On July 2, 2018, Reason and The Soho Forum hosted a debate between Erik Voorhees, the CEO of ShapeShift, and Peter Schiff, CEO and chief global strategist of Euro Pacific Capital. The proposition: “Bitcoin, or a similar form of cryptocurrency, will eventually replace governments’ fiat money as the preferred medium of exchange.”
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It was an Oxford-style debate in which the audience votes on the resolution at the beginning and end of the event, and the side that gains the most ground is victorious. Voorhees won by changing the minds of 15 percent of attendees.
The Soho Forum is held every month at the SubCulture Theater in Manhattan’s East Village. At the next debate, which will be held on August 27, William Easterly, professor of economics at NYU, and Joseph Stiglitz, a Nobel Prize Winner in economics and professor at Columbia, will discuss whether free markets or government action is the best way to eliminate global poverty. You can buy tickets here.
A public debate on macroeconomic theory and policy with leading thinkers from Modern Monetary Theory (MMT) and the Austrian School. Warren Mosler represents MMT, Robert Murphy, Ph.D, represents the Austrian School, and John Carney moderates.
WARREN MOSLER is an early developer of Modern Monetary Theory (MMT), the President of Valance Co, Inc., and Senior Financial Advisor to Senator Ronald E. Russell, President of the 29th Legislature of the U.S. Virgin Islands. He is the founder and current manager of the III Funds, which peaked at over $5 billion AUM in 2007 and currently manages about $1.5 billion, as well as the Founder and President of Mosler Automotive, which manufactures the MT900 sports car in Riviera Beach, Florida. Mr. Mosler has written a number of academic papers on issues relating to macroeconomics and monetary policy, and is the author of Seven Deadly Innocent Frauds of Economic Policy (2010). He maintains a personal blog, The Center of the Universe (http://moslereconomics.com), and can be followed on Twitter at http://moslereconomics.com.ROBERT MURPHY, Ph.D, is a Senior Economist with the Institute for Energy Research and an Associated Scholar at the Ludwig von Mises Institute, where he teaches at the Mises Academy. He is also an adjunct scholar at the Mackinac Center for Public Policy. From 2003 until 2006, Murphy was Visiting Assistant Professor of Economics at Hillsdale College in Michigan, U.S. From 2006 until early 2007, he was employed as a research and portfolio analyst with Laffer Associates, an economic and investment consultancy in New York. He runs the blog Free Advice (http://consultingbyrpm.com/blog) and writes a column for Townhall.com and has also written for LewRockwell.com. He is the author of a number of books including The Politically Incorrect Guide to Capitalism and Lessons for the Young Economist. MODERATOR JOHN CARNEY is a senior editor at CNBC.com, covering Wall Street, hedge funds, financial regulation and other business news. Prior to joining CNBC.com, Carney was the editor of Business Insider’s Clusterstock.com and DealBreaker.com. He has also written for The Wall Street Journal, The New York Times, The New York Sun, Page Six Magazine, Gawker, TheAtlantic.com, The Daily Beast, Time Out New York, Fortune and New York magazine. Carney practiced corporate law at firms such as Skadden, Arps, Slate, Meagher & Flom and Latham & Watkins, primarily representing banks, hedge funds and private equity firms. He received his law degree from the University of Pennsylvania.
Announcing his candidacy for the Republican nomination back in June 2015, Donald Trump stated “We need a leader that wrote ‘The Art of the Deal’ “. Tony Schwartz was the ghostwriter of the book Trump calls ‘his proudest achievement’. Schwartz has been vocal about his regrets in working on the piece, but, having worked intimately with Trump, provides a fascinating perspective into the personality and idiosyncrasies of the Republican nominee
3 Distinctive Trump Traits:
- Utter disregard for the truth & lack of conscience
- Guided by immediate self interest
- Inability to admit he was wrong
- Persevering. Aggressive in pursuit of Goals
- Manipulating the Media to get Attention
A future without a liberal class will prove to be a problem not only for the people it is supposed to protect but also for the integrity of the American democratic system as a whole.
Indeed, the government needs to have a liberal functioning class, as it acts as a safeguard against policies that are too harsh. A liberal bulwark too is often the last hope for those whom the government has wronged.
It was the liberal class, for example, that pushed reforms such as workers’ rights, saving people from complete exploitation under an unfettered free market or despotic government.
A functioning liberal class also acts as an attack dog, battling radical movements that might wish to topple a government by instituting the moderate reforms that discredit more radical action.
The liberal class can claim, rightly or wrongly, that its policies can improve a social situation without the insecurity and chaos that can come with radical change.
Furthermore, Americans have become disappointed and restless without a functioning liberal class.
The failed liberal class in the United States provides no new meaningful reforms and is thus no longer a safeguard against governmental controls. Consequently, today’s working class feels disappointed and angry.
We can also find examples throughout history of how the disappearance of a functioning liberal class has caused the collapse of entire governments.
At the end of the Weimar Republic in Germany, for example, the liberal class failed to satisfy the needs of its citizens, such as providing job security and a stable economy. With their needs unmet, the public turned to extremists on both sides of the political spectrum for support, which eventually allowed the Nazi party to rise significantly in power.
The failure of the liberal class weakens an entire political system, the consequences of which are much harsher and broader than you might initially think.
