. 

665
00:37:05,600 --> 00:37:09,000
Well, obviously, none of the 
relevant technology exists. 

666
00:37:09,500 --> 00:37:15,100
So they would have had to engage
in absolutely impoverishing 

667
00:37:15,100 --> 00:37:18,700
levels of expenditure to do the 
research and develop the 

668
00:37:18,707 --> 00:37:21,800
technology at that time to 
create an iPod. 

669
00:37:22,000 --> 00:37:24,700
It would not even remotely, be 
worth it. 

670
00:37:25,700 --> 00:37:27,900
But it suppose they did, and 
they said, hey everybody look at

671
00:37:27,900 --> 00:37:30,000
this iPod. 
You wouldn't have had that if 

672
00:37:30,000 --> 00:37:32,400
you'd waited for your stupid 
free market development, but the

673
00:37:32,400 --> 00:37:35,000
thing is, if we'd waited for the
stupid free market development. 

674
00:37:35,500 --> 00:37:38,800
I've had to come at such a huge 
expense to our standard of 

675
00:37:38,800 --> 00:37:41,000
living, the market will develop 
it. 

676
00:37:41,000 --> 00:37:45,200
When we're ready when we're 
willing to save the resources 

677
00:37:45,200 --> 00:37:47,900
necessary for the R&D and for 
everything else when we're 

678
00:37:47,900 --> 00:37:51,100
willing to engage in the 
voluntary, saving that lowers 

679
00:37:51,100 --> 00:37:53,700
interest rates and tells 
entrepreneurs, Now's the Time to

680
00:37:54,100 --> 00:37:57,100
borrow and to invest in these 
long-term projects. 

681
00:37:57,100 --> 00:38:00,600
That's when we'll get it. 
So sometimes people say, look 

682
00:38:00,600 --> 00:38:02,300
the government invented this 
technology. 

683
00:38:02,300 --> 00:38:05,700
We would never have had that. 
Well, probably we Would have 

684
00:38:05,700 --> 00:38:08,300
because we're not stupid, we 
would have developed these 

685
00:38:08,300 --> 00:38:10,200
things. 
There is a controversy about, so

686
00:38:10,200 --> 00:38:13,200
called crossover technology when
the government creates 

687
00:38:13,200 --> 00:38:14,400
something. 
You think, well, would we have 

688
00:38:14,400 --> 00:38:17,000
had Tang if it weren't for 
astronauts? 

689
00:38:17,300 --> 00:38:22,000
Well, there's a lot of research 
on this but some research says 

690
00:38:22,400 --> 00:38:26,800
maybe 95% of this stuff would 
have been developed privately 

691
00:38:26,800 --> 00:38:28,800
anyway, and the other five 
percent who even knows if we 

692
00:38:28,800 --> 00:38:32,100
need it or not. 
So Bastian is constantly 

693
00:38:32,100 --> 00:38:35,300
reminding us that we have to 
evaluate these sorts of things. 

694
00:38:35,700 --> 00:38:38,800
In terms of the opportunity cost
and the importance of 

695
00:38:38,800 --> 00:38:42,300
opportunity cost in economics, 
Pat Buchanan. 

696
00:38:44,500 --> 00:38:49,400
All right, Pat Buchanan. 
First of all, I learned the 

697
00:38:49,600 --> 00:38:55,700
value of somebody who even 
though he gets criticized, you 

698
00:38:55,707 --> 00:38:58,300
know, you wrote this column in 
1977. 

699
00:38:58,700 --> 00:39:01,300
He doesn't just get on his knees
and beg forgiveness. 

700
00:39:01,700 --> 00:39:05,400
He doesn't care what you think. 
He doesn't care that he wrote an

701
00:39:05,400 --> 00:39:08,700
unfashionable column in 1977 
because he's too busy writing 

702
00:39:08,700 --> 00:39:13,100
his columns in 2021 and he's too
busy churning out, best-selling 

703
00:39:13,100 --> 00:39:16,200
books in the Here's so one of 
the things I learned from it. 

704
00:39:16,200 --> 00:39:18,800
Certainly I'll his book a 
republic. 

705
00:39:18,800 --> 00:39:22,400
Not an empire, was I thought was
very valuable as a history book.

706
00:39:22,400 --> 00:39:26,500
I think he's very, very 
knowledgeable as a historian. 

707
00:39:27,400 --> 00:39:32,000
So I would say that I learned 
some stuff about interventionism

708
00:39:32,000 --> 00:39:37,300
and and from Pat, also, when in 
1991, the Persian Gulf War 

709
00:39:37,300 --> 00:39:40,000
occurred, that was against that 
night at the time. 

