The Street Economist: 15 Economics Lessons Everyone Should Know

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hosts. Thank you for choosing W FORCY

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Radio. Well, welcome. Good
to have you with us. I'm Bill

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Martinez, and our next guest is
a Chilean German lawyer. He's a Master

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in Investments, Commerce and Arbitration,
a Master of Arts and doctor of philosophy

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from the Universality of Heidelberg. You
know, there's a growing number of young

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Americans who believe that social is a
good social and economic system. Well,

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according to a twenty nineteen Gallipole,
sixty eight percent of baby boomers had a

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positive view of capitalism, while thirty
two percent had a positive view of socialism.

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This Chilean German lawyer, international lecture
and author talks about this from his

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new book The Street Economists Fifteen Economic
Lessons Everyone Should Know, So whether you're

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a boomer or you're aging, and
depending on regardless of what demographic you fall

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into. He argues that many damaging
policies have bled into society and threatened to

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undo the gains provided by the free
market economy worldwide. Axel Kaiser desires to

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create more street economists and to make
knowledge of economics more accessible to the common

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person to protect the free market values
that bring prosperity to society. Axel welcome

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the show. Good to have you
with us. Oh, thank you very

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much for this invitation. Well,
it's great to have you back. We've

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had you on the radio show,
this time on the TV show. Your

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book, The Street Economist Fifteen Economic
Lessons Every Citizen Should Know. Why did

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you have to write this book?
Well? I had to write it because

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it was very obvious to me that
most people don't know anything about economics.

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I'm, you know, referring to
basic economic principles, for instance, what

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prices are wide, free trade is
beneficial, what is capital, what determines

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your income, and things like that. So I did a lot of work

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in reading over the years. The
most complex and sophisticated economic texts, and

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then I decided to write this very
accessible book. It's only one hundred and

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twenty pages, no footnotes, no
graphs, no math, and it has

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become a best selling book in different
countries, and it's being translated already to

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six languages, and it's probably going
to be publish folso in Russia and other

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countries. So it was obvious to
me that economic ignorance was one of the

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reasons why, especially among young people, socialism is gaining a lot of traction.

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So that's why I wrote it.
Well, it's purposefully common sensical,

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isn't it. It is common sensical, but you know, things have to

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be explained anyways, because the socialist
narrative is extremely attractive, and it's very

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powerful in terms of, you know, we will help the people who are

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at the loss of the or at
the bottom of society's it's a wealthy and

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powerful against the rest and all of
these things. The one percent against the

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masses are extremely persuasive because they feel
good and they give you, especially as

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a young person, they give you
a sense of epic and meaning, and

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so you have this purpose in life
to fight against exploitation and against abusive institutions,

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and so on and so forth.
But of course this is purely emotional.

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Marxism was a religion, after all, it wasn't really science as marx

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You pretended it to be. And
narratives are often more powerful than facts,

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and so I try to write this
book so that it could become a narrative,

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but as well grounded on facts.
So I offered several arguments that destroy

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socialism in only a few pages,
with very simple examples. So that's one

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of the main aims of this book. We have to bring people back to

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rationality. Well, you're exactly spot
on here, actual because there's no doubt

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the human mind responds to the story. You put out a nice enough narrative,

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you make it sound good, and
it appeals to the emotional side of

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our humanity. And next thing,
you know, hook line and Sinker,

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we bought into it, and it
takes it takes academic it takes common sense

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people like yourself, parents, grandparents, especially grandparents. I can tell you

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in the Hispanic culture. Uh,
you know, our grandmother, if we

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said something stupid, our grandmother would
kind of look at us first, and

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then if we didn't wise up,
then she'd remove her chankla her house slipper

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and throw it at us. And
that was usually the signal that, you

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know, we had to get rid
of that stinking thinking and take it out

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of the house because it was going
to fly around her. Right yeah,

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I mean that's that's the good thing
about having, you know, families where

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you can profit from the wisdom of
the elderly people, right. I mean

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I learned a lot from my grandmother
and my grandfather as well. They had

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more common sense than the people nowadays. And that probably because they have to

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live. They had to live tough
lives, you know. I mean it

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wasn't easy to grow up in the
in the twenties and then the thirties and

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forties. You know, you had
world wars and you had you didn't have

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all the comfort that you have now. And I think that's partly the reason

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why new generations have forgotten the lessons
of the twentieth century. And also,

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no one teaches us at school or
the university. Isn't that amazing something like

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this is not taught, and you
know, you touch on something that's so

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important. Here is the previous generation
how smart they were, and you know,

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here we were, you know,
with all this scholastic achievement and availability

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and academia and everything, thinking we're
all that and a bag of chips.

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And in the process of thinking we're
so smart, we end up siloing ourselves.

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And as Jordan Peterson would would describe
that, we end up rendering ourselves

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stupid. And so our grandparents.
You know, we come home or maybe

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it's a family reunion, or we
come home for holiday, for a Thanksgiving

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or a Christmas dinner, and they're
around the table and they're looking at us

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like, you know, what planet
did you come from? Yeah? Absolutely,

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And also you know, as I
said, they have to work hard

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for what they achieved and for everything
they had. And we are more of

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a spoilt generation. You know,
we profited from from the US winning the

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Cold War and then the huge economic
growth that we had in Western Europe after

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the Second the Second World War,
and because someone else did the did their

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job for us. And I think
we don't have a connection with reality.

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And many of these economic policies or
public policies that have been put in place,

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even in the United States, like
student loans for instance, have made

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it harder for people to get in
touch with reality. And also it has

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provided a lot of funding for stupid
ideologies like like the whole postmodern deconstruction things

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that you are seeing with the Wogue
movement for instance, right and started at

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universities, and so I mean it's
the same fight. Fighting for the free

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market, is fighting for individual freedom's
fighting for human technity. It's fighting for

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the chance for you to stand on
your own feet and to you know,

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take advantage of opportunities and not and
not be you know, someone who depends

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on the government and in the end, you know, becomes like a parasite.

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And so all this goes together with
the fight for preserving our intellectual heritage

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and fighting vocalism, which is also
extremely dangerous and it's anti anti anti capitalist

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as well. So this is my
contribution in terms of economics. It has

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been hugely successful with young people.
That means there was a need for people

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to read something like this, and
no one is going to read Paul Sammonson's

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Introduction to Economics. It's a huge
full of full of wrong ideas, by

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the way, but also it's it's
very technical, so people don't don't want

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to read that. People want to
read something short that is successible, and

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that is true and so I think
that's has been the key to to the

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success of the book. Yeah,
that's why these young kids are eating it

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up. Actual thank God for your
contribution, because you know, the fact

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of the matter is is when government
comes in, they end up serving as

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a crutch and uh and oftentimes it's
not even that they get involved to really

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help kids as much as it is
is there's there's always some strings attached.

