Home » Posts tagged 'ayn rand'

Tag Archives: ayn rand

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

Who’s Next to Fail in the Post-COVID World?

As much as I hate to invoke The Ayn Rand lest I give off the impression I’m some kind of Objectivist, which I am most certainly not, the engine of the world is coming to a halt.

Money velocity has been falling for years. It is now cratering as we hide in our homes from a bug that eventually we will all have to reconcile with. Credit is the engine of the world of today. 

It is the gas which fuels the engine of the world.

COVID-19 has cratered the global economy exposing the internal rot within our hyper-financialized global economy as nothing more than a pyramid of Ponzi schemes…

… piling credit on top of credit until there are no more greater fools to sell the new debt to.

That’s the system we have. And it is collapsing precisely because the world is situated at the point where there is little more productive capacity to monetize and pull that capital from the future to fund the new debt.

It won’t matter if we replace this system with pure helicopter money without debt as the Modern Monetary Theory proponents argue. We’re already doing a version of this by having the central banks buy debt they never intend to sell on the open market. So, the debt itself is without value. The money printed from those bonds is as much scrip as if the bond had never been issued.

But the time lost by people in pursuit of uneconomic ends by mispricing risk and servicing debt they are legally obligated to service is real.

The engine is sputtering as trillions are printed to kick it back over one more time. But the gas has too much ethanol in it. There’s not enough air. 

…click on the above link to read the rest of the article…

Atlas Is Shrugging

Atlas Is Shrugging

“Government help to business is just as disastrous as government persecution… The only way a government can be of service to national prosperity is by keeping its hands off.”

– Ayn Rand

Congress has just approved an economically bloated $2.2 trillion spending relief bill, an amount more substantial than the GDP of all but a handful of countries. It is only the third massive relief bill, and we’ve been told several trillion dollars more would have to get spent. Then there are the trillions of dollars more of Federal Reserve Board liquidity injections.

We are starting to talk about real money here.

The politicians believe that sending $1,200 checks to people will “stimulate” the economy.

Among the many mistaken provisions of this new law is a welfare benefit to workers that pays them more money if they quit and become unemployed than if they stay on the job.

Here we go again.

A decade ago, during the height of the folly of the bank bailouts and trillions of dollars of spending for “shovel-ready projects” (that didn’t create jobs but plunged our nation into greater indebtedness), I noted in a Wall Street Journal article that with each successive bailout and multibillion-dollar economic stimulus scheme from Washington, the politicians were reenacting the very acts of economic stupidity that Ayn Rand parodied in her 1,000-page-plus 1957 novel “Atlas Shrugged.” In many surveys, “Atlas” rates as the second most influential book of all time behind the Bible.

For those of you who have not read it (first, shame on you!), the moral of the story is that politicians invariably respond to crises—that, in most cases, they created—by spewing out new, mindless government programs, laws and regulations.

These, in turn, generate more havoc and poverty, which inspires the politicians to spawn even more programs. At which point, the downward spiral repeats itself until there is a thorough societal collapse.

Isn’t this precisely what is happening now?

…click on the above link to read the rest of the article…

Language: The Indispensable Fundamental Actuator of False Orthodoxy

Language: The Indispensable Fundamental Actuator of False Orthodoxy

In Ayn Rand’s penultimate magnum opus, “The Fountainhead”, there was a minor antagonist by the name of Ellsworth Toohey whose raison d’etre was to undermine Rand’s ideal man and protagonist, Howard Roark.

Although Toohey considered his parasitical power as having a major stifling effect on capitalistic society, in reality, all his cumulative efforts ended up as a mere minor footnote in the long march of Man; as evidenced in the story’s denouement and ensuing towering city skylines.

Of course, much of Rand’s life consisted of excoriating the parasitical aspect of the Collectivists and their government, as both defined by dependency; in stark contrast to the rugged self-reliance of the men who moved the world.

In The Fountainhead, a discussion took place whereby Toohey said he wanted to make the “ideological soil” infertile to the point where young heads would explode prior to expressing any individuality (or similar to that).  Then, later, near the end, Toohey asked Roark what Roark thought of him, and the egoistic, self-reliant architect replied: “But I don’t think of you.”

In reality, is it possible today to ignore the Collective? Or, has it propagated sufficiently to where it can be ignored no longer?

Acceptance of reality requires honesty.  And the author Ayn Rand identified reason as the means for Man’s thriving existence on this blue marble. Therefore, if we are to examine reality with honesty, then we must by all means factor logic and time as follows:

If (this), then (that)

Stated another way, either the decisions we make now will improve our reality in the days ahead –  or, we will be worse off than we are at present.

…click on the above link to read the rest of the article…

What Ayn Rand’s “Atlas Shrugged” Teaches Us About the Insufficiency of Good Intentions

What Ayn Rand’s “Atlas Shrugged” Teaches Us About the Insufficiency of Good Intentions

The book is an extended lesson in what happens when we focus only on what we see.

The search for the Great American Novel should have ended in 1957 when a Russian immigrant named Ayn Rand published Atlas Shrugged. Arresting in its breadth, depth, and style, Atlas Shrugged is a manifesto on politics, philosophy, and economics wrapped up in a compelling narrative featuring larger-than-life (and smaller-than-life) characters.

