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Why free markets are failing without being free · Cultural Wars | America Out Loud News

• 0:00
  In a world full of lies and deception, it takes courage to speak the truth.
• 0:05
  In a nation hell bent on its own destruction, it takes honor to seek a return to glory.
• 0:12
  Join us in cutting through the lies.
• 0:14
  Join us in cutting through the propaganda.
• 0:18
  Join us as we seek the truth on cutting through the fog from the America Out Loud Network.
• 0:24
  And here's your host, Wallace Garno.
• 0:30
  Ladies and gentlemen, welcome to Cutting Through the Chaos on the America Out Loud Network, where we cut through the lies in the propaganda to bring you the out loud truth.
• 0:40
  I'm your host Wallace Garneau, and I want to talk to you today about something.
• 0:44
  No, I normally, as I say, cutting through the chaos.
• 0:47
  We try to find something that maybe the public doesn't believe that they should believe, or or that there's something out there that is not accurate.
• 0:55
  We try to find the accuracies, and we try to, as the the tagline says, cut through the chaos.
• 1:01
  But today I want to talk about systematic free market realism.
• 1:05
  In my book, The Way Forward Lean Leadership and Systems Thinking for Large and Small Businesses, which you can buy through the network if you want.
• 1:12
  Go to the book store by bookstore on the network, and you'll see it there.
• 1:15
  In that book, I set out to equip business leaders, managers, and workers with tools to make their organizations leaner, faster, and more value-driven.
• 1:24
  And it's written, I wrote it as a manager as a business leader, but it's not just written for managers and business leaders.
• 1:31
  It's written for anybody from the worker on up who wants to understand lean and wants to understand how to apply those concepts to whatever their role is.
• 1:40
  Underneath the tackle guidance was a much deeper conviction, which is that value must be real, not manufactured by regulation or propped up by some political favor.
• 1:52
  And that a business should thrive by serving its customer and not by manipulating the system.
• 1:59
  Well, that conviction that the only sustainable profit is earned through honest exchange now forms the backbone of what I'm calling systemic free market realism, which is going to be a piece of the book I'm working on now, which uh also has the working title The Way Forward, but it's going to probably be called lean government.
• 2:19
  So systematic free market relate realism is kind of what I'm going to use as the economic side of what I'm going to call lean government.
• 2:28
  The first chapter of the initial book, The Way Forward, uh exposed the dirty mechanics of the modern mixed economy where profits often stem not from value creation, but from regulatory capture, manufactured demand, and frankly, political favoritism.
• 2:45
  It showed how companies now thrive by replacing the consumer with the bureaucrat, and how market incentives have been hijacked to reward influence over excellence.
• 2:55
  As an MBA, I know how to do this.
• 2:57
  I was trained how to do this by the University of Michigan.
• 3:00
  We have, I don't know how many MBAs in the country, but there are many people who know how to shave profit out of a company without adding value, who know how to game the system in order to order rig the system so that it works for shareholders, uh, but doesn't work for the rest of us.
• 3:19
  And this essay is going to give that insight its full philosophical expression.
• 3:25
  Uh but there's another danger that runs even deeper.
• 3:29
  And that danger, of course, are the assumptions that we may start with.
• 3:33
  The greatest failures of our age, in fact, are not the result of malice, but a faulty assumptions about a quality, power, morality, and economics that simply don't withstand contact with reality.
• 3:48
  Carl Marx assumed, for example, that production would remain unchanged if output was redistributed.
• 3:56
  Independently of any incentive structure.
• 3:59
  Zha Jinping assumed that consumption was permanent, even while actively working to undermine the economies of the nations that consume Chinese products.
• 4:09
  So they're undermining literally the countries that they're selling stuff to.
• 4:13
  Modern Western leaders assume that progress is inevitable and that unintended consequences are optional, something you can choose or or ignore.
• 4:23
  Those who wish to tear down free markets to replace them with some form of collectivism.
• 4:29
  Well, they've got an easy time selling their idealism.
• 4:32
  They can simply claim to want to help people, while complaining about rent being too high, food being too expensive, uh, or some other way of saying that life is too hard.
• 4:42
  Well, it's easy to complain about reality while promising some magic utopia, and then of course, when that utopia fails to arrive, it's easy to complain about whatever dark forces prevented it.
• 4:54
  If you debate anybody about Venezuela, which I have been known to do in the past, particularly online, uh, you'll often hear that socialism failed there, not because socialism doesn't work, but because of economic pressures from the United States.
• 5:09
  We basically prevented that socialism from working.
• 5:12
  We screwed over Venezuela.
• 5:14
  We utilized our power as a country to prevent socialism from working.
• 5:20
  Somehow the people who make that argument never seem to notice that all they're really arguing is that socialism would work fine if capitalism would simply feed it.
• 5:30
  Well, socialism is supposed to be an alternate economic system, which means that if it worked, it should not need capitalism to feed it.
• 5:39
  In spite of the fact that there is no rational way to make the argument that socialism failed in Venezuela because of something the United States did, because of something that free markets that we didn't feed it.
• 5:52
  In spite of the fact that what that basically says is that socialism can't work unless someplace else is free market and generous enough to prop it up.
• 6:01
  Um it's still a popular argument.
• 6:03
  And if you if you go online and say, look, Hugo Chavez was wrong, everything that he did was trying to put in socialism, it doesn't work.
• 6:11
  Uh one out of maybe three people you talk to, they're gonna make some version of that argument.
• 6:17
  That socialism would work fine if capitalism would only feed it.
• 6:21
  Uh even if Elon Musk, by the way, likes to get on this bandwagon, does it a little differently than obviously Hugo Chavez did.
• 6:29
  Elon Musk's version is, and he said this very recently to the WEF, that the future will be one where robots and AI combined to create abundance faster than demand can anticipate, such that the future of mankind will be one of endless wealth and prosperity without any need for personal effort.