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It's like, Okay, i'll give
you tuition forgiveness, but in exchange,

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you got to give me your vote. Right Well, that in itself should

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tell you right off the bat that's
not a good deal. Yeah, you

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know, it's bribing people with their
own money because in the end you have

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to pay it via taxation or inflation
or debt, which are deferred taxes anyways.

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And the problem is that when you
get rid of the price system,

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because you have this incentive structure where
the government tells, okay, you can

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study whatever control studies some university and
then you are going to have it paid

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by the universe, by the government
because they're going to give you the student

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loan and at some point maybe you
will pay it back in the future.

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But the problem with that is that
it not only is unfair that people are

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funding people that don't go to university
or funding people who went to university,

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but also it creates creates the wrong
signal because if you had to pay for

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yourself, you would probably not study
control studies, which is useless and it's

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indoctrination anyways. You would study probably
you know, engineering or something like that,

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where you know for a fact that
you invested that amount of money and

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then you expect it. You expect
to make a profit out of it once

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you have your degree out of the
education you got, so you would you

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would hope there'll be a job at
the other end of the studies, right

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exactly. But at the problemise when
you don't have to pay, you don't

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have the right away to go to
university and study the most proactive career.

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And this helps all of these professors
who are activists who are not really uh

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you know, after teaching people,
but they want to indoctrinate them exactly.

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But they have jobs now and they
can't publish their journals full of garbage and

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all that because of student loans Indian
because all this money is flowing and they

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can and universities can raise tuitions because
the government is stepping in in order to

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cover for the cost. So it's
extremely inefficient. You have I think it's

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over one trillion dollar debt in terms
of you know, the students, right.

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And the talk is now that we're
going to forgive the debt. We're

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going to tell people that people that
they are not going to pay for the

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debt. So for the debt and
and and I can't understand frustrate the young

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people who went to university and don't
get good jobs. And so they say,

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okay, I was they cheated on
me because they told me that I

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was going to be fine and after
I had a degree, And it's not

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the case exactly. The Numbergers have
the McDonald's right. And so that's that's

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the government involvement in education. It's
like very good example of how you end

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up creating a huge mess in the
name of good intentions. It's it's everything

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is wrong with going on getting involved. I'm not even sure good intentions is

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part of the part of it,
to be honest with you, you know

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what I mean. It sounds so
cynical. Actuel Kaiser is our guest.

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His book The Street Economists fifteen Economic
lessons every citizen should know. Actuel,

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you know, these these young kids
that, as you say, are being

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indoctrinated. But you know, think
about this for just a moment. I

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think maybe the government has a guilty
conscience because the cost of tuition has continued

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to accelerate in such a way that
it leads me to believe that the system's

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rigged. I mean, look what's
happened to college tuition in the last ten

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years, how it has grown dramatically, And what's the difference. I mean,

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have the press pressors suddenly become you
know, ten times a hundred times

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more intelligent? Are there are there
books that much more just so so much

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more valuable when all it is maybe
they altered one chapter of the book.

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But yet you know we're paying you
know, ten plus times more for our

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tuition than we did previously. Well, I would even argue that is the

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opposite is the case. I think
the quality of education is going down.

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You have more and more people with
degrees that are not productive at all,

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and you don't have costed like billions
of dollars to the text payers. And

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also, you know, the whole
thing is completely I would say rigged,

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because these are profiting a lot politicians
who promise these things to young people,

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they get their votes. And also
in the end universities are profiting as well

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because they are expanding and it's a
booming business. And you know, there

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is a very interesting chart graph that
was you know, published by the Institute

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of American Enterprise or American Enterprise Institute, and they show that all the areas

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in the United States where the government
is involved, prices have gone up dramatically,

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much more than inflation, much more
inflation like healthcare, you know,

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everything that has to do with social
services, and of course education and things

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like that, but all the other
items prices have gone down. Technology and

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even even things like in not healthcare, but like plastics, plastic surgeries and

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things like that that are not governed
by insurance, and where government doesn't get

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involved, they have they have gone
the prices have come down. So so

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it's very obvious that government involvement is
making all of these things more expensive and

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and by by a large more,
I mean by much more than the inflation,

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which is by the way, is
also created by the government. Right,

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so I think it should be addressed
by the political class in the United

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States and everywhere but the United States
is a it's a disastrous case of you

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know, making things unaffordable to people, such a higher education. And actually

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there are many Americans now going to
study in Germany and other universities in Europe

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because they are much cheaper. And
really, in the United States, yes,

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you have the best universities in the
world, but most universities are not

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so good. So you have top
twenty universities and the rest are not so

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good. You have better universities in
Germany, and so people say, why

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will I pay I don't know,
hundred thousand dollars, eighty thousand dollars whatever

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it is in the in the United
States if I can go and study almost

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for free in Europe. And I'm
not advocating for free education, but I'm

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saying the system in the United States
is the worst possible that you can have,

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because you know exactly, and so
I mean, something has to be

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done about this. It's it's it's
a huge problem. And at some point

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people are going to start defaulting on
their dead and so it's not you know,

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it's not a mystery why younger generations
are endorsing socialism more and more,

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because they are seeing it increasingly difficult
to have a decent quality of life,

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even after they got a degree with
the exceptional degrees in engineering and things like

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that, which are very useful still, but many of them are not not

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getting those those degrees because they are
not really really being informed very well.

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They are not. They don't know. They believe if I go to whatever

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to study history, some state university, or even you even Berkeley or whatever,

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well I will be doing fine.
Not necessarily, no, that's right,

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well exactly, and in a sense, as you say, the system

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appears to be rigged, and what
is being perpetrated here, in a sense,

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is kind of a modern form of
indentured servitude. How do these kids

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get out of this incredible tuition debt
ACXL. And then and then, as

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if that's not bad enough, let's
throw inflation into the mix. I mean,

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you may have seen a light at
the end of the tunnel and going

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I can see a light at the
end zone, but because of inflation,

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it's not it's not a light to
get you out, it's a train coming

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to hit you right square on.
Yes, my guess is that the loan

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I mean the student loan debt,
I mean the uh it's going to end

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up in a huge in a big
disaster, you know, because I don't

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think they're going to be able to
pay back this debt moment a large percentage

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of these students, and the pressure
on the political class to do something about

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this is, you know, is
rising by You're asking the wrong people to

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fix it. They're the ones that
messed it up. That's like asking asking

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them to do brain surgery on themselves. They don't have the capacity. Yeah.

