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Nelson Nash, Founder [email protected]

David Stearns, Editor [email protected]

Monthly Newsletter - November 2017

Cash Value vs. Death Benefit in Life InsuranceRobertP.Murphy

In his classic work Becoming Your Own Banker, Nelson Nash claims that the standard approach tolifeinsurancehasthingsbackwards.Consumershavebeen taught toget theirdesireddeathbenefit for aslittleoutlayaspossible.YetNasharguesthatpeople’sneedforfinancewhilealiveismoreurgentthantheirneedforabenefitcheckwhendead.Inthiscontext,then,Nashconcludesthataconsumershouldbuyalifeinsurancepolicythatmaximizespremiumpaymentsandminimizesthe(initial)deathbenefit.InthisarticleI’llexplainthisseeminglycounterintuitiveapproach,becauseitunderliesNash’sInfiniteBankingConcept(IBC).

The Conventional Approach to Life Insurance

Typically,aninsuranceagentwillsizeupapotentialclient (let’s assume he’s a man) and estimate his“human life value”—how much he is worth alive,ratherthandead.Inthisrespect,theclientisappraisedfromthepointofviewofhissurvivors;hisincome-generating capacity is obviously relevant, but sotoo is the sentimental value he provides in his roleashusbandandfather(supposingheismarriedwithchildren).Oncetheagenthascomeupwithaballparkestimateof theclient’shuman lifevalue, this is theamount of death benefit for which the man shouldbe underwritten, if he wants to be “fully insured.”After all, most people wouldn’t take out merely a$100,000fireinsurancepolicyonahousethatwouldcost $300,000 to replace; theywouldwant to fully insuretheirhome.Bythesametoken,ifitwouldtake$800,000to“replace”theeconomicsupporttheman

offers his family, then the life insurance agent willinsistthemangetapolicywiththisamountofdeathbenefitcoverage.

Incidentally, tosay that thedeathbenefit“replaces”themanobviouslydoesn’tmeaninafullliteralsense.Yetthisisnodifferentfromthecaseoffireinsurance:Ifyourhouseburnsdownandyoulosefamilyphotosandotheritemsofsentimentalvalue,thecheckfromthefireinsurancecompanywon’tfullyindemnifyyouinthiscase,either.Nonetheless,thereisdefinitelyasenseinwhichyoucan“fullyinsure”the“value”ofyourhomewithafireinsurancepolicyofappropriatesize.Bythesametoken,wecanmeaningfullyspeakof“humanlifevalue”whilerecognizingthatmoneycan’tbuyeverything.

Once the client agrees on howmuch death benefithewants to purchase, the next step—in the typicalprocess—is tofind thecheapestway toobtainsuchcoverage. Inotherwords, theclientwants toobtainthe desired death benefitwith the smallest possibleout-of-pocketcontributionsintheformofpremium.

Sofarasitgoes,thereisnothingwrongwiththeabove,typicalapproachtolifeinsurance.Humanlifevalueis an incredibly important concept, and responsibleindividuals—especially if theyare thebreadwinnersinamarriageandextraespeciallyiftheyhaveyoungchildren—should obtain adequate death benefitcoverage immediately, to the extent that others arerelying upon their earning capacity. Furthermore,giventhatyouaregoingtolockinacertainamountofdeathbenefitcoverage,youobviouslywillwanttodosoongoodterms,without“overpaying”forit.

Nelson Nash Flips the Conventional Wisdom

Yet ironically, Nelson Nash’s IBC flips the above

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priorities. IBC is implemented through lifeinsurance—specifically, dividend-paying wholelife insurance.Yet it focuseson the so-called living benefits ofwhole life, rather than the deathbenefit.Nash focuseson the“banking”qualitiesofawholelife insurance policy; these are what allow you to“becomeyourownbanker.”

Not all insurance policies are created equal. Evenif we consider just a whole life insurance policy,andevenifwesettheout-of-pocketcashflowsatagivenschedule(withspecifieddollarcontributionsinvariousyears,throughoutthelifeofthepolicy),thereare stilldifferentwaysofstructuring thewhole lifepolicy.Dependingonhowthepolicyisdesigned,thepolicycaneitherstartwithahighdeathbenefitandlowcashvalue,whichthengrowsslowly.Or,ontheotherendofthespectrum,thepolicycanstartwithalowdeathbenefitandahighcashvalue,whichgrowsquicklyover time.Torepeat,youcanachieve thesedifferent outcomes—or anything in between—withthesame out-of-pocketcashflowfromtheownerintothepolicyovertheyears.

If a clientwants an insurance policy that takes fulladvantage of the “living benefits,” then the policyshouldbedesignedinsuchawaythatthecashvaluegrowth is maximized. The necessary downside ofthisconstructionisthatthedeathbenefitwon’tbeashighasitotherwisewouldhavebeen,withapolicyrequiringthesamecashflowbutenjoyinglowercashvaluegrowth.

The reason such “Nelson Nash policies” or “IBCpolicies”favorcashgrowth—attheexpenseof(initial)deathbenefit—isthatthesizeofthepolicy loan thecompanywill offer, is limited by the cash value ofthe policy at that point. Since the whole rationaleof IBC is to“borrow fromyourself” (by takingoutpolicyloanstiedtothewholelifepolicy),ratherthanborrowing from outside lenders, the constraint onimplementingIBCisalwaysthetotalavailablecashvalue in thewhole life policy (or policies) that theindividualowns.

Death Benefit Still Important, and Useful in IBC

Ishouldstressjusttoavoidanyconfusion:Someone

who implements IBCmustnot jeopardize thedeathbenefitnecessarytoprovideconventionalprotectionforhisorherdependents.Inotherwords,justbecausea“NelsonNashpolicy”minimizesthedeathbenefit,doesn’tmeanthatthedeathbenefitisirrelevant.

In particular, many younger people who start outwithamodest IBC-structuredpolicywillalsocarry(say) a 20- or 30-year term life insurance policy.This is because if thepersonhappens todieonly afew years into the IBC process, he or shemay nothaveaccumulatedenoughdeathbenefittoreplacethehumanlifevalue.

However,someonewhoimplementsIBCaggressivelywill eventually find that the death benefit becomesquite significant, replacing the term policy when itexpires.Thewell-fundedwhole lifepolicycan thenprovide excellent flexibility for retirement (orwhatNashprefers tocall“passive income”)and itopensup options for estate planning because the deathbenefit check(s) pass income tax-free to the namedbeneficiaries.

The PUA Rider

The specificmechanism bywhich a policy can tilttoward cash value accumulation vs. (initial) deathbenefit is the Paid UpAdditions (PUA) rider. ThePUA rider is appended to a base policy, allowingtheownertomakeseparatecontributionsaboveandbeyond the contractual premium necessary to keepthebasepolicyinforce.

When the owner makes a PUA contribution,technicallywhat’shappeningisthathebuysa“mini”policythatisfully“paidup”(hencethename).Whenalifeinsurancepolicyis“paidup,”itmeansthattheownerdoesn’thavetoputinanymoremoney;thelifeinsurance company is nowon the hook to send thedeathbenefitcheckwhentheinsureddies(orwhenhereachestheageofmaturity,suchas121years).

A Simple Numerical Example

TounderstandhowaPUAchangesthings,let’sfirstwalkthroughthelogicofabasepolicywithoutaPUArider.Supposea25-year-oldwomanhastakenoutawholelifeinsurancepolicywithapremiumof$5,000


BankNotes -NelsonNash’sMonthlyNewsletter-November2017peryear,andforwhichthecontractrequirespremiumpaymentsthroughouttheentirelifeofthepolicy.Intheearlyyears,thecashvalueassociatedwiththepolicywillriseyearafteryear(withthe$5,000paymentsofthebasepremium),buttheincreasewillbesluggish.However, if thewomanis indecenthealth,shewillgetanicedeathbenefitcorrespondingtothisoutlayofannualpremiums.

The reason for this pattern—an initially high deathbenefit but sluggish growth of cash value—is thatthe woman probably won’t die for many years;remember, she’s in good health and is opening thepolicy at age 25. Contractually, the young womanisonthehookforpluggingin$5,000eachyearshesticks around. Actuarially speaking, the insurancecompanyexpectsthatbythetimeitwillhavetosendadeathbenefitchecktoherbeneficiary,itwillhavereceivedmany paymentsof$5,000 fromher,whichwillallhavebeen rollingoverearning returns fromtheir respective moments of receipt. This is whytheinsurancecompanyiswillingtoagreetoofferasizabledeathbenefit (fromthemoment thecontractstarts) in exchange for her promise to send annual$5,000paymentsaslongasshestaysalive.

Nowlet’sthinkaboutthecashvalue.Firstofall,howisitcalculated?Thetextbookformulasaysthatthecashvalueis theactuariallyexpected,presentdiscountedvalue of the future death benefit to be paid, minustheflowofremainingpremiumpayments.Inplainerlanguage,thecashvalueisthe“spotlumpsumvaluerightnow”ofthebigdeathbenefitpaymentthatwillcomeatanuncertaintime,minusthe“spotlumpsumvalue right now”of the smaller premiumpaymentsthatwilllastforanuncertainlengthoftime.