• 6:48
  You're gonna live like a king, you're not gonna have to do anything, be able to do whatever your personal hobbies are, play video games, you know, whatever you want to do.
• 6:56
  You're not gonna have to hold a job because whatever you want, robots and AI will simply deliver to you without any need on your part for personal effort.
• 7:05
  That's what Elon Musk is telling the WEF.
• 7:08
  Brilliant man, Elon Musk.
• 7:10
  I agree with him on some things.
• 7:11
  I don't agree with him on this particular thing, and uh, well, we'll keep going, I think eventually you'll see why that is.
• 7:23
  About the about ending the need for people to work ever since the invention of the shovel.
• 7:28
  And yet we continue to make things that make us uh more productive, and we continue to find reasons to work.
• 7:37
  So, anyway, newest version of that, even Elon Musk is on the uh utopian utopian fan base, fan train.
• 7:44
  So don't get on the train with them.
• 7:46
  Uh AI will change the world, robotics will change the world has other things have done in the past, but they're not gonna mean that suddenly you can live like a king without any effort on your part.
• 7:58
  In spite of this, many modern Western leaders have bought into Zhai Jinping's propaganda and are actively working to undermine their own economies in the quest for some semblance of a green new deal or a world where everyone's needs are taken care of without the need for personal responsibility, and telling people that this doesn't really work, that it's impossible, in fact, that's a much harder sell than a Zeran Mamdanny standing behind a podium and saying something like, I am a New Yorker, there is nothing we cannot accomplish if we work together.
• 8:33
  I believe in you, you New York.
• 8:36
  I believe in our collective capacities.
• 8:38
  We can do anything if we only work together.
• 8:42
  Well, the 20th century is full of people who worked together to bring collectivist visions into reality, such as in Mao's China.
• 8:51
  Uh, nobody knows how many Chinese peasants starved to death under Mao, but the estimates run as high as 100 million.
• 8:59
  Roughly 200 million people died in the 20th century under some version of there is nothing we cannot accomplish if we work together, let's do collectivism.
• 9:09
  And then uh then there's no food.
• 9:12
  Uh unfortunately, there are some lessons that each generation seems to need to learn for themselves, no matter how many previous generations have already learned the same lessons.
• 9:23
  I didn't I was three, my mom had the stove on, and the little the little uh stove is the little stove was electric, so it had one of those one of those coils, and the coil was red.
• 9:33
  And I saw it like three years old.
• 9:35
  I must be that it's hot.
• 9:37
  What do I do?
• 9:38
  I take my finger and I touch the coil, and I pull it back very quickly, and I'm crying as I'm a three-year-old, now my finger hurts.
• 9:45
  My mother stuck it under cold water.
• 9:47
  And my dad looked at me and said, Yeah, you won't do that again.
• 9:52
  And I can remember other times when I did something stupid, and my dad said, I told you not to do that.
• 9:56
  Why don't you just list me?
• 9:57
  Why do you have to make these?
• 9:58
  Why do you have to learn these?
• 10:00
  These lessons the hard way.
• 10:01
  I learned them the hard way.
• 10:02
  Can't you learn from me?
• 10:04
  And just let me tell you, that's stupid, don't do it.
• 10:08
  Well, I growing up had to learn some things the hard way, and it appears that each generation there are certain things that for whatever reason they want to learn the hard way.
• 10:19
  Collectivism is apparently one such lesson with each generation of idealistic youth believing that they are the ones with the intelligence or maybe in this case the technology to make it work.
• 10:33
  Lenin thought that, Stalin thought that, Maust thought that, Paul Pot thought that.
• 10:41
  Still thinks that.
• 10:42
  Now, Zoran Mamdani.
• 10:45
  Fact is each generation is wrong, but the sirens song of collectivism continues to sound nice, no matter how many nations end up crashing upon its shores.
• 10:58
  Systemic free market realism rejects utopian assumptions.
• 11:02
  It recognizes that power always seeks decentralize, that markets are delicate ecosystems rather than machines to be programmed, and that morality, not ideology, must be the constraint on liberty.
• 11:19
  It accepts that freedom is fragile, that prosperity is earned, and that resilience is more important than efficiency.
• 11:28
  This is not just an economic philosophy.
• 11:30
  It is a world view rooted in economics, but also in systems thinking, moral clarity, and lived experience.
• 11:38
  This work grew from the trenches of business, the failures of top-down policy, and the enduring truth that real value comes from serving others.
• 11:49
  This is not just a call for better markets.
• 11:53
  It's a call for better systems, and also a call for better assumptions and better stewardship of the freedom that we claim to defend.
• 12:02
  As I titled my first book, the initial working title was just this, and it's going to be the beginning of the next book as well.
• 12:09
  This is the way forward.
• 12:12
  Now, let's talk about the specter that haunts free markets.
• 12:17
  And if you hear something clicking on and off in the background, I apologize.
• 12:20
  I apologized last week for the same thing.
• 12:22
  It is still currently cold in Michigan, and the heater is kicking on and off fairly regularly.
• 12:28
  If I were doing this and it was a hundred degrees outside, you might hear the air conditioner, you wouldn't hear the uh the furnace.
• 12:34
  But it is what it is.
• 12:35
  Cold day will continue.
• 12:37
  Again, the specter that haunts free markets.
• 12:39
  Across the Western world, economies no longer operate to serve the consumer.
• 12:45
  They serve governments and the corporations that purchase government favor.
• 12:50
  We're told this is capitalism, or that it's a mixed economy, but it's neither one.
• 12:55
  It's a system in which consumer choice has been replaced by bureaucratic decree, and in which production is directed by regulatory privilege.
• 13:04
  In such a system, success is no longer measured by value delivered.
• 13:08
  No, it's measured by influence wielded.
• 13:11
  What we face is not a contest between capitalism and socialism, nor between freedom and control.
• 13:18
  It is a system built on collusion between those who regulate and those who lobby.