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Absolutely, But what I think it's
going to happen at some point is

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this there is going to be a
haircut. You know, they're they're going

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to they're going to say, Okay, don't pay the whole the whole amount,

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just pay thirty percent or forty percent, something like that, because because

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it's it's impossible for them to pay
it back for these students not with an

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economy that is, you know,
not working very well, which is the

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case of the United States, because
this is the other part of the problem.

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You are not having high economic growth
rates like you used to have,

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so you are not creating a lot
of opportunities for young people to to have

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well paid jobs. And so this
is going to put extra pressure on a

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political class to do something about these
millions of students because there are millions,

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and also they can vote so exactly
well, and they need to vote smart

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because their vote is what has the
current regime in play right now and they

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are controlling their future. As you
say in less than one to work is

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to live. That is, you
know, God's mandate to man, you

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know, be fruitful multiply. We
know by experience we're happiest when we're working,

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when we have a job and we're
providing for our family. Unfortunately,

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when you have all these people coming
out of college and all the jobs that

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should have been there for them have
been jettisoned overseas or you know, government

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has gotten the way and they've created
more problems and a disaster, and so

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it's it's like they make these moves
actual without even thinking and considering the causal

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relationship. It's like, Okay,
what's in the pipeline here. These kids

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that are in college, they are
going to be graduating in the next two

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years. They're gonna want jobs,
what jobs are available to them, and

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instead of jettizing those jobs, are
interfering with by regulations to make it that

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much more difficult for these kids to
get a job. Yes, absolutely,

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man. And now you have all
this new wave of people trying to impose

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more taxes on the rich, on
the wealthy. I recently saw YouTube video

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by but this economist who was a
Secretary of Labor to Clinton, I think

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he was to Clinton well, and
he was saying that the only thing that

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we can do is to introduce a
wealth tax and in the United States,

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because wealth inequality has increased, so
actions or we have to do something about

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it. And and and there's I
mean, if you take a look at

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this video, it's very good production, but it's full of fallacies. Right,

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So what is going on right now
is that they're doubling down on the

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failed economic policies that led to the
Soule mess. So so the same people

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who are advocated for the student loan
scheme, which has degenerated into a massive

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problem. Other people saying we have
to tax the rich more, that government

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has to intervene even more and has
to retribuilt more wealth, and the government

264
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has to be even bigger and has
to print money. And they have em

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mmt and to all these theories.
And if they go on like this,

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they're going to to destroy your whole
country in the United States. If we

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if we don't do anything about it, then what is going to happen to

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the West? I mean, Europe
is a museum. In Europe there is

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no economic growth with the a section
of a few small countries, but most

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of the country's German is in recession. Europe is completely sclerotic. Sclerotic due

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to the welfare state that they have
created. The exactly every every country almost

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has twenty percent use unemployment rate in
Europe, many countries. So what about

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Japan Japanese has two hundred and sixty
percent of GDP. It's a nursing home.

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Japanese are dying out. The problems. China is also a problem.

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They have huge amounts of debt,
They have a real estate sector that is

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imploding, and so growth is half
of what it used to be. And

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then you have in India might be
offer some hope, but it's not enough.

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So so what are we going to
do to the United States is not

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capable of fixing these problems, and
debt is maybe the major problem for the

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US. It's going to to bring
down the whole world, you know,

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right, exactly exactly, we don't
have to we don't have to worry about

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having a war with China. We're
going to implode on our own policies.

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That's that's what's happening. And you
know when you mentioned in China, China

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is such a mess. I mean, you know, they're huffing, puffing,

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but there's not a whole lot of
bluster, uh, you know,

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or at least support for the bluster
that they're puffing out there, because just

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like you said, economically, they're
very they're very in emic. They've got

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lots of problems the one child policy. You've got a lot of single men

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with no prospect of women. I
mean, I don't know what they're going

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to do because I mean you're talking
millions of men without women unless somehow they

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make it the rule of law that
women can be you know, they can

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marry multiples of men to keep them
satisfied. Heaven help them, because,

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as you know, part of what
makes the world go around is you got

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to you gotta have romance. And
if you squash romance, you start getting

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a lot of angry men. And
angry men lead you to war real quick.

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Yeah, they need you to war
through social instability. I mean,

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there is a reason why nature has
created an almost fifty fifty, you know,

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divide between men and women alone in
every society. I mean, it's

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it's it's it's not exactly fifty fifty, but it's almost half and half exactly.

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And the Chinese have destroyed this with
their with the one child policy and

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uh. And now they're facing also
economic consequences that could be devastating because they

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are they have a shrinking population and
they need young people to keep on working

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in the factories and everywhere. And
who's gonna take and who's gonna take care

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of the parents, because the traditional
culture is the oldest takes care of mom

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and dad as they're heading into their
next stage of life, right, And

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that's a big problem because there's elderly
people now and in China don't have any

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kids and many of them are only
one or so, and so this is

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a big problem. Also in Europe. I would say Europe has the advantage

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that it is more developed and so
on, but if you take a look

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at the social security in Europe,
it's broke everywhere. I mean in Germany,

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France, even the Nordic countries.
It's the system is completely unsustainable.

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And now they're trying to make some
changes. And I can tell this because

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Chile was the first country in the
world to privatize social security and we have

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we have private capitalization accounts where you
save part of your own money and then

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it's invested and then when you retire, you get you get the money you

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saved. But it's not the pay
as you go system where younger people have

317
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to pay for retire people. That
doesn't work now with these demographics, and

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it's also unfair. I would argue, well, it becomes a Ponzi scheme

319
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like here in America exactly, the
Poncy scheme, and you have the same

320
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problem. Social security is a huge
problem in the United States. For I

321
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know for a fact that at some
point George push the second I mean,

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you're what's thinking about promoting a Chilean
style social security system. But then nine

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eleven came and all of that was
forgotten. Well, well when he when

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he brought it up, actually they
all tart and feathered him. Yeah they

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didn't. It was the wrong gospel
of wrong church. I mean he was

326
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he just and again, yes,
you're exactly right. Nine to eleven came

327
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and all of a sudden, instead
of dealing with some social issues. Then

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he became a wartime president. Everything
exactly know and and so the problem continues

329
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to tou to get worse, I
would say, and at some point you

