Libertarianism – Freedom Toons http://freedomtoons.org/ Mon, 21 Nov 2022 06:41:42 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://freedomtoons.org/wp-content/uploads/2021/05/default.png Libertarianism – Freedom Toons http://freedomtoons.org/ 32 32 With Crypto in Retreat, Central Banks Take a Quantum Leap https://freedomtoons.org/with-crypto-in-retreat-central-banks-take-a-quantum-leap/ Mon, 21 Nov 2022 06:41:42 +0000 https://freedomtoons.org/with-crypto-in-retreat-central-banks-take-a-quantum-leap/ Comment this story Comment In the chaos surrounding the collapse of Sam Bankman-Fried’s empire, it’s easy to lose sight of what died in this year’s crypto carnage and what lives on. The greatest casualty is “anarcho-capitalism“, championed by engineer Timothy May in the 1990s, as interactions in cyberspace unconstrained by external regulation, taxation or interference […]]]>

Comment

In the chaos surrounding the collapse of Sam Bankman-Fried’s empire, it’s easy to lose sight of what died in this year’s crypto carnage and what lives on. The greatest casualty is “anarcho-capitalism“, championed by engineer Timothy May in the 1990s, as interactions in cyberspace unconstrained by external regulation, taxation or interference – in short, the absence of government.

This libertarian zeal, encoded in the DNA of Bitcoin and all other virtual tokens, will not survive the recent turmoil in the blockchain world. If investors have to turn to the courts to recoup their FTX losses, they will want intermediaries and protocols to be supervised and secure. The risky shadow banking of allowing people to exchange their fiat currency for digital assets is coming to an end.

What will thrive even after this year’s crash, however, is crypto money.

The idea for credential-less security came from privacy pioneer David Chaum, who invented the so-called blind signature in 1982. A decade later, eCash, the world’s first digital currency, would roll out the technique. Anarcho-capitalists loved crypto for its promise to “make Big Brother obsolete” – half the title of a famous 1985 article by Chaum. However, in 2022, the biggest potential client of these tools is none other than the central banks, entities at the peak of the financial power of States. What looked like a weapon of anarchy for May’s cypherpunk movement has been repurposed as technology to preserve and update the existing monetary order.

Chaum himself is collaborating with a Swiss National Bank official on a plan for eCash 2.0, touting it as “provably secure against counterfeiting even by a quantum computer” and “an ideal candidate for central bank digital currency.” If the protocol proves to be in working order, the grumpy public sector will reinvent itself as the leading 21st century provider of a token that is more private than money and yet more hostile to criminals. The private sector crypto industry will have to play second fiddle to this better money.

The Bank for International Settlements is carrying out a project around the ideas proposed by Chaum and his co-author, Thomas Moser, deputy member of the board of directors of the SNB. The Tourbillon project will explore the best possible combination of resilience, scalability and privacy in a prototype central bank digital currency.

As Ethereum co-founder Vitalik Buterin has shown, blockchain-based payment systems face a trilemma. Everyone wants more secure networks. But the more complex the cryptography, the slower the scalability of the system or its ability to handle a large number of transactions. To get things done quickly when there is both a technical and economic limit on the number of consensus decisions that can be made and encouraged per second, you may have to skimp on decentralization, leaving the network vulnerable to attacks from malicious actors or diluting the guarantees of confidentiality.

Chaum and Moser have a solution. To increase speed to the levels of Visa Inc. and PayPal Holdings Inc., they offer a network that is not based on distributed ledger technology, although it is possible to connect eCash 2.0 to a public blockchain. To improve privacy, they make the currency anonymous. But all money senders will have an irrevocable right to nullify the anonymity of any value withdrawn from their accounts: malware will not be able to hide behind small users to aggregate and move large sums. (Even the banks find this a difficult problem to solve. Remember the scandal around the Commonwealth Bank of Australia’s ATMs, used by the mules of a drug syndicate to launder millions of dollars? .)