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  It is a world in which major corporations do not fear regulation.
• 13:29
  That's a lie.
• 13:30
  They don't fear regulation, they design it.
• 13:33
  Compliance becomes a moat to protect incumbents.
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  Innovation is buried under paperwork.
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  And access to capital becomes contingent on one's proximity to political power.
• 13:45
  Small businesses, the heartbeat of any real market, are smothered before they can ever scale.
• 13:51
  Entrepreneurs are choked in red tape.
• 13:54
  Whole industries become cartels, their fortunes dependent on subsidy, protection, or favoritism.
• 14:01
  And yet we continue to call this system free enterprise, as if naming a thing free makes it so.
• 14:08
  We're just as dumb as socialists when we do that.
• 14:10
  If somebody says your housing shall be free, no, it won't.
• 14:13
  You can't put buildings up, heat them, and and and furnish them and maintain them, and it doesn't cost anything.
• 14:22
  When you say to me that it's free, what you mean is I'm either not paying for it myself or I'm not paying for it directly.
• 14:29
  Yeah, I'm going to give up 90% of my money to taxes, and you're going to tell me my housing is free.
• 14:34
  Calling something free doesn't make it so.
• 14:37
  And when we say free enterprise, when the enterprise is not free, that's just as bad as as somebody saying that your health care will be free.
• 14:46
  No, it's it won't be.
• 14:48
  You're just using the word.
• 14:50
  The truth is actually simpler and more damning.
• 14:53
  What we have today is an economy in which profits are privatized, but the losses are socialized.
• 15:00
  When a company loses money and they're too big to fail, we foot the bill.
• 15:04
  They don't.
• 15:05
  We have an economy where the rules are written by the very interests that they are supposed to restrain, and I, for one, reject this.
• 15:13
  We can do better.
• 15:16
  I still believe, in the original promise of free markets, that individuals left to trade freely in pursuit of mutual benefit create value through voluntary exchange.
• 15:26
  The price system conveys real information.
• 15:29
  Competition drives real innovation, and the consumer, not the bureaucrat, not the banker or the activist, should be sovereign.
• 15:38
  I also recognize that such freedom is very freedom is very fragile.
• 15:42
  It cannot exist in a moral vacuum.
• 15:44
  It requires boundaries that emerge from virtue, such as truthfulness and pricing, honesty and advertising, fairness and competition.
• 15:53
  And the one nobody likes responsibility and risk.
• 15:57
  We certainly want responsibility when there is a reward, but who amongst us wants responsibility and risk?
• 16:03
  Well, freedom also requires transparency through real feedback loops and not propaganda.
• 16:09
  Data should reflect reality.
• 16:11
  Regulation should punish fraud and not reward failure.
• 16:16
  Institutions should serve the public interest, not private arrangements that are masked as public goods.
• 16:22
  Without these markets become tools of control.
• 16:25
  They enrich the elite, they entrench the powerful, and they give the illusion of liberty, but they strip away its substance.
• 16:33
  I don't seek some return to some past golden age.
• 16:37
  If we are smart, we will seek something, we'll seek to build something stronger.
• 16:42
  A market grounded in moral reality, informed by systemic insight and protected by institutions that exist to safeguard liberty rather than to sell it.
• 16:53
  This is the foundation of systemic free market realism.
• 16:57
  Let's talk about the market as a living system.
• 17:00
  Because to understand markets as machines is to believe that they can be engineered and assembled from above, optimized through concentralized input, and then tweaked to perfection by experts who presume to know what billions of individuals want.
• 17:14
  The robots running around and getting everything for you in Elon Musk's world.
• 17:19
  This is the fatal conceit of both Karl Marx and the modern corporatist.
• 17:22
  It's the illusion that economies are mechanisms to be programmed rather than systems to be understood.
• 17:29
  Markets are living ecosystems, living ecosystems.
• 17:32
  Markets emerge spontaneously when people are free.
• 17:36
  Free people, well, they trade, they take risks, they fail, and they learn.
• 17:41
  We don't think of markets as living ecosystems only because we think of them as somehow separate from ourselves.
• 17:47
  But markets are nothing more than free people interacting freely, and where markets are not free, the people are not either.
• 17:55
  People ask why socialism seems to always lead to tyranny.
• 18:00
  The answer is actually quite simple.
• 18:02
  If people are not allowed to interact how they want, to work where they want, to buy what they want, and to do what they want, well, they're not free.
• 18:12
  Socialism doesn't lead to tyranny so much as it is built on it.
• 18:16
  Markets evolve through millions of voluntary exchanges, each shaped by cultural norms, trust, incentives, and feedback.
• 18:24
  The moment we try to engineer markets through central planning or manage competition or ideological mandates, well, we begin to kill them.
• 18:33
  And by them I mean the markets.
• 18:35
  Too many of our leaders measure economy based on aggregate demand.
• 18:38
  But while aggregate demand is a measure of the size of an economy, it tells us absolutely nothing about the economy's health.
• 18:47
  The health of an economy is driven by how well aggregate demand reflects the buying decisions of the people living within the economy, rather than what some supposed elite thinks people should want.
• 19:00
  It's a very dangerous word.
• 19:02
  You should do this.
• 19:03
  Well, why should I do that?
• 19:05
  Well, you should should never let somebody tell you what you should want.
• 19:10
  In a living market, profit signals value creation.
• 19:13
  In a corrupted one, profit becomes a reward for obedience.
• 19:17
  The public, unaware of the complexity beneath the surface, continues to operate as if the economy is stable.
• 19:24
  When really it's a set of bubbles, each one waiting to pop.
• 19:29
  Health care, secondary education, are not expensive just because they are expensive because our leaders have tried to drive economic growth around them, inflating them into bubbles.
• 19:41
  Our leaders don't really want to deflate those bubbles either, as doing so would in the short term hurt aggregate demand.
• 19:49
  This is why they want to tax you more and make these things free.