330
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might have a currency crisis if you
have so much debt and you don't address

331
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these issues. It's it's not like
the United States kind of use the dollar

332
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status forever, because it's the reserve
currency of the world. That can not

333
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work forever. And we will live
through a crisis in the next twenty or

334
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thirty years if they or even before
even earlier. I don't know, but

335
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it will come. And you already
have some governments dumping uh us gard de

336
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nominated assets because they are starting to
worry that the United States is never going

337
00:27:12.599 --> 00:27:18.519
to pay back the debt exactly.
Well, we hit thirty three trillion this

338
00:27:18.599 --> 00:27:25.559
past week axel trillion. Our debt
service, just the loan payment, the

339
00:27:25.680 --> 00:27:32.039
interest payment alone is starting to uh, you know, mirror our our defense

340
00:27:32.079 --> 00:27:34.119
budget. That's how bad it is. Yeah, I know, it's it's

341
00:27:34.279 --> 00:27:41.200
it's terrible, and it's getting worse
by the minute. So I think it's

342
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important that people understand basic economics.
And this first lesson I put to work

343
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is to live it's I think the
core of everything, because we have forgotten

344
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in the West after so many decades
of prosperity, that in order to leave

345
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you have you need resources exactly how
create these resources? And and uh and

346
00:28:03.759 --> 00:28:10.200
or or get them. And you
can't do it by working yourself or by

347
00:28:10.680 --> 00:28:14.640
living at the expense of someone else
who is working, right, And this

348
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is the welfare state in the end? Is that? And and and and

349
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In the United States, if you
take a look at the federal budget,

350
00:28:19.240 --> 00:28:26.599
two thirdsies for entitlements and what we
call social rights and and and so it's

351
00:28:26.640 --> 00:28:30.279
it's a lot of people. You
have too many people living at the expense

352
00:28:30.799 --> 00:28:37.720
of everyone else, and that makes
the system unsustainable. And so we have

353
00:28:37.920 --> 00:28:45.400
to remember that everyone has to be
responsible for his own destiny. And and

354
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this was Jefferson's philosophy. This was
the philosophy you know, that was at

355
00:28:51.160 --> 00:28:55.960
the heart of the Declaration of Independence
and exactly in the Constitution itself reliance.

356
00:28:56.400 --> 00:29:00.000
It's not it's not the welfare state. And people, you know, being

357
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happy because the other other groups of
society are being taxed in order to fund

358
00:29:06.279 --> 00:29:11.960
their needs. That's why I know. The thing is it's ridiculous because their

359
00:29:11.039 --> 00:29:15.680
needs. I mean it's small end
needs. It's not anything ambitious, because

360
00:29:15.680 --> 00:29:19.720
when you're relying on somebody else,
it's unsustainable. To your point, there's

361
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no way because there's never enough.
You see that whole category that you talked

362
00:29:23.599 --> 00:29:29.720
about, that entitlement category, that
is the biggest vote getting scam. Ever,

363
00:29:30.240 --> 00:29:33.519
you can attach every one of those
entitlements to a group of votes.

364
00:29:34.519 --> 00:29:38.319
Yeah, you know. I like
one of Thomas Sow's quotes where he says

365
00:29:38.400 --> 00:29:45.440
that the first lesson of economics is
that resources are scars and the needs are

366
00:29:45.799 --> 00:29:49.799
infinite. But the first lesson of
politics is to ignore the first lesson of

367
00:29:49.839 --> 00:29:57.400
economics. So so I think that's
some subs this This aligne sums it up

368
00:29:57.519 --> 00:30:02.759
very well because in the in politicians, if we really think about it,

369
00:30:02.799 --> 00:30:06.960
in our democracy have also the wrong
incentives because they want to get reelected,

370
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and so they offer one job they
tell when people get elected, they think

371
00:30:11.200 --> 00:30:15.720
they go in, they're gonna represent
their constituency. They've just come out the

372
00:30:15.759 --> 00:30:19.839
campaign trail and then they go in. The freshman class goes in and they

373
00:30:19.839 --> 00:30:26.000
get their orientation and the first thing
they tell them at orientation your number one

374
00:30:26.079 --> 00:30:27.599
job. And they go. Well, they think it's to take care of

375
00:30:27.640 --> 00:30:33.079
their constituency. Go No, your
number one job is to get reelected.

376
00:30:33.000 --> 00:30:38.079
And that's a big problem because in
the end, if you, you know,

377
00:30:40.799 --> 00:30:45.079
only worry about getting reelected, and
because you are not, really you

378
00:30:45.279 --> 00:30:49.839
don't have the interest of the nation
in mind first. And when you have

379
00:30:51.319 --> 00:30:53.799
a huge economic crisis, it will
be a crisis of the democratic system as

380
00:30:53.799 --> 00:31:00.480
well, because it's democracy and the
politicians who create the problem. And we

381
00:31:00.559 --> 00:31:07.400
have seen so many times in history, well the most dramatic examples of Germany

382
00:31:08.079 --> 00:31:11.400
with the Nazis. I mean,
if it had not been for the huge

383
00:31:11.559 --> 00:31:19.200
crisis that you know, and we
had in the nineteen late nineteen twenties and

384
00:31:19.240 --> 00:31:23.359
before that, the hyperinflation and the
Nazis what I've never come to power.

385
00:31:23.599 --> 00:31:29.519
And Gaimara was a democracy. It
wasn't a perfect democracy, but there was

386
00:31:29.559 --> 00:31:33.960
a democratic experiment. It was working. And then at some point you had

387
00:31:33.960 --> 00:31:38.880
a hyperinflation, excessive debt because of
preparations but also because of a lot of

388
00:31:40.440 --> 00:31:45.039
spending by the by the Guaimar Republic
government, and then you had the crash

389
00:31:45.079 --> 00:31:48.799
of nineteen twenty nine, and that's
when the Nazis went from two to three

390
00:31:48.839 --> 00:31:56.880
percent of the popular vote to over
forty percent. And so so these are

391
00:31:56.039 --> 00:32:00.839
lessons of history that we have to
learn, not be us. It's going

392
00:32:00.880 --> 00:32:06.119
to repeat itself in the same way. But because they offer us insight to

393
00:32:07.359 --> 00:32:10.680
the problems we have nowadays and what
could happen eventually we don't take care of

394
00:32:10.720 --> 00:32:15.319
them exactly. And I fear in
the United States if you had if you

395
00:32:15.440 --> 00:32:21.160
have a big crisis like it could
happen, if you have a currency crisis,

