which gives judges discretion and
encourages litigation, and which necessarily benefits the party with more
wealth who is more able to finance litigation. In the area of land-use,
such a circumstances almost always benefits the State as against individual
landowners. An unfortunate result.
David Shemano
prosperity came to a horrific end. Unless we
act with complete success in the coming years, I think we may soon find out.
David Shemano
ve the ability to disrupt your equilibrium.
Again, I am not convinced that you can maintain the equilibrium you could
theoretically create by eliminating private property.
David Shemano
David S. writes:
I am trying to think this through. Let me summari
sciousness of a hunter-gatherer society
to our modernized society.
Do I have this right?
David Shemano
Ian Murray wrote:
<<>>
I don't know. Maybe you should try an evolutionary psychology list. They
have an answer for everything.
David Shemano
Do not many wealthy people act as if they want
even more material wealth? And is that not a constant across history,
culture, and economic system?
David Shemano
ilosophy, must be questioned.
I think it was Jean Francois Revel who said something like "capitalism is
judged by its results, but communism is judged by its promises." That never
seemed fair to me.
David Shemano
David,
I have been away for several days, and
In reply to Charles:
<<>>
Res ipsa loquitor.
David Shemano
In reply to Charles:
<<>>
I would acquit Lenin of premeditated murder of the peasants if he did not
order the taking of the subsistence food. It would not change my overall
impression of Lenin and his rule.
Now you answer.
David Shemano
In reply to Charles:
<<>>
If my facts were true, would it make any difference to you?
David Shemano
lt;>>
Lenin ordered the taking of food peasants were growing for their own
subsistence. If I was sitting on the jury, that is blindly running a red
light or worse.
David Shemano
erty, or cleanup the
environment, or cut taxes. But that decision will not be allowed, because
of this generation's decisions. Where is the justice in that?
David Shemano
that everyting you do is necessarily justified. I
mean, if my wife is about to give birth, I might be justified in speeding,
but I am not justified in blindly running red lights and going the wrong way
on one way streets.
David Shemano
the death of another
human being," murder is more narrowly defined as:
Criminal homicide constitues murder when:
(a) it is committed purposely or knowingly; or
(b) it is committed recklessly under circumstances manifesting extreme
indifference to the value
n the consequences of his actions, and (2) there was
no overriding justification for his actions.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Michael Perelman
Sent: Thursday, August 16, 2001 9:30 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:15
er you nor I can no for certain what was going on in
Stalin's head -- all we can do is look at his actions, the consequences of
his actions, and then make a judgment.
So I ask again, why do you believe the deaths should be treated differently?
David Shemano
u are required to agree with the common law, but why, exactly,
must the deaths be viewed differently?
David Shemano
>>
-
As the resident reactionary, I have to ask, does this mean that the
anarchists do not do readings of Bastiat and Henry Hazlitt at their strategy
sessions?
David Shemano
-
The Broken Window
LET US BEGIN with the simplest illustration possible: let us, emulating
Bastiat, c
overeducated liberal arts types do?
David Shemano
politics. The
admitted brutality of the enclosures confronts us with the limitations on
the possibility of peaceful transition to democracy and reminds us of open
and violent conflicts that have preceded its establishment." "
David Shemano
vidual goods and
services will rise and fall in response to shifts in supply and demand
curves, but they will not rise because of an increase in the unit of
account. What am I conflating?
David Shemano
itical role of culture in development. De Soto
could barely contain himself. "I'm not writing for Harvard students," he
said. "I'm writing basically for Aristide and Hosni Mubarak and Gloria
Arroyo and Fox. Political leaders know this isn't a one-shot idea. They know
it amounts to a revolution.""
David Shemano
money supply inflated so
that they can repay expensive dollars with cheap dollars. Lenders want the
money supply deflated so that they can lend cheap dollars and be repaid with
expensive dollars. Politicians are only too happy to oblige.
What are the good reasons for not having a gold standard?
David Shemano
y supply, so governments do not like the gold
standard. The mechanism is the easy part.
David Shemano
l work its way through the
economy. The winners and losers will depend on how early in the process the
increased dollars made it through the entity.
Back to reality. Please explain what I am misunderstanding.
David Shemano
est rates are
simply derived from the money supply, and you can decrease interest rates
simply by pumping money into the system. If there is anything we have
learned over the past 30 years, it is that maybe you can fool lenders once
or twice, but you cannot do it as a sustained policy over time.