• 19:52
  That way they can maintain the bubbles, even inflate them further, so that they can employ more people in the bubbles without deflating them.
• 20:00
  Making them costless, without taking them, take making them take less of GDP, which means less of your paycheck, whether directly or through taxation.
• 20:09
  And those are only two of the most obvious bubbles.
• 20:13
  We have bubbles everywhere.
• 20:16
  This is why so many modern economies appear functional while suffering from internal collapse.
• 20:21
  Corporations grow larger, but their business models depend more on compliance than on creativity.
• 20:26
  Governments tout low unemployment even as millions check out of the workforce entirely.
• 20:31
  GDP climbs, but household savings vanish.
• 20:35
  These contradictions are not bugs.
• 20:38
  They are symptoms.
• 20:40
  A machine does not care about culture and has no need for moral input.
• 20:44
  A machine can be reset or rebuilt, but a living system cannot.
• 20:49
  Once a living system's balance is lost, it decays, and that damage is not easily reversed.
• 20:56
  One need only look at the personal wealth of our elected officials to see who the machine they build truly feeds.
• 21:02
  And once we see this truth, then the notion that we can make the machine better by giving the same people more power by eliminating the few market dynamics left.
• 21:12
  That suddenly looks absurd.
• 21:14
  This is why systemic free market realism treats the economy not as an object to be shaped, but as a system to be stewarded.
• 21:22
  It understands that no policy, however elegant, can outperform the wisdom of free individuals responding to real incentives.
• 21:31
  Systemic free market realism sees every distortion, every regulation designed by lobbyists, every subsidy shielding failure, and every data point massage to serve a narrative, not as a benign intervention, but as a pollutant that slowly suffocates the public.
• 21:49
  To revive the economy, we must stop engineering it and start restoring it.
• 21:53
  We need to allow the economy to breathe again such that it responds to actual prices and rewards actual value while punishing actual waste.
• 22:04
  Accountability, transparency, and risk are the engines of growth.
• 22:10
  And bad ideas must fail to make room for the good ones to succeed.
• 22:15
  In short, we must stop treating the market like a machine and start respecting it as a living system of free people living their lives.
• 22:25
  Freedom is not an easy sell.
• 22:28
  Actually, freedom itself is.
• 22:33
  And yet you can't have freedom without it.
• 22:35
  The so-called elite, they know this, and they know it's hard to take your freedom, so they take it little by little by promising to shield you from responsibility.
• 22:45
  If you fail, we will prop you up, and then we'll hold you up forever.
• 22:48
  Now you are dependent on the government.
• 22:50
  That is how that works.
• 22:52
  Now let's talk about the state as both a parasite and a predator.
• 22:56
  Because in theory, the state exists to protect rights and to enforce the rule of law.
• 23:02
  It is meant to provide the legal and institutional infrastructure that allows a free society to flourish and is supposed to be neutral in its judgments and of course accountable to the people it serves.
• 23:15
  In practice, though, the modern state no longer acts as the referee of economic activity, but as an active participant.
• 23:23
  The modern state no longer protects markets so much as it distorts them, selling advantage to the highest bidder.
• 23:31
  Simply put, power is a commodity that can be bought and sold just like any other commodity.
• 23:38
  And when governments get the kinds of power that others want, those in government predictably sell it to the highest bidder.
• 23:45
  The state then becomes both a parasite and predator, feeding on the value created by private enterprise through taxes and regulation, while simultaneously redirecting resources away from value and toward politically favored interests.
• 24:02
  This is a system in which government actors broker influence and where the concept of economic merit is replaced by strategic lobbying.
• 24:11
  Under this model, the consumer is no longer the final judge of value.
• 24:15
  The politician is.
• 24:16
  And this inversion breaks everything.
• 24:20
  In the modern state, a company that cannot profit by serving the public can thrive so long as it serves the political class.
• 24:28
  Companies today need not offer a product anyone wants, but can create the appearance of value by going to the right regulatory committee, or by funding the right campaign, or by checking the right ideological box.
• 24:41
  And the deeper tragedy is that most citizens don't recognize this for what it is.
• 24:45
  They see the familiar forms of a market economy with brands and pricing and advertising and choice.
• 24:52
  But they don't realize the market mechanisms underneath have been hollowed out and replaced.
• 25:00
  The system no longer reflects demand.
• 25:09
  The state, which was once conceived as the guardian of liberty has become the gatekeeper of access, deciding who may enter the marketplace and who must be restrained.
• 25:18
  The state's tools were subtle at first, but over time these tools have become levers of dominance, and as the levers grew, so too did the parasite's appetite.
• 25:28
  Worse yet, the state cannot perform this function without help.
• 25:31
  It needs companies willing to sell their autonomy for privilege.
• 25:35
  And so a public-private hybrid emerges with all the coercive power of the state, and at the same time all of the unaccountable scale of mega corporations.
• 25:45
  The result is not socialism in the Marxist sense, but it's certainly not capitalism in the classical sense either.
• 25:52
  What it is is a managerial oligarchy with democratic window dressing, and the bureaucrats actually running the system, the bureaucrats, that is, they're not even elected.
• 26:04
  Systemic free market realism calls this what it is.
• 26:08
  It is an economic cartel with political enforcement.
• 26:12
  Now it's not enough to trim bureaucracy.
• 26:15
  We must dismantle the mechanisms by which the state becomes both competitor and referee.
• 26:20
  We must sever the links between political power and market outcomes.
• 26:23
  This means no more subsidies for failure and no more contracts for cronies.
• 26:28
  The state must be restored to its proper role, not as a buyer or seller, not as a manager or planner, but as natural neutral protector of rights and enforcer of honest rules.
• 26:41
  Now let's talk about who should be sovereign.
• 26:43
  Consumer sovereignty is the only honest regulator.
• 26:47
  In a truly free market, the consumer is not just a passive buyer or a unit of demand, but the final arbiter of value.