396
00:32:21.839 --> 00:32:27.480
that the political system would probably collapse
or it would have serious, serious

397
00:32:27.559 --> 00:32:30.599
challenges, would have to face serious
challenges. You will have access of people

398
00:32:30.640 --> 00:32:37.559
that would be very angry and voting
maybe for someone who no one can't imagine

399
00:32:37.839 --> 00:32:42.920
a very radical, uh you know, politician that would kind of like kind

400
00:32:42.920 --> 00:32:45.480
of like the president we have now. We can't imagine that. That's kind

401
00:32:45.519 --> 00:32:51.119
of what yeah exactly, well,
yeah, we can't imagine worse. This

402
00:32:51.200 --> 00:32:54.680
is about the worst as it's been. I mean, he has replaced Jimmy

403
00:32:54.759 --> 00:33:00.839
Carter in terms of the economic disaster
that he has career aided on the American

404
00:33:00.880 --> 00:33:05.640
people. I mean, it's just
been unconsfortable. But you know, like

405
00:33:06.119 --> 00:33:09.599
you say, actual is that you
know, the government. These these are

406
00:33:09.640 --> 00:33:15.480
the very people that have created this
problem, and then they want to tell

407
00:33:15.559 --> 00:33:20.839
everybody that they're the ones to fix
it. Yeah, and that's the big

408
00:33:20.960 --> 00:33:25.480
lie. And that's why we have
to think of alternatives. I mean,

409
00:33:28.519 --> 00:33:35.880
our Republicans going to do something about
this or not. The problem is maybe

410
00:33:35.920 --> 00:33:39.519
if you want to do something serious
about the debt, there are lots of

411
00:33:39.759 --> 00:33:44.359
you know, lots of people who
are getting transfer from from the government or

412
00:33:44.400 --> 00:33:49.640
benefits social benefits from the government will
not vote for you. And that means

413
00:33:49.680 --> 00:33:54.279
that you are in a competition with
the Democrats in order to offer more and

414
00:33:54.359 --> 00:33:59.200
more. So people can you know, we'll we'll put you in charge.

415
00:34:00.039 --> 00:34:07.720
So I think it's it's very hard
because the dynamic doesn't allow for major corrections

416
00:34:07.839 --> 00:34:10.840
unless you have a bye partisan agreement
that you have to do something about it,

417
00:34:10.880 --> 00:34:15.800
because in the end, their survival
of the democratic system is at stake,

418
00:34:15.880 --> 00:34:19.440
or might be at at stake.
Right you have a very big crisis.

419
00:34:19.760 --> 00:34:22.880
So that's the only way I would
I can see full this, But

420
00:34:22.960 --> 00:34:28.679
I don't see Trump or round the
Santists or Gavin Newsom if he was going

421
00:34:28.719 --> 00:34:30.559
to be the next president, because
you know, there's a lot of pressure

422
00:34:30.599 --> 00:34:35.320
on Biden so that he doesn't run
again, but they're not going to do

423
00:34:35.599 --> 00:34:37.280
a lot about it. Of course, Tron the Santist or Trump would be

424
00:34:37.360 --> 00:34:42.679
much better, there is no question
about it, right, But I don't

425
00:34:42.679 --> 00:34:46.960
think if they would have enough muscles
to make the necessary changes that the United

426
00:34:47.000 --> 00:34:52.960
States needs in order to create prosperity. Again exactly, well, well,

427
00:34:52.000 --> 00:34:57.519
he look at how much resistance he
got in the four years of his presidency,

428
00:34:57.719 --> 00:35:00.039
and even with that, what he
was able to come pish was astounding.

429
00:35:00.360 --> 00:35:04.559
But I look at it just a
simple case like COVID. I mean,

430
00:35:04.599 --> 00:35:07.960
he exercised some common sense, said, look at this thing's coming,

431
00:35:07.199 --> 00:35:10.880
you know, coming via Europe.
We need to close the borders. We

432
00:35:10.920 --> 00:35:15.079
need to close the west and the
east. And they argued with them,

433
00:35:15.159 --> 00:35:22.000
and they finally relented, allowing to
close airports to you know, coming in

434
00:35:22.079 --> 00:35:25.000
from the east, but they left
the West wide open. And I think

435
00:35:25.079 --> 00:35:29.440
Hattie had his way, everything would
have been shut down so we could be

436
00:35:29.440 --> 00:35:34.800
better protected. But you know,
this was again the resistance of the Democratic

437
00:35:34.840 --> 00:35:38.760
Party and doctor Fauci and those that
were promoting that narrative, and they put

438
00:35:38.840 --> 00:35:44.719
us and they put us at risk. Yes, Unfortunately, they care more

439
00:35:45.079 --> 00:35:50.960
about being anti Trump or anti ride
or whatever than being pro you know,

440
00:35:52.440 --> 00:35:57.039
bobbotic health and so or anything else
that benefits society. I mean, if

441
00:35:57.119 --> 00:36:00.000
Trump says whatever he says, they're
going to go again. But it goes

442
00:36:00.000 --> 00:36:05.440
back to what you said earlier.
See, if their mindset isn't for that

443
00:36:05.440 --> 00:36:08.920
which is going to serve the people, then you know that that isn't part

444
00:36:08.920 --> 00:36:14.599
of the equation. It's about them
being serviced, right, about them getting

445
00:36:14.679 --> 00:36:19.840
reelected, them cover covering their political
rear ends. Uh. And so here

446
00:36:20.280 --> 00:36:23.679
we go and uh and now three
years down the road, we're still trying

447
00:36:23.719 --> 00:36:29.000
to figure out what the truth is, what it isn't and if somebody says

448
00:36:29.079 --> 00:36:32.400
something against their perception, then you
get canceled. I mean, even like

449
00:36:32.559 --> 00:36:37.119
right now, I'm at risk because
there's some platforms. You know, we

450
00:36:37.199 --> 00:36:40.280
can't even talk about the C word. If you talk about the C word,

451
00:36:40.639 --> 00:36:45.840
you know, they won't allow this
show to be aired on their platform.