Astimepassesandthewomanfaithfullymakesherpremiumpayments,thecashvaluegrows.Thismakessense, according to the formula we just described:With each passing year, the (uncertain) payment ofthedeathbenefitgetscloser,andsoitspresentvalueincreases. In addition, the (uncertain) number ofremaining premiumpayments to the company goesdown by one, and the entire schedule of paymentsis shifted closer by one year, thus decreasing theirpresentvalue.Thefirstnumbergetsbigger,whilethe

secondnumbergetssmaller.Thecashvalueisthefirstnumberminusthesecondnumber,soobviouslyeachpassingyearmakesthecashvaluegoup.

Now here’s the subtle but crucial point: Early on,whenthewomanisstillinherlate20ssay,thesetwoeffects exist but they’re not very potent.To see theroleplayedbythePUA,though,wejustneedtofocusonwhy thesecond effect (concerning the streamofremainingpremiumpayments)isnotpotent,earlyon.I’mgoingtosimplifythingsabit tomakethematheasier, but itwill get the point acrosswell enough,to simply assume that thewomanwill die for sureatage80.Thatmeansthatwhenshefirstopenedthepolicyatage25,thecompanyexpecteditwouldget55annualinstallmentsofthe$5,000premium.

Butnowthewomangets through thefirstyear; shepaysherfirstpremiumandlivestoseeage26.Whathappenstothepresentvalueoftheexpectedstringofremainingpremiumpayments?Insteadofhaving55loomingpayments,thecompanynowexpectsitwillreceiveonly54.Thedifference in thepresent value ofthosestreamshoweverismuch lowerthan$5,000,becausewhat’s“fallingout”isthevery-distant$5,000paymentthatwas55yearsinthefuture(andwhichisnowonly54yearsaway).

Forthosewhoarecomfortablewithcalculations,thetwodifferentvaluationsareperformedthefollowingway,where r is the interest rateused to turn futuredollarsintopresentdollars:

Table 1. Why Cash Value Grows Slowly, Early On

WhenWomanIs…

PresentValueofRemainingPremiumPaymentsIfAssumeDeathOccursatAge80

Age25 $5,000/(1+r)+$5,000/(1+r)2+…+$5,000/(1+r)54+$5,000/(1+r)55

Age26 $5,000/(1+r)+$5,000/(1+r)2+…+$5,000/(1+r)54

NoticeinTable1that thetwostreamsofremainingpremiumpayments are identical,except for the lastterm in the top row: $5,000/(1+r)55. Bearwithme;we’ll soonseewhy thisendsupbeing important tounderstandingthePUA.



To repeat, early in the base whole life policy, thepassageofyearsdoesn’tmake the cashvalue jumpvery much, even though the woman is paying thecontractualbasepremiumof$5,000.Thecontributionto the cash value coming from the reduction in thespotvalueoftheremainingpremiumpaymentsisveryweak,earlyon,becausethetermsthatare“droppingout”oftheformulaareheavilydiscounted.Withourspecificexample,iftheinterestrateris5percent,thenthe spot value of the remaining premiumpaymentsonlydropsby$5,000/(1.05)55≈$342.

Tobeclear,this$342isnottheonlythingcontributingto an increase in the cash value; we also have toaccountforthefactthatthedeathbenefitisoneyearcloser. (Note also that we are totally ignoring theoverhead costs—including agent commission—thatintherealworldwillaffectthecashvalueanownerispromisedintheactualcontract.Herewe’rekeepingthings as simple as possible by just looking at afew textbook issues.)But it is thevaluationsof theremainingpremiumpaymentsthatmattersomuchforthePUArider,whichiswhywe’refocusingjustonthisonecomponentofthecashvalueformula.

Now that we’ve seen what happens early in thepolicy,let’szoomtotheend,rightbeforethewomanisexpectedtodie:

Table 2. Why Cash Value Grows Faster, Later In the Policy

WhenWomanIs…

PresentValueofRemainingPremiumPaymentsIfAssumeDeathOccursatAge80

Age78 $5,000/(1+r)+$5,000/(1+r)2Age79 $5,000/(1+r)Atthispoint,therearefarfewerpremiumpaymentsleft (in an actuarially expected sense, which forsimplicitywearehererepresentingbytheassumptionthat she dies at age 80 for sure).When thewomanis78,and thenmakesanotherpremiumpayment tocarryhertoage79,thetermthat“dropsout”isnowonlydiscountedbytwoyears,not55yearsaswasthecasewhenshefirstopenedthepolicyatage25.

Withthesameinterestrateof5percent,thechangein

thetwostreamsinTable2is$5,000/(1.05)2≈$4,535,which is about thirteen times greater than occurredinTable1.Whatthisillustratesisthatasthewomangoesfromage78toage79,theincreaseinthecashvaluedue to the fact that one of the premium payments has “dropped out”is$4,535,whereaswhenshewentfromage25toage26,the“droppingout”ofthatlastpremiumpaymentonlymadehercashvaluegoupby$342.

Back to the PUA Rider

We demonstrated in the previous section that if awomanaged25werewillingtocommittoalifetime streamof$5,000annualpremiumpayments,thenshewould get a large death benefit, but the cash valuewould rise very slowly early on in the policy, andwouldonlypickupsteamyearslater.

In contrast, suppose instead she makes “one-off”arrangementseachyearwiththeinsurancecompany,whereshegivesthem$5,000forafullypaid-uppolicy.In other words, rather than her $5,000 paymentseachyearbeingpartofalongstringofcontractuallynecessarypremiumpayments, suppose instead eachpaymentbuysaself-contained,fullyfunded,“mini”policy.

Therearetwomainimplicationsofthisnewapproach.First, the death benefit associatedwith each “mini”policywill bemuch lower thanwhat the insurancecompanypromisedforthebasepolicy.Thisisbecausewiththefullyfundedminipolicies,thewomanis not on the hook to give any more money. (That’swhytheminipoliciesare“paidup.”)Theinsurancecompanyhasthe$5,000,andexpectsitcanputthatmoneytoworkinitsportfoliountilthewomandiesatage80,but that’s all the incoming funds itwill get for this specific (mini) policy.Therefore,itisobviousthatthedeath benefit associated with this particular policy,will bemuchmuch lower thanwhatwas promisedforabasewhole lifepolicywitha$5,000premiumbutwherethecontractcallsforalifetimeofpremiumpayments.

Ontheotherhand,thecashvalueoftheminipolicywill shoot up very quickly with that first premiumpayment,becauseitisthefirstand the lastpremium


BankNotes -NelsonNash’sMonthlyNewsletter-November2017payment. Remember the take-away message fromthe previous section, with ourTables 1 and 2:Thepassage of a year (and the payment of a premium)contributed more to the increase in cash value, asthe lastremainingpremiumpaymentgotcloserandcloser.

Butsincetheminipoliciesarefullypaidupafteronepremiumpayment, rightoutof the startinggate thewomanonlyhasoneremainingpaymenttomake.It’sasifshe’salreadyage78,ratherthanage25,intermsofourTablesabove.Her$5,000paymenttowardtheminipolicycausesalargeincreaseinthecashvalue(which starts at $0before she’s put in anymoney),whichismuchlargerthanwhathappensifshetakesoutastandardwholelifepolicywithalifetimebasepremiumof$5,000.

Whatwehavejustdescribedinloose,intuitivetermsis how the PUA rider can supplement a traditional,base whole life policy in order to make it moresuitable for IBC. For a desired total out-of-pocketcontributionintothepolicy,agreaterorsmallersharecanbeearmarkedforthecontractualbasepremium,with the remainder entering in the form of a PUAcontribution.ThemoreheavilythepolicytiltstowardthePUA, the lower the initial death benefit but thebiggerthejumpincashvalueyearafteryear.Ontheotherhand, themoreheavily thepolicy tilts towardbasepremium,thenthehighertheinitialdeathbenefitbutthesmallerthejumpincashvalueyearafteryear.

Conclusion

WheneverIwritearticlesdescribingthemechanicsofwholelifeinsurancepolicies,Iamforcedtochoosebetween simplicity and realism. There are manyfactorsIleftoutoftheanalysisintheabove,andevenmynumerical examplewasnotquitehowactuarieswould break down the problem. But I hope I havegiventhereaderatleastanintuitiveunderstandingofhowthePUAridertransformsanordinarywholelifepolicyintoonethatisspeciallyconfiguredasan“IBCpolicy.”

Asalways,thesediscussionshighlighttheimportanceof interested individuals finding qualified financialprofessionals to answer their specific questions and

design insurance policies tailored to the specificcircumstances of their households or businesses.ThisispreciselywhymycolleaguesandIsetuptheIBCPractitioner’sProgram.Thegraduatesarelistedhere: www.InfiniteBanking.org/Finder. I stronglyencourage any reader interested in IBC to findsomeoneonthislisttodiscussmattersfurther.

God Is a Libertarian byJesúsHuertadeSoto

Thankyouforbeingheretoday[FundaciónRafaeldelPino,Madrid,May17,2017].Onceagain,itgivesmegreatsatisfactionandjoytobeabletoaddressyouall,at (what Ibelieve is) theTenthSpanishConferenceonAustrianEconomics.Typically,mylecturescovertopics related to economic theory or libertarianphilosophy.Lastyear,Imadeanexception,forwhichIofferedadetailedexplanation,andIdeliveredabrieftalk on the subject of the political landscape at thetime. Ibelieve the situationwarranted it.Thisyear,I amgoing tomakeanotherexception,andwewilldigressbrieflyintotherealmoftheology.