• 26:55
  Consumers are the ones who ultimately determine which companies succeed, which products endure, and which innovation shape the future.
• 27:02
  Consumer choice exercised freely and frequently is the most powerful regulatory mechanism ever devised, requiring no bureaucracy.
• 27:12
  Consumer choice does not rely on ideology but on freedom.
• 27:16
  It requires only, as Milton Freeman so famously put it, the freedom to choose.
• 27:21
  No corporate board or government agency has more power than 330 million wallets making the individual decisions.
• 27:29
  When people are free to choose, what they value and what they reject, the market becomes self-correcting and bad ideas fail.
• 27:37
  Dollars also don't care about race, religion, or gender.
• 27:41
  In a truly free market, we may not all have the same amount of money, but there are no artificial barriers to success holding us back, so we all have the same right to go as far as our time and talent can take us.
• 27:55
  Creating artificial barriers, which our government is so very good at, that doesn't make people more equal.
• 28:01
  It only makes them more poor.
• 28:04
  When the government intervenes, choosing the winners and losers, mandating products, subsidizing services or protecting favored industry.
• 28:13
  It severs the consumer feedback loop, breaking the invisible but essential link between performance and reward, such that companies no longer have to please the public.
• 28:23
  They only have to please the regulators.
• 28:25
  Value in such a system becomes irrelevant.
• 28:28
  Compliance becomes everything.
• 28:31
  In such a system, a company can produce goods no one wants at prices no one can afford, and still survive so long as the government props it up.
• 28:40
  Consumers are stripped of their power.
• 28:42
  Entrepreneurs are discouraged, risk takers are punished, and the market begins to resemble a theater where the outcomes are predetermined.
• 28:52
  This process is often cloaked in noble intentions.
• 28:55
  We are told that regulations exist to protect the public and that subsidies exist to promote fairness.
• 29:00
  But in practice, these tools are used not to defend consumers, but to marginalize them, replacing real demand with engineered demand and replacing real accountability with political rot.
• 29:13
  Consumer sovereignty is the only form of regulation that is both democratic and dynamic, reflecting not only what people say they want, but what they are willing to sacrifice to obtain it.
• 29:25
  That is a deeper form of truth than polling or planning can ever capture.
• 29:29
  Systemic free market realism does not call for a market without rules.
• 29:34
  It calls for rules that defend the sovereignty of the consumer rather than overriding the consumer.
• 29:39
  It supports regulation that protects life, liberty, and property, but not regulation that dictates outcomes that favors special interests or that enforces ideological compliance.
• 29:51
  In this worldview, the role of government is not to direct the market, but to ensure that no force, fraud, or coercion and corrupts the ability.
• 30:00
  Ability of consumers to make voluntary informed choices.
• 30:05
  The government simply put only as two roles in the economy.
• 30:08
  One is to promote market efficiencies, and the other is to provide those legitimate societal needs that run counter to market efficiencies.
• 30:17
  The first role, promote and protect market efficiencies.
• 30:20
  That's the primary one.
• 30:21
  And even when performing the second role, which by the way reflects societal needs, not individual or group needs, the government should always act in ways that keep the markets as efficient as possible.
• 30:34
  The second role may include things like police and fire protection, national defense, and building roads, ensuring that the environment is not polluted, of course, also applies.
• 30:44
  But again, the goal is to minimize market intrusions, not to take over industries.
• 30:50
  The exact scope of government's not something I want to talk about in this essay.
• 30:54
  When I write the entire book on lean government, I will cover it then.
• 30:57
  But one thing I will say now is that the government is most responsive when it is local.
• 31:02
  So what the government does should be done as locally as possible.
• 31:07
  And with that, ladies and gentlemen, it is time for a word from our sponsors.
• 31:11
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• 35:19
  Well, did you see Google finally updated its AI principles removing its pledge not to use AI for weapons or surveillance?
• 35:29
  A promise they agree to in 2018.
• 35:32
  Well, the American people have seen Google's track record, prompting the question is Google an untrustworthy player in the AI race.
• 35:44
  Now is our time, my fellow Americans.
• 35:48
  America Outloud.
• 35:50
  Liberty and justice for all.
• 36:16
  Because markets are corrupted not only by ideology, but by design.
• 36:21
  The modern political economy is no longer about meeting needs and creating value, but about navigating, exploiting, and manipulating power.
• 36:29
  The rules have been rewritten to entrench the powerful, and this is not a bug in the system.
• 36:34
  It is the system.
• 36:36
  Every economy has parasites.
• 36:38
  What defines a healthy system is how quickly it identifies and removes them.
• 36:43
  In today's market, the parasites write the rules, and productive participants are forced to pay rent to the state to favored competitors, and to institutions that no longer serve the public.
• 36:55
  Let's talk about the tools of this institutionalized corruption.
• 36:59
  The first is regulatory capture, and a truly free market regulation exists to protect life, liberty, and property, and to prevent force and fraud.
• 37:09
  And the captured market regulation becomes a weapon of control that industry giants use through influence over legislators and regulatory agencies to shape the rules that appear neutral on paper, but that are lethal to you and me and to smaller competitors.
• 37:24
  Complex licensing schemes, arbitrary safety standards, and mountains of red tape are not crafted for the public good.
• 37:32
  These things are barriers to entry, sold as security, but used as protectionism.
• 37:37
  The result is an environment where only the largest players can afford to play, and new innovators are crushed.
• 37:43
  Subsidized failure and a functioning market failure is a feature rather than a flaw.
• 37:48
  Failure signals that resources are being misallocated and then clears out that inefficiency.
• 37:53
  And a corrupted market failure is rewarded.
• 37:56
  Such a companies that can't produce value but are close to the government, profit anyway.
• 38:01
  Cronyists lobby for grants and secure subsidies, invoking moral causes like climate change or equity to receive endless rounds of taxpayer support.