452
00:36:45.320 --> 00:36:49.639
So I'm dodging a little bit of
a tight wire, I will say

453
00:36:49.639 --> 00:36:53.280
that. So I want to disconnect
from that point because I think we've made,

454
00:36:53.679 --> 00:36:58.480
uh, you know, a good
enough point as it is and unlessen

455
00:36:58.559 --> 00:37:00.519
too. You kind of touched on
this, you know, we said lesson

456
00:37:00.599 --> 00:37:04.679
one was to work is to live, and you kind of touched one too,

457
00:37:04.719 --> 00:37:07.639
And I want you to unfold that
a little bit more. There are

458
00:37:07.639 --> 00:37:10.840
only two ways to make a living. There are only two ways to make

459
00:37:10.840 --> 00:37:15.360
a living living, and that's you're
out of your own income and effort,

460
00:37:15.400 --> 00:37:20.280
and you're when you go to work
and you produce something that you have an

461
00:37:20.280 --> 00:37:24.320
income or someone else's. And the
only way you can get someone else's money

462
00:37:25.000 --> 00:37:30.360
is by you know, having them
give it to you as a donation,

463
00:37:30.840 --> 00:37:36.280
let's say, or by stealing them, stealing the money from them. And

464
00:37:36.320 --> 00:37:39.280
that's what government does. I mean, if you get some subsidy by the

465
00:37:39.280 --> 00:37:45.679
government and social benefit, well the
government is taxing someone else in order to

466
00:37:45.719 --> 00:37:51.639
pay for your benefits. So that
means government is taking away by force the

467
00:37:51.719 --> 00:37:57.599
fruits of the labor of someone in
order to cover for your expense. And

468
00:37:57.639 --> 00:38:01.800
so it doesn't matter if you are
the one who from this economic point of

469
00:38:01.840 --> 00:38:05.199
view, you are the one who's
going to your neighbor without a gun and

470
00:38:05.760 --> 00:38:07.639
point a gun on his head and
said, let's give me half of your

471
00:38:07.639 --> 00:38:12.599
income. Because I needed to pay
to pay for my bills, or the

472
00:38:12.679 --> 00:38:15.559
government does it. It's the same
thing, it's the same mechanists. In

473
00:38:15.599 --> 00:38:20.320
the end, you are extracting well, I thought that was created by someone

474
00:38:20.360 --> 00:38:25.000
else, by someone else, and
you are spending it without giving anything in

475
00:38:25.039 --> 00:38:30.559
return. So that's a parasitic society. And then the problem when you develop

476
00:38:30.639 --> 00:38:38.159
this political economy of redistribution is that
you end up killing the incentives for people

477
00:38:38.199 --> 00:38:44.480
to produce more, but you create
lots of incentives for people to live from

478
00:38:44.480 --> 00:38:52.880
someone else. So so this very
basic idea no one can refute, not

479
00:38:52.039 --> 00:38:59.320
being debates with socialists all of my
life, and no one could ever tell

480
00:38:59.360 --> 00:39:04.440
me why was it immoral for someone
to go to the neighbor with the gun

481
00:39:04.800 --> 00:39:07.400
pointed at this at his head and
take part of their income. But it

482
00:39:07.559 --> 00:39:12.519
is moral if the government does it. So I want every debate with this

483
00:39:12.639 --> 00:39:17.679
argument. It's imral redistribution, it's
immoral. I understand that there might be

484
00:39:17.760 --> 00:39:25.760
some utility and some you know,
practical need of restributing something, but we

485
00:39:25.880 --> 00:39:30.719
have to always keep in mind that
you are taking money away from people who

486
00:39:32.480 --> 00:39:37.800
you know work for it. Right, So, well, like you said,

487
00:39:37.960 --> 00:39:40.639
the government is doing is doing this
as well. They're stealing, you

488
00:39:40.679 --> 00:39:46.960
know, and redistributing wealth and to
buy votes, and then you know,

489
00:39:47.039 --> 00:39:53.480
to further rig the system, they're
allowing those people who benefit from stolen goods

490
00:39:53.559 --> 00:39:59.280
to vote again, right and yeah, and so this makes things even worse

491
00:39:59.480 --> 00:40:02.960
because if I go to my neighbor
with our revolver or whatever, and I

492
00:40:04.360 --> 00:40:07.800
tell him, you know, and
rob him of thirty percent of his income,

493
00:40:07.199 --> 00:40:10.840
at least I'm being very efficient.
But the problem is when the government

494
00:40:10.840 --> 00:40:16.599
gets in the middle a large part
of what they are stealing in order to

495
00:40:16.599 --> 00:40:24.119
supposedly benefit other people, it's going
to be spent in ways that only benefit

496
00:40:24.199 --> 00:40:28.920
the politicians or is going to be
installed. In many countries we have a

497
00:40:29.039 --> 00:40:32.800
huge degree, i mean levels of
corrupt of corruption right away, watching in

498
00:40:32.880 --> 00:40:36.760
Latin America, in Europe, even
in many countries you have a lot of

499
00:40:36.760 --> 00:40:39.440
corruption. In the United States also
of corruption. So so it's not like

500
00:40:39.719 --> 00:40:45.440
every center the government is taking from
someone who is making who's paying taxes,

501
00:40:45.519 --> 00:40:50.840
is being spent properly. Most of
the money is not being spent properly.

502
00:40:51.159 --> 00:40:53.840
Most of the money is being spent
in order to buy votes. Most of

503
00:40:53.840 --> 00:40:58.920
the money is flowing to interest groups, unions and other groups, and most

504
00:40:58.960 --> 00:41:02.559
of the money is benefiting the interest
of the politicians exactly. That's how it

505
00:41:02.599 --> 00:41:07.440
works. Because this is a point
we have to we have to to remember.

506
00:41:07.159 --> 00:41:12.559
It's not like politicians are angels.
But once you go into government,

507
00:41:12.800 --> 00:41:15.599
you forget about, you know,
pursuing your own interest and you only think

508
00:41:15.639 --> 00:41:20.440
about the common good and things like
that. This is nonsense. I mean,

509
00:41:20.880 --> 00:41:23.360
if you really think about it.
People believe that the consumers, workers,

510
00:41:23.920 --> 00:41:28.760
the you know, employers, all
of them pursue their own interests.

511
00:41:29.039 --> 00:41:30.760
But as soon as you become a
politician and you're in government, you don't

512
00:41:30.760 --> 00:41:37.760
pursue your interests anymore. You are
sort of this very generous creature falling from

513
00:41:37.800 --> 00:41:40.679
from from from the heavens. Who
is going to take care of everyone?

514
00:41:40.960 --> 00:41:45.800
This is not this is This is
why Milton Treatment was so much against government,

515
00:41:46.280 --> 00:41:52.119
or a large or big government,
because he understood a very basic idea

516
00:41:52.920 --> 00:41:58.400
that is that politicians and buregrats pursue
their own interests. Well, human we're

517
00:41:58.480 --> 00:42:00.840
human beings, we're not perfect,
like you said, we're not angels.