Finally, to bolster security, the researchers promise to deploy what the U.S. Department of Commerce’s National Institute of Standards and Technology has found to be the most well-known type of quantum-resistant cryptography. No wonder the quiet world of central banking is excited about the prototype that will emerge from the Tourbillon project. This might just be the digital money everyone’s been waiting for – one that doesn’t scare people away with the threat of 24/7 surveillance. “If you choose to use government-issued money, the government shouldn’t be able to see how you’re spending it,” Chaum told CoinDesk. Users, however, should be able to protect themselves against scams.

If Tourbillon is successful, it could have wholesale and retail applications. For end consumers, the experience of transacting in central bank digital currency will be like withdrawing physical cash from their bank accounts – except their phones will act as ATMs. In the absence of internet, payments will be secured using an additional card. Ultimately, the release of distributed ledger technology speed limits could allow banks to use eCash 2.0 issued by their monetary authorities to transfer money across borders in seconds, resulting in huge savings for small businesses and consumers around the world.

It was Mark Zuckerberg’s now abandoned idea of ​​Libra, a new global currency to meet the “daily financial needs of billions of people,” that shook the authorities: their monopoly on money was under siege. But now that they’ve joined the fight, central banks are in no mood to leave a swathe of finance entirely in the thrall of the private sector. Monetary authorities in Switzerland, Singapore and France are exploring ways to automate currency exchange via smart contracts. These self-executing computer codes are the foundation of decentralized finance, based on the utopian principle of freedom from governments and large custodian organizations. After this year’s debacles in the world of digital assets, it’s clear that the state is here to stay, not by suppressing consumer choice, but by using crypto to provide a superior alternative.

More from Bloomberg Opinion:

• The Far West of crypto claims another victim: Lionel Laurent

• Matt Levine’s money tricks: FTX wasn’t very careful

• Central banks can save DeFi. Really: Andy Mukherjee

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services in Asia. Previously, he worked for Reuters, the Straits Times and Bloomberg News.

More stories like this are available at bloomberg.com/opinion

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Libertarian Party claims to have achieved major party status in Pennsylvania for the first time in 20 years | national news https://freedomtoons.org/libertarian-party-claims-to-have-achieved-major-party-status-in-pennsylvania-for-the-first-time-in-20-years-national-news/ Fri, 18 Nov 2022 19:12:58 +0000 https://freedomtoons.org/libertarian-party-claims-to-have-achieved-major-party-status-in-pennsylvania-for-the-first-time-in-20-years-national-news/ Harrisburg, Pennsylvania — In the 2022 midterm election cycle, the Libertarian Party of Pennsylvania says it fielded more legislative candidates than in the past three decades. Libertarian commentator Thomas Woods Jr disputed these claims by the LPPA saying that the party fielded more candidates in 2018 than in 2022. He also clarified the difference by […]]]>

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Libertarian Party embraces anti-Semitism | Boing Boing https://freedomtoons.org/libertarian-party-embraces-anti-semitism-boing-boing/ Tue, 15 Nov 2022 14:51:57 +0000 https://freedomtoons.org/libertarian-party-embraces-anti-semitism-boing-boing/ The Libertarian Party has recently been taken over by its most right-wing wing, the so-called “Mises caucus” for a dead economist they want to be associated with. If you’ve ever felt the term “libertarian” was unfairly loaded by its association with crypto-Nazis, attached pedophiles, and outright lunatics, I’m afraid those guys are now leading the […]]]>

The Libertarian Party has recently been taken over by its most right-wing wing, the so-called “Mises caucus” for a dead economist they want to be associated with. If you’ve ever felt the term “libertarian” was unfairly loaded by its association with crypto-Nazis, attached pedophiles, and outright lunatics, I’m afraid those guys are now leading the party. policy that bears this name. The vocal anti-Semitism coming from unexpected quarters brings an immediately liberating effect: here is his take on Sam Bankman-Fried, the disgraced crypto brother whose exchange crashed spectacularly last week. The depiction incorporates the anti-Semitic “happy merchant” meme.