• 38:12
  Think Solander or DC solar.
• 38:14
  Think ethanol mandates and battery factories that never reach scale.
• 38:19
  It is easier to survive by pleasing politicians than by serving customers.
• 38:24
  But this is not capitalism.
• 38:25
  This is not free markets.
• 38:27
  It is the permanent subsidization of incompetence.
• 38:31
  The next is manufactured demand.
• 38:33
  That's actually the most dangerous form of corruption.
• 38:35
  It's not it's it's it's not just that that government responds to flawed market signals.
• 38:40
  It is when the government creates them.
• 38:42
  And a free market demand emerges organically from real needs and preferences.
• 38:47
  But in the modern state capitalist model, demand is often manufactured by political fiat.
• 38:52
  Products become essential, not because the public demands them, but because bureaucrats declare them necessary.
• 39:00
  Whole industries spring up around these political needs.
• 39:03
  Carbon accounting, DEI consulting, and ESG compliance are some obvious choices.
• 39:09
  Jobs are created in these areas not to serve value, but to serve the illusion of value, simulating activity to signal alignment, and of course, to justify their own expense.
• 39:21
  These jobs don't produce anything.
• 39:23
  All they do is create weights to make the people of the country poor.
• 39:26
  We have to pay for these political needs with our tax dollars, and of course, that leaves us with less to spend on the things we actually need or want.
• 39:35
  The next one is information distortion.
• 39:38
  Markets depend on information.
• 39:40
  Prices, profits, and costs are signals that tell producers and consumers what is scarce, what is valued, and what is needed.
• 39:49
  When that information is distorted, the market can't function.
• 39:52
  Today's economy, of course, truth is optional.
• 39:55
  Advertising detaches from reality, and official metrics are gamed.
• 40:00
  GDP grows while infrastructure collapses, and unemployment drops when millions of people leave the workforce rather than find jobs.
• 40:08
  Here's a great one.
• 40:09
  Under Biden, they called inflation transitory.
• 40:11
  Well, it didn't transition, it went up and stayed there.
• 40:14
  Worse yet, public perception is shaped by narrative crafted by think tanks and media and bureaucrats who all work in tandem to maintain the illusion of health in a fundamentally diseased system.
• 40:27
  Well, when the signal is broken, which it is, the system can't self-correct.
• 40:32
  To make matters worse, the government's nature is to grow.
• 40:35
  As Milton Friedman, yes, I'm quoting him again, once noted, there is nothing more permanent than a temporary government program.
• 40:43
  Government growth is more geared toward power than towards solutions, and as earlier noted with the war in poverty, the more a government program fails, the more it will expand.
• 40:54
  We're not witnessing isolated incidents or temporary missteps.
• 40:58
  This is not an occasional abuse of power.
• 41:00
  This is a playbook, executed by entrenched interests across sectors and political parties.
• 41:06
  Every time a startup is strangled by red tape or a failing company is propped up with subsidies or a need is invented to justify funding.
• 41:14
  Every time a statistic is massaged to support a narrative.
• 41:17
  Well, the system grows more opaque, more efficient, and more predatory.
• 41:23
  Systemic free market realism calls this what it is.
• 41:25
  It's a system built not to reward value, but to protect incumbency, and the only remedy is to expose the game, reject the players, and return to a market where success is earned rather than granted.
• 41:38
  Let's talk about the illusion of control.
• 41:41
  The greatest myth of our time is that we can control what we do not understand as long as we have the right models, the right data, and the right team of credential experts.
• 41:51
  The notion that we can manage economies like we can manage software, though, is absurd.
• 41:56
  Such perceived control, it's seductive, but it's a lie, and that is the root of our decline.
• 42:03
  Those who attempt to control markets through political power, be they bureaucrats or ideologically aligned CEOs.
• 42:11
  They believe they're correcting the flaws and accelerating justice.
• 42:15
  But in reality, they're disabling the mechanisms that make the markets work.
• 42:20
  Every time a political actor manages the economy, they override a consequence, and so confusion in a system that is supposed to be built on feedback.
• 42:30
  Markets are adaptive.
• 42:31
  They work because they work not because anyone is in charge, but specifically because no one is.
• 42:38
  They function precisely because individual actors, each responding to real incentives and information, adjust their behavior in real time.
• 42:47
  The economy isn't something.
• 42:50
  We are the economy.
• 42:52
  Everything we do is an economic activity.
• 42:55
  We are the economy.
• 42:57
  To control the economy is to control us.
• 43:00
  And our decentralized intelligence, what Friedrich Hayek calls or called the knowledge of the particular circumstances of time and place.
• 43:09
  They can't be simulated or programmed.
• 43:12
  While aggregating them may help measure them, measuring them does not give any meaningful information for how the economy works.
• 43:20
  Each manipulation distorts incentives in the direction of compliance.
• 43:24
  Markets that once rewarded service now reward alignment, and businesses that once had to innovate now simply have to conform.
• 43:32
  The damage compounds.
• 43:33
  When consequences are postponed, they don't disappear.
• 43:36
  They build.
• 43:37
  Bubbles inflate, and malinvestments pile up with fragile systems expanding under the illusion of stability.
• 43:44
  Inevitably comes inevitably a shock comes, and then, well, we've seen it before, the bubbles burst.
• 43:50
  In any dynamic system, knowledge is distributed and revealed over time through trial, error, success, and of course failure.
• 43:59
  The more you control the outcomes, the less you learn.
• 44:02
  The more you insulate institutions from failure, the less responsive they become.
• 44:08
  Eventually reach a point where no one, not even those in charge knows what's real.
• 44:13
  And we reached that point, by the way, a long time ago.
• 44:16
  The more we attempt to control the system, the less we understand it.
• 44:20
  The more we distort incentives, the more we corrupt the results.
• 44:24
  The more we centralize decisions, the more fragile we become.
• 44:28
  Let the market breathe and signal freely.
