Mangled Thoughts

The sessions alluded to yesterday have been called off, so it is back to the evisceration of worthless targets and publication of a bombshell today.

Promised yesterday, but still some editing to do. It will be up tomorrow. Besides, today’s three items are enough to muse over. The scoop ties in neatly, and the items posted so far this week sharpen its devestating edge all the keener.

Mind, as the silence of the past week suggests, one has been in a deep freeze. Deeply frozen by what has transpired.

It is the is the ignorant “Right” who are responsible for this mini ice-age, from Brackistan to the Fascist Rudd Cabinet. Having taken some anti-freeze pain killers, it is time to go forth again, weilding cudgels. There are unfinished matters from last week. Beginning Monday, the right targets will be clubbed, and the above are them. First up, one cannot but comment on the financial markets crisis.

The recession that, as any recession, should not occur if it were not for keynesian snake-oil.

Keynesianism is the culprit behind the financial collapses overseas, the boom - bust syndrome. It has been liberally spooned out by central banks, politicians and their advisers. All addicted to economic smithlication through Keynesian policies. What is now in plain view is what both Mr. Gerard Jackson and Dr. Frank Shostak have analysed and commented upon over the last decade plus some more, credit expansion has been massive. Try it at home, if you wish to enjoy a decade or more luxuriating in Hotel Prison with a well appointed room decorated with iron bars and a padlock.

Has the credit expansion by US, European, and British central banks been greater than that committed by the Reserve Bank of Australia? If so, it would be a staggering fact to contemplate, but the answer is not in raw numbers, as the collapse of ‘banks’ and other corporations overseas might suggest. It is with the reduced, absolute numbers expressed as percentages that count, which both Jackson and Shostak have supplied in their columns.

Recessions commence long before crashes in financial markets. They begin with contraction in higher stages of production, delivering the paradox of consumption rises though a country is already in recession. This escapes not only the peas for brains ALP ministers, it also escapes the dunderheaded Liberals and their euphemistically named ‘free market think tanks’ (they are anything but this). Yet, the “Right” also believe in the keynesian lie, consumption drives growth. To this lot, as much as the Left, capital is just some sort of blob that central planners can ‘grow’ by massive government consumption.

It is the consumption fallacy that is driving mob fear of depression. Consequently, many are convinced that the credit crunch and the collapse of the two Fs, AIG, and other financial firms overseas, means depression. To arrest it, the central banks are engaging in another round of massive credit expansion. The RBA alone engaged in a fresh round of credit expansion in cutting rates by 1%, and it is expected it will do so again soon. Pouring petrol onto the flames is self-defeating; hospitalisation for severe body burns is the regular course of events.

The raw scale of the collapse of financial corporations overseas has turned the misapprehension into fear of depression not witnessed since the Great Depression. Hence, the keynesian policies announced by Governments -a massive increase in their consumption that they falsely call investment. Rudd adds, ‘it will also build the nation’. It won’t arrest the recession and deliver recovery. It will compound the recession, because it means diverting capital funds away from investment and pissing them up against a wall.

Capital Funds, required for the only way recovery can occur, investment in sound production and with it real accumulation in capital. Rudd’s keynesian and facist plans he announced this week will arrest recovery and deepen the recession. It is how a recession can be converted into a brutalising depression. Unfortunately, what sits opposite Rudd and Swann are also clueless and thus incapable of eviscerating Rudd over this. Turnbull, contrary to Tim Blair, is also an ignoramus and a fascist, and also sees nothing wrong at all with destroying Australians through Carbon taxation.

Fractional Banking is the mechanism by which Central Banks’ credit expanionsion is distributed.

It must be frustrating for Shostak and Jackson having to explain from solidly theory what sound money is, and what credit expansion is and does. The frustration being the dunderheaded “Right”. Fractional banking, the mechanism by which Central Banks’ credit expanionsion is distributed, is the cause of the collapse of Fanny and Mae, AIG, and ‘banks’ in Europe and Britain. A commentator on radio summed this up without realising force of what he had summed up and what is behind it, but what else is expected of the commentariat, who also dwell in the Keynesian swamp?