A few years back, Professor María Blanco, whomaybeheretoday,interviewedmeforabookontheleadingSpanisheconomists,andIstressedthatinthemultidisciplinary approach of the Austrian school,it is very important that we not overlook theology.Philosophyandlawarequitenecessary,buttheologyisalsokey,anditisanareawemustexplore.Today,I amgoing todo some research, or at least share aseriesofreflectionsonthesphereoftheologyanditsrelationshiptothelibertarianmovement.

Myfirstwordsshouldbeofgratitude,of thanks, toPopeFrancis,becausehehasinspiredthecontentofthesereflections.Specifically,IamreferringtoPopeFrancis's comments on libertarians in hisApril 28messagetoparticipantsintheplenarysessionofthePontificalAcademy of Social Sciences. So, I thankPope Francis for providing the motivation behindwhatIamgoingtosaytoday.

IwouldliketoaddthatIpreparedthislectureintheshadeofapinetree,onthebanksoftheMediterraneanSea, atmy home inMajorca onSaturday,May 13,



2017--exactlyonehundredyearsafterOurLadyofFatimafirstappearedtothethreePortugueseshepherdchildren,Francisco,Jacinta,andLucia.Incidentally,themainmessageofOurLadyofFatimawasthatagreattragedywasgoingtostriketheworldwiththeMarxist Revolution, the triumph of the CommunistRevolution inRussia,andthatmanyprayersshouldbesaidforRussia.Theprayersseemtohavehadaneffect, and seventy-someyears later, theWall camedown,andrealsocialismdisappeared,thoughitmustbe said that cultural communism andMarxism arestillomnipresent,eveninbroadareasoftheCatholicChurch.Therefore,allowmetodedicatemyremarkstoday toOur Lady of Fatima, because a centennialcomesaroundonlyeveryonehundredyears.

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Well,Iwouldliketostartfromapremise.OurinitialpremisewillbethatGodexists.Ofcourse,thiswillcomeasashocktomanypeople.Others--believers-- will find it obvious. Still others will have theirdoubts.Manywill be put off, especially in a groupofeconomists,philosophers,freedom-lovingpeople,andlibertarians,likethegroupIamintoday.However,Iwould ask that, at least for the sake of argument,eventhosewhodonotbelieveinGodmakeanefforttoimagine,forthenextfewminutes,thatGoddoesexist.That is the starting premise ofmy entire talktoday.

Andwhat do Imeanby "God"?By "God," Imeanthe supreme, loving Creator of all the things andcreatures that have been created.Elsewhere, I havedevelopedatsomelength the theory thatoneof themostimportantcreaturestobecreatedisthehumanbeing, whom God created in his own image andlikeness, and that if there is a point of connectionbetweentheimageandlikenessofGodandofman,it lies precisely in creative entrepreneurial ability.Thehumancapacitytodiscover,tosee,andtocreatenew things (in-en-prehendo, prehendi, prehensum)connectsGodandman.Iamnotgoingtoelaborateonthattheorynow,sinceyouarealreadyfamiliarwithit,anditisexpoundedinseveralofmypapers.

Nevertheless,todayIwillgoastepfurtherandattempt

todemonstratethatGodisnotonlythesupreme,lovingCreatorofallthings,butalsoalibertarian.Thisisthemaincontentionofmyremarkstoday.So,whatdoesitmeantobea"libertarian"?Perhapsitisidleofustoposethisquestioninthecontextofthisconference.A"libertarian"issomeonewholoveshumanfreedom(which is one and indivisible). Libertarians defendfree enterprise, the creative capacity of humanbeings,andthespontaneousmarketorder.Aboveall,libertariansabhortheorganized,systematiccoercionofthosemonopolisticagenciesofviolenceweknowas"states."Inotherwritings,forinstanceinmyarticle,"Classical Liberalism versus Anarchocapitalism,"I have examined the reasons the state is not onlyunnecessary, but also highly inefficient and, moreimportantly,immoral,andwhywemustdismantleit.

So,whatdoesitmeantosaythatGodisalibertarian?(This is the next step.) What meaning should weattribute to thisphraseor expression? Itmeans thatGod, the Lord of all the universe,who has createdhislawsfromnothing,andwhothereforehasabsolutepower over the Earth and the rest of the universe,nevertheless does not use force, but always leaveshis creatures free.He gives them the freedomeventorebelagainsthim.Therearethefallenangels,forinstance. These are spiritual beings who rebelledagainst theirCreator.Godleaveshumanbeingsfreeeventorebelagainsthim.Inthissense,humanbeingsare more fortunate than the fallen angels, becausehappily,humanshavebeenredeemed.Inotherwords,Godforgiveshumanbeingsagainandagain,andheallowsthemtogetupandstartover.

Godinthreepersons:GodtheFather,GodtheSon,andGodtheHolySpirit.Healwaysletspeopledoastheywill;heletsthingshappen;heallowstheuniverse,withtheorderhehascreated,tospontaneouslyevolvebyitself.Godletsdo;heletspass;theworldgoesonbyitself."Laissez faire, laissez passer, le monde va de lui mȇme"couldbethemottoofourlibertarianGod.And this is true, even thoughman testsGod againandagainanddemandsthathemanifesthissupremepower,thathegiveuscrystalclear,undeniablesignsof his power -- and then we will believe in him.Butofcourse,Goddoesnot fall for this,becausea


BankNotes -NelsonNash’sMonthlyNewsletter-November2017forcedconversion,theresultofacataclysm,wouldbecontrarytotheinherentfreedomwhichcharacterizesthesupreme,lovingCreatorofallthings.

AtthetimeofJesus,theZealots(andtheworldisstillfullofzealotstoday)werecryingoutforthecreationof an all-powerful world state, a kingdom of theMessiah,whowouldexercisehispowerandimposehiswillon thewholeworld.Peopleaskedforothersigns as well. When Jesus hung, crucified, on thecross,theymockedhimandsaid,"IfyouaretheSonofGod,comedownfromthecross,andthenwewillbelieveinyou."ButJesus,GodtheSon,alibertarian,did not come down from the cross. And why didhe notmake fire rain down --wreak devastation --and thusmanifest thewill of the supremeCreator?LikenapalmintheVietnamWar,orDonaldTrump's"motherofallbombs."EvenapostlesasbelovedbytheSonofGodasJamesandJohn(noless)fallintothistemptationwhentheyaskJesusforpermissiontocalldownfirefromheavenandexertGod'spower.Iwillreadthispassagewordforword.WefinditinSt.Luke,chapter9.Itsays,"Ontheirwaytheyentereda village of the Samaritans tomake ready for him;buttheydidnotreceivehim,becausehisfacewassettowardJerusalem.WhenhisdisciplesJamesandJohnsawit,theysaid,'Lord,doyouwantustocommandfiretocomedownfromheavenandconsumethem?'Butheturnedandrebukedthem.Thentheywentontoanothervillage."[1]Whythisreaction?BecauseGod--inthiscase,GodtheSon--isalibertarian.

And even thoughhe has the power and capacity toestablish thebestwelfare state imaginable,God theSondoesnotgetcaughtupinanysuchplan.Wehavetheexampleofhisbest-knownspeech,theSermonontheMount,whichincludestheBeatitudes.Therewasacrowdofpeople,andJesuslatertookpityonthembecausetheyhadnothingtoeat,andheperformedthemiracleoftheMultiplicationoftheLoaves.Theyallateandweresatisfied,andtheyrealizedthatJesuswascapable of feeding thewholeworld free of charge.It seemed to them like paradise.Andwhatwas thereactionof thepeople? I amafraid that, rather thaninternalizingthemessageoftheBeatitudes,theyweretemptedby thechance toachieve, thenand there,a

welfarestate,andtheyimmediatelywantedtoappointJesusheadofstate; inshort: tomakehimking.LetusseehowtheGospelofSt.Johnputsit(6,14-15).It reads, "WhenJesus realized that theywereabouttocomeandtakehimbyforcetomakehimking,hewithdrewagain to themountainbyhimself."Why?BecauseGodtheSonisalibertarian.

And the kingdom ofGod "is not from thisworld."JesushimselfsaysthistoafrightenedofficialoftheRomanstate,who isalso inchargeof judginghim."Mykingdomisnotfromthisworld."Thismayappeartomeanthattherearetwotypesofkingdomsorstates:thekingdomsofthisworld,whichontheirownlevelarelegitimate(remember,"give...totheemperorthethings thatare theemperor’s"),and thekingdomofGod,ofheaven("...and[give]toGodthethingsthatareGod’s").Thatisthestandardinterpretation,whichhasprevaileduptonow,butIbelieveitisutterlyfalsefrombeginningtoend.