• 44:31
  Let it punish failure and reward value.
• 44:33
  Let it reveal and not conceal.
• 44:36
  Only when we give up the illusion of control can we regain the wisdom to govern justly.
• 44:42
  Let's talk about real competition, how it requires real freedom, because real capitalism is not kind to the producer.
• 44:48
  Free markets do not coddle failure or flatter incumbents or allow sentiment to replace substance.
• 44:55
  Free markets are harsh, rewarding those who meet real needs, while punishing those who don't.
• 45:01
  Kodak was once a household name and a giant photography, but it collapsed after it failed to adapt and was overtaken by innovators, first by digital cameras, and then by the smartphone.
• 45:12
  Meanwhile, a company like Apple, once counted out and nearly bankrupt, rose from bankruptcy to reshape entire industries.
• 45:19
  Apple, incidentally, was created in the in uh not Steve Jobs, Steve Wozniak's garage.
• 45:25
  That is the brutal brilliance of the free market.
• 45:28
  It doesn't care who you were.
• 45:30
  It only cares what you can deliver now.
• 45:32
  Free markets, they don't benefit businesses.
• 45:35
  No, they benefit consumers.
• 45:37
  And ladies and gentlemen, guess what?
• 45:39
  We are all consumers.
• 45:41
  This kind of dynamism requires freedom.
• 45:44
  It can't function where markets are rigged, when competitors are kept alive by subsidies, when incumbents write the regulations, and when failure is protected by political favor.
• 45:55
  No, real competition is the antidote to stagnation, and the mechanism by which outdated ideas are replaced and new value is discovered.
• 46:05
  It is the only force powerful enough to discipline giants and to empower garage inventors.
• 46:12
  For markets to work, free markets or freedom must be real.
• 46:15
  That means no government picking winners and losers, no regulatory barriers designed by incumbents, no favoritism in contracts and subsidies, and no artificial protections from failure.
• 46:29
  Freedom is what makes competition work, and competition is what makes markets just.
• 46:34
  Freedom is uncomfortable.
• 46:36
  It means some businesses will fail and some jobs maybe yours will disappear.
• 46:40
  But at the same time, new companies emerge and they create new and better jobs.
• 46:45
  It is the discomfort of free markets that produces excellence, driving entrepreneurs to innovate, lowering prices, improving quality, and of course serving customers, the end consumers.
• 46:58
  This is there's this weird notion that businesses somehow cheat or steal from consumers.
• 47:04
  But businesses can't force you to buy their products.
• 47:06
  Only the government can do that.
• 47:08
  In a free market, businesses only get a consumer's money if the consumer chooses to give it to them.
• 47:13
  And consumers only choose to do that if they believe that they will get something of more value in return.
• 47:20
  Different people in different circumstances value differently to different things.
• 47:24
  A farmer selling sweet corn cannot eat all of the sweet corn he or she produces.
• 47:29
  And so what does that farmer do?
• 47:31
  Well, they value their sweet corn less than will consumers who want to eat the corn.
• 47:35
  Because of this, consumers buy the corn and then the consumers are happy, and so is the farmer.
• 47:40
  Nobody is harmed in a free exchange.
• 47:43
  Both parties are better off.
• 47:45
  People only harm for the exchange is not free.
• 47:48
  Yeah, some businesses fail.
• 47:50
  Perhaps one farmer, our example charges too much and consumers buy it from someone else.
• 47:54
  This guy's corn goes bad, he doesn't make any money.
• 47:56
  Well, that's normal and productive.
• 47:58
  It's too bad for the farmer, but next time don't charge so much.
• 48:01
  Systemic free market realism embraces this creative destruction.
• 48:05
  It does not fear churn, as it understands that without churn there is no renewal.
• 48:10
  And without risk, well, there's no reward.
• 48:14
  Let's talk about value.
• 48:16
  What is value?
• 48:18
  To the central planner, it is something to be determined by committees and models.
• 48:21
  Experts armed with data and guided by benevolence decide what the public needs, how much of it should be produced, and who should receive it.
• 48:30
  Efficiency is achieved through centralized coordination and fairness comes through forced redistribution if it is fair at all.
• 48:37
  This vision, however sophisticated it may appear, it's built on a lie.
• 48:41
  The lie is that a few minds can substitute for millions, and that value can be assigned rather than discovered.
• 48:47
  Markets don't require omniscient planners.
• 48:50
  They already contain billions of individual real-time decisions, every one with real consequences.
• 48:55
  Each buyer and seller brings to the table a unique set of preferences, knowledge, priorities, and trade-offs.
• 49:02
  No algorithm can simulate the constantly shifting landscape of human wants and resource constraints.
• 49:08
  Only a decentralized market, driven by prices, feedback, and voluntary exchange, can adapt fast enough and accurately enough to meet the needs of a dynamic society.
• 49:19
  Planners assume that value is static, and that what people should want can be determined in advance, based on ideology or optimization theory or some other such thing.
• 49:29
  But real people don't operate that way.
• 49:31
  Preferences change and tastes evolve.
• 49:34
  What is valuable today may be obsolete tomorrow.
• 49:37
  And the only system that can respond to that reality without tyranny is a free market.
• 49:43
  Boris Yeltsin said it best the first time he entered an American grocery store.
• 49:47
  He said in Russia, people wait for food.
• 49:49
  Here, food waits for people.
• 49:51
  Americans, of course, complain about the price of things, but we don't complain about what we don't see.
• 49:56
  And some of the things we don't see, others around the world.
• 50:00
  Do.
• 50:00
  One of those things are empty shelves.
• 50:03
  Bureaucrats may mean well, but they cannot see what the customer sees.
• 50:07
  No team of planners, no matter how credentialed or moral can match the adaptive intelligence of a population acting in freedom.
• 50:15
  Markets are not perfect.
• 50:17
  They can miss price, they can overreact, but unlike governments, they learn and correct.