Given sound money, lending is driven by real savings. Credit expansion saps this by creating the illusion real savings are greater than they are with the consequence of extension of unbacked loans. Unadulterated debt. It is money ‘creation’, book entries of deposits which drove the shambles overseas. To illuminate, if there are two dollars, Treasury printing an additional unbacked two dollars does not make four dollars. What it does is sap the value of the two dollars. To, illuminate, Dr. Shostak set out in detail the case of Fannie Mae and Freddie Mac in,

Can the US Government save Fannie Mae and Freddie Mac?

“The FF makes money by charging a guarantee fee on loans that it has purchased and securitized into MBS. By buying mortgages and repackaging the loans for resale via mortgage-backed securities (MBS), or by owning mortgages outright, the FF have provided banks and other financial institutions with fresh money to make new home loans.

Due to an implied government guarantee the FF were able to raise funds relatively cheaply by selling their debt to investors. This in turn…”

There is an additional aspect to this case. They were:

“… established by Congress in order to provide support for the housing market by keeping money flowing in the mortgage market. (Fannie Mae was established in 1938 as part of Franklin Delano Roosevelt’s New Deal while Freddie Mac in 1970).”

There is a word for it, trading while insolvent, but unlike other businesses they could do so because of Central Banks creating money.

The Stalinst Democrats used them also as slush funds for their Party. The $US 700 billions ‘rescue’ package, besides being nothing more than confiscation of real savings from American taxpayers, and their destruction, had a rider attached. Some of those $700 billions is to be directed into the coffers of the Party. This was reported during the behind the scenes wrangling over the plan to confiscate and destroy precious savings. According to a radio report, the Democrats slipped in the condition during the wrangling. It might be observed the majority of Republicans opposed the scam, against the Democrats.

The GOP suffers many of the same problems the Liberal Party does, namely a dearth of guns who can soudly advise Republican Presidents, and kick the diseased Left to death at the same time. So, we watched the gruesome spectacle of the Bush administration rescuing a Democrats’ hoax and, after the Bill had been passed, that liar, who is also Speaker of the House of Congress, Pelosi gloating and declaring how she and her fellow Democrats had saved Americans. In truth, she and her fellow diseased Leftists were overjoyed on three counts.They had their slush fund scam rescued, under a plan sponsored by the Bush administration (the political force of it needs no expansion), and succeeded again in kicking modest Americans when they are down ( Americans should tremble in fear of what an Obama Presidency, should they win, will do to them).

To put things into perspective

“The ace in the hole of our commentators and advisers is the sheer magnitude of the monetary figures. For example, the first quarter of this year experienced something like a $7 billion increase in foreclosures. This is a massive sum that was bound to boggle the public’s mind — and so it did. But when we look at it in terms of a $13 trillion plus economy a different picture emerges: we find that it is less than 0.07 per cent of GDP. Let’s look at this another way. This $7 billion is 3.5 per cent of Google’s current market value, 2.5 per cent of Microsoft’s market value and 12.5 per cent of Bill Gates’ net worth. The idea that $7 billion could sink the American economy is ridiculous.”

(American economy: The subprime market, depreciation and the exchange rate)

Consumption, expressed as GDP, is 1/3 only of total expenditure. The 2/3 is in capital, which is unsurprising since only capital makes consumption possible, and only capital accumulation delivers growth (which is also why taxing profits is criminal - profits are increases in capital).

The real conundrum is how much damage has been done to production due to credit expansion. How deep, how extensive is the damage? What is the magnitude of the recession? The ban on short selling has eliminated a major signal in markets, since short and long selling conveys expectations of the future, and for this reason prevents what is happening, wild swings delivering real damage. This is a testament to the stupidity of Australian politicians also.

The danger is, far from allowing the recession to do its work in wiping out malinvestments, Statist politicians are about to inflict great carnage through their socialist policies. Lying to the public, they are blaming free markets when it is them and Central Banks who have done the damage. So much, at that, for Peter Costello, Pulitzer Prize winning ignoramus in economics. The danger is not only more snakeoil will be poured down our throats by this lot. In blaming free markets, Rudd, as he has announced, using the recession to increase central control over Australians. However deep the recession is, Rudd will inflict far, far worse than a mere recession.

Interest rates

Interest rates are not the ‘price of money’. The price of sound money is given in its basis, a commodity such as gold. A valued good and so exchangeable for other goods, but its properties also render it effective for use as money to trade in goods. Real money is generated out of production. The price of gold yesterday is the price of money today. It has been interesting to observe those in overseas markets shifting into not only gold but also oil, as a defence against the fake money pumped out by central banks.

