B1 Intermediate 2 Folder Collection
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Well, I believe money is important, but central banks won't control it.
Okay, Reagan pretty much understood this Reagan was the gold standard advocate, and, uh, he he understood.
And ah, and a lot of people believe Volcker effectively targeted gold when a, um when he overcame inflation in the 19 eighties, inflation, when Reagan assumed office was 15 20% a year.
Interest rates were spiking.
The whole people were predicting, Ah, peak oil peak population, peak food that famine and plague was prophesized and people through Reagan.
Reagan was remorse, Leslie optimistic.
And he was willing toe except Volker's terrible recession of the early 19 eighties in order to overcome inflation and restore the soundness of money.
Thanks to your book that he read right when you re read wealth and poverty.
When I when I wrote wealth and poverty, I didn't understand money as well as I do today.
But, uh, I've now read these six or seven more books on money and economics and and 15 more books overall and and you know a few things about money.
And so again, if people want to learn your calls on some of these monies, there's a free report we've recorded and that they can download below.
London Relent TV Ford slash reboot The the things that you talked about in wealth and poverty, which Reagan went again, went ahead and implemented was this concept that, uh, lowering taxes and reducing the size of the government would promote the economy.
I know that's probably a really simple way of saying that, Well, I actually made a more aggressive statement than that.
Everybody believed that.
Okay, what I said was lowering tax rates increase revenue and allow you to expand the government if you want.
If that's the best thing for you to do, um, you can't expand government by right?
Right?
Raising tax rates.
Raising tax rates just inhibits the private sector and reduces economic growth and progress.
So I said lower tax rates yield war revenue and the World Bank a guy named Keith Worst, and that the World Bank did it quite a good study that showed that taking all like economies of the world, the economies countries with low or declining tax rates grew their governments three times as fast is governments with higher rising tax rates and the reason the government reason the countries with low tax rates could increase their governments three times this fast.
The government spending was that they their private economies grew six times this fast.
And this is the rule.
You'd had this whole idea that that our problem is austerity that were spending too much.
And if we just, uh, raise taxes to pay for our government spending will balance of some budget or balance, um, Ledger in heaven and will prosper again is is just completely incorrect.
You that that strategy is futile.
And so even Liberte, I I think that most government programs, really most of them have lots of bad effects and probably or net Um um inflict net damage to the economy.
So I mean, certainly, uh, retrenching government is a desirable thing to do.
But that's true, regardless of what the tax rates are and what you want these air to separate challenges.
There's no no relationship between government spending and tax rates.
You raise tax rates in order to expand government in government shrinks because your economy collapses and you're no no longer capable of of achieving your government program.
Why is that so hard for us humans to understand that raising taxes are being austere is the complete wrong way to stimulate an economy.
Why is it because we had this mentality that our mom and grandma said You better save and you know it?
Z?
Because I believe that it's a comic combination of envy.
I mean, people want a tax, the rich.
I mean, this is what leftist parties constantly, um, they pretend that the richer somehow avoiding taxes and they need to pay mawr in orderto redistribute resource is from the rich to the poor.
It's all that dis distribution redistributionist idea that Karl was Karl Marx's great mistake at the time of the Industrial Revolution.
That is our final human achievement.
And from then on we just redistribute wealth.
And today it's believed that all the wealth we need is in the coffers of Google and Facebook and Walmart and and, uh, whatever l.
A Baba, and that now we just need to redistribute the existing wealth.
Amazon Bezos iss wells on Bezos wants toe anticipate these demands by setting up the global warming right?
But that's flawed because, like you said with marks, he forgot the fact that we must continually innovate as a culture.
We must learn new things, test ideas.
Like you said, Capitalism gives us the chance to do that.
So let it run is what you're trying to.
So let it run as I should when and human, the human race constantly faces big, unexpected challenges.
I mean, now where the Corona viruses a threat where capitalism could help there and sure, absolutely.
The just came from Seattle of a few days ago, where I met with Matt Schultz.
It was one of the great biotech geniuses of our and he has the four companies.
He started the address various opportunities in biotech making biotech into an information science rather than a chemical science and reprogramming human bodies to produce what they need to overcome any, um, such perils as Corona virus another.
And this is, um um, but this capitalism will solve these problems.
Government can't do anything about it.
That poor Chinese government is thrashing around trying to quarantine time people and maybe that that will work for a while.
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REDUCING ECONOMIC TAX: George Gilder On His Plan To Avoid Central Banks From Controlling Your Money

2 Folder Collection
林宜悉 published on August 1, 2020
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