National Libertarian Committee Chair Angela McArdle says “it’s a pretty normal hand posture in the photographs,” but there’s no way it happened by coincidence, accidentally, or even unknowingly. It is drawn.

“If you think whoever created this meme did it accidentally,” wrote @fakertarians“I have a great beachfront property in Idaho for you to sell.”

Don’t be so grateful that these guys went up against Mehmet Oz and Herschel Walker in last week’s midterm elections: they brought out their own crowd, and that was it.

Namely, “It’s not what you think it is, but what you think is good”

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Libertarian Solutions to Inflation | learn freedom https://freedomtoons.org/libertarian-solutions-to-inflation-learn-freedom/ Thu, 10 Nov 2022 21:02:42 +0000 https://freedomtoons.org/libertarian-solutions-to-inflation-learn-freedom/ Inflation has been the big problem of 2022. For almost everyone, the problem has become increasingly impossible to ignore. Prices continue to rise, the value of our savings declines. Inflation effectively steals our future. But as long as half the country believes it is caused by the war in Ukraine, COVID, corporate profits, or that […]]]>

Inflation has been the big problem of 2022. For almost everyone, the problem has become increasingly impossible to ignore. Prices continue to rise, the value of our savings declines. Inflation effectively steals our future.

But as long as half the country believes it is caused by the war in Ukraine, COVID, corporate profits, or that inflation like this is new and temporary, there will never be proper solutions. to inflation.

At best, it will be seen as one of those random issues that we have to deal with in a crisis. At worst, policies such as price controls and other government interventions will gain momentum.

Moreover, we must act to curb inflation with After freedom.

Since libertarianism is above all a humble ideology – it does not seek to have all the answers – this list will not be exhaustive. However, there are three main ways to fight inflation and its effects with more freedom.

The first and most obvious are policy changes. Since the policies of the Federal Reserve are what have led us to this pandemic, the first and most obvious solution is to permanently turn off the money printer, remove the ability of the US Federal Reserve to centrally control the entire US economy and allow something resembling competition to take over. .

Take the future of the economy out of the hands of seven bankers and put it back in the hands of entrepreneurs, consumers and American citizens. Finished the Fed.

It’s a big pill to swallow, though. So another thing that can ease the pain of inflation today is to lower import and export restrictions.

When the US economy is struggling, one of the things it can do is import goods from other countries to help consumers avoid highly inflated prices. For months, there’s been a nationwide formula shortage — not because there wasn’t enough formula in production, but because the Food and Drug Administration banned the importation. formula, even though it met roughly the same safety standards as American formula. Now that this restriction has been lifted, the shortage is on the way to being resolved.

Another broader example is the Merchant Marine Act of 1920, or the Jones Act. This law requires that all ships that transport goods into the United States be owned, equipped, registered and built by Americans.

If you think it must be a small number of ships, you’re right. These restrictions mean that the freighter fleet supplying imported goods for the entire United States is only 99 vessels. By some estimates, repeal of the Jones Act would reduce inflated shipping costs by up to 50% and bring temporary relief to Americans.

However, any libertarian who can only offer political solutions to problems is not very good, and there are two other major ways to help reduce the sting of inflation, and even ultimately solve it, without a single act from a politician. .

The first category is private market solutions. This includes driving the adoption of cryptocurrency. One of the most attractive features of e-currencies such as Bitcoin is the lack of centralized economic control. Instead of a central bank determining the value of money, users determine the value of money.

As a store of value, as of February 2022, the US dollar had lost 95% of its value against Bitcoin over the past five years. Moving people to decentralized currencies like Bitcoin may be the best inflation defense we have.

The final category is voluntary solutions for those who have been hit by the sting of inflation. Food banks have seen a significant increase in demand, but donations have dropped significantly. Claire Babineaux-Fontenot, executive director of Feeding America, the largest network of food banks in the United States, said: “You are in the middle of a battle and people are leaving the field.”

