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Top Three Videos – August 2, 2024

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Col. Douglas Macgregor : US Dangerous Foreign Policy (July 31, 2024)

Judge Napolitano - Judging Freedom ...

Summary

 
 

The potential for conflict in the Middle East, particularly involving Iran, Hezbollah, and Israel, poses a significant threat to global security and could draw in major world powers.

 

  • The trip to Washington was likely to secure support from the United States armed forces for a potential war with Hezbollah and Iran.
  • The potential vulnerability of American aircraft carriers in the event of a conflict with Iran and Hezbollah is a concerning and complex issue.
  • The US foreign policy tends to strengthen opposition and make war almost inevitable, rather than achieving peace.
  • The Israelis may be prepared to use tactical nuclear weapons against Hezbollah, which could have devastating consequences.
  • The escalation of conflict in the Middle East could draw in major world powers, posing a significant threat to global security.
  • The presence of Russian missile boats in both the Atlantic and the Pacific, along with the challenge of tracking and maintaining contact with their submarines, poses a significant strategic concern for the US.
  • The assumption that our air power is invincible and invulnerable is simply untrue, as we haven’t flown against any integrated air defenses Russian or Chinese or otherwise.
  • President Putin sees Europe falling apart, indicating a concerning view of the current state of international affairs.
  • The destruction of Arms Control is unnecessary and dangerous, driven by those who believe in overwhelming strength that can be employed at will.
 

Axel Merk: The Fed Just Strongly Signaled A September Rate Cut. Is That Wise? (July 31, 2024)

Thoughtful Money...

Summary

 

The market is predicting a rate cut in September and the Fed should be flexible and listen to market signals in order to make informed decisions.

 

  • The market rallied after the Fed’s statement, indicating that they achieved their goal of boosting confidence and sentiment.
  • “One reason why I think this discretion should move away from the FED because they’re going to be late in both directions adding to volatility.”
  • The market is predicting a 87% probability of a rate cut in September, with 0% chance of rates remaining unchanged.
  • The market tends to be more accurate in predicting the future than the Fed, so the Fed should be flexible and listen to market signals.
  • Having a process for investing is important, as it can help determine when to go back into the market.
  • The default assumption is that we’re heading into a slower economy, maybe a recession, with some sort of market correction baked in.
  • The incentives of the government are to erode your purchasing power through inflation, while as an investor, you want to increase your purchasing power.
  • The potential for gold to become more attractive compared to the bond market could lead to a significant increase in the gold price.

Patrick Newman: Cronyism in America: The Nation’s First Big Business (August 1, 2024)

Mises Media...

Summary

 

Cronyism in America, particularly in the case of government subsidies for transcontinental railroads, has primarily served the interests of privileged domestic firms, benefiting a select few while hurting the public overall.

 

Origins and impact of cronyism in America’s first big business

 
  • The task of the economic historian is to uncover the actual motivations behind legislation and reveal who really benefited, like a detective.
  • “I want to talk about cronyism for the nation’s first quote big business and I have this in cap, loosely referring to big business as a class or different industries and large banks.”
  • The reality is quite different from the expectations we were taught.
  • The Transcontinental Railroad could have been built through free market forces, as shown by the Great Northern Railway.
  • Railroads were the nation’s first big business and the first to lobby the government for subsidies and government sponsored cartels.
  • The debate over the railroad route in the 1800s was tied to the North-South divide and the issue of slavery, creating significant controversy.
  • Lincoln was backed by Northern Railroad interests and had counterfeit tickets issued to his supporters, making it seem like he was the anointed one.
  • The Sacramento Merchants, known as the Big Four, were eager to build a transcontinental railroad to prevent California from seceding.
  • The Pacific Railway Act granted the railroads 6,400 Acres of free land for every mile of track, along with government loans for construction, highlighting the cronyism in America’s first big business.
  • The promoters profited from constructing the road, not by operating it, creating a racket that heavily relied on government loans and land speculation.
  • Credit Mobilier increases the Union Pacific’s construction costs overcharging them by 50% and reaps during basically five years of construction a 480 to 60% rate of return.
     

Political influence and corruption in the construction of the Transcontinental Railroad

 
  • The Union Pacific Railroad’s connection to political influence and cronyism is evident in the decision-making process for the Transcontinental Railroad.
  • The Credit Mobilier scandal in 1872 revealed that Congress was involved in corrupt dealings with the railroads.
 

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