WhenJesusisaskedthetrickquestionaboutpayingtaxes to the emperor, he gets around it in a veryintelligentway."Showmethecoinusedfor the tax...Whose head is this...?” “The emperor’s.” “Givetherefore to the emperor the things that are theemperor’s,andtoGodthethingsthatareGod’s.”Andheavoidsproblemsforthetimebeing,butatnopointdoeshespecifywhatistheemperor's.Maybenothing.In fact, Jesus never paid any tax himself.The onlytimehehadtopayatax,heinstructedSt.Peter,"...Castahook,andtakethefirstfishthatcomesup,andwhenyouopenitsmouthyouwillfindashekel;takethatandgiveittothemformeandforyourself"(St.Matthew17:22-27).

IbelievethecorrectinterpretationisthatthekingdomofGod,whichistheexactoppositeofthekingdomsofthisworld,ofstates,andwhichneversystematicallyuses violence and coercion, is a kingdom that hasalreadyarrived.Ithasbeengiventousfree,inanactofimmensemercyandlove(Deus Caritas Est),anditshouldleadtothedismantlingofthekingdoms,orstates,ofthisworld,becauseGodisalibertarian,andhemademaninhisownimageandlikeness.

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Butwhataretheoriginandthenatureofthestatesorkingdomsof thisworld?Withoutadoubt(andIamgoingtotrytodemonstratethisherethisafternoon),thestateistheembodimentorinstrumentofevil,ofthedevil.Iwillshowthatthisistrue.Butfirst,allowme tomake a brief digression on the origin of thestate -- theoriginof thekingdom (orkingdoms)ofthisworld.

PerhapstheclearestexplanationisfoundintheOldTestament,inthebookofFirstSamuel.Therewereadhow the kingdoms of this world of states emergedwithadeliberateactofhumanrebellionagainst thekingdom of God.We will read from First Samuel,chapter 8.Up until then, the Israelites had lived inastateofsemi-anarchyandhadturnedtoaseriesofjudgesormediatorstosettletheirdisagreements.Butatacertainpoint,theyapproachedSamuelandsaid,"Giveusakingtogovernus."Inotherwords,"Giveusastate."WereadinFirstSamuelthatSamuelwasverydispleasedbythis,andthatheturnedtoGod,orYahweh,andsaid,"Listen,thesepeopleexpectustogivethemastate."AndwhatdoesGod,orYahweh,answer?Heliterallysaysthefollowing:"...Theyhaverejectedmefrombeingkingoverthem."Thatis,thestate,thekingdomofthisworld,aroseasthealternativetothekingdomofGod.ButGodisalibertarian,andheletspeopledoastheywill.Heletsthemdoastheywill."Youwantastate?Gorightahead.Butplease,Samuel, before they proceed, 'solemnlywarn them,andshowthemthewaysofthekingwhoshallreignoverthem.'"AndSamuel,withoutwastinganytime,calledthepeopletogetherandsaid,"So,yousayyouwantastate?Well,'Thesewillbethewaysofthekingwhowillreignoveryou:hewilltakeyoursonsandappointthemtohischariotsandtobehishorsemen,andtorunbeforehischariots;andhewillappointforhimself commandersof thousandsandcommandersoffifties,andsometoplowhisgroundandtoreaphisharvest,andtomakehisimplementsofwarandtheequipmentofhischariots.Hewilltakeyourdaughterstobeperfumersandcooksandbakers.He[thestate]willtakethebestofyourfieldsandvineyardsandoliveorchardsandgivethemtohisservants.Hewilltakethetenthofyourgrainandofyourvineyardsandgiveittohisofficersandtohisservants[justlikenow].He

willtakeyourmenservantsandmaidservants,andthebestofyourcattleandyourasses,andputthemtohiswork.Hewilltakethetenthofyourflocks,andyoushallbehisslaves.'"Well,asyoucansee,thewarningofYahwehisabundantlyclear.(Andyet,wehavethenervetocomplain.)

Anyway,thestateisthemaininstrumentofevil.Inthestate,theevilonewieldshispower.Whoistheevilone?Thedevil,thefallenangel.Whatisthegoaloftheevilone?TodestroytheworkofGod.Todestroythespontaneousorderoftheuniverse,whichincludesthespontaneousorderofthemarket.Thatishisgoal.Whoisourenemy?Whoistheenemyoflibertarians?Thedevil.Weareupagainstthedevil(wehaveourworkcutoutforus),andoneofhischiefmanifestationsisthestate.Heishardbutnotimpossibletoovercome,becausewehaveanallywhoismuchmorepowerfulthanthedevil.Thereisnodoubtthatthestateistheembodimentofthedevil.ButIamnottheonewhosaysit.Therewouldbenomeritinthat.Itwouldbeanargument fromauthority. "ProfessorHuertadeSotosaysGodexistsandthestateistheembodimentofthedevil."Anargumentfromauthority.Iamnottheonewhosaysthis.No.St.LuketheEvangelistsaysit,andthePopeEmeritusBenedictXVI,JosephRatzinger,reallydrivesithomeinhisveryremarkablebiographytitledJesus de Nazareth.Inthefirsttobepublishedofthethreevolumes,thereisasublimechapterinwhichtheauthorcommentsoneachofthetemptationsGodtheSon(thatis,Jesus)wassubjectedto.

AndinSt.Luke,chapter4,startingwithverse5,wefindadescriptionofthethirdtemptation,thegravestand the strongest.Thegospel reads, "And thedeviltookhimup,andshowedhimallthekingdoms[thatis,all thestates]of theworld inamomentof time,andsaidtohim,'ToyouIwillgiveallthisauthorityandtheirglory;[andthefollowingwordsofthedevil,recordedbytheevangelist,arekey:]for ithasbeendeliveredtome,andIgiveittowhomIwill.Ifyou,then,willworshipme, it shall all be yours.'"Thus,accordingtothedevilhimself,allofthestatesontheEarthareunderhiscommandanddependonhim.So,we can understandwhy they inflict somuch harm.What does Jesus answer? Jesus says, "It iswritten,


BankNotes -NelsonNash’sMonthlyNewsletter-November2017'YoushallworshiptheLordyourGod,andhimonlyshall you serve.'" Why is that? Because God is alibertarian.

Ratzinger himself (What a pope! What a brilliantmind!) warns that the main threat of our time liesprecisely in the deification of human reason and intheattempt,throughpseudo-scientificso-calledsocialengineering and the state, and led by governments,authoritiesandexperts, tocreatenirvana,anearthlyparadise, here and now in the world. Humanity'sgreatproblemisthatwehaveturnedthestateintoagoldencalfeveryoneworships.Thestate is the trueAntichrist.Thatiswherehumanity'sproblemlies.

Let us see how Ratzinger explains it in Jesus of Nazareth, because he does so very precisely. Iwillreadhiswords.Hewrites(andIquote),"Thetempteris not so crude as to suggest to us directly thatweshouldworshipthedevil.Hemerelysuggeststhatwe...choosetogiveprioritytoaplannedandthoroughlyorganized world..." He later mentions Soloviev asfollows:"SolovievattributestotheAntichristabookentitledThe Open Way to World Peace and Welfare.ThisbookbecomessomethingofanewBible,whoserealmessageistheworshipofwell-beingandrationalplanning." Benedict XVI returns to this idea in hisencyclical Spe Salvi, in paragraph 30, where hestronglycondemns(quote),"...thehopeofcreatingaperfectworld ... thanks to scientific knowledge andtoscientificallybasedpolitics..."Ratzingeralsogavea wonderful speech before the German parliament,inwhich he said [quoting St.Augustine], “Withoutjustice –what else is the State but a great band ofrobbers?”Andyouand I know thatboth today andhistorically,andbothquantitativelyandqualitatively,themainviolatorsandenemiesof justice (and law)havebeenpreciselythestateandthegovernment.Toputitanotherway,thephrase"astategovernedbytheruleof law" isacontradiction in terms.There isnogreaterenemyofLaw(withacapitalL)thanthestate.Wearedailywitnessestothis,fromthetimewegetuptothetimewegotobed.Well,ifthechiefenemyofLawisthestate,andRatzingerhimselfhasalreadymade clear that a government or statewhich is notsubjecttotheruleoflawisactuallyabandofrobbers,

theconclusionofthesyllogismiscrystalclear:statesandgovernmentsarebandsofrobbers.

Incidentally,Ratzingermakesanotherveryimportantpoint.Hesays,"Doyouknowwhen thechurchgotoff track? It is quite simple: themoment it becametheofficialstatechurch."Hesaysitgotofftracknotasyoumight think,with theEdict ofThessalonica,whichmadeit theofficialchurchof theempire,butbeforethat,withConstantine.TheEdictofMilan--religiousfreedom,theyearthreehundredthirteen.Buta fewyears later, in theyear threehundred twenty-one,whatdidConstantinedo?HedeclaredSundayanofficialdayofrestthroughouttheempire,inhonorofChristians.Andseveralyearsafterthat,theCouncilofNicea."Okay,thebishopscanassembleandarriveatconsensusesandagreements,but thesewillbevalidonlyifI,Constantine,approvethem."Afterthat,theCatholic Church was lost. It became an institutionin cahoots with the state. Now we can understandmanyhistoricalatrocities,includingtheCrusadesandgenocidal institutions like the Inquisition, since thechurch inmany instances became an instrument ofevilastheofficialstatechurch.Thatiswhy,accordingtoRatzinger,itisvitaltoseparatethetwoinstitutions.