• 50:22
  When markets make mistakes, consumers shift their behavior and businesses respond.
• 50:26
  But when businesses make mistakes, they double down and enforce compliance.
• 50:32
  Freedom, of course, is not the absence of constraint so much as it is the presence of virtue.
• 50:38
  The simple truth, long forgotten modern discourse lies at the heart of systemic free market realism.
• 50:43
  It reminds us that freedom without morality is not liberty, but license.
• 50:48
  License, when unmoored from virtue, becomes exploitation.
• 50:52
  The market, like any powerful tool, reflects the character of the people who participate in it.
• 50:58
  If those people are dishonest, selfish and short-sighted, well, the market's going to amplify those traits.
• 51:04
  But if people are honest, disciplined, and service-minded, then the market becomes not only a mechanism for exchange, but a force for good.
• 51:13
  The great irony of socialism is that the more people act like the moral angels, a system without incentive requires.
• 51:20
  The less we need coercion, and the more we have to gain by being left free.
• 51:25
  In other words, any society where socialism could work doesn't need it.
• 51:32
  That statement may be ironic, but it's also true.
• 51:36
  Until someone figures out how to distribute goods and services that are not produced, free markets will always be superior to socialism.
• 51:46
  And though the public may vote for people like Bernie Sanders or Alexandria Casio-Cortez or Zoran Mamdani, the public can't vote socialism into a workable theory.
• 51:58
  Markets are the only workable theory we have.
• 52:01
  This is why markets must be morally bounded, not by ever expanding government oversight, but by a culture that instills mutual respect.
• 52:10
  Without ethics, any economy suffocates until corruption replaces competition.
• 52:15
  An immoral market is not a free market.
• 52:18
  It's a predatory system masquerading as capitalism, socialism, or something else.
• 52:24
  In such a system, success is no longer about creating value.
• 52:27
  It becomes about extracting value through deception, exploitation, or in the case of socialism force.
• 52:34
  The customer becomes a mark.
• 52:35
  The investor becomes a pawn, and the worker becomes a number to be optimized rather than a person to be respected.
• 52:42
  This is not the vision of the market before by Adam Smith or the Enlightenment philosophers who laid the groundwork for Western economic freedom.
• 52:50
  On the contrary, enlightenment values were designed specifically around the idea that liberty could only endure when paired with virtue.
• 52:58
  The very concept of individual freedom assumes a society of moral citizens who acted not just in pursuit of their own interests, but a consideration of the interests of others.
• 53:09
  I don't defend free markets because I expect perfection.
• 53:12
  I defend them because when markets are paired with virtue, they correct, allowing people to thrive by improving the lives of others.
• 53:21
  Luckily, free markets also tend to make a people more virtuous over time, as free markets over the long haul reward virtue.
• 53:28
  And I would much rather have a nation built on virtue than one built on compliance.
• 53:33
  So let's talk about the way forward.
• 53:35
  For decades, economic reform has been framed as a binary choice, more regulation or less.
• 53:41
  Centralized planning or the so-called invisible hand.
• 53:44
  This framing is false.
• 53:45
  It reduces a complex system to slogans, and it leaves both sides blind.
• 53:52
  We don't need more control, but nor do we need more chaos.
• 53:55
  We need principled restraint, a return to the foundational idea that markets only function when grounded in truth, trust, and accountability, and a system that rewards value rather than just influence.
• 54:08
  We need a system that lets freedom operate within a moral framework and that distributes not through coercion, but through decentralization.
• 54:16
  This is not a call for deregulation.
• 54:18
  It is a call for targeted, transparent regulation that exists solely to protect life, liberty, and property rather than to steer outcomes.
• 54:27
  It's not a license for corporate greed, but a demand for competition that is open and honest.
• 54:32
  We need to end regulatory capture, where unelected bureaucrats and corporate lobbyists collude to draft rules that crush innovation and preserve incumbency.
• 54:41
  We also need to remove the state from value decisions.
• 54:44
  No government agency has the wisdom to determine what people should want, what prices should be, or what solutions are best.
• 54:51
  Only the decentralized choices of free individuals can make those judgments.
• 54:56
  It's also replaced crony subsidies with open competition, and the endless bailouts and politically favored grants.
• 55:04
  Businesses rise or fall on merit, stop protecting failure.
• 55:07
  Then we can restore truth in pricing and reporting.
• 55:10
  The economy cannot function when it's vital signs or fate.
• 55:13
  Things like GDP, inflation, unemployment, and credit ratings must reflect reality.
• 55:20
  Finally, we can empower companies to win through value, through products people want, through services that solve real problems.
• 55:28
  And business models built on trust rather than through lobbying or legal leap loopholes.
• 55:33
  This is not a partisan agenda.
• 55:35
  It's not a utopian theory, and it's not misplaced nostalgia for some golden age.
• 55:40
  It is a hard-nosed recognition of what has actually worked in the past and of what would work in the future.
• 55:47
  Systemic free market realism is not a return to something old.
• 55:51
  We couldn't go back to an earlier age even if we wanted to.
• 55:55
  It is rather the application of timeless principles to the crises of our age, such that we learn from history to build a better future.
• 56:05
  And with that, ladies and gentlemen, we are out of time.
• 56:10
  It's okay.
• 56:10
  I actually got through the whole thing, uh all of uh systemic free market capitalism in one pass.
• 56:17
  So outstanding.
• 56:19
  As always, thank you for tuning in.
• 56:21
  Please tell others who might be interested in cutting through the chaos to listen in either on Saturday and Sunday at 9 a.m.
• 56:27
  Eastern Standard Time, or on Sunday at 9 p.m.
• 56:30
  East excuse me at 10 p.m.
• 56:32
  Eastern Standard Time, or if you don't have time to listen to it on the radio station, listen to it on podcast whenever they have time, and we will see you next week at the same time and place where it will once again be time to get involved and to get loud on America out loud.