518
00:42:01.239 --> 00:42:07.440
And you see all that money there, and the model has already been well

519
00:42:07.639 --> 00:42:12.679
established actual before you even got there. You've got politicians that are I mean,

520
00:42:13.000 --> 00:42:17.039
like today, we're dealing with a
politician who just got indicted, you

521
00:42:17.079 --> 00:42:21.639
know, for bribery. And we'll
see how that plays out, because this

522
00:42:21.679 --> 00:42:25.559
isn't the first time that he's been
indicted. So, but it's the natural

523
00:42:25.599 --> 00:42:29.480
course of things. I think it's
a real simple deal. Like you say,

524
00:42:29.679 --> 00:42:34.039
these politicians who go in supposedly to
serve and then when they retire,

525
00:42:34.559 --> 00:42:37.440
you know, and they're making one
hundred and seventy maybe one hundred eighty thousand

526
00:42:37.440 --> 00:42:43.559
a year, and they retire and
they're worth now thirty three million dollars or

527
00:42:43.559 --> 00:42:47.000
whatever, some incredible amount of money. Well, how do you do that

528
00:42:47.119 --> 00:42:52.639
on one hundred and seventy thousand dollars
a year salary? No. I think

529
00:42:52.039 --> 00:42:55.800
in many cases, at least in
the United States, these politicians have traded

530
00:42:55.840 --> 00:43:01.840
favors, right. I mean they
work for interest groups, different interest groups,

531
00:43:02.639 --> 00:43:08.519
large corporations of wolfs, read unions, whatever, and then they get

532
00:43:08.920 --> 00:43:15.000
juicy amounts made or you know,
doing some advising here and there, for

533
00:43:15.079 --> 00:43:19.119
speaking here and there. I mean, you just have to take a look

534
00:43:19.119 --> 00:43:23.239
at the Clinton Foundation. Oh yeah, it's unbelievable. So so they take

535
00:43:23.280 --> 00:43:27.039
advantage of that. If you take
a look at Obama. Obama, it's

536
00:43:27.159 --> 00:43:30.480
very rich, it's a rich person. They were not rich before. Yeah,

537
00:43:31.119 --> 00:43:35.280
So what you're what you're touching on
there, see, is something I've

538
00:43:35.280 --> 00:43:38.159
been touching on more than touching on. We've been talking about quite repeatedly,

539
00:43:38.599 --> 00:43:44.800
is that nobody's talking about Barack Obama. But you have Joe Biden, you

540
00:43:44.880 --> 00:43:50.400
got Hillary Clinton, you got John
Kerry all, you know, trading favors

541
00:43:50.800 --> 00:43:55.079
based on their position and government.
And you're gonna tell me that some of

542
00:43:55.119 --> 00:44:00.719
that money didn't go up to the
really big guy. You know, it's

543
00:44:00.760 --> 00:44:05.320
amazing that nobody wants to say anything. I think it's near impossible to think

544
00:44:05.599 --> 00:44:10.039
that Barack Obama did not participate in
those quid pro quos. Yeah, I

545
00:44:10.039 --> 00:44:15.000
mean, I don't have any evidence, but you can take a look at

546
00:44:15.039 --> 00:44:20.840
his life style lifestyle right now,
and Marcus Vineyard and you know here and

547
00:44:20.920 --> 00:44:22.920
there and friends with Richard Branson and
so on. I mean, he's a

548
00:44:23.280 --> 00:44:30.119
he's like a Hollywood star. And
of course this is explained by the fact

549
00:44:30.119 --> 00:44:35.280
that he was the president. And
now I'm not saying that he couldn't speak

550
00:44:35.360 --> 00:44:38.800
somewhere in charge two hundred thousand dollars
for US for US speech. That's he's

551
00:44:38.880 --> 00:44:44.440
right to do. But what we
do know for a fact is that you

552
00:44:44.559 --> 00:44:51.039
have a lot of corruption in Washington
going on, and it's benefiting interest groups

553
00:44:51.719 --> 00:44:53.960
everywhere. I mean, the politicians
are working for them, and we know

554
00:44:54.159 --> 00:44:58.039
that you have. There is not
it's not a contient that you have so

555
00:44:58.079 --> 00:45:00.400
many lobbyists in living in Washington.
I mean, there is a reason for

556
00:45:00.440 --> 00:45:06.559
that, and I mean that they're
doing their their job, and I'm not

557
00:45:06.920 --> 00:45:10.440
arguing that they shouldn't do it,
but by politicians shouldn't serve interest groups,

558
00:45:10.440 --> 00:45:16.519
they should serve the people they're exactly
and they are not doing that, and

559
00:45:16.559 --> 00:45:22.199
they are playing a game that it's
going to end up disistrously because they pretend

560
00:45:22.400 --> 00:45:29.119
like the money they can spend has
no limit. They can spend money forever,

561
00:45:30.000 --> 00:45:34.119
and every problem they have, they
gone through money at it, and

562
00:45:34.320 --> 00:45:37.239
they print more money to to pay
for everything. And then of course that's

563
00:45:37.280 --> 00:45:42.360
going to be paid for by the
middle class and by the average American because

564
00:45:42.400 --> 00:45:45.840
you have to pay it, but
through inflational tax or taxation. There is

565
00:45:45.840 --> 00:45:49.559
no other way right, and this
is a disaster, and this is these

566
00:45:49.599 --> 00:45:52.360
are the things that no one is
teaching at universities or at schools, no

567
00:45:52.440 --> 00:45:58.079
one. And the thing is,
though, actually see the kids come out

568
00:45:58.280 --> 00:46:01.840
and they realize that the system is
rigged and they get frustrated because they find

569
00:46:01.880 --> 00:46:07.159
out real quick that it's not a
level playing field. It's like, you

570
00:46:07.199 --> 00:46:10.519
know, like with you know what's
happening with this senator? Uh, you

571
00:46:10.559 --> 00:46:16.199
know, he unleveled the playing field
and he picked his own winners to serve

572
00:46:16.239 --> 00:46:20.840
his own interest. And this is
time and again what's going on. Whether

573
00:46:20.880 --> 00:46:25.679
we're talking about you know, a
simple thing like cannabis, how many politicians

574
00:46:27.119 --> 00:46:30.119
are tied to you know, a
select number. I can tell you in

575
00:46:30.159 --> 00:46:36.239
Florida, there's a select number of
growers of cannabis that are allowed, but

576
00:46:36.440 --> 00:46:40.920
their money is going to a specific
number of politicians that give them cover.