There are many other ways to help without donating to existing organizations. Host a Thanksgiving dinner. Bring a family home for Christmas. Pay someone’s utilities this month. A libertarian response to inflation should include investing our time and our money to serve those most affected by rising prices.

There is no single policy or program that has done more to steal our generation’s future than inflation. For all their importance, high taxes, strict regulations, and even restrictions related to social issues have not impacted my generation’s ability to live in our society, such as reducing by 97% reward for our work.

For the first time in over 100 years, Americans are listening. Their ears are pointed for the I-word. Why does it exist? Who is at fault? What can we do about it?

We have answers to all these questions. This is our best chance to stop the politicians from stealing our future. If we decide to take it.

Students for Liberty North America is launching a month-long campaign to educate Americans about the causes of inflation, the widespread impact of inflation, and libertarian solutions to inflation – Stop Stealing our Future. If you are a current student and would like to join the program, be sure to click the button below to get involved.

Alternatively, if you are not a student but would like to support the work of Students For Liberty, you can donate by clicking the “donate” button below.

This piece expresses the opinion of the author only and not necessarily the organization as a whole. Students For Liberty is committed to facilitating a broad dialogue for freedom, representing a variety of opinions.

Dan Johnson

Director of North American Programs, Students For Liberty

Dan Johnson is the Director of North American Programs at Students for Liberty. With over a decade of experience in the freedom movement, Dan has founded several non-profit organizations including PANDA and We Do Better, recruited and managed thousands of volunteers, advocated for and against legislation in more than 40 States,…

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Libertarians back on Alabama ballot after 20-year absence https://freedomtoons.org/libertarians-back-on-alabama-ballot-after-20-year-absence/ Fri, 04 Nov 2022 23:36:40 +0000 https://freedomtoons.org/libertarians-back-on-alabama-ballot-after-20-year-absence/ MONTGOMERY, Ala (AP) — Libertarians are back at the polls in Alabama for the first time in 20 years after a long struggle to regain access to the ballot, and party leaders are hoping to make a statement on the future of the gone to the Deep South State. The Alabama Libertarian Party is fielding […]]]>

MONTGOMERY, Ala (AP) — Libertarians are back at the polls in Alabama for the first time in 20 years after a long struggle to regain access to the ballot, and party leaders are hoping to make a statement on the future of the gone to the Deep South State.

The Alabama Libertarian Party is fielding 64 candidates in Tuesday’s election, including contests for the U.S. Senate, governor, lieutenant governor, secretary of state and the Alabama Legislative Assembly. The Libertarians were last in the 2002 general election and are back this year after collecting tens of thousands of needed signatures

Gavin Goodman, chairman of the Alabama Libertarian Party and candidate in Congressional District 7, said Libertarian candidates give voters an alternative choice to Republican and Democratic candidates, and inject debate and competition into contests. “We’re trying to show people that there is another way and that elected officials can be a force for good,” Goodman said.

Alabama’s restrictive ballot access law required libertarians to collect more than 51,000 signatures, or 3% of the total number of voters in the 2018 gubernatorial election, to return to the ballot. After a two-year effort, the party submitted more than 80,000 names, Goodman said.

Goodman said they were trying to send a message this year. There are dozens of Libertarian hopefuls racing in races that would otherwise be individual competitions, he said.

“People are tired of the duopoly,” said Libertarian Senate candidate John Sophocleus, an economics professor, referring to the two main parties. He said he thinks their message will appeal to many Alabamians if they are open to hearing it. “Libertarians are pretty well known for saying more freedom, less government, and I think people are getting tired of a lot of the authoritarian results they’ve seen over the last few decades,” he said.

However, for Libertarians to retain access to the ballot in 2024, one of their statewide candidates must garner at least 20% of the vote. This is a daunting task given that in 2002 the party’s gubernatorial candidate received around 24,000 votes out of the 1.3 million votes cast.

