He is claiming that “old money” got wealthy through
through the enclosure of commons, land grants, and mercantilist subsidies
And he perpetuates the fantasy that wealth in America can endure due to these “advantages”.
America has always been and is today the most fluid economy in world history, it is easier to earn tremendous wealth and lose tremendous wealth in the United States than anywhere else in the world.
He spews all the tired B.S. about the Federal Reserve and the Fiat currency that has nothing to do with who gets wealthy or stays wealthy even if you believe all the illogical arguments that condemn this structure, I have as much access to the money supply as any corporation and I have access to the same interest rates.
So does everyone else.
His intellectually disconnected and indefensible claim for why our economy cycles;
In short, financial intervention on behalf of well-heeled, well-connected groups begets recessions, depressions, and long-term unemployment, which in turn beget vulnerable working and middle classes who, ignorant of economics, are willing to accept more powerful government, which begets more intervention on behalf of the wealthy, and so on—a vicious circle indeed.
This is just ridiculous, a few favored sons do get payoffs from politicians but these rewards never save bad companies from folding or amount to a drop of water in the ocean in regards to the overall economic cycles.
Regulation destroys industries and markets but cannot create any substantial, enduring market that can only be accessed by a select group.
It is the Government class that is enriched by government action, businesses do try to predict and influence the actions of government to avoid being destroyed by getting caught off guard but there is no widespread partnership between any productive entity and government.
Efficiency and productivity still dominate over all lesser competitors, nothing the government does helps any business be efficient or productive. The only “James Taggart’s” that exist are the Ross Perot’s who exclusively provide government services as kickbacks and they are not numerous enough cause any “Booms or Busts”.
The “Westley Mouche’s” exist in all the regulatory agencies but their agenda is to empower government and destroy private concerns, they are not a “friend” to any productive entity corporate or otherwise and the “Fairness” agenda that Ayn Rand ascribes to them is not even close to the reality.
The “Rich” do not rule, the “Rich” get that way and stay that way by understanding the ramifications of the actions that those who do “Rule” will have on markets and positioning themselves out of harms way as best they can, those that do not follow the actions of the “Rulers” closely enough to protect themselves get caught with their pants down and are crushed.
I do not oppose “Managed Economies” because I cannot prosper in them, regulations are as predictable as the math tables so it is always possible to profit from the destruction they cause. I oppose “Managed Economies” because I prefer to spend my time competing and producing for my lot and I want everyone to have the Liberty to do this as well.
There are not any markets that a box-boy at the grocery store cannot access with the same ease as a bankers son, while it is sad that this reality remains largely unknown due to government schools the fact remains that most corporations are publicly traded.
That means that ANYBODY can own a piece of them with the same dollars that they spend on gourmet coffee or interest on cars that they are upside on.
Corporations are the ultimate equalizer to the economic classes, from the jobs they provide to the tax base they provide to the ownership opportunity that all have access to they are an open opportunity for everyone. If people spent more time studying markets and the actions of government toward markets they would see how some entities will be harmed and others will be in a position to prosper accordingly, that enables everyone to stay invested in the upside.
Instead, most people completely ignore the markets that they have complete access to and instead spend their time deciding what group to demonize and blame for their own ignorance while pretending that these “Corporations” are not owned by their neighbors and their own managed retirement accounts but are instead some elusive, dark enemy.
Those who choose ignorance to the science of money will never have much of it for very long, those that learn the science of money will rarely want for much. That is the source of the varying economic classes and that is also the evidence that Richman has no idea what he is talking about. If what he was preaching was true then I and all who came from working, unconnected roots would be doomed economically and all those born with a silver spoon would remain wealthy.
That is just not how it turns out in America, at least not up until this point. I find much to agree with in Richman’s writing but he buries the legitimate concepts under so much ridiculous propaganda that those who follow him end up assigning importance to all the B.S. and using it as an excuse instead of seeing how his defensible arguments (The Free Market arguments) are easier to access today than in any time in all history. Free Market principles apply in America not because our markets are perfectly “free” but because the elements that make them not “Free” do not remove the elements of competition and efficiency.
Supply and Demand still rule our economy, the government adds much cost and burden to everything so the prices we pay are higher than they would be otherwise and many markets are filled from other countries because we chase away the producers but the final price is still determined by who has the sharpest pencil.