Interest rates, as Jackson carefully explained in, The nature of interest rates and why it’s dangerous to manipulate them, are the prices of time, given in preferences for present goods and savings (future production of goods). Böhm-Bawerk killed false explanations of interest and in doing he found the theory of interest - the time preference of theory. This theory establishes the distinction between consumption (present) goods and capital (future) goods. Jackson, in explaining the theory of interest, also nails why the snake-oil of keynesianism is ruinous in,

“Keynes just could not grasp that interest exists because people value present goods more than future goods (time preference). And so interest determines the supply of and demand for capital goods.”

The rate of interest is established by:

“… the marginal efficiency of capital [expected rate of return] is the rate of interest. This is the natural rate of interest and a price on the time market.”

The rate of interest not only equates supply of capital with demand for it. It is a process that occurs with time, capital goods are allocated over time. Keynes’ account of interest and money totally debases both, reducing them to mere “monetary phenomenon” of “supply and demand for money”.

Credit expansion, distorts the natural market rate of interest. This is the sapping of the signal informing entrepreneurs in establishing capital allocation priorities, based on the marginal productivity of capital. Every entrepreneur in planning capital allocation, while not working from economic theory, does exactly this through financial analysis. This is where the damage to the capital structure is done; interest as the price of the preference of time spells out why the issue is malinvestments that will be wiped out (recession).

Credit expansion delivers the paradox:

“…gives rise to the consumption of goods which is not preceded by production. It generates exactly the same results as the counterfeit money. For under these conditions the buyer of goods does not use them to support his own production. In fact he consumes and produces nothing. Consequently the buyer of the money/or seller of goods can never realize his money, for the means of sustenance to support these newly created money was never produced. Any attempt then, to lengthen the production structure by means of an expansion in the money stock must always fail.”

Consumption rises, though the country is in recession. This is what the housing and loans bubble and crash in the US manifested. But, then this is what the consumption fallacy twinned with money creation boils down to.

Not really, it’s only the fungus “Right” doing this.

The “Luxury car” tax bill and amendments have been passed. Tucked away in the details was a carbon tax. This carbon tax was supported by the Liberal Party. What drew my attention to this appalling act of treachery was a member of the Australian Nazi Party the Greens, Christine Milne. This vicious piece of work pointed it out yesterday, in the Senate. Next, Family First have linked up with the Greens and the ALP.

“Senator MILNE (Tasmania) (5.29 pm) ‘But now that I know that the coalition supports the standard of 120 grams of CO2 per kilometre…I am really pleased… , I agree with Senator Abetz that we should be getting down to 120 grams per kilometre as soon as
possible…”

Abetz lead the Liberal Party’s position on the ‘luxury’ car tax. Consider it, the luxury tax is one more stinking burden heaped onto the backs of Australians and yet it is severable from the Co2 tax. So, while the Liberals howled about the impact of the luxury tax (in this they were ineffectual as it was) they happily supported a tax that is capital destroying.

Milne used Europe as an excuse for the tax. This is the lemming fallacy; the Europeans are being forced to jump over a cliff by their lawless, socialist governments, so we must do it too. What is Abetz’s excuse? Oh I know, Liberal Party seats are occupied by arrogant, ignorant, lazy bastards and hire the same types as their advisers. It was Packer who said of Malcolm Turnbull,

“I wouldn’t want to get between Turnbull and a dollar’.

It needs an update, “I wouldn’t want to get between the whole bloody lot of these parasites and destruction of Australia.”

It was Kroger’s strategy to let the ALP ruin Australians and wait for voters to run crying to the Liberal Party. Then, he and the blobs will repair the damage (these morons can’t even tie their own shoelaces). The strategy is a consistent failure and, conseqently, it’s been updated.

The Liberal Party will do their level best to help diseased leftists destroy Australians. This way, they can sit in the rubble that once was Parliament, jabbering about grand plans and “build’n’ dah nation” through marvellous ‘laws’ to, oh, what, feel holy? To feel they are doing great things, as they are now?