Libertarians vying for statewide office include Dr. James Blake, physician and former Birmingham City Councilman, in the gubernatorial race, Sophocleus in the US Senate race and Ruth Page- Nelson in the running for lieutenant governor. Page-Nelson is the only candidate to run against Republican Lt. Governor Will Ainsworth because there are no Democrats in the race.

“If we don’t get our 20%, this party will go nowhere. We will continue,” Goodman said.

However, he is hopeful about their chances on Tuesday. “Win, lose or tie, the Libertarian Party is here to continue to discuss issues and help improve Alabama,” he said.

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Republican and Libertarian clash for a seat https://freedomtoons.org/republican-and-libertarian-clash-for-a-seat/ Wed, 02 Nov 2022 09:03:58 +0000 https://freedomtoons.org/republican-and-libertarian-clash-for-a-seat/ A longtime GOP member will take on a libertarian in Sarasota County’s only public hospital board race in next week’s midterm elections. Victor Rohe, the latest member of the self-proclaimed “Health Freedom Slate”, challenges Jonathan Tubbs, a member of the Libertarian Party, for seat 2 of the council’s northern district. The Hospital Board of Trustees […]]]>

A longtime GOP member will take on a libertarian in Sarasota County’s only public hospital board race in next week’s midterm elections.

Victor Rohe, the latest member of the self-proclaimed “Health Freedom Slate”, challenges Jonathan Tubbs, a member of the Libertarian Party, for seat 2 of the council’s northern district. The Hospital Board of Trustees provides oversight of the Sarasota Memorial Health Care System.

A victory for Rohe would certify that three of the four conservative candidates making up the Health Freedom platform have won their races.

In the primaries, 14 candidates ran for five seats — all but one (Tubbs) identifying as Republicans. The unusually crowded ballot turned a once low-key race into a coordinated campaign accusing the Sarasota Memorial of patient neglect and major pandemic missteps.

In case you missed it:Charlie Crist campaigns in Sarasota a week before the election in the Florida gubernatorial race

Florida State House District 70 Race:Mike Beltran vs. “Junior” Salazar Jr.

Sarasota Memorial Hospital maintained its ranking among America's Top 50 Hospitals, as compiled annually by US News & World Report for its 2022-23 Top Hospitals List.  This year, the hospital ranked among the top 50 in two specialties: rehabilitation and urological care.

Rohe has no experience in the medical field, according to his bio on healthfreedomsrq.com. Instead, he is described as a political and fiscal conservative “well experienced in the legal and regulatory systems”, including past titles such as mortgage broker, financial consultant and police lieutenant.

There is no information available online about Tubbs’ background or platform. He did not respond to a list of questions or appeals emailed for this article.

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Women closing the gap with men in legislative functions https://freedomtoons.org/women-closing-the-gap-with-men-in-legislative-functions/ Sun, 30 Oct 2022 11:23:03 +0000 https://freedomtoons.org/women-closing-the-gap-with-men-in-legislative-functions/ Women outnumber men in the United States by about two percentage points – somewhere in the range of 51% women to 49% men. In other words, it’s a difference of just over 3 million souls. Oh, the percentage fluctuates by a tenth of a point here or there depending on your source material and the […]]]>

Women outnumber men in the United States by about two percentage points – somewhere in the range of 51% women to 49% men. In other words, it’s a difference of just over 3 million souls. Oh, the percentage fluctuates by a tenth of a point here or there depending on your source material and the time period the data was collected. But, it is pretty much a given that there are more women than men in this country. It’s been like that for a long time.

These statistics, however, are not reflected when breaking down the number of men versus women in state legislatures across the country. State-level law-making is still a man’s world.

According to an article in your newspaper last week, the legislative presence of women in state legislatures in the United States is 31%. And this is an absolute record.