Atlas Shrugged has shaped the worldview of many devotees of liberty, and it surged in popularity in the wake of the recent financial crisis since it became clear that the government’s response to crisis and recession would not be to learn from its mistakes and recede but to expand its reach.

I first read Atlas Shrugged during my fourth year of graduate school. On one hand, I wish I had read it much earlier. On the other, I feel like I appreciate it on a much deeper level than I would have had I read it in high school or college. Atlas Shrugged is my favorite novel for two reasons.

Atlas Shrugged has shaped the worldview of many devotees of liberty, and it surged in popularity in the wake of the recent financial crisis.

The Beauty of Human Potential 

The first is its treatment of human potential. Atlas Shrugged is a brilliant exposition of the things that are made possible by the rational, thinking human mind. A lot of things that we take for granted are the product of free markets harnessing the power of free minds. Something as mundane as a hot cup of coffee, for example, embodies innumerable decisions by innumerable people, each with their own specialized knowledge. We see what happens throughout the book when people are unshackled and allowed to pursue their own goals. Production increases. Lives are saved. Life is meaningful.

…click on the above link to read the rest of the article…

Forecast 2017: The Wheels Finally Come Off

“There is no other endeavor in which men and women of enormous intellectual power have shown total disregard for higher-order reasoning than monetary policy.
                                                                                                      — David Collum

American Notes

Apart from all the ill-feeling about the election, one constant ‘out there’ since November 8 is the Ayn Randian rapture that infects the money scene. Wall Street and big business believe that the country has passed through a magic portal into a new age of heroic businessmen-warriors (Trump, Rex T, Mnuchin, Wilbur Ross, et. al.) who will go forth creating untold wealth from super-savvy deal-making that un-does all the self-defeating malarkey of the detested Deep State technocratic regulation regime of recent years. The main signs in the sky, they say, are the virile near-penetration of the Dow Jones 20,000-point maidenhead and the rocket ride of Ole King Dollar to supremacy of the global currency-space.

I hate to pound sleet on this manic parade, but, to put it gently, mob psychology is outrunning both experience and reality. Let’s offer a few hypotheses regarding this supposed coming Trumptopian nirvana.

The current narrative weaves an expectation that manufacturing industry will return to the USA complete with all the 1962-vintage societal benefits of great-paying blue collar jobs, plus an orgy of infrastructure-building. I think both ideas are flawed, even allowing for good intentions. For one thing, most of the factories are either standing in ruin or scraped off the landscape. So, it’s not like we’re going to reactivate some mothballed sleeping giant of productive capacity. New state-of-the-art factories would require an Everest of private capital investment that is simply impossible to manifest in a system that is already leveraged up to its eyeballs.

…click on the above link to read the rest of the article…

Anthem!

salient-epsilon-theory-ben-hunt-anthem-october-14-2016-alien

Ash: You still don’t understand what you’re dealing with, do you? Perfect organism. Its structural perfection is matched only by its hostility.
Lambert: You admire it.
Ash: I admire its purity. A survivor … unclouded by conscience, remorse, or delusions of morality.
Parker: Look, I am … I’ve heard enough of this, and I’m asking you to pull the plug.
[Ripley goes to disconnect Ash, who interrupts]
Ash: Last word.
Ripley: What?
Ash: I can’t lie to you about your chances, but… you have my sympathies.
― “Alien” (1979)

salient-epsilon-theory-ben-hunt-anthem-october-14-2016-alien-nation

Det. ‘George’ Francisco: You humans are very curious to us. You invite us to live among you in an atmosphere of equality that we’ve never known before. You give us ownership of our own lives for the first time and you ask no more of us than you do of yourselves. I hope you understand how special your world is, how unique a people you humans are. Which is why it is all the more painful and confusing to us that so few of you seem capable of living up to the ideals you set for yourselves.
 “Alien Nation” (1988)

salient-epsilon-theory-ben-hunt-anthem-october-14-2016-karl-marx

The less you eat, drink, buy books, go to the theatre or to balls, or to the pub, and the less you think, love, theorize, sing, paint, fence, etc., the more you will be able to save and the greater will become your treasure which neither moth nor rust will corrupt—your capital. The less you are, the less you express your life, the more you have, the greater is your alienated life and the greater is the saving of your alienated being.

 Karl Marx on Alienation, “Economic Manuscripts” (1844)

 

 

…click on the above link to read the rest of the article…

How I Became a Libertarian and an Austrian Economist

I suppose I can date my interest in both libertarianism and Austrian Economics from the day I was born. The doctor grabbed me by my little feet, turned me upside down and spanked my tiny bottom.

I began to cry out. That is when I realized the fundamental axiom that, “man acts.” In addition, I appreciated that what the doctor had done was in violation of the “non-aggression” principle.

The rest is history. Well . . . maybe not quite.

For some reason, I had found history and current events interesting when I was in my early ‘teens in the 1960s. I had a part-time job at the Hollywood Public Library in Los Angeles when I was in high school. Part of responsibilities was to maintain the magazine collections on a balcony in the building. I would finish my work, and hide up in the balcony reading new and old political and news publications.