Look at the above, Nazi Greens, Family “screamingly stupid venal socialists” First Party, and the ALP. Not too long ago, certain ‘rightwing’ charlies had a great laugh, something about “bong heads”. They also laughed at the statement the Greens and the other diseased Left fronts are being handed major victories. Here’s the hot flash:

What the Libs did in Parliament was hand another great victory to these totalitarian followers of a death cult. The slobssnoring their heads off in Liberal seats, and their advisers having a good lie down in the office, felt pleased with themselves. This is not all:

The numbers of the Hot Red Nazi Greens Party has received additions in the Senate. With, for example, this cult’s mantra brainwashed into children in schools, the reality is, they are emerging as a major Party, while the Liberal Party is being shredded. In the Senate, it facess extermination; the electoral numbers show this is the threat.

Milne and her fellow totalitarian thugs smugly stand up in Parliament and lay out their demands. This is the original victory. Without great numbers, yet three watermelon red former Ministers in the Howard Cabinet caved into the bums and their demands.

Smugly… because the completely stupid thumbsuckers clinging like Tarzan Grip to Liberal seats, who should be defending freedom, don’t have a clue as to what they are facing and must be fighting and, besides, they love sucking their thumbs all day and blowing bubbles. That’s all they do all day in Parliament – ah, an error.

Yesterday, the Liberal Senators decided to vary their routine. Cameron stood up and came out swinging and he hurt them and it showed, because they were shrieking, literally shrieking. Cameron is an ignorant union thug but one finds no fault in what he did: pulped a pack of ignorant, unprincipled cowards who stab modest Liberal Party members and Australians in general in the back, daily. This done, they then do their little trade and barters with the hard Left, and enjoy a group hug and kiss-in with the diseased Left. Well, they do have a good dose of the clap as in, they were all clapped out before each entered Parliament.

So, here we have it: Rudd about to ram down Soviet style central planning with a touch of Nazi and Mussolini fascism, as a sentimental gesture to the good old days, and the Libs stood up in Parliament and voted a: “We’re with you Rudd. We are bipartisan, shoulder to shoulder with you. Hey, if it’s good enough for those bottom dwellers the Family First Party, it’s good enough for us.”

In Europe, car companies are in deep trouble over the very same type of carbon tax that the socialist thugs grinding Europe into the mud imposed. This is what the bastards occupying precious Liberal Party seats did to Australians.

I’ll leave off for today, because one is warming up and we come out swinging tomorrow, beginning with those liars in the CIS who pumped hard for larcenous cretins seeking to become wealthy billionaires by razing Australians through Co2 taxes.

Ah, a slight correction: This is what donors have paid $20m plus to the CIS for, carbon destruction day.

Together the CIS and IPA have stashed away $30-40millions. Donors should have flushed the funds down toilets, literally. Toilets don’t cause real damage. Toilets are genuine humanitarians because they serve man, usefully and effectively and they don’t backstab good guys.

This is what $20 millions plus in donations has bought.

Continuing an interesting exchange, Mr. Steve Edwards remarked:

“I think it’s highly unfortunate that these MPs are making such nakedly collectivist arguments in Parliament. However, it’s not so much a function of listening to the CIS, but of failing to take on board any of the CIS’s actual positions.”

This is a candid admission of failure. $20 million plus later between the CIS and the Institute of Public Affairs for failure. A success achieved over nearly 12 years under the Howard Cabinet, and a decade of Kennett. The wash up is failure, marked by the blind, deaf and dumb dunderheads occupying Federal and State Parliaments who resemble nothing so much as a Brahmin version of Helen Kroger’s salon for collectivist Brahmin and this isn’t that far from the truth:

The wealthy Wootton family funds hard Left fronts. Here’s another blithering, handwring fool, RICH: Victorian Socialist Left plot to milk millionaire’s moolah. The heir to a fortune can’t dirty his hands in engaging in the hard muck of production, so instead he idles away playing at politics, having thrown his lot and money in with diseased Leftists.

The CIS scoreboard
- Defence of free markets, an unmitigated disaster. Failure.

-Demanding Co2 taxation, and lobbying on behalf of interests, for Co2 taxation. Failure.

-Confronting the ACTU and the hard Left. Failure

-Promotion of talent. Failure.

-Engaging the public. Failure.

-Failure to engage in activism to reach out to the voting public. Failure.

All these failures have two things in common: Intellectual failure and moral failure.

Intellectual failure

Having raised the relationship between economics and law in previous articles, the former is the ground of the second, let’s sum it up:

Economic laws is the rule of law. This is what common law reflects, upholds, and asserts against larcenous Cabinets and bureaucrats.