“That’s still 20 points below the share of women in the population,” Janine Parry, a political science professor at the University of Arkansas, told the newspaper.

In Congress, the difference is clearer: 28% are women. It’s even more lopsided in the Arkansas General Assembly. Only 31 of the 135 members of the state legislature are women. It’s less than 23%.

And don’t even ask us about the percentage of women in governorships in the country. OK that works. We’ll say. It’s 18%.

“No other major demographic group is as vastly underrepresented as women,” Parry said. “So there are still a lot of kilometers to go on this point.”

Without a doubt.

It’s worth noting that, at the very least, women’s representation in the Arkansas Legislature is expected to improve in 2023, thanks in part to Northwest Arkansas.

Due to redistricting after the 2020 census, Northwest Arkansas will have four new seats in the state House of Representatives, and three of those will, in all likelihood, be held by women.

Here’s how the races in the new house districts break down:

• In District 9 (Springdale area), Republican DeAnna Hodges faces Democrat Diana Gonzales Worthen. There is also a Libertarian candidate in the race, Steve Stilling, but like all Libertarians on the ballot, he is unlikely to win.

• In District 10 (Bentonville), Republican Mindy McAlindon will face Democrat Kate Schaffer.

• In District 14 (Centerton), there are no women candidates. Democrat Brian Eaton takes on Republican Grant Hodges.

• In District 23 (western Washington County), Republican Kendra Moore defeated two men to win her party’s nomination. There are no Democrats in the race, but there is Ryan Hanson, a Libertarian.

Statewide, 54 women are running for legislative seats this year, more than double the number of women who ran in 2000.

Of course, not everyone will win. Still, an increase from the 31 seats currently held by women seems inevitable.

It also seems very likely that Arkansas will help improve the percentage of female governors this year. Republican Sarah Huckabee Sanders is a prohibitive favorite to win the governorship of Arkansas in 2022. And, one way or another (with my apologies to Libertarian candidate Frank Gilbert), Arkansas will have a woman. in the office of the lieutenant-governor: Democrat Kelly Krout or Republican Leslie. Rutledge.

So, dear reader, you might think that the two major political parties specifically recruit women to run for office. According to the parties, you would be wrong.

“We’re not recruiting candidates,” said Sarah Jo Reynolds, executive director of the Arkansas Republican Party. But she added that Northwest Arkansas’ long history as a Republican stronghold makes it a good environment for women to become politically active.

“There are a lot of strong businesswomen in northwest Arkansas,” she told the newspaper. It makes sense to us.

“We didn’t go after them,” said Grant Tennille, chairman of the Arkansas Democratic Party. But he said he believes women are motivated to run because they feel underrepresented on issues that are important to them, primarily education and support for families. It also makes sense, as does his argument that open seats like the newly created ones in northwest Arkansas have made the prospect of seeking office more attractive.

Parry surmised, we believe correctly, that seeing women in powerful leadership positions in government inspired more women to seek political office.

“We also know that high-level women in power — particularly U.S. Senate governors — measurably increase the number of runs that other women run,” according to Parry.

This is not to say that the women who seek these offices all think the same way. There are big differences in political positions among candidates running under different party banners, as you would expect.

But having more women seeking political office changes the political landscape. Although women may not agree on politics, they certainly bring different perspectives and experiences than most men when it comes to doing government work. More women running — and winning — for political office is a net gain for the communities they serve.

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Three candidates for Kansas treasurer make pitches to voters https://freedomtoons.org/three-candidates-for-kansas-treasurer-make-pitches-to-voters/ Thu, 27 Oct 2022 10:25:51 +0000 https://freedomtoons.org/three-candidates-for-kansas-treasurer-make-pitches-to-voters/ Candidates vying for the post of state treasurer said they would not use the office as a springboard to advance their political future and questioned whether the office’s powers should be further expanded in the debate alone. the race on Tuesday. The debate, organized by KTWU and the Department of Political Science at Washburn University, […]]]>

Candidates vying for the post of state treasurer said they would not use the office as a springboard to advance their political future and questioned whether the office’s powers should be further expanded in the debate alone. the race on Tuesday.

