Description

David Stockman is the bestselling author of Trumped and The Great Deformation. He joins Albert at the 2017 Sprott Natural Resource Symposium following his keynote address.

** Tweet comments @AlbertKLu #davidstockman **

Interview Highlights
[0:28] All prices are falsified and distorted
[2:44] Stock prices are a pig going through a python
[3:27] Can the Fed shrink the balance sheet without crashing the bond market?
[4:16] Everybody is a speculator now
[5:43] How big is the repo financing problem in the bond market?
[8:37] The Great Reagan Expansion was actually an experiment in Keynesian economics
[10:52] Sell the stocks. Sell the house. Sell the wife. Sell the kids. Sell everything.

About the guest
David Stockman is the ultimate Washington insider turned iconoclast. He began his career in Washington as a young man and quickly rose through the ranks of the Republican Party to become the Director of the Office of Management and Budget under President Ronald Reagan. After leaving the White House, Stockman had a 20-year career on Wall Street.

Contact him via:
Web: davidstockmanscontracorner.com/

About the host: Albert Lu is the President & CEO of Sprott US Media.

Contact him via:
Twitter @AlbertKLu
Web at sprottmedia.com

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discussions

  • There are some ways in which buying a house can be a path to independent living.   On the other hand, we’re expecting currency devaluation and the housing market is propped up on limbo rates. Is it worth taking on debt to buy? Will inflation eat away at the principal, or would you have been better off in PMs?   Have you bought recently? What factored into your decision?

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  • Perhaps you will find this magnificent BBC documentary interesting. It tells the story of the ancient city of Caral, a little north of Lima on the coast of Peru, which is arguably the oldest city in and the beginning of civilization in the Americas. The Lost Pyramids Of Caral There are two points I would like to make about the story told therein of Caral which I think are relevant to libertarians. 1) The early civilization of Caral apparently arose purely out of commerce. This confirms the insights of the Austrian school of economics. And it may be an example of a commercially organized cooperative human society that antedates the rise of any state. 2) This contradicts the presumptions brought to the study by the archaeologists. For one example, at 7:20 one states the following. You can’t build … on the basis of consensus. You have to have leaders and followers. You have to have specialists. You have to have people who are in charge. People who can tell individual groups, alright, today you will be doing this. This group you are going to be doing something different. In other words, in his academic world, the possibility is inconceivable of that human cooperation could be organized by trade — the marketplace — rather than authority.

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  • History shows that control of the individual is achieved through the factors of production: labor, land, capital control through labor = slavery control through land = feudalism control through capital = the debt system Government is not necessary to control individuals through the factors of production. It is only necessary to own the factor of production. A study of history reveals multiple examples of this control. Are there any examples when this control of the individual through the factors of production has not existed?

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  • Hello – this is troi+ founder of eris.tv or ‘the Eris Episodes’, which one might call a decentralized ‘shark tank’ for voluntaryist entrepreneurs. Eris, is the Greek goddess of chaos, who, it has been written, pitched the ‘golden apple of discord’, inscribed “kallisti” or “to the fairest”, upon a feast of the gods, thus sparking a vanity-fueled dispute among Hera, Athena, and Aphrodite, that eventually led to the Trojan War. Episode (plural episodes) An incident or action standing out by itself, but more or less connected with a complete series of events. An installment of a drama told in parts, as in a TV series. the Eris Episodes…. As many inhabitants of bastiatinstitute.org know, the Eris Society, founded by Doug Casey in 1981, was a loose association of free-thinkers who met once per year in Aspen, Colorado, to share original and discordant ideas. Eris.tv hopes to pick up where Casey and his fellow Erisians left off in 2007, with two big differences. The first and obvious difference is that it’s 2015 and we have a lot better communication and collaboration technology now, thus, eris.tv can be participated in without getting on an airplane. The second difference is methodological. Where the original Eris Society was more about the discussion of libertarian ideas in their abstract, (note that I only attended Eris 2000 so I am not an authority on this point)… these new ‘eris episodes’ will be all about entrepreneurs designing, building, and launching the voluntaryist enterprises that might engineer us freedom in reality. I can think of several projects right now that have founders which would make great ‘apple tossers’ and I am sure you can too. If you, or someone you know, have a voluntaryist enterprise that you think would benefit from being pitched on eris.tv then you should contact me. Before I get into the nuts and bolts of how I think that eris.tv might opperate with decentralized awesomeness… let me just say a few words about branding. I started off working on this idea about a month ago within the NXT crypto community, and called it nxtpit.ch (which was a fitting name for the concept). However, I now feel that a broader reaching brand is needed to include both goldbugs and bitslugs too, as well as include the elusive anarcho-capitalist often found here on bastiatinstitute.org Before tentatively deciding on eris.tv this morning, I wrote out several brands (domains) which may or may not be good fits for the idea of “a ‘shark tank’ for voluntaryist entrepreneurs”. Here are the runners up… please inform me if you like one more than eris.tv or if you have a better name! Thanks. nxtpit.ch (got it) libertypit.ch nextpit.ch freepit.ch fundpit.ch openpit.ch creativepit.ch creativemo.de (got it) eris.tv (got it) eris.fund erisfund.com prometheum.io (got it) herdofcats.co (just joking) freedomengineering.org (got it)   eris.tv in a nutshell; a platform for voluntaryist entrepreneurs to pitch enterprises that will strike a note of discord with authoritarian infrastructure, while at the same time, twang harmoniously with the jug band of individual liberty.   Participants are free to, (1) watch eris.tv and post questions to the ‘apple tosser’, (2) invest capital, code, or other creative skills in exchange for product, equity, or “thanks!”, (3) volunteer to produce an Eris Episode, especially if they have a profit motive in doing so, (4) volunteer to pitch their own voluntaryist enterprise, and (5) volunteer to play the role of one of the Greek gods (our version of ‘shark’ or ‘dragon’), and question, negotiate, invest, or strike a mortal with a lightning bolt. Second half of this post is forthcoming, tonight before the live event, ‘Free Spirits’ at 10 pm eastern here on bastiatinstitute.org ~ cheers

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  • In the, now famous, clip above Milton Friedman makes the argument that the market imposes costs to discrimination where ‘equal work’ laws would not. Is there a name for this economic insight? Can this be applied to other aspects of life, and if so, how?

    Jump to Discussion Post 1 reply