However,fromanintellectualstandpoint,thegreatestharmlieselsewhere.Forcenturiesandcenturies,theChurch has been the official state church, and as aresult,a legionof intellectuals,of theologians,havedevotedalloftheireffortstoattemptingtojustifytheunjustifiable;namely,thatthestateislegitimate.Letushope that theChurchchangesdirection,and thatstarting now, it overcomes its Stockholm syndromeand begins to denounce the state, rather than thespontaneousmarketorder.

***

IbelieveIhaveestablishedthatoutoflove,Godgivesushiskingdom;thatGodisacreatorandalibertarian;andthatthemainthreattothekingdomofGodliesinthedeificationofhumanreason,The Fatal Conceit,the title of Hayek's last work. And specifically, itlies in thestates,orkingdoms,of thisworld,whichembody systematic evil. Then, what should be theguidingthemeofourdailyactions?Thatisobvious.



Wemust devote all of our intellectual and physicaleffortsandenergy,allofourbeing,tothedismantlingofstatesandtheadvancementofGod'sspontaneousorder based on love and voluntary cooperation.Logically,thisinvolvespromotingthemarket,privateproperty,theentrepreneurialeconomy,freeenterprise,thespontaneousmarketorder.Asanecessary(inanycase) but not a sufficient condition, human beingsmustalsohave theguidanceofethicsandmorality.Still,whatmostdisciplinesthewickedisthemarket.For themarketobligesus, inacontextofvoluntarycooperation, to engage in conversationwith others,to try todiscover theirneeds andpeacefully satisfythem.Itobligesustopreserveareputation,ifwewantpeopletokeepdoingbusinesswithusinthefuture.Thisexplainswhy thegreatMontesquieuarrivedatthe conclusion that "wherever there is commerce,therewemeetwithagreeablemanners."ForasPopeSaintJohnPaulIIveryclearlystated,inthemarket,mancollaborates"inaprogressivelyexpandingchainofsolidarity."Thischainreachestheremotestcornersofhumanlife.

Actually,IhavebeenreviewingthestatementsJohnPaul II makes on the church's social doctrine inCentesimus Annus, and they really are spectacular.Letusrecallafew.JohnPaulIIwritesthefollowing(and I quote): "When a firm makes a profit, thismeans that productive factors have been properlyemployedandcorrespondinghumanneedshavebeendulysatisfied."Therefore,profitshouldbesoughtnotoutofgreed,butasa signofdoinggood toothers.PopeJohnPaul IIalsowrites,"...Theprinciple taskoftheStateistoguarantee[privateproperty,amongotheressentials]..."Bravo,JohnPaul!"...toguarantee[individual freedom and private property, amongotheressentials]sothatthosewhoworkandproducecan enjoy the fruits of their labours and thus feelencouragedtoworkefficientlyandhonestly."Healsosays,"...Whereself-interestisviolentlysuppressed[bythestate--whoelse?],itisreplacedbyaburdensomesystem of bureaucratic control which dries up thewellspringsofinitiativeandcreativity."Thishappensto us every day in the oppressive environment inwhichwelive.

He specifically criticizes thewelfare state. He saysthat "a community of a higher order should notinterfere in the internal life of a community of alower order, depriving the latter of its functions..."He affirms that "...needs are best understood andsatisfiedbypeoplewhoareclosesttothemandwhoactasneighbourstothoseinneed."Hecriticizesthewelfare state as follows: "By intervening directlyanddeprivingsocietyofitsresponsibility,theSocialAssistance State leads to a loss of human energiesandaninordinateincreaseofpublicagencies,whicharedominatedmorebybureaucraticwaysofthinkingthanbyconcernforservingtheirclients,andwhichareaccompaniedbyanenormousincreaseinspending."Andwhat is the justprice?WhatdoesJohnPaul IIconsider the just price?We often hear that "Peoplemustpaythejustwage."Butwhatisthejustprice?TheHolyFatherrespondsthatitistheone"mutuallyagreeduponthroughfreebargaining."ThosearetheverywordsofPopeSaintJohnPaulII.

Andwhat conclusion do I come to? I come to theconclusion that a Catholic must be a libertarianon social issues. Igoeven further.ACatholicmustsupportprivate-propertyanarchy.Indeed,wehavejustheard a defense of private property.True economicscience shows that the onlyway a stateless systemcould possibly work is through the spontaneousmarketorderand theprivateprovisionofallpublicgoods. That is the highest stage of civilizationconceivable–theembodimentofthekingdomofGod,tothegreatestextenthumanlypossible,hereonEarth.Private-propertyanarchy;orifyouprefer,wecancallit"libertariancapitalism,"thoughthattermfrightensJohnPaulIIhere.Hereflectsontheword"capitalism"andbasicallysays,"Well, sinceeverythingnegativehas, for decades and decades, been described as'capitalism,' I propose we use another term.Whichone? 'Businesseconomy,' 'marketeconomy,'or 'freeeconomy.'"Butwhy?Letuscallthingsbytheirnames.Libertarian capitalism; private-property anarchy; orthe best expression of all: anarchocapitalism. Froma scientific standpoint, this expression is far moreaccurate than, for instance, "self-government," orother terms which lead to confusion and are trulymellifluous.Letusbeproudofbeingprivate-property


BankNotes -NelsonNash’sMonthlyNewsletter-November2017anarchists -- anarchocapitalists. In fact, God is alibertarian,andheisonourside.

Etymologically, according to theDictionary of the Spanish Royal Academy, "anarchy" means "theabsence of all public authority." The expression isperfect.Everythingwouldbeprivate,andtherewouldbe no public authority.Archein comes fromGreek.It means "rule." Archein -- rule, public authority."Anarchy":nopublicauthority.Anothertermthatcanbeusedisakrata,fromtheGreekkratos,whichmeans"absolute power." This reminds me of the famousanecdoteofHayek's declaringhimself an enemyofdemocracy.Demos - kratos.Hesays"Kratosmeans'absolutepower,'andIamagainstallabsolutepower.Absolutepower,evenifbackedbythepeople,isnotviable."So,Hayekproposesanothername--isonomyordemarchy.Youhaveallstudiedthisalready,inthethreevolumesofLaw, Legislation, and Liberty.Noabsolutepower--akrasia, akrata.Letusbeproudtobeanarchocapitalistsandakratas.

***

IwillconcludemyremarkstodaywithsomeversesbyagreatSpanishlibertarian,agreatanarchistwhowasborninSeville--MelchorRodríguez.Idonotknowifyouhaveheardofhim.MelchorRodríguezGarcía.HewasbrieflytheMayorofMadrid,thelastundertheSpanishRepublic.TogetherwithColonelCasadoandGeneralCiprianoMera, twoanarchist comrades,hestagedacoupd'étatagainstthecommunistforcesandthoseofPresidentNegrín(whowasStalin'spuppet)toendthecivilwar,andtheyweretheoneswhohandedMadridovertotheforcesofGeneralFranco.

MelchorRodríguezisalsoknownasthe"RedAngel."Andwhyisheknownasthe"RedAngel"?Becausehesavedovertwelvethousand,fivehundredprisoners(inthejailsofMadrid)frombeingmurderedorlynched.The illegal removal of prisoners in Madrid, whichendedintheParacuellosexecutions,andforwhichthecommunistSantiagoCarrillowasdirectlyresponsible(by act or omission), was immediately halted themomentMelchorRodríguezwasappointedGeneralInspectorofPrisonsbytheMinisterofJustice,GarcíaOliver, a fellow anarchist. Immediately. Rodríguez

García arrived, took up his post, and said, "It isprohibitedforanyonetoleavebetweensevenintheeveningandseveninthemorningwithoutmydirectauthorizationbytelephone."Theexecutionsstopped.

It goes without saying that there followed a hugesmearcampaignagainstMelchorRodríguez,whowasaleadingfigureintheanarchosyndicalistmovementin Spain. He was accused of being a traitor to therepublic,butheresponded,"Youarethetraitors;youhavestainedwithbloodthenobledoctrineofanarchy."Andheadded,"Onemaydieforanideal,butneverkill for one."Perhaps themost sublime exampleofdyingforanidealisprovidedbyGodtheSon--Jesus.Hediedfortheidealofredeemingallmankind.Thereisnodoubt thathewasavictimof reasonsofstateandof apoliticalplot.Avictimof stateviolence…MelchorRodríguezwasasked,"Whyhaveyoudonethis?Whydoyoudefendthefifthcolumnistswehavein jail?Are you perhaps a Catholic sympathizer?"MelchorRodríguezresponded,"IdiditnotbecauseIamCatholic,butbecauseIamalibertarian,"unawarethatCatholicandlibertarianmayhavebeentwosidesof the same coin. In addition, Melchor RodríguezGarcía, thoughhebelongedtotheIberianAnarchistFederation, also belonged to a group called "LosLibertos,"whodefendedthesepacifistandfreedom-basedviews.