577
00:46:42.280 --> 00:46:47.079
And nobody else can come in and
grow cannabis here in Florida without you know,

578
00:46:47.159 --> 00:46:52.440
going to jail or paying a serious
fine. WHOA. That's a classic

579
00:46:52.519 --> 00:46:57.440
example of corruption in a way,
because of course you're benefiting your friends of

580
00:46:57.519 --> 00:47:00.840
the expense of everyone else. You
are in competitions so that they can make

581
00:47:00.880 --> 00:47:08.199
a huge profit. And so this
are ways that politicians really trade favors,

582
00:47:08.320 --> 00:47:13.880
right exactly, it's not that you
have to be in bed with Pablo Escobar.

583
00:47:13.960 --> 00:47:16.800
It's it's you know, it's just
you use legislation, you'll you use

584
00:47:16.840 --> 00:47:22.679
your influence, your power in order
to you know, give this trade these

585
00:47:22.719 --> 00:47:28.719
favors and provide these opportunities for for
for certain groups of people that will support

586
00:47:28.719 --> 00:47:31.639
you and will give you money return. And so, as I said,

587
00:47:31.639 --> 00:47:36.280
the problem is the government. It's
it's too big, it has too much

588
00:47:36.360 --> 00:47:42.480
power. And the United States it's
not really the country of the free anymore,

589
00:47:43.000 --> 00:47:46.239
just as it used to be in
the past before the world first Aid

590
00:47:46.280 --> 00:47:52.000
and Franklin, General Roosevelt and all
this progressive movement that the government started to

591
00:47:51.719 --> 00:47:54.760
to grow and grow and growing,
and it never stopped, like Reagan writing

592
00:47:54.960 --> 00:47:59.920
something about it. But in the
end it wasn't very successful, because i've

593
00:48:00.039 --> 00:48:02.079
to him, it continued to grow, and even I think in his second

594
00:48:02.159 --> 00:48:10.400
term the problem of public spending was
even worse. But the thing in the

595
00:48:10.480 --> 00:48:16.119
end is that if Americans don't embrace
again the free market tradition that made the

596
00:48:16.159 --> 00:48:21.159
country the greatest country in the history
of the world and the ideas of individual

597
00:48:21.199 --> 00:48:25.000
liberty to end up in a basket
country, in a you know, a

598
00:48:25.119 --> 00:48:30.760
nation that is ruined by collectivists and
socialist and progressive policies, and that would

599
00:48:30.800 --> 00:48:37.840
be awful to observe and awful to
live because and the frustrating thing, actually,

600
00:48:37.840 --> 00:48:39.599
we've got about two minutes left here
and I'm gonna turn it back to

601
00:48:39.639 --> 00:48:43.719
you. I'm gonna let you sammarize
and take us to conclusion. But the

602
00:48:43.760 --> 00:48:46.840
frustrating, serrating thing about all this
is when you look at the early founding

603
00:48:46.880 --> 00:48:51.679
of this country, the era when
Tokerville came here and observed what was going

604
00:48:51.719 --> 00:48:58.280
on this country. He saw what
humanity and the dynamism and free markets and

605
00:48:58.400 --> 00:49:02.880
people being able to do and express
themselves through their labor and have a level

606
00:49:02.960 --> 00:49:07.159
playing field and a fair chance to
win. Unfortunately, the scales have been

607
00:49:07.280 --> 00:49:12.360
rigged and it's frustrating people. But
if we can square that away, I'll

608
00:49:12.360 --> 00:49:17.559
tell you our GDP numbers the satisfaction
and happiness of the citizenry of America,

609
00:49:17.599 --> 00:49:21.199
and I believe that we'd have a
great impact on the world. For that

610
00:49:21.199 --> 00:49:23.280
matter, wouldn't be just America,
be the world because they would see that

611
00:49:23.320 --> 00:49:27.320
America has come back, that they
can do it, and if we can

612
00:49:27.360 --> 00:49:29.599
do it, they can do it. Right a minute, left, I'll

613
00:49:29.639 --> 00:49:31.360
let you summarize and take us home. Go ahead. Yeah, Well,

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00:49:31.400 --> 00:49:36.079
I wouldn't invite everyone to read The
Street Economists, to give it to their

615
00:49:36.159 --> 00:49:38.599
children, to the friends that they're
children, to buy it. It's it's

616
00:49:38.599 --> 00:49:43.280
going to change their minds. It's
a book that has become a best setting

617
00:49:43.280 --> 00:49:46.480
books book in different countries, and
it has made a lot of a big

618
00:49:46.519 --> 00:49:51.360
difference in terms of their politics.
So of the readers, you know,

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So I would encourage people to buy
it and to read it. Well,

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00:49:55.239 --> 00:49:59.679
actually, I cannot thank you enough. In the words of Phil Graham,

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00:49:59.679 --> 00:50:04.320
the honamous author, former chair of
the Senate Banking Committee, and former vice

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00:50:04.400 --> 00:50:07.840
chair of UBS Investment, he says, if you want to understand the world

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00:50:07.960 --> 00:50:12.599
you live in and how it works, you don't have five and you don't

624
00:50:12.639 --> 00:50:16.360
have five years to get a PhD
in economics, I suggest you read Axel

625
00:50:16.480 --> 00:50:22.199
Kaiser's The Street Economists. Doctor Kaiser
explains economics the way my mama did.

626
00:50:22.559 --> 00:50:27.639
This short, simple book tells you
everything you need to know to understand the

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00:50:27.719 --> 00:50:31.400
world you live in and how to
make it better. Axel again, thank

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00:50:31.400 --> 00:50:35.920
you so much for being with us. Godspeed, my friend. You take

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care. Thank you very much,
Bill, see you next time. You

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00:50:37.760 --> 00:50:42.760
got it. Our thanks to Axuel
Kaiser for being with us today. For

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00:50:42.840 --> 00:50:45.360
more information to be a part of
this mighty movement to return to God and

632
00:50:45.400 --> 00:50:49.679
to save our country, check it
out Bill martinashow dot com. May God

633
00:50:49.719 --> 00:50:52.440
bless you and keep you, make
his face shut upon you. May He

634
00:50:52.559 --> 00:50:55.159
be gracious unto you and give you
peace. Thank you so much for being

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00:50:55.159 --> 00:50:58.280
with us. Go be blessed and
enjoy your day.