Perfect competition is not the rule of law, it is the assault and overthrow of the rule of law in favour of lawless statists. This is why reading fine exponents of the Austrian school, Jackson, and Shostak, one also reads men who are seriously concerned about principles. This is why, Mr. Edwards, one bangs on about the unprincipled “Right”, they are devoid of principles, the rule of law.

This is why States and Federal Parliamentary wings of the Liberal Party are wastlands filled with the walking dead, zombies, and they are Statist zombies. This is why the scrofulous Right flung Bracks, Brumby and Rudd into office. This is why, as incredible as it appears, Rudd and his Cabinet of Soviet style planning cretins are kicking their heads in daily.

Moral Failure:

This follows intellectual failure. No principles, no fight, or certainly not the right fights. It is also reflected in their statism, what they did with the STO and OPA. Indeed, what Bracks and Brumby have deepened is not Victoria, but Vic Inc. and it was the Kennett Cabinet and their advisers who set this up and made Brackistan possible.

It is why Rudd and his fellow fascist thugs are in office. It is why Australians thanks to Bracks, Brumby and Rudd, are forced to own forced labour in Chinese prisons, as I related yesterday. It is why thugs in NSW freely go about threatening firms and staff, as in Iguanagate. It is why the Liberal Party pursues none of the scandals and culprits responsible for them.

It is why the CIS is lobbying for Co2 taxation.

Cowardice

From the above two failures, the third failure follows, Cowardice.

Not once do they go for the Left’s jugular. They know, Steve, because they are intellectual failures, the diseased Left would simply break their fingers, legs and backs in any public confrontation. Yet it is worse than this.

It is despicable to see these “Rightwing” bruisers run crawling to Leftists, and apologising to them whenever they offend the sensitivities of the Left. The same is to be observed in Parliaments: Liberal MsP, or rather MsP pretending to be Liberals are as likely to hurt opponents as pet mice.

Politics is a fight over principles. Voters must be convinced. Fighting means there are some who must be hurt and yet no diseased Nazi Greeny, or hard Leftist in the ALP has ever been throttled by Liberal MsP, CIS, IPA and HR Nicholls Society.

Vice
Follows.

The treachery of the nepotistic Left:

They don’t hit the hard Left in public. They run away at the mere sniff of trouble. Instead, they slime and backstab genuine Liberals. They, Mr. Edwards, are a pack of vicious old housewives.

The hard Left are cultists, they believe in their cause and work to realise it. The Right, not giving a stuff for principles, are only out for themselves, position, money and feeling oh so important. This is why in Victoria a talentless mediocrity in one Michael Kroger was able to seize control of the Liberal Party, and he doesn’t even hold an office in the Party. This is why he bestowed on the long suffering members Julian “Iron Man Jules” Sheezel, who is so thick he has to be instructed in how to use email; a bungler whom Kroger decreed members be compelled to pay $4,000 a week. That’s a large sum to pay for the constant daily stream of cock-ups that flowed out of his office.

Then, there’s “Potty Mouth” Barry Russell “the toy dog” Hanan. But the greatest disaster is the sheer number of ignorant boobies Kroger and Costello have imposed as MsP. They are in blue and safe seats. The only seats that can be defended in the forthcoming elections because, thanks to Kroger and his Brahmin backers, and their contempt for members and principles, they have blown the membership away. Oh, and this means many of those seats will be turned marginal or lost because they are heading south. Blue ribbon seats such as Corangamite and Portland have been reduced to marginal, held by 1 or 2 percent. Oh, and ALP seized Corangamite in 2007.

Corangamite was a blue ribbon seat, and was a Liberal Party dynamo of Western Victoria until Kroger and his stick puppets destroyed it. City blue ribbon seats will follow and an indication of this is the once blue ribbon seat Alexander Downer held in Adelaide. It’s now a marginal, held by a measly few percentage points.

While Western Australians loathe the WA ALP for what they are, Leftist destroyers, in the recent State election they did not run to mummy, the Liberal Party. The Libs, devoid of principles and possessed of contempt for the man in the street, do not believe the effort is required, voters will do as they are told or out of fear. Voters didn’t run to mummy. The Libs agreed to an extortionate deal with the Gnat Nats who jobbed them into office.