Fourmonthslater,hewasdismissedfromhispostandappointed(notewhatatoughjob)GeneralInspectorofCemeteriesinMadrid.Withhisteam,heoccupiedthepalaceoftheMarquisdeViana,hereinMadrid.Hebeganbymakinganinventoryofallthecontentsof the palace.And notice how respectful of privatepropertythisanarchosyndicalistwas.Whentheownerrecoveredthepalaceafterthewar,heexpresslytoldauthorities that not one single silver teaspoon wasmissing.TheRedAngel,MelchorRodríguez,didnothavethechancetogetaneducation.Hewasbornintoanextremelypoorfamily,andhemadealivingasabullfighter,butthatcareerwascutshort.Hedevotedhimselfbodyandsoultopromotingtheanarchistideal,butfromthisfreedomperspectiveIamtalkingabout.Whenthewarwasover,hewastriedandcondemnedto death by Franco, but fortunately, and thanks to



two thousand, five hundred signatures of peoplewhoweresaved throughhisgoodoffices, includingGeneralMuñozGrandes,hewaspardoned.Hespentafewyears in jailandreturnedtocivilianlife.Andhelivedouttherestofhisdays,untiltheyear1972,inwhichhedied,practicingthenobleprofessionofinsurance agent for the company Adriática, whichmakeshimdoublylikabletome.AndIhavenodoubtthatifMelchorRodríguezhadhadtheopportunitytoreceiveaneducation,andhewereherewithustoday,theRedAngelwouldbeananarchocapitalist.

AndIconcludewiththeverseshewrote.Iquote:

"Anarchymeans:Beauty,love,poetryEquality,fraternityFeeling,freedomCulture,art,harmonyReason,thesupremeguide,Science,theexaltedtruthLife,nobility,goodnessSatisfaction,joyAllofthisisanarchy.Andanarchy,humanity."

[1]AllBiblequotationsaretakenfromtheNew Revised Standard Version Catholic Edition.

ThisarticlewasoriginallypublishedonFEE.org.

This Is What a True Liberty-Loving Politician Would Look Like byRichardM.Ebeling

Inmoderndemocracies,politicalcyclesneverend.Assoonasoneelectionisover,thoseseekingofficearealreadyrunningforthenextelection.Havingrecentlyattended a public forum of state-level candidateslookingtothe2018election,Iwonderedwhatarealfriendoffreedommightsayifhewasofferinghimselfforsuchapoliticaloffice.

Liberty Rhetoric, But Interventionist Policies

At a luncheon event several candidates running in

the forthcomingRepublicanPartyprimary inSouthCarolinamade theirpitchas towhy theyshouldbetheirparty'snominees for state legislativeoffices inthe next general election. They answered questionssubmittedbyattendeesatthelunchandmadeopeningandclosingstatementsaboutwhotheywereandwhattheystoodfor.

Nottoosurprisinglytheyall,intheirrespectiveways,said they were "pro-business," advocated lowertaxes,afreerenterprisemarketenvironment,greatertransparency, and more accountability for those inpowerinthestatecapital.

Why did each say they were running for electedoffice?Theyallhadbeeninbusinessbutnowwantedto"giveback"and"serve"theircommunities.

Whatweremajor themes inmany of the questionsdirectedat them?SouthCarolina is agrowingstatewhere international corporations are opening moremanufacturing facilities, and, asmore peoplemovetothePalmettoState,ithasanincreasingpopulationto match. Those who submitted questions wantedto know what the candidates would do, if elected,to improve andwiden road infrastructure to reduceincreasingcongestion,andhowtheywould"manage"growthinthestate?Andwhatmighttheydointermsoftaxes?Therewereothertopicsandissues,buttheseespeciallystoodout.

Withslightvariations,theyallcalledformakingsurethatgasolinetaxeswereusedforroadimprovementand repair, and not diverted to other spendingdirections; and that themoney shouldbe efficientlymanaged to see the best road repair results wereforthcoming.

On growth and development, only one believed inslowing growth; the others wanted more economicgrowthwithin thestate.Butwhile someweremoreexplicit the others, they all clearly believed thatgrowth and development needed to be harnessedwithin “reasonable” zoning and planning rules andregulations.

Also, theyallstatedthat taxeshadtobekeptundercontrol,even“cut” inmostlyunspecifiedways.But


BankNotes -NelsonNash’sMonthlyNewsletter-November2017none of them offered any program or platform foractually reducing spending and repealing programsto lower the overall burden of government on theeverydaylivesofSouthCarolinians.

What If a Candidate Believed in Liberty?

Most of the candidates highlighted their respectivecareersandaccomplishments inbusiness.Thisgavethem the experience and clear thinking to see thatthingswouldrunbetterinthestatelegislature,iftheywerefortunateenoughtoearnthevoters’supportonElectionDay.

Whatmotivatedeachoneofthem,theyemphasized,wasa“selfless”desireto“sacrifice”theirownprivateinterests to “serve others” in the community. Theywantedto“giveback”tothesociety.

Ilefttheluncheonthinkingthatifthesearethevoicesclaiming to speak for freedom and free enterprise,it demonstrates justwhat anuphill battle friendsoflibertyfaceateverylevelofgovernment.

It also got me thinking about what might a friendof liberty offer in such a contest if he chose to runfor political office. The following is an imaginarycandidate’sstatementtoaroomoflocalvoters:

"My fellow citizens, letme start off by saying thatunlikemyworthyopponentswho are appealing foryoursupportinthisprimaryrace,Ihavenointerestinsacrificingmyownself-interestforothers.I’mrunningforthislegislativeofficetogetBigGovernmentatthestate leveloffmybackasmuchaspossible, and toestablishastrictlylimitedgovernmenthereinSouthCarolina.

“What I’m proposing to do, if you vote forme, ischampionalegislativeagendathatwillfreeusallfromgovernmentalcontrol,soeachofusmaypeacefullyand honestly pursue our personal interests to thegreatestextentpossiblethatisconsistentwithrespectforourrespectiveindividualrightstolife,libertyandhonestlyacquiredproperty.

“Our state is burdened with corrupt, insider cronycapitalism in which a small group of powerfulmembersofthestatelegislaturemanipulatetaxesandtheregulatorysystemtomaintaintheirownpolitical

power through favors, privileges, and governmentcontracts to thosewho supply themwith campaigncontributionsandvotesonElectionDay.Inaddition,there have been enough instances of publicizedscandalstoknowhowsomeoftheseelected‘publicservants’ have enriched themselves by direct andindirectpoliticalplunder.”

A Platform for Liberty

“Amongthecentralelementsofmypoliticalplatformarethefollowing:

“1.Abolishthestateincometaxandthecorporatetax.Iproposemovingtonarrowlydefineduserfeesandalowsalestax,tofundwhatIproposetobeamuchsmallergovernmentinthestateofSouthCarolina.

“2. In response to those who may ask how thesemuchsmallertaxrevenueswillbesufficienttofundexpenditures at the state level, I propose to abolishalltheregulatoryagenciesthatinanywayrestrictorprohibit the operations of private enterpriseswithinthe boundaries of South Carolina. The number ofpeopleemployedby thestategovernmentwouldberadically downsized.And I will advocate reducingthe frequency and the time during which the statelegislaturemeetsforbusiness.

Basic and traditional laws against force and fraudwill easily and farmore effectively serve to handleall legitimate claims and accusations of violationsof person or property or contract that may comebeforestatecourtsratherthancityorcountyjudicialjurisdictions.

Privatizing Roads and Ending Land Use Controls

“3.Thisreversalofstateinterventionandcontrolwillincludetheprivatizationofthestatehighwayandroadsystem. Market incentives and profit opportunitieswillworkwondersforthebuilding,maintaining,andpolicingof roads,bridges, tunnels, and trafficflowsfarbetterthangovernmentmonopolyownershipandcontrol.Mysloganonthisissuewillbe,‘TimetoExitfromGovernmentRoads.’

“Have you ever noticed how quickly and cost-efficiently private development companies buildaccess roadsandparkingareasof significant length



and size? Compare that to the seemingly unendingmonthsandyearsthatittakesagovernmenttobuildor repair a road or highway, evenwhen the projectonlyconsistsofamileortwoofconstruction,andallacost-inefficientexpensetothetaxpayers.

“Local townships or citiesmay choose to continueprovidingagovernmentmonopolyonroads,bridges,and parking areas if that is the choice of the localvotingresidents.ButIproposethatthiswillnolongerbeastategovernmentalmatter.

“4.Iwilladvocate thatzoningandlanduselawsatthe municipal, county and state levels be repealed.The market should determine where cities andmanufacturing areas develop and evolve. It is timetoendthehubrisof“urbanplanners”whoarrogantlypresumetoknowhowandwherepeopleshouldlive,work, andassociate in everyday life.My sloganonthis issue is ‘Down with Land Use Regulation –PrivatePropertyPowertothePeople.’

Privatizing Education

“5. Iwillpropose theabolitionof compulsory stateschooling in South Carolina from kindergartenthrough high school. Like in many other parts oftheUnitedStates, parents often complain about thequalityandvalueoftheeducationtheirchildrenareforced to submit to under mandatory governmentschooling.

“Nothing works as well as private enterprisecompetitiontoimprovethequalityandloweringthecost of anything offered to the buying public. Thiswill be no less true if applied to educating SouthCarolina’syoung.

“The private sector may be relied upon throughcharity and philanthropy for financial assistance toattendgoodschools.

