From the surveillance state to the deep state, you might not take an interest in the state but the state takes an interest in you. Returning guest Josh Withrow from Free the People and Conservative Review joins the program to discuss some shocking updates.

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  • I just had someone who I really like and respect give me the whole “The State/NSA is monitoring everyone for our protection.  If you are not a criminal you have nothing to worry about”.   That sparked a rather “lively” 30 minute debate.   Do anyone have an article, lecture, presentation that discusses this in greater detail and can perhaps articulate why this his total BS better than I can?

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  • I’m going to paste the conversation I’m having about the first part of what is interest. The time preferences part, so then I can move onto, the part about how people will pay less if they have to wait to get that thing tomorrow. I’m trying to get my opponent (edit; had said proponent) to say whether they would rather consume now or in the future – Time Preference. But, I’m not asking the right questions. I would appreciate your utmost cunning… I quoted Mises:   [ME] Mises explained it the following way: “People do not save and accumulate capital because there is interest. Interest is neither the impetus to saving nor the reward or the compensation granted for abstaining from immediate consumption. It is the ratio in the mutual valuation of present goods as against future goods.”   [Keynesian] He is wrong it is the price of foregoing liquidity ie. instead of storing your money in cash you receive a price for it for storing it for a certain period of time. Interest is to do with money not past and future goods.   [ME] You’ve misread that. Mises isn’t referring to past goods. Present goods compared to Future goods. Consuming in the now, or consuming in the future. Let me see if I can clarify. Given the choice, would you prefer to gratify a desire in the present or in the future? For example You want a car. You desire a car. A car would come in very handy right now. You can afford to buy one. Given that, would you prefer to have that car now, or in the future, say in 10 years time? Would you prefer to satisfy that want now, or in the future? Which choice would you make? Present, or Future. [Keynesian] I get you I misquoted, however I have a number of different options with my funds I could decide to buy a car or I could decide to have the money available and hoard my cash or I could put the funds for a time period in return for interest in a bank, the interest representing the difference between having that money on demand and storing it, liquidity preference.   [ME] Yes. That’s the Keynesian understanding. Present, or Future? Would you rather satisfy that want now or in the future?   [Keynesian] (to another) Correct, it is inescapable that interest is a monetary phenomenon, trying to abstract away from using goods just does not work, you could sit on a pile of cash squirrel more away and earn not a bean for doing so..   [Keynesian] You want me to say my preference is for future goods?   [ME] I would like you to state which you believe to be true. Do people prefer to have things today rather than tomorrow? For example; You make a coffee. Would you rather have it sooner, or later? Present, or Future?   [Keynesian] Apart from food and the essentials for me my preference is for tomorrow I’m a bit like the Japanese in that way even at zero percent interest I would save and wait until prices decrease a bit further before making a purchase. So in that way fit neither the Keynesian or Austrian analysis.   [ME] So given the choice, you would always (except for food & essentials) rather have things later and not right now? Do you really honestly believe that?   [Keynesian] Yes, I have more than enough stuff, so draw a big line between want and need, don’t have credit cards for the same reason. Like most women I still like to shop but can wait until sale time or not at all since it is not a need. Gawd I sound boring aye?   ————- How do I respond?   I was going to ask “So you’d rather buy later, and not now, because you know it will be cheaper in the future?” but she doesn’t actually have the choice to buy right now. Does she?   Besides, that’s the part (People will pay less if they have to wait to get that thing tomorrow) I want to move onto next, but it would be nice if I could show her that she understands the first part correctly. Present over Future.   Thanks      

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  • Who are the money changers? What role have they played in history?

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  • A Penny Doubled Dailey For Thirty Days comes to a Total of $5,368,709 and 12 Cents. 1 .01 2 .02 3 .04 4 .08 5 .16 6 .32 7 .64 8 1.28 9 2.56 10 5.12 11 10.24 12 20.48 13 40.96 14 81.92 15 163.84 16 327.68 17 655.36 18 1,310.72 19 2,621.44 20 5,242.88 21 10,485.76 22 20,971.52 23 41,943.04 24 83,886.08 25 167,772.16 26 335,544.32 27 671,088.64 28 1,342,177.28 29 2,684,354.56 30 5,368,709.12 Is the power of compounding working for you or against you?  Hint: are you paying interest or making interest?

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  • Some participants in discussions suggest that that charging interest is somehow immoral. As a practicing capitalst ( someday I’ll get it right) I think that charging rent on my accumulated capital is completely reasonable.

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