David Shemano
Nixon severed
the gold link in 1971. That answer may be empirically right or wrong, but
the rightness or the wrongness is not dependent on what I assume capitalism
is or is not.
David Shemano
Jim Devine writes:
<>
Where did this come from and what does this have to do with the topic at
hand?
Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~JDevine
ki are compadres. Now,
I ask you, since the WSJ editorial page is the semi-official mouthpiece for
capitalism, why would they publish a viewpoint that makes no economic sense
(from the perspective of capitalism)?
David Shemano
facilitate market transactions, but the economy
will still be subject to fiscal policy, regulatory policy, war, natural
disaster, technological change, revolution, etc.
David Shemano
mics." I guess I better find a new list if I
want to learn from people who know something about economics.
David Shemano
le of the Fed trying manipulate interest rate
counter-cyclically to the strength/weakness of the economy. In other words,
the present Fed believes it should destroy the village in order to save it.
David Shemano
Doug Henwood writes:
>How about some gold standard quotes from Das Kapital? I understand Karl
was
>a bit of a gold-bug himself.
In vol. 1, yes. But in vol. 3, there's lots of juicy stuff about
credit. It's risky to get your Marx via Jude Wanniski.
ndard does not allow for the
elasticity of credit that capitalism needs?
How about some gold standard quotes from Das Kapital? I understand Karl was
a bit of a gold-bug himself.
David Shemano
ze
Richard Nixon.
David Shemano
supply was at the complete mercy of the limited
wisdom of fallible human beings, and we got the monetary chaos we have
experienced for the past 30 years.
David Shemano
by price versus
central planning, I love your phraseology -- you are in favor of
dispassionate long-term planning, while I am presumably against that and in
favor of emotional short-term anarchy. If that is the choice, I am 100% in
agreement with you. Now, about the details . . . .
David Shemano
ice of oil has not changed much relative to other
commodities. Remember, prior to 1971, when Nixon severed the link, there
was little price gyration in oil (or other commodities generally) remotely
comparable to what occurred after 1971.
David Shemano
Regarding the prior and current discussion of Fed policy, the "high dollar,"
etc., please read the attached Jude Wanniski column from today entitled
"Greenspan Undermines the AFL-CIO!!," the title of which alone may perk the
interest of some of you.
http://www.polyconomics.com/
ould not be kept for more than 6 years. Runaway slaves could not be
returned to the master. Slaves could not be worked on the Sabbath. It was
a crime to beat a slave to death. Certain physical harm resulted in the
slave being freed. There were no comparable laws in the Greco-Roman world.
David Shemano
conflate the two (increases and decreases
in the quantity of the unit of account as compared to increases and
decreases in the quantity of goods and services).
David Shemano
-- has not
changed -- only the quantity of the unit of account. Conversely, if 50
apples were destroyed in a fire, the price would also increase to $2.00, but
that would not be, in my view, an example of monetary inflation, because the
price change reflects a change in the quantity of the actual goods and
services.
David Shemano
as opposed
to a specific policy to strenghten the dollar relative to other currencies.
David Shemano
. Are you sure that senior citizens are more important than
non-endangered historic olive gardens? I mean, there are plenty of senior
citizens, but how many historic olive gardens do you come across?
David Shemano
Where is the
outrage and what are you doing to stop it?
David Shemano
Doing a quick Lexis search of Federal cases:
"These principles, however, are not inconsistent with another one, equally
well settled, which is, that a liberal construction is to be given to a
patent, and inventors sustained, if practicable, without a departure from
sound principles. Only thus ca
t trends, the Bells
will be the only companies with the financial resources to offer DSL
service. The competition to the Bells will have to come mainly from the
cable companies, and eventually DirecTV/Echostar if and when the technology
becomes feasible and cost-effective.
David Shemano
- Ori
you (would
you) avoid S&P 500 funds, and instead invest in funds that short the market,
or gold, or other bearish funds? Where are the investment funds that are
based on an application of a Marxist economic analysis? Any funds that
invest primarily in Cuba?
Thanks,
David Shemano
not
capitalism, by definition, defined by the law that creates and regulates
markets and property in any specific context? I mean, if there is no law
defining property, how can there be "capitalism?" Does this make any sense?
