Jeffrey Tucker is an American economics writer of the Austrian School, an advocate of anarcho-capitalism and Bitcoin, and has authored seven books. Jeffrey’s new book, coming out September 2017, is titled “Right Wing Collectivism: The Other Threat to Liberty.”
Michael and Jeffrey start the conversation talking information. Regimes come and go, but information we share with one another cuts through governments. Interactions with others and the tools we use to spread information are what shapes history, rather than governments trying to put their spin on it. Government officials are not visionaries, they do not define the world, they do not create history. They spend their term in office gearing up to get elected for their next term in office. The more responsibility taken out of government’s hands the better. This leads us to Bitcoin…
Why is Bitcoin so important? Bitcoin represents freedom. It’s an international currency, trades the same globally and has increased in value over time. Jeffery has been studying monetary theory since he was an undergraduate. He wrote his thesis on the gold standard and assumed he had the monetary system figured out. So naturally, when Bitcoin came out, he dismissed the idea. After a few years went by, he was forced to acknowledge the advancement of crypto currency. He now looks at markets far differently than he did in the first part of his career. He knows that the markets know much more than any person could ever understand.
Jeffrey switches the conversation to another passionate subject for him, child labor laws. Youth have bought into the idea of needing a college degree to get the right job. Parents see pushing higher education on their children as a way of guaranteeing their children’s success. Unfortunately, degrees are not necessary in today’s age. Youth unemployment and child labor is a major leading factor to issues later in life. Many kids never have their first job until after they graduate from college and every year thousands of college students graduate still dependent on their parents.
Michael and Jeffrey finish up the podcast discussing corporate taxes and building digital walls. The American economy would experience spectacular gains if corporate taxes were slashed. Cutting personal income tax would be nice, however corporate income taxes being cut is the first phase of reform. Our economy also is being hurt by slowing down the flow of information and trying to block it. Is the world going in the direction of building digital walls? Are governments slowing down growth potential by blocking information? Absolutely.
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