Gregory on “Why Capitalism Is Worth Defending”

(Austrian) Economics, Anti-Statism, Corporatism, The Left, The Right
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The prolific Anthony Gregory has a great article up today at LewRockwell.com, “Why Capitalism Is Worth Defending.” His view is that capitalism is “the greatest engine of material prosperity in human history, the fount of civilization, peace, and modernity.” As part of his argument he rejects the calls of some fellow travelers to drop the word capitalism because of its origins (it was coined by its enemies) and because it is used by some corporate capitalist types to refer to their preferred system. As Gregory writes:

even insofar as the word has negative connotations in popular culture, we might still want to adopt it. The anti-Federalists were initially opposed to the label affixed to them by the Hamiltonian statists. But now I would uphold that descriptor with pride. This is an area where we can take a cue from the gay rights activists who were smeared as “queer,” only to proudly appropriate the term for their own uses. … regardless of how we define it, in terms of feeding the masses and sustaining society, I will take flawed capitalism over flawed socialism any day. I will take state capitalism, crony capitalism, or corporate capitalism over state socialism, democratic socialism, or national socialism.

Another interesting insight Gregory makes is the parallel between capitalism itself and the use of the word: “Maybe it takes longer to explain ourselves when we adopt the battle cry of capitalism – it also takes longer to be a capitalist than only a consumer.”

Great piece.

 

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Anders Behring Breivik and Norwegian Prisons

Legal System, Libertarian Theory, Nanny Statism, Private Crime, Private Security & Law
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The latest news from Norway is the prison that might, for the next 21 years, be a home for Anders Behring Breivik. After reviewing the videos and photos, I must say, Ohio State offered me no better when I went there on scholarship some years ago (and my scholarship was only good for four years). My dorm mates were generally more presentable, perhaps, but I never got a hot blonde personal trainer. Halden Prison almost seems designed to entice the vacillating young psychopath, who has not yet worked up the gumption, to go ahead and follow through on his dreams.

It is a subject that, for the modern American, is begging for ridicule and parody. I myself nearly dipped into it in the first paragraph, and I admit that the idea of a man murdering so many innocents and thereby earning an all-expenses-paid stay at the Halden Resort rankles a bit. The fact that the descendants of the Vikings are responsible adds another fascinatingly perverse element to it.

And yet… does the modern American, currently occupied with mocking Scandinavia, not have a closer target for his contempt? Is the prison system that he is forced to subsidize any less perverse and appalling? Might one not even argue — I almost hesitate to type the words — that the Norwegian way, though indisputably stupid, is superior to the American way? Not if one is running for office, of course, but those of us not connected to politics, i.e., those of us who can still afford to use our thinking organ, might wish to examine things with a critical eye.
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The Truth About the Debt Ceiling

(Austrian) Economics, Taxation, Vulgar Politics
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[I just posted this on Google+, but I figured it was worth posting here as well.]

The debt ceiling is just for show; it hasn’t stopped the federal debt from increasing and politicians just keep raising the ceiling when it’s reached.

Failing to raise the debt ceiling will not necessarily result in default. The federal government has plenty of revenue to cover interest payments, even if it must shift that money out of other parts of the budget. Any claims of immediate default and imminent financial collapse are disingenuous fearmongering designed to fool a gullible and economically ignorant public and force an increase of the debt ceiling and an increase in taxes.

Tax cuts are not the reason for the debt crisis — spending is. Spending in excess of revenue is the cause of any debt, public or private. The federal government has been increasing spending with and without tax cuts for a very long time, under both parties.

The CBO’s inclusion of tax cuts as a major source of current and future federal debt is disingenuous. Why?

  1. Tax cuts are not spending anymore than tax breaks are subsidies (sorry Rachel Maddow).
  2. All of that estimated debt increase can be eliminated by cutting spending without eliminating tax cuts or raising taxes!

The solution is not to eliminate tax cuts and loopholes, let tax cuts expire, or raise taxes. Increasing taxes, however you do it, will inevitably lead to more spending because governments will find something to spend that increased revenue on and then some.

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