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Ep226 - Mixed Mental Arts: Peter Schiff: The Cargo Cult of Libertarianism

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Mixed Mental Arts

Mixed Mental Arts

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One of the major challenges of our age is that there are a lot of words everyone uses as if we're all talking about the same thing but actually mean entirely different things. Case in point: "capitalism" gets thrown around a lot but it means something totally different to the Chicago School of Economists, Behavioral Economists, the Austrian School of Economics and to Adam Smith. Today, Hunter interviews Peter Schiff one of the most prominent voices in the libertarian movement, a word that has so many different meanings that it's hard to criticize as a whole. We can, however, look at what one man believes in this interview. What and how does Peter Schiff think? Well, I've got to say that I don't think that Peter Schiff's worldview makes much sense either internally, with what we know about human thinking, the historical record or what Adam Smith and America's Founding Fathers taught. In short, I don't think the cargo cult Peter Schiff is proposing will deliver prosperity for humanity. It will, however, deliver prosperity for him. In any evolutionary system, parasitism will emerge as a strategy and the same is true in human societies. You can create a following peddling a plausible-sounding worldview and then extract both money and political power from your followers. Usually, people think of this behavior only in terms of religion but, in fact, you can do it any arena. It applies to self-help. It applies to financial advice. It applies to political promises that gain you power but are so out of touch with reality that they have no chance of delivering your followers prosperity. So, let's look at what I took away from this. Firstly, there's where Peter and I agree. Wall Street has severe problems. It has lost touch with capitalism and confused self-interest with short-term greed that will line the pockets of bankers while destabilizing society as a whole. And I'm quite sure that Peter can help his followers make money by shorting the market. However, in that sense, he

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