Tag Archives: capitalism

The Great Social Media Purge of 2018!

Vulture 8Media users that do not follow today’s prescribed line of thinking are feeling the pain. Outliers big and small are squawking loudly and persistently about curtailed “reach” of posts, invisible tweets, and shadow banning. Seems that The Powers that Be have devised a most effective way to help silence any differing views.

The Decline of America

Such media efforts are only the latest developments aiding in the nation’s covert decline – a decline evidenced by a gargantuan and growing national debt, decimation of our manufacturing base, rise of the 1% accompanied by decline of the middle class and explosive growth of the dependent class.

Why would this media tantrum rank right up there with the biggies, such as the tax-and-spend mentality that led to the gargantuan debt, that led to the need for near-zero interest rates to enable debt payments, that led to easy borrowing, that led to breezy acquisitions on borrowed money, that led to monopolies.

The reason is that the media tantrum is 1) the result of powerful monopolies, and 2) monopolies demand obedience.

Obedience creates an echo chamber into which we plebeians must fit. Inhabitants of echo chambers do not think; they regurgitate. They do not create; they copy. They do not question; they accept. They are good at following orders.

Rise of the Monopolists

Conversely, monopolists do not follow, but lead. Take for example, Peter Thiel, co-founder of PayPal and early investor in Facebook. There is no question that Mr. Thiel’s innovations in several industrial and financial sectors have greatly benefited people. Most of us have made good use of PayPal or aspire to own an electric car, and businesses benefit from the data integration provided by Palantir. However, in spite of his obvious intellect, Mr. Thiel’s view of monopolies seems self serving. Here is an excerpt from an article discussing Peter Thiel’s book Three Cheers for Creative Monopolies.

PayPal co-founder Peter Thiel advocates the benefits of creative monopoly. That’s a company that is “so good at what it does that no other firm can offer a close substitute.” They give customers more choices “by adding entirely new categories of abundance to the world.

He goes on to say, “All happy companies are different: Each one earns a monopoly by solving a unique problem. All failed companies are the same: They failed to escape competition.” He suggests entrepreneurs focus on “What valuable company is nobody building?”  The Balance, May 2018

A monopoly is a monopoly, creative or not, since causes and effects are the same no matter what one calls a monopoly. Today, the cause is barrels full of cash generated by cheap borrowing that enable vertical and horizontal acquisitions. The effect is concentration of products and services in a few gigantic companies, regulated or unregulated.

Sure the giants in their field offer consumers “choices,” as Peter Thiel says. But to what extent? You don’t like the way Facebook is treating you? Go to the competition! Oh wait, there isn’t any.

There Once Was the Model T

Ford Model T 2 - CopyOne might say that when Henry Ford perfected the assembly lines that produced the Model T, a car that dominated the market for its relative affordability and simplicity, his company earned the distinction of being so good that no other firm offered a close substitute. With the mass-produced Model T, the company also added an entirely new category of abundance to the world.

However, like today’s media giants, the Ford Motor Company had a strange way of offering consumer choices. Henry Ford famously said,

Any customer can have a car painted any color that he wants so long as it is black.

So, General Motors, who up until then catered to the moneyed class, started to make affordable cars that were not black, and had bells and whistles that the utilitarian Model T eschewed.

Good lesson on how to thwart a company’s dominance in a market!

It’s Their House

Private companies, including those that provide media services, should be free to run their businesses as they see fit. It’s their house.

It is up to consumers to do their due diligence so they understand what they are purchasing and how they are paying in one form or another for the products and services they buy. The cost might be a tacit agreement to tow the prescribed line of thinking. Or the cost might be sharing all your needs, wants, preferences, and ideals so you can be efficiently placed in the appropriate marketing and cultural category.

It is also up to consumers, as well as voters, to make choices. Some consumers now suffering from the whims of media might be tempted to clamor for government regulation, thereby exchanging one master for another.

Miracles do happen, and perhaps once enough consumers of media, especially social media, complain about their dissenting opinions being scrubbed from view, media companies will see the error of their ways and be inclusive (a favorite term of progressives). But if that miracle does not happen….