710
00:39:40,000 --> 00:39:43,600
I didn't understand why because 
I thought well, we're right. 

711
00:39:43,700 --> 00:39:46,500
Winger's where Republicans. 
So we support the military. 

712
00:39:46,600 --> 00:39:48,800
And right now, the military is 
involved in this War. 

713
00:39:49,300 --> 00:39:52,400
I couldn't understand why he was
against it, but he was teaching 

714
00:39:52,400 --> 00:39:56,300
me something at that point. 
It's not war per se, or the 

715
00:39:56,300 --> 00:39:59,200
military per se that we support.
In his case. 

716
00:39:59,200 --> 00:40:01,400
It was, we had to stop the 
threat of Communism. 

717
00:40:02,100 --> 00:40:04,500
It's not because I'm just 
whatever, the Pentagon tells me,

718
00:40:04,500 --> 00:40:07,500
I just adore sit. 
And so that paved the way for me

719
00:40:07,500 --> 00:40:11,100
to think in healthier ways, 
about war in the military, but 

720
00:40:11,600 --> 00:40:14,100
the key thing, he taught me had 
nothing to do with For your 

721
00:40:14,100 --> 00:40:17,900
politics. 
I had dinner with him one time 

722
00:40:17,900 --> 00:40:24,100
back in around 2005 I guess and 
my book the politically 

723
00:40:24,100 --> 00:40:26,900
incorrect guide to American 
history of just come out and 

724
00:40:27,000 --> 00:40:30,700
initially right-wingers really 
liked it and it sold really 

725
00:40:30,700 --> 00:40:33,500
well, but then the Neo cons 
discovered and they didn't like 

726
00:40:33,500 --> 00:40:36,300
it at all because it was not a 
neocon telling of American 

727
00:40:36,300 --> 00:40:39,200
history. 
And Pat told me these people, 

728
00:40:39,200 --> 00:40:42,000
basically, just they just 
endorsed the New York Times 

729
00:40:42,000 --> 00:40:44,200
version of American History, you
know, that's just The way they 

730
00:40:44,200 --> 00:40:48,100
are so they're not going to like
your book, but I told him they 

731
00:40:48,100 --> 00:40:54,300
are attacking me viciously and 
unfairly, and you know, what am 

732
00:40:54,300 --> 00:40:57,800
I going to do? 
And his answer was where there 

733
00:40:57,800 --> 00:41:00,100
is no solution. 
There is no problem. 

734
00:41:00,800 --> 00:41:02,800
There's nothing you can do about
that. 

735
00:41:02,900 --> 00:41:04,400
They're going to write with 
they're going to write. 

736
00:41:05,100 --> 00:41:08,100
So you don't really have a 
problem because there is no 

737
00:41:08,100 --> 00:41:10,500
solution to it. 
If you have a problem, you sit 

738
00:41:10,500 --> 00:41:12,200
there and think about how am I 
going to fix it? 

739
00:41:12,300 --> 00:41:15,500
You can't fix it. 
So, What was his advice? 

740
00:41:15,600 --> 00:41:19,100
Just keep working your tail off,
you know, just do it. 

741
00:41:19,100 --> 00:41:21,400
Basically do a Pat does just 
keep churning out, best-selling 

742
00:41:21,400 --> 00:41:24,700
books, get your revenge that way
and that's what I did. 

743
00:41:24,900 --> 00:41:27,100
I wrote articles. 
I made videos. 

744
00:41:27,100 --> 00:41:29,800
I wrote books and people just 
kept on discovering me. 

745
00:41:30,000 --> 00:41:33,700
They discovered me through video
platforms, or through events or 

746
00:41:33,700 --> 00:41:35,800
through word of mouth or through
my books and articles. 

747
00:41:36,300 --> 00:41:40,400
And I've gotten to a point where
I can actually make a living as 

748
00:41:40,400 --> 00:41:44,000
a podcaster. 
I mean, this is like if It's not

749
00:41:44,000 --> 00:41:45,000
a unicorn. 
I don't know. 

750
00:41:45,000 --> 00:41:50,200
What is Lew Rockwell. 
Alright lose-lose. 

751
00:41:50,800 --> 00:41:54,800
Analysis of the world. 
Really, really helped shape my 

752
00:41:54,800 --> 00:41:57,700
own because a lot of times they 
would be something going on in 

753
00:41:57,700 --> 00:41:59,700
the world. 
I didn't know quite what to 

754
00:41:59,700 --> 00:42:02,500
think about it and I would 
always want to get lose. 