The debate, organized by KTWU and the Department of Political Science at Washburn University, came as voters decide whether to give incumbent Democratic Treasurer Lynn Rogers a full term after she was nominated to replace U.S. Representative Jake LaTurner in 2020, following LaTurner’s election to Congress. .

The challenge is State Rep. Steven Johnson, R-Assaria, the Republican nominee after a hotly contested primary, and former Kansas State Board of Education member Steve Roberts, the Libertarian nominee.

The Office of the Treasurer manages a range of state offices and initiatives, from the unclaimed property program to overseeing the state’s 529 college savings account program, is the custodian of cash deposits and bonds and has a vote on the Pooled Money Investment Board and the state pension fund board.

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District 4 Libertarian Challenger on Issues Facing the State and the Nation https://freedomtoons.org/district-4-libertarian-challenger-on-issues-facing-the-state-and-the-nation/ Mon, 24 Oct 2022 17:24:00 +0000 https://freedomtoons.org/district-4-libertarian-challenger-on-issues-facing-the-state-and-the-nation/ Libertarian challenger from Congressional District 4 on issues facing the state and the nation Updated: 12:24 PM CDT October 24, 2022 Libertarian Congressional District 4 candidate Johnny C. Cochran discusses several issues facing Alabama and the nation with WVTM 13. He describes himself as a small constitutional government voter and someone who is for the […]]]>

Libertarian challenger from Congressional District 4 on issues facing the state and the nation

Libertarian Congressional District 4 candidate Johnny C. Cochran discusses several issues facing Alabama and the nation with WVTM 13. He describes himself as a small constitutional government voter and someone who is for the fiscal responsibility and balanced budgets. The need to limit the terms of members of the House is among the problems he says arise during the election campaign. Cochran will be on the Nov. 8 ballot as the Libertarian candidate in Congressional District 4. He will face incumbent Republican Representative Robert Aderholt and Democratic candidate Rick Neighbors.

Libertarian Congressional District 4 candidate Johnny C. Cochran discusses several issues facing Alabama and the nation with WVTM 13. He describes himself as a small constitutional government voter and someone who is for the fiscal responsibility and balanced budgets. The need to limit the terms of members of the House is among the problems he says arise during the election campaign.

Cochran will be on the Nov. 8 ballot as the Libertarian candidate in Congressional District 4. He will face incumbent Republican Representative Robert Aderholt and Democratic candidate Rick Neighbors.

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Truss’ demise ends revival of Thatcher’s libertarian economics https://freedomtoons.org/truss-demise-ends-revival-of-thatchers-libertarian-economics/ Thu, 20 Oct 2022 16:17:00 +0000 https://freedomtoons.org/truss-demise-ends-revival-of-thatchers-libertarian-economics/ Free marketers say Britain’s low tax dream is dead They worship the markets, but the markets didn’t like their policies The cancellation of the tax cut plan leaves the government in crisis LONDON, Oct 20 (Reuters) – Daniel Pryor, who is lobbying governments to shrink the state and cut taxes, believes the brief and disastrous […]]]>
  • Free marketers say Britain’s low tax dream is dead
  • They worship the markets, but the markets didn’t like their policies
  • The cancellation of the tax cut plan leaves the government in crisis

LONDON, Oct 20 (Reuters) – Daniel Pryor, who is lobbying governments to shrink the state and cut taxes, believes the brief and disastrous fate of Liz Truss as the prime minister killed his dream of an economy low-tax, deregulated Britain for at least a generation.

Pryor, who works at the Adam Smith Institute in London, laughs bitterly at the irony that Truss, who on Thursday said she would quit, was forced to abandon her libertarian economic policies by the same free markets as her cherish.