“Government funding and control over highereducation should be ended, as well. State-ownedandfinancedcollegesanduniversitiesalsoshouldbeprivatized.Theseinstitutionsofhigherlearningwouldhavetodemonstratetoparentsandstudentsthattheeducationofferedwasworththecostoftuition.Thosetuitionscheduleswouldhavetobecomecompetitive

toattractfreshmenandtransferstudents.

“Also, this will likely end most of the “politicallycorrect” ideological nonsense present on manycampuses. The market test of winning educationconsumers’businesswillsoondeterminehowmanyparents and students are willing to pay to supportcollectivist ideology in the classroom and thuggishstudent behavior around the campus. My sloganonthisissueis:‘FreeEducation–FromGovernmentControl.’

Government Out of Health Care

“6.Iwillalsoproposeandstronglypushforendingall state involvement in health care and medicalinsurance.It is timetosay‘No’tothedrift towardssocializedmedicine.

“Freeingmarketsintheareaofhealthcareandinsurancewill,likeineducation,setcompetitivemarketforcestowork to start offering reasonably pricedmedicalcare, far better than anything experienced underMedicare,Medicaid,orflounderingObamaCare.Myslogan for this issue is: ‘PrivateHealthCare –TheBestMedicineforWhatAilsUs.’

Abolishing Victimless Crime Laws

“7. I will also propose the repeal of all state-levellaws that prohibit or restrict the use of drugs. Fewthings have been as harmful to people’s lives andcommunities, including in SouthCarolina, than the‘War onDrugs.’ It has ruined tens of thousands oflivesbycriminalizingactivity that isnoconcernofthegovernment:thepersonalandprivatechoiceastowhattosmoke,eat,orotherwiseconsume.

“TheWar onDrugs has created and fostered blackmarkets and a gangland culture of violence. It hascultivatedapsychologyofhypocrisyanddisrespectforlaw,asmanypeopleinoursocietydisregardlawsconcerningpersonalconductthattheyconsidertobenobusinessofthestate.

“It has also brought about corruption of the legalsystem.Thewarondrugshasincarceratedthousandsofpeoplewhothenhavetobearthemarkof“convict”for the rest of their lives, even after getting out ofprison,whichmakeslivinganormalandproductive


BankNotes -NelsonNash’sMonthlyNewsletter-November2017lifemoredifficultthanitneedstobe.

State’s Rights Reborn For Liberty

“South Carolina bears a good part of the historicalresponsibility for discrediting the traditional ideaof ‘state’s rights’ under the U.S. Constitution. ThisconceptwasmisusedintheyearsbeforetheCivilWartojustifytheattempttomaintainaslavesociety.

“But let me suggest that South Carolina can nowdo something to redeem this important element ofconstitutional federalism. Instead of using state’srightstodenyfreedom,letSouthCarolinausestate’srights to resurrect the idea of individual liberty byfreeingcitizens fromthespider’swebofcorruptinginterventions and prohibitions that now representfar toomuch ofwhat SouthCarolina’s governmentimposesuponitscitizens.

“TheAmerican tradition of federalism includes thenotion of decentralized and divided governmentthatallowsforlocal‘experimentation’withdifferentpublic policies, rather than imposing uncertain andpossiblydamagingpoliciesoneveryoneinthecountryasawhole.ItallowscitizensindifferentpartsoftheUnited States to ‘vote with their feet’ if they findstate-levelandlocalgovernmentpoliciesunattractiveinoneplacewhilefindingotherstates’policiesmoreattractive.

“LetSouthCarolinabecomeabeaconoflibertywithinthe United States by practicing and exemplifyinga free society that serves as amodel for the rest ofAmerica,andindeedtheworld.LetusshowourfellowAmericanswhatasocietyoffreedomandprosperitycanreallylooklike.

“This is the platform and agenda I offerwhen youcometovoteonElectionDay.”

Alas, fewcandidatesforstate legislaturesanywhereintheUnitedStatesoffersuchavisionofliberty.

Indeed, that so few inoursocietyunderstand–andthemanythatwouldoppose–suchapoliticalagendaforgovernmentaldownsizingshowsjusthowfarwehavemovedinAmericaawayfromaclassicalliberalconceptionoffreedom.

Ourtaskasfriendsoffreedom,therefore,stillremainsoneofeducation, towinoverenoughAmericanssothat somedayapoliticalprogramfora freersocietywill win the support of a majority of our fellowcitizens.

RichardM.Ebeling

RichardM.EbelingisBB&TDistinguishedProfessorofEthicsandFreeEnterpriseLeadershipatTheCitadelinCharleston, SouthCarolina.Hewas president oftheFoundationforEconomicEducation(FEE)from2003to2008.

This article was originally published on FEE.org.Readtheoriginalarticle.

Murray Rothbard and the Deflation Bogey byWilliamL.Anderson

[This article was originally published August 10, 2010.]

The Paul Reveres of the economics profession areridingtheirhorses,warningAmericans,"Deflationiscoming!Deflation iscoming!"FromPaulKrugmanto Joseph Gagnon to the various mainstreamnews publications, the message is the same— thegovernmentneedstoinduceinflationnow,orelsetheeconomywillsinkfurtherintotheSlewofDespondandunemploymentwillincrease.

ArecentU.S. Newsarticledeclared,

WhenthepriceofcarsorsweatersoriPodsdeclines,it'sabreakforconsumersandawelcomesignthateconomic productivity is improving. That helpsdrive up living standards. But when the price ofeverythingdrops,it'sanalarmingdevelopmentthatportendsstagnation.

Theconsumerpriceindex,whichmeasuresinflation,declineseverynowandthen,usuallywhenthere'sabigdropinthepriceofvolatilegoodslikeenergyorfood.Buttherehasn'tbeensustaineddeflationinAmericasincetheearly1930s.Now,wemaybeonthevergeofyetanotherunnervingeconomicadventure.Inflationoverthelast12monthshasbeenascant1.1percent,



which is below the level most economists deemoptimal.Andsofarthisyear,inflationonamonthlybasishasbeennegativeasoftenasit'sbeenpositive.Theoddsaregrowingthatlowinflationcouldbecomedeflation—withsomeeconomistsworriedthatithasalreadystartedtohappen.

Thearticlecontinues,

Fallingprices cut into revenue atfirms that buildthingsandprovideservices,sotheyneedtocutcoststoremainprofitable.Thatusuallyleadstolayoffsandpaycuts.Whenpeoplebringhomelessmoney,theyinvariablyfeelworseoffandbuyless.Sodemandforproductsfallsfurther,forcingevendeeperpricecutstoenticeconsumers.Breakingthecyclebecomesadestructivegameofchickenbetweencompaniesandconsumers,withneitherwillingtotakethefirststep.But it isnot just the journalistswhoaresoundingthealarm.Gagnonwrites,

itisnowapparentthatdeflationisamoreseriousriskfortheUSeconomythaninflation.Thelatestdatashow overall declines in consumer and producerprices.Evenafterexcluding thevolatile foodandenergycomponents,coreinflationhastrendedwellbelowthe2-percentlevelthatcentralbanksviewasoptimalforeconomicgrowthandthattheFedhasadoptedasitsgoal.

Unfortunately,allofthesewarningsfailtonotewhatFrédéricBastiatoncewroteaboutwhat isseen,andwhatisnot seen.Alloftheantideflation/pro-inflationwritings(andthatincludeseverythingPaulKrugmancurrentlyisputtingout)operatesolelyupontheinitial effectsbothofinflationanddeflation.Weknowthatintheearlystagesofinflation,economicactivitypicksup,astheboombegins.Later,asAustrianeconomistshavenotedtimeandagain,theboomisunsustainable.Theearliereconomicgainsareseentobeillusoryasthe crisis begins, and ultimately the economy sinksintorecession.

The pro-inflation writings of the current classof economic "experts" demonstrate a greatmisunderstandingoftheroleofmoneyintheeconomy.In itsmost crude form, thisview isbasedupon the

beliefthatanadditionofmoneytoaneconomyisanadditionofwealth itself, although Idoubt seriouslythateitherGagnonorKrugmanwouldadmitsuchathing.

There are some education issues here, the mostimportantbeinganexplanationofwhatreallyhappensduring aperiodofdeflation— the entireperiod—as opposed to how most economists (especiallyKeynesians) and journalists, not to mention nearlyeveryoneelse,explainsit.

The important thing that most people do notunderstand is that inflation and deflation have aprofound effect upon the factors of production.Furthermore,peopledon'tunderstandthatduringthecourseofeitheraninflationaryperiodordeflationaryperiod, theadjustmentsof thefactors iscontinuous,notstatic,andtheearlystagesofeithersituationarenotpermanent.

Whenwe thinkof risingor fallingprices,generallywe are referring to consumer prices, and certainlytheyareaffectedbyinflationanddeflation.However,that is only part of the equation. Because somuchmainstream economic analysis is done eitherwith factor prices as a "given" or done with theassumption that factors are homogeneous, themostimportanteffectsof inflationanddeflationoftenarenot recognized by "professional" economists or thegeneralpublic.

Rothbard's Analysis

One economist who did not make the error ofoverlooking the effects of monetary changes onfactorswasMurrayN.Rothbard,andhisclassicMan, Economy, and Statedealswith these issues ingreatdetail.Obviously,ashortarticlelikethiscannotgivejusticetoallofRothbard'sexplanations,soIstronglyrecommendthatyousitdownwiththisbookandreaditinitsentirety.