755
00:42:02,500 --> 00:42:05,100
Take on. 
And I remember there was some 

756
00:42:05,100 --> 00:42:07,500
now, you'll have to forgive me. 
The details are murky and this 

757
00:42:07,500 --> 00:42:11,100
could have been 20 years ago, 
but there was some episode where

758
00:42:11,200 --> 00:42:13,700
I don't know if it was a u.s. 
Plane passing through Chinese 

759
00:42:13,700 --> 00:42:18,400
airspace or some kind of thing 
like that and the Chinese were 

760
00:42:18,500 --> 00:42:21,900
vigorously, objecting to it and 
American Patriots, were all 

761
00:42:21,900 --> 00:42:24,200
upset. 
And Lou had the gall to write an

762
00:42:24,200 --> 00:42:28,200
article called China was right. 
And from that moment on, I 

763
00:42:28,200 --> 00:42:30,200
realized this guy just doesn't 
care. 

764
00:42:30,500 --> 00:42:35,000
He just is fearless or sometimes
the right wing would say, things

765
00:42:35,000 --> 00:42:38,000
like we need to rein in the 
powers of the presidency. 

766
00:42:38,000 --> 00:42:39,500
Well, there's no chance of that 
happening. 

767
00:42:39,800 --> 00:42:42,000
There's absolutely no chance if 
that was going to happen. 

768
00:42:42,000 --> 00:42:44,800
It would have happened by now. 
So Lou instead would write an 

769
00:42:44,800 --> 00:42:47,000
article called down with the 
presidency. 

770
00:42:47,600 --> 00:42:50,400
Like let's hope Bill Clinton is 
the last president of the United

771
00:42:50,400 --> 00:42:51,800
States. 
He didn't get that particular 

772
00:42:51,800 --> 00:42:56,500
wish but his willingness to 
think the unthinkable and say 

773
00:42:56,500 --> 00:43:01,600
the unsayable and take our 
analysis all the way, even if it

774
00:43:01,600 --> 00:43:06,000
took him two radical conclusions
has been a really important 

775
00:43:06,000 --> 00:43:08,500
guide for me. 
Henry hazlitt. 

776
00:43:09,700 --> 00:43:13,700
Alright hazlitt is going to take
that idea of Basquiat. 

777
00:43:14,700 --> 00:43:19,000
Of the seen and the Unseen and 
really develop it into a whole 

778
00:43:20,200 --> 00:43:24,100
approach to economics because 
Hazlet who I know for a fact did

779
00:43:24,100 --> 00:43:27,500
not attend college wrote 
economics in one lesson. 

780
00:43:27,600 --> 00:43:29,800
It's it has sold a couple 
million copies. 

781
00:43:30,300 --> 00:43:33,500
Any book on economics that sells
a couple million copies and 

782
00:43:33,500 --> 00:43:37,100
isn't a textbook that the kids 
are forced to buy must be 

783
00:43:37,100 --> 00:43:40,800
impressive. 
And really, he is riffing on 

784
00:43:41,300 --> 00:43:46,000
what what Basquiat was saying. 
If has, what's going to talk 

785
00:43:46,000 --> 00:43:48,600
about rent control. 
He's not going to leave it at. 

786
00:43:48,900 --> 00:43:51,200
Yep, rent control means people 
have lower rents. 

787
00:43:51,200 --> 00:43:53,400
So look at these people. 
They have lower rents. 

788
00:43:53,400 --> 00:43:55,100
I see that with my physical 
eyes. 

789
00:43:55,100 --> 00:43:58,400
Well again, anybody at any IQ 
level can see that with their 

790
00:43:58,400 --> 00:44:02,200
physical eyes, one of the things
that we're not seeing, so his 

791
00:44:02,200 --> 00:44:07,600
point was don't Focus 
exclusively on what the 

792
00:44:07,600 --> 00:44:11,300
immediate consequences of a 
policy are on the intended. 

793
00:44:11,300 --> 00:44:14,000
Recipients focus on the 
long-term. 

794
00:44:14,400 --> 00:44:17,400
Exxon everybody. 
So it's true that some people 

795
00:44:17,400 --> 00:44:21,400
living in those apartments. 
Now, get cheaper, Frozen rents. 