The Confusions of “Left” and “Right”

But I soon was confused. When I read “left-of-center” publications like The Nation or the New Republic, they always seemed to have the moral high ground, making the case for “social justice,” “fairness” and morality.  On the other hand, when I read “right-of-center” publications like Human Events or National Review the argument was made that all that “bleeding heart” stuff just did not work. There was a “bottom line”: it cost too much, screwed things up, and socialism and communism seemed to kill a lot of people.

When I was about seventeen, and living in Hollywood, I met two men who introduced me to the works of Ayn Rand. I ran into them at a restaurant called “Hody’s” that was at the corner of Hollywood and Vine.

…click on the above link to read the rest of the article…

Ayn Rand & Murray Rothbard: Diverse Champions of Liberty

Ayn Rand & Murray Rothbard: Diverse Champions of Liberty

Differences and Similarities

No one should attempt to treat Ayn Rand and Murray N. Rothbard as uncomplicated and rather similar defenders of the free society although they have more in common than many believe.  As just one example, neither was a hawk when it comes to deploying military power abroad.*  There is evidence, too, that both considered it imprudent for the US government to be entangled in international affairs, such as fighting dictators who were no threat to America.  Even their lack of enthusiasm for entering WW II could be seen as quite similar.

Ayn Rand, famed writer and founder of the Objectivist movement
Photo credit: Cornell Capa / Magnum

And so far as their underlying philosophical positions are concerned, they both can be regarded as Aristotelians.  In matters of economics they were unwavering supporters of the fully free market capitalist system, although while Rand didn’t find corporations per se objectionable, arguably Rothbard had some problems with corporate commerce, especially as it manifest itself in the 20th century.  One sphere in which they took very different positions, at least at first glance, is whether government is a bona fide feature of a genuinely free country. Rand thought it is, Rothbard thought it wasn’t.  Yet the reason Rothbard opposed government was that it depended on taxation, something Rand also opposed, so even here where the difference between them appears to be quite stark, they were closer than one might think.

RothbardChalkboardMurray Rothbard, introducing his students to French economist Anne-Robert-Jacques Turgot (widely regarded as a “proto-Austrian” today)
Photo credit: Roberto Losada Maestre

When intellectuals such as Rand and Rothbard have roughly the same political-economic position, it isn’t that surprising that they and their followers would stress the difference between them instead of the similarities.  Moreover, in this case both had a similar explosive personality, with powerful likes and dislikes not just in fundamentals but also in what may legitimately be considered incidentals–music, poetry, novels, movies and so forth.

…click on the above link to read the rest of the article…

 

 

Capitalism Has Devolved Into Looting

Capitalism Has Devolved Into Looting

In the Western World Capitalism Has Devolved Into Looting

…when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed.   –  Ayn Rand, “Atlas Shrugged”

There’s no such thing as markets anymore – only interventions.  –  Chris Powell, co-founder and Treasurer of GATA

Ayn Rand is a pariah among those who believe that government is our benefactor. There are times and conditions when government can be a benefactor of the people. But not in the Western world at the present time. As Michael Hudson and I agree, Western central banks refuse to create money to finance economy recovery. Money is created only for the benefit of the oligarchs’ banks in order that the oligarchs can continue to control the governments.

In the US for the past seven years the Federal Reserve has provided cheap bank reserves for the banks to lend at a markup or to speculate with. Banks are no longer suppliers of capital for productive investments and employment. Instead banks invest in speculation, arbitrage, derivatives, financing corporate takeovers and stock buybacks. The Fed has made it unnecessary for banks to pay for deposits. Instead, the banks get free money and charge consumers with negative interest rates for making deposits. For seven years Americans have, thanks to the utterly corrupt Federal Reserve and US government, been deprived of interest on their savings. In the Western world today, savers are penalized, not rewarded.

In Greece and Europe the banks are the oligarchs’ method of control just as the Federal Reserve is in the US and the Bank of England in the UK and the European Central Bank in the EU. The same in Canada, Australia, and Japan.

…click on the above link to read the rest of the article…

 

 

Gold & Economic Freedom | Zero Hedge

Gold & Economic Freedom | Zero Hedge.

…by Alan Greenspan

Published in Ayn Rand’s “Objectivist” newsletter in 1966, and reprinted in her book, Capitalism: The Unknown Ideal, in 1967.

An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense — perhaps more clearly and subtly than many consistent defenders of laissez-faire — that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other.

In order to understand the source of their antagonism, it is necessary first to understand the specific role of gold in a free society.

Money is the common denominator of all economic transactions. It is that commodity which serves as a medium of exchange, is universally acceptable to all participants in an exchange economy as payment for their goods or services, and can, therefore, be used as a standard of market value and as a store of value, i.e., as a means of saving.

The existence of such a commodity is a precondition of a division of labor economy. If men did not have some commodity of objective value which was generally acceptable as money, they would have to resort to primitive barter or be forced to live on self-sufficient farms and forgo the inestimable advantages of specialization. If men had no means to store value, i.e., to save, neither long-range planning nor exchange would be possible.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress