- Aristocratic Reading List : Doolittle’s List
- Richard Duchesne’s Cited Works (TUOWC)
- Ralph Raico’s References on The European Miracle
- The Conservative Reading List
- Human Biodiversity Reading List
- The Library Of The Dark Enlightenment
- The Dark Enlightenment Reading List
- Anarcho Capitalism : Hoppe’s List
- Liberty: David Gordon’s List
- Lew Rockwell’s Liberty Reading List
- On Debate
Why does wall street resist QE for example?
Wall Street staff are in the business of planning and policy interferes with their plans, both by uncertainty and by impact.
Like any specialization with a defined methodology and therefore a limited scope of understanding, Wall Street’s opinion is irrelevant (as @Richard Williamson says above) as their opinions are too unsophisticated to have meaning.
WS is a mob not a hierarchy. WS is only material in how they REACT to change. How they react to change in the short term will be negative — to anything that interferes with their existing plans. Where ‘plans’ in this case are vague heuristic assumptions. But because they have the highest liquidity and most flexible liquidity of any industry in the market, their cost for changing plans is lower than the cost of changing plans for anyone else in the market.
So, the problem with advancing QE/Spending policy is not wall street. It is politics, of which WS is just one constituency.
And the problem of politics is the failure of the four groups of ECONOMIC IDEOLOGISTS to compose an economic program that PREVENTS INVOLUNTARY TRANSFERS between groups and instead BORROWS FROM AND REWARDS GROUPS. Where groups profit from different temporal positions on the human production cycle, and where that production cycle manifests itself as time preference.
Your assumption is instead, that it will ‘trickle through’ the economy, making you no different from any one of the OTHER groups of economic ideologists who want to rewards to ‘trickle up’ or ‘trickle down’ or ‘trickle out from the entrepreneurial middle’. ‘Trickling’ produces all sorts of involuntary transfers, of status, of risk, of opportunity, and of wealth. We are not children, we do not have to play one note. we can compose a chord of solutions.
The fantasy of the egalitarian community of common interest, for some reason, blinds left-economists and moderates alike to the inequality of function and therefore inequality of methods and incentives that different functional groups have in the economy,and by consequence the incentives of the political groups that represent them.
As Kahneman argues, people fight MUCH harder to prevent involuntary transfers than they do for their own reward. This behavior MANDATES that the four major schools, each of whom represent four groups, who represent four periodicities of human planning, conduct processes of voluntary exchange between the groups rather than attempt to support one ‘team’ winning.
For this reason I find the left’s position somewhat humorously hypocritical: a pot calling a kettle black. The methodology and incentives of WS are narrow and self serving, and the methodology of Keyensians is narrow and self serving.
I will be proven right in time — certainly more right than the Keynesians. I look at that group the way they look at wall street: myopic because of methodologically enforced ignorance, all of which is preceded by a cognitive bias, a cognitive bias which is the product of biology not wisdom. As is evidenced by their failure to grasp the principles of human cooperation that are common sense to conservatives. The conservatives are offering compromises, and have been doing so consistently (DOE and HUD). And you don’t want to pay those compromises, so they fit and fuss over creating a distraction to avoid the fact that they just want what they want regardless of the costs to others.
DEAR PROGRESSIVE ECONOMISTS. THE PROBLEM IS YOU, NOT WALL STREET, BUT YOU.
THE PROBLEM IS YOU.
You’re supposed to be smart. Try to be. Otherwise, if possessed of this knowledge you are just another person seeking involuntary transfers from others under the pretense that outcomes are kaliedic. But they are only kaliedic because of your ignorance. Ignorance others do not possess.
In that event, you are either just another fool or just another thief.
The question is whether you want to refrain from being both, and become a statesman instead.
We need some. Heck, one would do.
Seattle, WA, United States
I am an independent theorist of Political Economy in the Conservative Libertarian tradition. And as a methodological Propertarian I attempt to complete the work of Rothbard and Hoppe by suggesting post-democratic political solutions for heterogeneous polities.
"De Philosophia Aristocratia"
Anglo Conservatism is the remnant of the European Aristocratic Manorial system and the Classical Liberal philosophy of the Enlightenment, combined with our ancient tribal instincts for group persistence and land-holding. It currently consists as a set of sentiments rather than as an articulated rational philosophy. And without that rational articulation, conservatives lack the ability to create and promote a plan that is a positive and rhetorically defensible alternative to the hazards of accidental bureaucracy and purposeful socialism.
This lack of an articulated philosophy leaves conservatives vulnerable in the public debate with Schumpeterian public intellectuals whose advantage in both volume of production, and simplicity of argument poses a nearly insurmountable challenge.
Libertarianism by contrast, is a rational philosophy of an articulate but permanent minority. It is based upon a solid, rational and critical methodology, even if it is flawed in its initial assumption: the principle of non-violence.
Unfortunately the Rothbardian Anarchist movement has appropriated the term "Libertarian", and left Classical Liberals and Conservatives alienated from the only system of thought with which they need to articulate their political sentiments in rational and empirical rather than moralistic and sentimental form.
By repairing the flaws in Libertarian philosophy we can use its methodology to provide a rhetorical solution for conservatives - a language which in turn may become an articulated philosophical body of argument and advocacy for the frustrated conservative majority.
Genies Can’t Be Put Back Into Bottles
11 days ago
Reason And Fact Are Insufficient For Persuasion: Because Myth, Mysticism, And Falsehood Are More Comfortable Truths.
11 days ago
Read Engels Again: But There Are Better Primary Sources and The Natural State Is Plastic
11 days ago
The Purpose Of Philosophy: in the Analytic, Naturalistic Philosophy of Action
20 days ago
More on Hoppe (et all) vs Popper (from elsewhere)
20 days ago
Libertarianism and Justificationism
20 days ago
Dear Libertarians. Join the 21′st Century. Don’t Fight The Last War: It’s Postmodernism, Not Socialism.
28 days ago
Islamic Fundamentalism is a Totalitarian Political Movement, Not a Religion.
29 days ago
False: Krugman Gets It Wrong On Purpose Again. :)
29 days ago
Cultures Are Portfolios Of Property Rights
29 days ago
- Genies Can’t Be Put Back Into Bottles