796
00:44:21,400 --> 00:44:24,600
That's true. 
But so is, do you really think 

797
00:44:24,600 --> 00:44:26,900
that's it that all we have to do
is like passing a law against 

798
00:44:26,900 --> 00:44:28,600
gravity. 
You really think that's going to

799
00:44:28,600 --> 00:44:30,600
work. 
What is this going to mean? 

800
00:44:31,100 --> 00:44:34,000
Well, think of it this way. 
I like, Walter blocks view of 

801
00:44:34,000 --> 00:44:35,300
this. 
Now. 

802
00:44:35,300 --> 00:44:37,300
He's not actually advocating 
this. 

803
00:44:37,300 --> 00:44:40,600
He's just using it as a thought 
experiment, but he says, just to

804
00:44:40,600 --> 00:44:43,500
show how wrongheaded rent 
control is consider this. 

805
00:44:44,300 --> 00:44:48,500
It would actually be better if 
what you were seeking was an 

806
00:44:48,500 --> 00:44:50,800
increased supply of low-income 
housing. 

807
00:44:50,800 --> 00:44:57,100
It would be better for you to 
impose price controls on 

808
00:44:57,100 --> 00:45:01,000
literally every single thing in 
the economy, except low income 

809
00:45:01,000 --> 00:45:03,600
housing. 
Because in that point at that 

810
00:45:03,600 --> 00:45:07,400
point all the investment dollars
would flood into low-income 

811
00:45:07,400 --> 00:45:11,100
housing and the supply would 
explode and that would push the 

812
00:45:11,100 --> 00:45:13,400
rents down that will get you 
exactly what you want. 

813
00:45:14,200 --> 00:45:16,300
So when you realize that then 
you realize, okay. 

814
00:45:16,300 --> 00:45:19,900
Well then any measure, that's 
not that it is going to have 

815
00:45:19,900 --> 00:45:22,100
some problem that we're not 
going to want. 

816
00:45:22,200 --> 00:45:24,500
And so the rent control, of 
course, is going to is going to 

817
00:45:24,500 --> 00:45:27,300
send people far away from from 
low-income housing. 

818
00:45:27,300 --> 00:45:29,900
Why would they do that? 
They you, first of all, 

819
00:45:29,900 --> 00:45:31,900
low-income housing is not a lot 
of fun. 

820
00:45:32,200 --> 00:45:33,300
Okay. 
It's not a lot of fun trying to 

821
00:45:33,308 --> 00:45:37,100
collect money in low-income 
housing buildings. 

822
00:45:37,200 --> 00:45:39,400
Okay, it's not something people 
are particularly excited about 

823
00:45:39,400 --> 00:45:42,900
to begin with and then they get 
the idea that the rents they 

824
00:45:42,900 --> 00:45:45,200
charge could be. 
But rarely changed forget it, 

825
00:45:45,200 --> 00:45:48,800
they're not going to bother 
doing it or they'll do it, but 

826
00:45:48,800 --> 00:45:51,300
they're not going to fix your 
leaky pipe or they'll wait six 

827
00:45:51,300 --> 00:45:54,100
months to fix it. 
Because with the rent this low 

828
00:45:54,900 --> 00:45:58,300
and they can get, they have a 
million people waiting outside 

829
00:45:58,400 --> 00:46:01,500
to get that that room from you 
who won't complain about the 

830
00:46:01,500 --> 00:46:05,400
leaky faucet and the leaky pipe.
So they'll just go whereas if 

831
00:46:05,400 --> 00:46:09,300
you have low rents because 
there's an abundant Supply, the 

832
00:46:09,300 --> 00:46:12,000
landlord doesn't have a billion.
People waiting outside the door 

833
00:46:12,200 --> 00:46:15,800
beating down his door so he 
can't Be abusive and neglectful.

834
00:46:16,100 --> 00:46:19,200
So there are a million negative 
consequences that come from 

835
00:46:19,200 --> 00:46:21,000
this. 
There would be fewer housing 

836
00:46:21,000 --> 00:46:24,500
units available. 
But the problem would be very 

837
00:46:24,500 --> 00:46:27,500
few. 
People can see with their minds 

838
00:46:27,500 --> 00:46:29,200
eye. 
So, very few people will say, 

839
00:46:29,200 --> 00:46:31,900
the reason I'm having trouble 
finding housing, is that rent 

840
00:46:31,900 --> 00:46:35,300
controls making it unprofitable 
to build these houses instead, 

841
00:46:35,300 --> 00:46:38,000
they'll, they'll look for help 
from the government, which is 

842
00:46:38,000 --> 00:46:39,700
exactly the source of the 
problem. 