The Adam Smith Institute and other think tanks that provided much of Truss’s inspiration had welcomed the plans she and Kwasi Kwarteng, her former finance minister and political soulmate, presented on 23 september.

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Weeks later, they say mistakes have been made with the strategy – not only poor communication but also the scale of the proposed tax cuts – and fear that the policies they have championed for years are now buried for some time.

Truss had the “right policies at the wrong time,” Pryor said, referring to an economic backdrop marked by rapidly rising inflation and weak growth, which are making markets more sensitive to deficits and the scale of government borrowing.

“I now expect the language of free markets and libertarianism to be relegated to the scrap heap for a while. I’m sober and realistic about it,” he said.

“I can briefly laugh at the irony of what happened, but it’s also incredibly frustrating because I remember the UK’s growth prospects for the next decade are pitifully weak.”

ADOPT “ORTHODOXY”

Truss said Thursday she would step down after the economic chaos she unleashed forced a humiliating reversal of nearly her entire free-market agenda.

In a brief statement of resignation, Truss said she was elected to bring “low taxes, high growth,” but admitted she couldn’t fulfill that mandate.

A poll this week showed his Conservative Party – which has dominated British politics since World War Two – would not even be the Official Opposition if a general election were held now.

Truss had spent her summer leadership campaign complaining about Britain’s sluggish economic growth, productivity and low wages since the 2008 global financial crisis. fifth largest economy in the world to the benefit of India.

His solution was to challenge economic “orthodoxy” and demand faster and more drastic action to shake the economy out of its slumber.

Truss and Kwarteng’s speech – deep tax cuts with the promise of deregulation to seize what they called the benefits of Brexit – echoed the policies of 1980s British and American leaders Margaret Thatcher and Ronald Reagan.

Their thinking can be traced to their links with Britain’s free market think tanks, which have advocated similar policies and also urged business and government to seize the opportunities offered by leaving the European Union.

A year after his election to parliament in 2010, Truss founded a group of libertarian conservative lawmakers called the Free Enterprise Group. Kwarteng served as chairman of the right-wing, free-market Bow Group in 2005-6.

Truss’ Downing Street team included former staff from the Institute of Economic Affairs, another free market think tank which said its role was to ‘think the unthinkable’ and Adam Smith Institute.

The Institute of Economic Affairs said of the economic plan: ‘It’s not a trickle down budget – it’s a stimulus budget.

IMPOPULATE MEASURES

Think tanks have since said the government mishandled the policy announcement, including ignoring the Office for Budget Responsibility, raising fears that the tax cuts could blow up public finances.

The independent oversight body normally issues a verdict alongside budget statements on public finance management.

Andy Mayer, chief operating officer of the Institute of Economic Affairs, said the government had tried to push through too many policies too quickly without explaining the strategy.

Mayer also said he erred in pledging to abolish the 45% income tax rate on top earners, which was unpopular and ended up being a distraction.

“I think they got caught up in the moment of the historic victory over the establishment candidate,” he said, “and decided they could bet on unpopular measures from the start.”

Mayer said Truss and Kwarteng should have focused on supply-side reforms, such as changing the rules that govern the construction of residential and commercial space.

John Longworth, a pro-Brexit businessman who was part of Thatcher’s ‘deregulation task force’ and is now chairman of the Independent Business Network, said Truss could have succeeded in her plans had she split the policies into “little pieces” and presented them. overtime.

But after the Sept. 23 “mini-budget” shook investor confidence, Longworth thinks it will be another decade before those policies can be tried again. He also fears Brexit is in jeopardy.

“I don’t think she killed the philosophy, I think what she did was kill any opportunity to deploy it for a very long time,” he said.

“It is still possible to reap the benefits of Brexit, even in this situation. But of course what will happen and what happens is that the joiners use the situation as an excuse to blame Brexit, while this actually has nothing to do with Brexit at all.”

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Editing by Catherine Evans

Our standards: The Thomson Reuters Trust Principles.

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