For the past several decades, world leaders, CEOs, tech titans, billionaires, philanthropists, and celebrities have descended upon Davos, Switzerland with the goal of “improving the state of the world.” Anand Giridharadas, author of Winners Take All: The Elite Charade of Changing the World, says they are part of the problem.
Trade wasn’t working for everyone.
Dynamic scheduling, underpaid, contractors, fight minimum wage, more flexible labor, tax cults for the wealthy anti-inheritance taxes, evade existing taxes, rewards offshoring, expresses no loyalty to communities. (5 min)
I don’t think arsonist need to attend at a firefighter’s convention.
Poor people are very accessible. They want someone to bear witness. They don’t have publicists.
You can’t understand inequality without understanding rich people and the systems they use to justify themselves (10 min)
Today’s elites are among the most socially away, yet also predatory
I don’t think we have free markets, we have a capitalism of monopoly, and rent seeking
Jane Meyer’s Dark Money: how we got here.
Business didn’t have power (Nixon started the EPA) and worked to understand it. They used an alliance with evangelicals and philanthropy to build power.
History is life a mob boss: we can do this the easy way or we can do this the hard way. It can go down like the civil war or women’s suffrage.
82% of new money was in the 1 percent’s hands.
It’s going to require many to become traitor’s to their class. If Gates devoted as much to pushing an estate tax, he could have a bigger impact.
I think things are changing. There aren’t going to be as many Goldman Sachs and McKinsey people in the next administration.
Free markets are still the best way to expand prosperity and reduce poverty.
I work for the president but like-minded colleagues and I have vowed to thwart parts of his agenda and his worst inclinations... The dilemma — which he does not fully grasp — is that many of the senior officials in his own administration are working diligently from within to frustrate parts of his agenda and his worst inclinations... To be clear, ours is not the popular “resistance” of the left. We want the administration to succeed and think that many of its policies have already made America safer and more prosperous... But we believe our first duty is to this country, and the president continues to act in a manner that is detrimental to the health of our republic.That is why many Trump appointees have vowed to do what we can to preserve our democratic institutions while thwarting Mr. Trump’s more misguided impulses until he is out of office.The root of the problem is the president’s amorality. Anyone who works with him knows he is not moored to any discernible first principles that guide his decision making... Although he was elected as a Republican, the president shows little affinity for ideals long espoused by conservatives:
- free minds,
- free markets and
- free people.At best, he has invoked these ideals in scripted settings. At worst, he has attacked them outright... In addition to his mass-marketing of the notion that the press is the “enemy of the people,” President Trump’s impulses are generally anti-trade and anti-democratic.
There are bright spots that the near-ceaseless negative coverage of the administration fails to capture:
- effective deregulation,
- historic tax reform, a
- more robust military and more.
But these successes have come despite — not because of — the president’s leadership style, which is
- petty and
From the White House to executive branch departments and agencies, senior officials will privately admit their daily disbelief at the commander in chief’s comments and actions. Most are working to insulate their operations from his whims.
.. Meetings with him veer off topic and off the rails, he engages in repetitive rants, and his impulsiveness results in half-baked, ill-informed and occasionally reckless decisions that have to be walked back.
“There is literally no telling whether he might change his mind from one minute to the next,” a top official complained to me recently, exasperated by an Oval Office meeting at which the president flip-flopped on a major policy decision he’d made only a week earlier.
The erratic behavior would be more concerning if it weren’t for unsung heroes in and around the White House. Some of his aides have been cast as villains by the media. But in private, they have gone to great lengths to keep bad decisions contained to the West Wing, though they are clearly not always successful.
The result is a two-track presidency.
Take foreign policy: In public and in private, President Trump shows a preference for autocrats and dictators, such as President Vladimir Putin of Russia and North Korea’s leader, Kim Jong-un, and displays little genuine appreciation for the ties that bind us to allied, like-minded nations.
Astute observers have noted, though, that the rest of the administration is operating on another track, one where countries like Russia are called out for meddling and punished accordingly, and where allies around the world are engaged as peers rather than ridiculed as rivals.
.. On Russia, for instance, the president was reluctant to expel so many of Mr. Putin’s spies as punishment for the poisoning of a former Russian spy in Britain. He complained for weeks about senior staff members letting him get boxed into further confrontation with Russia, and he expressed frustration that the United States continued to impose sanctions on the country for its malign behavior. But his national security team knew better — such actions had to be taken, to hold Moscow accountable.
.. This isn’t the work of the so-called deep state. It’s the work of the steady state.
Given the instability many witnessed, there were early whispers within the cabinet of invoking the 25th Amendment, which would start a complex process for removing the president. But no one wanted to precipitate a constitutional crisis. So we will do what we can to steer the administration in the right direction until — one way or another — it’s over.
.. The bigger concern is not what Mr. Trump has done to the presidency but rather what we as a nation have allowed him to do to us. We have sunk low with him and allowed our discourse to be stripped of civility.
.. Senator John McCain put it best in his farewell letter. All Americans should heed his words and break free of the tribalism trap, with the high aim of uniting through our shared values and love of this great nation.
.. We may no longer have Senator McCain. But we will always have his example — a lodestar for restoring honor to public life and our national dialogue. Mr. Trump may fear such honorable men, but we should revere them.
.. There is a quiet resistance within the administration of people choosing to put country first. But the real difference will be made by everyday citizens rising above politics, reaching across the aisle and resolving to shed the labels in favor of a single one: Americans.