843
00:46:39,800 --> 00:46:42,100
They'll blame the rich fat cats 
for X. 

844
00:46:42,100 --> 00:46:47,300
Y&z it It's people thinking in a
completely poisoned way, Dave 

845
00:46:47,300 --> 00:46:52,200
Smith. 
All right, Dave Smith is 

846
00:46:52,200 --> 00:46:56,600
somebody I have thoroughly 
enjoyed watching grow into the 

847
00:46:56,700 --> 00:46:58,200
Superstar. 
He is. 

848
00:46:58,700 --> 00:47:02,600
And I would say that from time 
to time. 

849
00:47:02,700 --> 00:47:05,700
So I listened to Dave's podcast 
somewhat regularly. 

850
00:47:06,500 --> 00:47:11,200
And I find that his analogies 
and explanations are really, 

851
00:47:11,200 --> 00:47:15,000
really good, and they can help 
anybody understand. 

852
00:47:15,200 --> 00:47:19,100
And sometimes, he'll even, he'll
be somebody like Lew Rockwell. 

853
00:47:19,300 --> 00:47:21,600
Huh? 
Wonder what Dave's take on this 

854
00:47:21,600 --> 00:47:24,000
is going to be and almost 
always, I say. 

855
00:47:24,000 --> 00:47:25,600
Yeah. 
All he did was take a 

856
00:47:25,600 --> 00:47:29,100
Libertarian Theory and apply 
this thing to it and he's 

857
00:47:29,100 --> 00:47:32,400
Fearless when it comes to 
debating people will debate, you

858
00:47:33,300 --> 00:47:37,200
will have a good back and forth.
But also his I frankly think 

859
00:47:37,200 --> 00:47:41,300
it's admirable that he'll talk 
to Ben Burgess who's a socialist

860
00:47:41,600 --> 00:47:45,000
and tell him. 
I think that your book has 

861
00:47:45,000 --> 00:47:47,300
certain merits. 
There are very few people who 

862
00:47:47,300 --> 00:47:49,100
will reciprocate. 
There are not very many. 

863
00:47:49,200 --> 00:47:52,400
He left Wingers who have me on 
and say, hey, that's a super 

864
00:47:52,400 --> 00:47:55,200
book you wrote. 
So I think that's that's a great

865
00:47:55,200 --> 00:47:58,400
example for us. 
But the power of communication 

866
00:47:58,400 --> 00:48:01,500
effective communication is 
Illustrated. 

867
00:48:01,500 --> 00:48:04,300
Very, very strongly through 
Dave. 

868
00:48:04,300 --> 00:48:07,100
And I think that's why he's 
built up such a big audience. 

869
00:48:07,700 --> 00:48:13,900
Finally Ron, Paul. 
With Ron Paul, it's the value of

870
00:48:14,000 --> 00:48:17,300
of sticking to your guns and 
being consistent because it 

871
00:48:17,300 --> 00:48:22,100
makes you credible because you 
hold this opinion in good times 

872
00:48:22,100 --> 00:48:25,300
and bad, you know on Twitter 
sometimes I'll see people who 

873
00:48:25,300 --> 00:48:27,800
don't know anything about me or 
anything about my friends. 

874
00:48:27,800 --> 00:48:31,500
Say well, what were you saying 
when Trump was bombing Syria? 

875
00:48:31,500 --> 00:48:35,500
I was saying the same thing, of 
course, why would I say anything

876
00:48:35,500 --> 00:48:37,800
different? 
I'm not like you, I mean, the 

877
00:48:37,800 --> 00:48:40,600
sort of people who would ask me 
that are Sort of people who 

878
00:48:40,800 --> 00:48:43,000
yeah, it under Trump. 
They're really upset and under 

879
00:48:43,000 --> 00:48:44,300
buy them. 
They're making excuses. 

880
00:48:44,400 --> 00:48:46,100
So they assume I'm the same way.
It's projection. 

881
00:48:46,100 --> 00:48:49,000
They assume I'm the same way, 
but unlike them I have 

882
00:48:49,000 --> 00:48:51,500
principles. 
Well, Ron Paul has principles 

883
00:48:51,500 --> 00:48:56,900
like times of million and he he 
doesn't care if he gets invited 

884
00:48:56,900 --> 00:49:01,500
to the fancy events where there 
was a time in Bill Clinton's 

885
00:49:01,500 --> 00:49:04,700
term where he was invited at a 
big thing at the Clinton white 

886
00:49:04,700 --> 00:49:08,000
house and they had this big 
receiving line where all the 

887
00:49:08,008 --> 00:49:09,500
congressmen to get their 
pictures taken. 