Be Creative!

Must you settle for being dependent on media, especially social media? How about creating your own mailing lists, reaching out to like-minded people and groups, supporting the endeavors of like-minded people in exchange for their support?

Might participating in the rise of creative alternative means of communication be a better choice than continuing to send out invisible tweets and posts?

Recommended Lecture on the Federal Reserve

Economics Lecture: The Historical Case Against the Federal Reserve – Regulatory Origins of American Banking and Financial Instability Before 1914

Monday, June 25, 2018   7:00 – 10:00 pm
Community Room (located behind the station building)
Richmond Police Station (between Geary Blvd. and Anza St.)
461 – 6th Avenue, San Francisco, California

Hosted by Golden Gate Liberty Revolution Meetup (fka the Ron Paul Meetup).  GGLR holds its meetings on the 4th Monday of the month. Meetings are free and open to the public.

After-meeting socials are around 10:00 pm at Overtime Sports Bar & Restaurant, 4134 Geary Blvd, San Francisco.

Details contributed by lecture presenter Chris Silber:

The Federal Reserve has received renewed criticism and scrutiny in the decade since the global financial crisis. Yet the Fed has large and powerful lobbies of apologists among the mainstream press, academics, and policymakers who have argued without the Fed the U.S. banking system would return to the more frequent and disruptive financial crises of the pre-Fed era.

While it’s true that the U.S suffered from frequent banking panics throughout the 19th century, was the absence of a central bank really the cause? And if so, why then during the same period did countries like Canada and Scotland experience remarkable financial stability without a central bank? Were in fact pernicious state and federal regulations the real source of the U.S. banking system’s fragility? And if so shouldn’t Fed apologists in academia and the mainstream press know better?

Chris Silber will discuss the regulatory history of U.S. banking including the real causes of frequent financial crises during the period: restrictive unit banking laws, America’s antebellum central banks, and the post-Civil War National Banking System. The similarly unstable English and contrasting sound Canadian and Scottish systems will also be examined.

Chris Silber previously presented at GGLR Meetup lectures on monetary history, business cycles, and the Great Depression.

RSVP: Golden Gate Liberty Revolution Meetup

Recommended site: The Atlas Society

AynRandHere is a website worth mentioning, The Atlas Society. The “Atlas” part refers to Ayn Rand’s book, Atlas Shrugged. The website features lessons in Objectivism, readers’ tools to assist in the understanding of Rand’s books, commentary on a variety of subjects relating to the objectivist view, and events. Students and educators in conventional schools, as well as homeschoolers, could benefit from such information.

Objectivism, as presented by writer Ayn Rand, is not a household word these days, but should be at least understood. The Atlas Society describes objectivism as follows,

Objectivism is the philosophy of rational individualism founded by Ayn Rand (1905-1982). In novels such as The Fountainhead and Atlas Shrugged, Rand dramatized her ideal individual, the producer who lives by his own effort and does not give or receive the undeserved, who honors achievement and rejects envy. Rand laid out the details of her world-view in nonfiction books such as The Virtue of Selfishness and Capitalism: The Unknown Ideal.

Today, politicians and advocates for a plethora of special interests continually call for greater taxation to support social programs and projects that for the most part discourage the practice of objectivism. Words like “equity,” “social justice,” and “inclusivity,” so prevalent in today’s vocabulary, would leave individualists like John Stuart Mill or Thomas Jefferson befuddled. Adam Smith, the father of free-market capitalism, would be equally perplexed with the terms “crony capitalism” or “corporate welfare.” Ayn Rand, were she alive today, would probably simply admonish us all with an “I told you so.”

However, just as big-government people worked to main stream their ideas, so can small-government, objectivist-leaning individualists work at spreading theirs. Returning the nation towards a path that encourages the self-directed true producer, not coddles the unhappy dependent, could easily start with just voting NO on proposals that “feed the beast” with workers’ hard-earned cash.