Sunday, May 6, 2012

Depressing: "Millennials and French Voters Agree: Gov Should Provide Everything"

From an article about the counterproductive "resurgence in public demand for socialism in response to a worsening crisis":

"The bear market in life, liberty, and property may still have some room to run – especially if today’s election in France is any indication.

[...C]urrent generations have completely forgotten the critical connection between the ability of humans to freely pursue their aspirations and economic progress."
This is sad. We are living in a darkening time for entrepreneurship. (By the way, the current venture capital nonsense is a parody of entrepreneurship.)

In my research, I focus on ways of protecting and compounding wealth. I have found that it is still reasonably possible to do this thanks to market inefficiencies.

If anything, the dark times will make the inefficiencies worse - and more profitable. No, what is scary are the possibilities for harsher taxation and regulation. As I mentioned, there is the heartening trend of high productivity states that are repealing income tax.

Do we really believe that can last, though, given the demographic and aging trends? Will broke California really leave Oklahoma and its five member Congressional delegation alone?

One thing we need to think about is other stores of value. This is something that John Robb is thinking about with his resilient community idea. I like a lot of what he has to say (and a lot of it is pretty scary), but I think that 3D printing is kind of a joke.

One of the most important forms of wealth you can have is people you know who don't watch television. Obviously, that applies to your hedge fund manager.

The good news is that the people who are using socialism to crush entrepreneurs aren't having many children, because they expect other people to do that too.  So, we can hope for some of those traits to wither away by the end of the century.

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