888
00:49:09,700 --> 00:49:12,600
I'm with Bill Clinton and he 
just wandered his wife just 

889
00:49:12,600 --> 00:49:15,200
wandered around because they had
absolutely no interest in that. 

890
00:49:15,400 --> 00:49:16,900
That is not why? 
He's, I'm not here for 

891
00:49:16,900 --> 00:49:19,200
celebrity. 
I'm not here to rub elbows about

892
00:49:19,200 --> 00:49:21,000
here to say. 
Look at the cool people, I hang 

893
00:49:21,000 --> 00:49:24,600
around with its I have really 
urgently important ideas. 

894
00:49:24,600 --> 00:49:27,600
I want to convey to the public 
and he just stuck to that and 

895
00:49:27,607 --> 00:49:31,200
stuck to that which is why you 
could listen to him in 1983 and 

896
00:49:31,200 --> 00:49:35,700
he sounds like him in 2021. 
So all that's valuable, but 

897
00:49:35,700 --> 00:49:38,600
also, I did read some of his 
early books. 

898
00:49:39,400 --> 00:49:42,700
So I actually did read the the 
case for gold. 

899
00:49:42,700 --> 00:49:45,700
The whole thing, the, the 
history, and the economics. 

900
00:49:45,700 --> 00:49:50,200
And on the case to be made, I 
read his speeches and boy that 

901
00:49:50,200 --> 00:49:54,000
filled in a lot of gaps for me, 
in terms of foreign policy and 

902
00:49:54,000 --> 00:49:58,800
the Neo cons and all that. 
He's really got their number and

903
00:49:58,800 --> 00:50:00,700
I definitely benefit from 
Reading him. 

904
00:50:01,400 --> 00:50:03,600
We got about five minutes left. 
Thank you so much for being 

905
00:50:03,600 --> 00:50:06,000
generous. 
Eris with your time, how can an 

906
00:50:06,000 --> 00:50:07,900
understanding of Austrian 
economics? 

907
00:50:07,900 --> 00:50:10,600
Help us torian's understand what
happened? 

908
00:50:10,600 --> 00:50:13,900
And why? 
Well, I actually wrote maybe 

909
00:50:13,900 --> 00:50:15,600
you're even referring to an 
article of mine. 

910
00:50:15,600 --> 00:50:18,700
I wrote an article for the 
Journal of the quarterly Journal

911
00:50:18,700 --> 00:50:22,100
of Austrian economics, called 
what Austrian economics can 

912
00:50:22,100 --> 00:50:25,300
teach historians. 
So you can Google that or let's 

913
00:50:25,300 --> 00:50:26,800
say, use your favorite search 
engine. 

914
00:50:26,900 --> 00:50:30,300
These days and you'll find what 
Austrian economics can teach 

915
00:50:30,300 --> 00:50:33,200
historians. 
So, the I would say that the 

916
00:50:33,200 --> 00:50:36,200
quick version would be I can 
give a specific example of the 

917
00:50:36,200 --> 00:50:38,200
kind of thing. 
We could learn that if we're 

918
00:50:38,200 --> 00:50:41,700
looking at an economic downturn.
Well, we're going to be inclined

919
00:50:41,700 --> 00:50:44,100
to look for was their monetary 
inflation. 

920
00:50:44,100 --> 00:50:47,300
That preceded, it because we 
have a theoretical understanding

921
00:50:47,300 --> 00:50:49,000
of where these downturns come 
from. 

922
00:50:49,200 --> 00:50:50,300
So we're going to know where to 
look. 

923
00:50:50,300 --> 00:50:52,000
We're going to know what to look
for. 

924
00:50:52,600 --> 00:50:54,200
If you don't have any 
theoretical underpinning. 

925
00:50:54,200 --> 00:50:55,300
How would you know what to look 
for? 

926
00:50:56,000 --> 00:50:59,500
What are you just going to just 
repeat some events that 

927
00:50:59,500 --> 00:51:01,700
occurred? 
Okay, but how do you know that 

928
00:51:01,700 --> 00:51:03,800
any of those events had anything
to do with what happened? 

929
00:51:04,000 --> 00:51:06,900
There's nothing strictly 
speaking in the historical data.

930
00:51:07,200 --> 00:51:10,100
It's going to help you resolve 
that unless you have some 

931
00:51:10,100 --> 00:51:11,600
understanding of how things 
work. 