David Shemano
n/regv21n2/airline2-98.pdf
--
<>
--
"I should like to be able to say that TWA is not afraid of deregulation, of
market entry. I cannot."
Charles C. Tillinghast Jr. of TWA, April 2, 1977.
David Shemano
e either under a Marxian
analysis, or public choice theory.
David Shemano
forth (R-MO), the Senator from TWA,
and Elliott Levitas (D-GA), the Congressman from Delta.) Who supported
deregulation? The capitalist intelligentsia and Ralph Nader? Again, if big
money controls, how did airline deregulation occur?
David Shemano
In reply to Louis Proyect:
-
> 1. Why, with the exception of United Airlines, did every major interstate
>airline testify against deregulation? And how come the legislation passed
>notwithstanding their opposition?
2. With respect to your criticism
by
p. National Taxpayer's Union
q. Public Interest Economics Center
r. Ralph Nader's Congress Watch
s. Sears & Roebuck Co.
t. Western Traffic Conference
David Shemano
Sabri Oncu writes:
--
> That is why I love American society -- both Michael Perelman and
> rapacious investment bankers can find their place and lead their lives
> primarily as they see fit.
>
> David Shemano
>
This is probably the most absurd claim I have
eir place and lead their lives
primarily as they see fit.
David Shemano
otives that you
suggest. It's
not love but creativity and community that drive his utopia.
Edward Bellamy? Do you mean when the revolution comes, everything is going
to be "rationalized" and we are all going to be members of a great
industrial army? I can hardly wait.
David Shemano
own to the fact that you are utopians and in your utopia
people help each other without expecting anything in return?
David Shemano
Heidegger?, but I don't find
it convincing.)
As I said months ago in another context, I view economics as the means by
which we satisfy our desires. Neither economics nor economists have any
expertise in what I should desire.
David Shemano
erman thinker, writing in Paris in 1844.
>
> --
>
> What exactly is the point? If conventional economics predict an
> uncomfortable result for a proposed act (e.g., if I offer to prostitute my
> self for a low enough price, somebody will pay me), conventional economics
> is wr
if I offer to prostitute my
self for a low enough price, somebody will pay me), conventional economics
is wrong empirically? Is morally bad?
David Shemano
e to the
assets of the parent, which is possible, the shareholders of the parent will
suffer.
David Shemano
dvance from the State --
think of the implications of that.
David Shemano
m the
utility mess.
David Shemano
would not be
abolishing "private property" (if you define private property as the
ownership necessary to enormous division of labor and specialization.)
Thanks,
David Shemano
cars, but not auto manufacturing enterprises.
Private property in the basic or social means of production is a necessary
condition for exploitation.
-
I do not understand this. There is no division of labor or specialization
in a socialist state?
David Shemano
A: Two. One to assume the ladder and one to change the bulb.
See generally:
http://dir.yahoo.com/Entertainment/Humor/Jokes/Light_Bulb_Jokes/
David Shemano
before you are permitted to smile?
Question: How many Lefties does it take to change a
lightbulb?
Answer: That's not funny.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of M
Hate to disappoint you, but Queenan's on my side. Think of him as a P.J.
O'Rourke type, but even more cynical. He has been a contributor to The
American Spectator for years.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of a
ot have any existing defaults, to
my professional disappointment.
David Shemano
g. The evolution of law and all of
that. The next thing you are going to tell me is that Brown v. Board of
Education was wrongly decided because that wasn't what the authors of the
14th Amendment intended. :)
David Shemano
worldwide
overcapacity crisis. Why do you think that it is necessarily monetary?
On Mon, Mar 19, 2001 at 09:27:56PM -0800, David Shemano wrote:
> I hate to be crabby but I am working late and not enjoying it. Please
give
> me your take on my original intended question, as now reformulated,
without
? The Fed
or something else? What would cure it? Should it be cured?
Thanks. Now I feel better.
David Shemano
nterested.
David Shemano
of
debtors to repay debt.
http://www.polyconomics.com/searchbase/03-14-01.html
http://www.nationalreview.com/comment/comment-darda031901.shtml
David Shemano
We call it Chapter 22. TWA made it to Chapter 33.
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Michael Perelman
Sent: Thursday, March 15, 2001 8:26 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:9059] Re: RE: RE: bankruptcy
I just saw an article somewhere
Michael Perelman askes:
<>
The new law barely addresses corporate bankruptcy -- it has been pushed
through by the credit card and personal finance companies. The only
substantive special interest change that affects what I do is that lessors
of nonresidential real property are going to be able
ereby denying the credit card companies months if not years of interest
payments before the bankruptcy happens). Overall, the issue is not high on
my agenda.
David Shemano
how the parents see fit, and
abolish all public education.
Been fun today, but gotta run and help a deadbeat aviation repair shop
figure out how to stiff its creditors.
David Shemano
ms even
though they are otherwise affordable.
---
<>
-
Way to go out on a limb -- take a provocative position against starvation in
the streets. Is that how you see your ideological opponents -- they would
rather have .2 more growth than an end to hunger?
David Shemano
the masses like their (our) toys, especially
the entertainment room with the big-screen. That will never change, even if
the revolution comes. And probably explains why the revolution will never
come.
David Shemano
s the goose. Best to keep the
goose happy and well fed.
David Shemano
t; you mention are exactly that -- goods -- and the
society needs to generate wealth to purchase those goods. Wealth creation
may not look orderly or tidy, but it is what it is and is absolutely
necessary in order to purchase those goods that you describe.
David Shemano
my brother counsel .
Based on the makeup of this jury, there is not a court in the land that
would agree that I could receive a fair trial.
David Shemano
rtainty how to effectuate "progress." The best way is to let a 1000
flowers bloom and see what people determine is useful. You cannot have
progress without failure.
As I said several months ago, many on the Left seem in love with the idea of
a static economy/society. Doug's comment is Exhibit A.
David Shemano
have been placed in the hands of people with little or no business
experience and nothing more than an idea. Most of these entrepreneurs will
fail, but some will survive and revolutionize our lives for the better.
There is no way any central planning board would ever approve what we are
witnessi
In my view, if helping the poor results in some
getting richer than others, that doesn't bother me a bit. Equality of
result is not high on my priority list.
David Shemano
ystem of contract
and property rights as the impediment to the poor.
David Shemano
The following is an interview with Hernando de Soto, the author of "The
Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere
Else": http://www.christianitytoday.com/bc/2001/001/6.24.html
Any general or specific critique would be appreciated.
David Shemano
The California Assembly failed to pass the utility bailout last night
because of lack of Republican support for rate increases. Does this mean
California lefties will be voting Republican in the next election?
http://www.newsday.com/ap/text/national/ap865.htm
David Shemano
sition that you cannot examine migrations in a macro sense and obtain
valuable information regarding what people desire and value?
David Shemano
o outmigration and lack of "alternative progress
indicators" (to the extent they can be isolated from GDP growth), what would
be your conclusion? Is there any better way to judge what people actually
value other than to observe migrations?
David Shemano
d wealth.
I suppose the bottom line is that Milken will be the Alger Hiss of his time
and will be argued about for generations based upon ideology.
David Shemano
o do so, Boesky would
have had to enter bids in the market, instead of buying shares off Drexel's
shelf at market price."
Michael, I understand you find Milken and his activities distasteful. But
this man was actually sent to prison and I would hope even left-wingers
would agree that a wealthy man should not be sent to prison without cause.
David Shemano
d and generally available, which
means that the available pool of capital for entrepreneurs has been
dramatically increased.
David Shemano
en's pitch regarding bonds paying a high interest rate was very
attractive to numerous operators of S&Ls. But don't confuse cause and
effect -- Milken and the junk bond market were not created by banking
deregulation, but deregulation did create a set of buyers of bonds.
David Shemano
Michael --
All I am asking for is an example of how Milken did anything "fraudulent."
I am sure that there were unsavory people who invested with Milken, but that
should not be imputed to Milken. It was certainly not grounds to imprison
him.
On to the next topic.
Dav
nvestment banker fees dwarfed the brokerage fees, which were relatively
trivial. Milken acted as the broker in order to convince the investors that
there would always be a liquid market for the bonds.
Now tell me, what did Milken do wrong? You are being way too vague.
David Shemano
ainst capitalism. Hey,
this is a left-wing list -- who am I to argue about that?
But that was not my question. What did Milken, as opposed to every other
bond trader, do to justify imprisonment, or at least specific criticism?
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[m
Michael --
Without arguing about what Milken actually did as opposed to what he was
accused of doing, give me a hypothetical example of how a pension fund, for
example, would have been harmed.
David Shemano
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On
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