No debate

There is no debate in the Liberal Party, it’s forum and think tanks, for all the above reasons. This also means there is no feedback mechanism to check for mistakes and to hammer matters which are not the private province of a self anointed elite. It is about principles that are the reason why Liberals join the Party, and ultimately have force for Australians. Principles have to be constantly hammered out and debated.

Those destroying the party exist in a loop, bound to undergraduate texbooks buried in the anti-free market falsehood of perfect competition.

The closed loop, lusting for power, seats, and two think tanks with $20m plus in their vaults, make sure it is set like a slab of concrete on top of Liberals. This entrenches why the Party is being destroyed and great causes undermined and blown up. New talent is not encouraged, it is squashed. This is why the Party and forums are filled with the same aging bodies, new talent ups and leaves when it dawns upon them that they are meant to be good serfs only.

Kroger manifests another aspect to this. The mediocrity fears talent. With his tight grip over the Party, it is mediocrities who have been promoted within the Party. No-one with brains, learning, spine and guts has been allowed anywhere near any post. This is a small and cowardly man. Brave, generous men do not fear talent, they seek it out because it brings success. Kroger typifies the nepotistic “Right”; moral, cowardly pgymies.

It is why the CIS and the IPA have not applied the $20m plus funding fronts run by talent, and drawing in talent to assist them. Talent is a threat to Greg Lindsay and his band of witless blunderers. It is why the lot of them, Kroger, IPA CIS and HR Nicholls Society sooner destroy good causes, it’s themselves first and sod Liberals and Australians.

Principles have to be constantly hammered out and debated.

Before even contemplating offering for candidacy, even bright man has to be armed. This is why MsP are beaten up daily, they are not armed, never were armed and refuse to arm themselves. It is why they lose elections, they cannot take the fight to the man in the street. They are incapable of engaging the man in the street and opening up what Libs should stand for. Thus he fails to convince. Not only protean MsP either.

Members must be armed. They take the fight to electorates, or should and cannot. They are treated as serfs, gofers dumb help. It showed in recent elections in Victoria. They were as helpless at answering voters who approached them during campaigns, as were Kroger stick puppets jobbed in as candidates. This told, in the reactions of voters. This was in stark contrast as to how the ALP went about things. Voters were lost on the streets to the ALP; apart from all those Hugh Morgan and his fellow idiots in the HR Nicholls Club, Minchin, Sheezel, and Kroger lost because they destroyed the solid, sound campaign for labour market reform.

The above are not failures, Mr. Edwards. They are shocking disasters that unfolded out of the failures of the sclerotic “Right”. Worse, more disasters are unfolding now, and new ones are to follow. If this is success, it is a stunning achievement - rather as rabbits caught in headlights and flattened. The difference is, no-one sane goes out of their way to throw rabbits under cars but the lot wrecking Liberal causes do, except it’s the Liberal Party and they keep throwing it under a ruddy great road train.

Resumed
This will be continued tomorrow. Pleasures, such as slow lunching in good company, should never be hurried. For today, in sum:

The singular point to the disasters and looming disasters, and Australia is now in deep trouble, is the origin, intellectual failure. The CIS and the IPA are not advancing free market economics, they are discrediting what is thoroughly sound, thoroughly principled, with the weight of history, and the weight of the history of economics behind it: Mr. Jackson, bye the bye, demonstrates this in his articles. He shows it in the quotations and citations he supplies. Jackson is saying nothing new.

What is telling is the material published by the clunker tanks, IPA, CIS and, HR Nicholls Society, are devoid of such grounding. Then, we’ve given the reason why they are intellectual voids above - they are stuck in undergraduate textbooks shot with fictions and fallacies and nothing else. Walking Blanks, and this lot pretend to be defending Liberal causes, pretend to be advancing free markets! Donors should be honest: if they want to fund Mickey Mouse then they should have the spine to come clean and go to Disneyland and hand over the $20m plus dollars to the mouse, instead of his close cousins. At least Mickey will earn some of the funds, because he is honest about what business he is in and sticks to it, entertaining children.

They are destroying the effort required to advance it and for what? The lawless, statist, anti-freemarket rubbish of perfect competition. With it, they smear economists such as Mr. Jackson, whose grip is thorough and grounded in solid scholarship and reasoning in economics. They do it for the above failures. This is why the likes of the CIS wind up pushing capital mass destruction, and the absolutist measures required to impose it, through Co2 taxation.