932
00:51:11,800 --> 00:51:14,300
So and most historians don't 
have that. 

933
00:51:14,800 --> 00:51:18,400
So the Austrian School will will
help you with that. 

934
00:51:20,800 --> 00:51:26,500
So I gave that as an example 
like a specific thing because 

935
00:51:26,500 --> 00:51:31,400
you are in the Austrian School, 
you know this sort of thing, but

936
00:51:31,400 --> 00:51:36,200
beyond that, you know, the the 
the the Austrians, but let me 

937
00:51:36,200 --> 00:51:41,100
say this, I can also understand 
why a minimum wage policy had a 

938
00:51:41,100 --> 00:51:44,200
certain effect, but the mint, 
the analysis, the minimum wage 

939
00:51:44,200 --> 00:51:47,100
is not unique to the Austrian 
School that would just be 

940
00:51:47,100 --> 00:51:48,900
because I have economic 
knowledge. 

941
00:51:49,200 --> 00:51:53,500
I can know that such and such 
thing will succeed or fail or I 

942
00:51:53,500 --> 00:51:56,600
can evaluate the claims being 
made by the politicians at the 

943
00:51:56,600 --> 00:52:00,800
time. 
Like for example there numerous 

944
00:52:00,800 --> 00:52:03,800
times in American history where 
politicians have claimed. 

945
00:52:03,900 --> 00:52:08,100
That money is too scarce. 
We need more money created. 

946
00:52:08,200 --> 00:52:11,100
We don't have enough money. 
Well, I know right away, they're

947
00:52:11,100 --> 00:52:14,600
just confused because any amount
of money can facilitate any 

948
00:52:14,600 --> 00:52:17,600
number of transactions. 
As long as the prices are free 

949
00:52:17,600 --> 00:52:19,700
to fluctuate. 
So I can immediately know, 

950
00:52:19,700 --> 00:52:23,300
that's just Democrats, just 
that's just demagogues because I

951
00:52:23,300 --> 00:52:27,100
understand how money works. 
So I can evaluate what they're 

952
00:52:27,100 --> 00:52:32,800
saying or if somebody says we 
cut off trade with the world and

953
00:52:32,800 --> 00:52:36,900
that helped make us rich. 
Well again, I can evaluate that 

954
00:52:37,300 --> 00:52:40,500
because women cutting off trade 
with the world. 

955
00:52:40,500 --> 00:52:43,300
That's something that the enemy 
does to you during war. 

956
00:52:44,100 --> 00:52:46,600
If that made you rich, why would
the enemy blockade you? 

957
00:52:47,300 --> 00:52:49,500
If that makes you rich? 
Because now you'll buy American 

958
00:52:49,500 --> 00:52:51,900
or whatever. 
Why would we have blockades? 

959
00:52:52,800 --> 00:52:55,800
The blockades are meant to 
impoverish you, right? 

960
00:52:55,800 --> 00:52:58,200
So the same thing they used to 
impoverish. 

961
00:52:58,200 --> 00:53:00,200
It was probably not going to 
make your country wealthy. 

962
00:53:00,800 --> 00:53:05,200
So you you become cynical about 
out the speeches and pretty 

963
00:53:05,200 --> 00:53:08,600
words of politicians because you
have the understanding of how 

964
00:53:08,600 --> 00:53:11,700
the world works that you can put
it that you can set against what

965
00:53:11,700 --> 00:53:14,500
they're saying and draw your own
conclusion. 

966
00:53:15,200 --> 00:53:17,900
What is the most 
underappreciated contribution of

967
00:53:17,900 --> 00:53:20,500
the Catholic Church to Western 
civilization? 

968
00:53:21,200 --> 00:53:23,700
Oh, geez. 
All right. 

969
00:53:23,700 --> 00:53:25,400
Well, this is just for example, 
people might not know. 

970
00:53:25,400 --> 00:53:27,800
This is a reference to my book, 
how the Catholic church built 

971
00:53:27,800 --> 00:53:30,700
western civilization and its 
organized in a series of 

972
00:53:30,700 --> 00:53:33,500
chapters. 
So I'll talk about cyanide 

973
00:53:33,500 --> 00:53:34,900
science. 
Longest chapter because 

974
00:53:34,900 --> 00:53:38,200
everybody thinks well the church
hated science because they just 

975
00:53:38,200 --> 00:53:40,100
want people to be stupid and 
ignorant to keep putting the 

976
00:53:40,107 --> 00:53:41,700
money in the collection plate. 
And all that. 