Inthisarticle,however,IwillpointoutwhyRothbard'sexplanations of inflation and deflation are morecompleteandmoreaccuratethanwhatweseeinthemainstreamtoday.First,Rothbardtakeson inflationanditseffectsontheeconomy.Hewrites,


BankNotes -NelsonNash’sMonthlyNewsletter-November2017Credit expansion has, of course, the same effectas any sort of inflation: prices tend to rise as themoney supply increases. Like any inflation, it isa process of redistribution,whereby the inflators,and thepartof theeconomyselling to them,gainattheexpenseofthosewhocomelastinlineinthespendingprocess.Thisisthecharmofinflation—for thebeneficiaries—and the reasonwhy ithasbeensopopular,particularlysincemodernbankingprocesses have camouflaged its significance forthose losers who are far removed from bankingoperations.Thegainstotheinflatorsarevisibleanddramatic; the losses to others hidden and unseen,but just as effective for all that. Just as half theeconomyaretaxpayersandhalftax-consumers,sohalf theeconomyare inflation-payersand therestinflation-consumers.

Mostofthesegainsandlosseswillbe"short-run"or "one-shot"; theywill occur during the processofinflation,butwillceaseafterthenewmonetaryequilibrium is reached. The inflators make theirgains, but after the new money supply has beendiffused throughout the economy, the inflationarygainsandlossesareended.

Indeed,thatispreciselywhysomanypeoplewhohavebenefittedfrominflationarelikelytocallforanotherround. As the political and monetary authoritiescontinuetoinflate,Rothbardnotesthatthefollowingthingshappen,thingsthatseeminglyareinvisibletoeconomistsnottrainedtoseeinflation'seffectsuponthefactors:

Inflation also changes the market's consumption/investmentratio.Superficially,itseemsthatcreditexpansion greatly increases capital, for the newmoney enters the market as equivalent to newsavings for lending.Since thenew"bankmoney"isapparentlyaddedtothesupplyofsavingsonthecreditmarket,businessescannowborrowatalowerrateofinterest;henceinflationarycreditexpansionseemstooffertheidealescapefromtimepreference,aswellasaninexhaustiblefountofaddedcapital.

Likewise,thiseconomicactivitywillseemprofitableatfirst,drawingmorefirmsintoanindustry.Rothbard

continues,

Conversely,therewillbeadeficiencyofinvestmentelsewhere. Thus, the error distorts the market'ssystem of allocating resources and reduces itseffectivenessinsatisfyingtheconsumer.Theerrorwill alsobegreatest in thosefirmswith agreaterproportion of capital equipment to product, andsimilar distorting effects will take place throughexcessive investment in heavily "capitalized"industries,offsetbyunderinvestmentelsewhere.

At this point, the crisis is inevitable and only canbe stopped when the malinvestments themselvesarestopped.Unfortunately,aswehaveseen,peoplein these industries (especially if they are politicallywell-connected, as we saw in the General Motors/Chrysler andWall Street debacles and bailouts) areoftenabletoconvinceauthoritiestocontinuetopropupthesemalinvestmentsbytakingtheresourcesaway from the relativelyhealthyfirmsand individuals. Inotherwords, theyoftenaresuccessful incontinuingthetransfer,notbyinflationperse,butbymoreovertmeansofdirectexpropriationofproperty.

Thatiswherewearetoday,andwecanseetheresults.However, there really is a cure, even if people likeGagnonandKrugmancannotseeit—deflation.Onceagain,Rothbard'sclearheadedanalysisleadstheway.First,Rothbardpointsoutthatdeflationisasecondary development; that is, it comes after the initialmalinvestmentscrisesandisaneffect,notacause,ofthedownturn.Hewrites,

After thecrisis arrivesand thedepressionbegins,various secondary developments often occur. Inparticular,forreasonsthatwillbediscussedfurtherbelow,thecrisisisoftenmarkednotonlybyahalt tocreditexpansion,butbyanactualdeflation—acontraction in the supplyofmoney.Thedeflation causesafurtherdeclineinprices.Anyincreaseinthe demand for money will speed up adjustmentto the lower prices. Furthermore, when deflationtakesplacefirston the loanmarket, i.e.,ascredit contraction by the banks — and this is almostalways the case — this will have the beneficial



effect of speeding up the depression-adjustmentprocess.

Most people, including themajority of economists,make their error in the failure to see that the initialeffects arenotpermanent,provided thegovernmentandthemonetaryauthoritiespermittheseadjustmentstooccur.Justasinflationhasaveryrealandharmfuleffectupontherelativevaluesoffactorsofproduction,deflation also has an effect on the factors, but theeffect over time is to return those factors to theirproper proportional values, according to consumerpreferences.

Toputitanotherway,theeconomyrightnowneedsdeflation, yet all of the public voices are shoutingthatwhatwereallyneedisfortheeconomytotakeanother"hairofthedog."Rothbardexplains,

Justasinflationisgenerallypopularforitsnarcoticeffect, deflation is always highly unpopular forthe opposite reason.The contraction ofmoney isvisible; thebenefits to thosewhosebuyingpricesfallfirst andwho losemoney last remainhidden.Andtheillusoryaccountinglossesofdeflationmakebusinessesbelieve that their losses aregreater, orprofitssmaller,thantheyactuallyare,andthiswillaggravatebusinesspessimism.

It is true that deflation takes fromone group andgivestoanother,asdoesinflation.Yetnotonlydoescredit contraction speed recovery and counteractthedistortionsoftheboom,butitalso,inabroadsense,takesawayfromtheoriginalcoercivegainersandbenefitstheoriginalcoercedlosers.Whilethiswillcertainlynotbetrueineverycase,inthebroadsensemuchthesamegroupswillbenefitandlose,butinreverseorderfromthatoftheredistributiveeffects of credit expansion. Fixed-income groups,widowsandorphans,willgain,andbusinessesandownersoforiginalfactorspreviouslyreapinggainsfrominflationwilllose.Thelongertheinflationhascontinued,ofcourse,thelessthesameindividualswillbecompensated.

Some may object that deflation "causes"unemployment.However,aswehaveseenabove,deflation can lead to continuing unemployment

only if the government or the unions keep wageratesabovethediscountedmarginalvalueproductsoflabor.Ifwageratesareallowedtofallfreely,nocontinuingunemploymentwilloccur.

However, today's Keynesians (and other so-calledfree-marketmainstream economists) claim that thissupposeddownwardspiralgoesonforever,untiltheeconomy ismired in long-term depression.Not so,arguesRothbard.

Finally, deflationary credit contraction is,necessarily, severely limited. Whereas credit canexpand … virtually to infinity, circulating creditcancontractonlyasfardownasthe total amount of specie in circulation. In short, its maximumpossible limit is the eradication of all previouscreditexpansion.

Inotherwords,contrathecurrentsetof"experts,"thiseconomy really needs a strong bout of deflation toeradicatetherestofthemalinvestmentsandtopermittheeconomytohavearealrecovery.Unfortunately,wehaveseentheauthoritiesruntheotherway,tryingtoinflate(callingita"stimulus")andthenwatchingthe rates of unemployment increase and confidencedecrease.

Right now, theAustrians seem to be the economicversionofCassandra,predictingthefutureandgivingsoundadvice,onlytoberejectedbymostacademiceconomistsandcertainlythepoliticians.Krugmanlastyeardemanded that thegovernment "stop thepain"via inflation and dramatic increases in governmentspending.

Unfortunately,moredosesofinflationwillnotstopthepain,atleastanylonger,andthemorethegovernmentinflatesandrecklesslyspends,theworsethepainwillbe.Thevery"cure"of inflationwillbewhatmakestheeconomysicker.However,ifwewouldbewillingto experience the real economic pain just a littlelonger, a real recoverywouldbearound thecorner.Infact,hadtheauthoritiesmorethantwoyearsagoagreedtostopthefoolishnessofpromotinginflationandmalinvestments,wewouldbeinrecoverynow.

Unfortunately,thereisgoingtobenorecovery,atleast


BankNotes -NelsonNash’sMonthlyNewsletter-November2017foralongtime.Deflationistheanswer,butfewarelistening. Rothbard understood this fact intimately.Thosewhorejecthiswisecounselwilllivetoregretit.

ReprintedfromMises.org

Nelson’s Favorite Quotes

“Itishard,ifnotimpossible,toremovebyargumentthetraitsthathavelongsincebeenincorporatedinthecharacter.“-Aristotle

“ThestateisthetrueAntichrist.Thatiswherehumanity'sproblemlie.”-JesúsHuertadeSoto

Nelson’s New Book Recommendationshttps://infinitebanking.org/books/

The Knowledge Illusion: Why We Never Think Alone byStevenSloman,PhilipFernbach

America’s Great Game: The CIA’s Secret Arabists and the Shaping of the Modern Middle East byHughWilford

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Morristown, NJ - IBC Seminar November 4, 2017 HearNelsonNash,DrRobertMurphyandCarlosLaraliveinthis6-hourseminar.For Registration information contact:

• TomO’Connell,[email protected]

• orLyneahJ.Madrid,[email protected]

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