977
00:53:42,500 --> 00:53:45,100
I know that that was the 
conventional wisdom through the 

978
00:53:45,100 --> 00:53:46,900
enlightenment. 
That was the convened. 

979
00:53:46,900 --> 00:53:48,600
That was why Voltaire was so 
unhappy. 

980
00:53:48,600 --> 00:53:52,200
At least one reason, then it was
the conventional wisdom up to 

981
00:53:52,200 --> 00:53:55,700
the late 19th century. 
When the president of Cornell 

982
00:53:55,700 --> 00:54:00,100
wrote, a two volume history on 
the alleged Warfare between the 

983
00:54:00,600 --> 00:54:03,000
science and theology. 
That was Andrew Dickson white 

984
00:54:03,000 --> 00:54:05,000
Cornell. 
That was the conventional 

985
00:54:05,000 --> 00:54:06,200
wisdom. 
That's not the conventional 

986
00:54:06,200 --> 00:54:10,300
wisdom anymore. 
As of the 1950s, real historians

987
00:54:10,300 --> 00:54:13,100
of science. 
Do not believe that and if you 

988
00:54:13,107 --> 00:54:15,700
don't believe me, there's a 
company called the Great Courses

989
00:54:15,700 --> 00:54:18,900
and they sell courses taught by 
some of the top professors. 

990
00:54:19,300 --> 00:54:21,700
Now, they are as plain vanilla 
as can be because they don't 

991
00:54:21,700 --> 00:54:24,000
want to offend anybody. 
And because they're not 

992
00:54:24,000 --> 00:54:25,700
libertarian. 
They're not conservative, not 

993
00:54:25,700 --> 00:54:27,300
liberal. 
They just want to sell courses. 

994
00:54:27,800 --> 00:54:30,000
So I took their history of 
science questions because I 

995
00:54:30,000 --> 00:54:32,100
needed to see what is the guy 
saying. 

996
00:54:32,300 --> 00:54:35,200
And sure enough, even there. 
They're being as vanilla and 

997
00:54:35,200 --> 00:54:38,100
inoffensive as possible. 
Even they are saying, yeah, 

998
00:54:38,100 --> 00:54:41,300
we've long since passed moved 
this past, the simplistic, the 

999
00:54:41,300 --> 00:54:44,200
church hated science sort of 
thing that we don't buy into 

1000
00:54:44,200 --> 00:54:45,900
that anymore. 
It's a much more interesting and

1001
00:54:45,900 --> 00:54:49,100
complicated story and I tell 
that in my book. 

1002
00:54:50,400 --> 00:54:52,000
So I'll guess I'll just stop 
there. 

1003
00:54:52,000 --> 00:54:55,500
But the book talks about 
international law, which, by the

1004
00:54:55,508 --> 00:54:57,300
way, international law does not 
have to be in the United 

1005
00:54:57,300 --> 00:54:59,000
Nations. 
It's simply has to mean an 

1006
00:54:59,000 --> 00:55:02,800
understanding that there are 
certain general principles that 

1007
00:55:02,800 --> 00:55:05,800
apply. 
Not just to your enemy, but to 

1008
00:55:05,800 --> 00:55:10,400
you to that all peoples in order
to be moral, have to subject 

1009
00:55:10,400 --> 00:55:13,700
themselves to things like that. 
Also, our current understanding 

1010
00:55:13,700 --> 00:55:17,600
of Charity that you when you 
help somebody, you help them 

1011
00:55:17,600 --> 00:55:20,600
without expectation of 
reciprocity or you make a 

1012
00:55:20,607 --> 00:55:22,700
donation. 
You don't necessarily do it to 

1013
00:55:22,700 --> 00:55:26,100
get your name on the building. 
This would have been thought of 

1014
00:55:26,100 --> 00:55:30,300
as Unthinkable and inexplicable 
in ancient, Greece or Rome. 

1015
00:55:30,300 --> 00:55:32,700
So there are a lot of things 
that we just are not aware of 

1016
00:55:33,100 --> 00:55:33,800
that. 
We've inherited. 

1017
00:55:33,900 --> 00:55:36,100
It whether we like it or not 
from the church. 

1018
00:55:36,900 --> 00:55:38,500
Thank you to everyone for 
watching Keith Knight. 

1019
00:55:38,500 --> 00:55:41,000
Don't tread on anyone and the 
libertarian Institute. 

1020
00:55:41,100 --> 00:55:42,700
Dr. Woods. 
Thank you so much for your time.

1021
00:55:43,000 --> 00:55:43,800
My pleasure key.