Greed Explained

The seven or so major news organizations have no problem with coordinating their coverage so as to black out certain news stories. Sometimes like back when the bailout of 2008 was being proposed they blocked all disagreement. Today the major news organizations are blacking out coverage of the Occupy Wall Street Protests.
A recurring sentiment of the protestors is concern over too much greed on the part of corporations. The protestors are young and lack experience in identifying the causes of problems. They are absolutely right that a great injustice is being done. They can feel it in their bones but they honestly don’t know what the problem is.
Self interest and greed are not the same thing. Greed is stronger than self interest and breaks moral and ethical boundaries that society puts in place. A business that sells as much of a product as is humanly possible is no more greedy than the consumer who buys gas at the station with the lowest prices. In economics, folks who expect others to act any way other than in self interest will always be disappointed.
When businesses cheat by breaking laws, that is greed and outside what is allowed in a free market. When businesses use the legislative process to create demand for their product or to create markets, that is greed also. When businesses convince the Federal Reserve to increase the money supply as a means of bolstering profit margins that is greed. When monetary policy holds prices up when they would otherwise fall, that has the effect of reducing the real wages of working Americans.
Corporations do in fact use government to steal from the general population. News organizations benefit greatly from the status quo so they black out news that will upset their apple cart. News organizations present themselves as being objective. Fox News constantly claims to be fair and balanced. Publicly claiming to be one thing when you are another, for you own profit, is immoral and thus constitutes greed.
The protestors are on to something but don’t yet know how their accusations apply. When a country faces a severe financial calamity, the knee jerk response is to blame it on capitalism and free markets. The problem is always actually caused by the corruption of capitalism and government failing to maintain a fair playing field.
The act of blacking out news stories is incredibly destructive. The civil discontent is real and thinking it just needs to be stifled will only make it worse and possibly result in violence. The naïve protestors remind me of the anti war protestors of the 1960’s. They were naïve and inexperienced but sensed something was wrong. Like today’s protestors they were not getting any unfiltered information. They hit the streets, stayed there and eventually the truth started coming out. These protests are just getting started.

(Visited 22 times, 1 visits today)
0 0 votes
Article Rating

About Fantasy Free Economics

James Quillian independent scholar,free market economist,and teacher of natural law. Who is James Quillian? Certainly I am nobody special, Just a tireless academic and deep thinker. Besides that, I have broken the code with respect to economics and political science. Credentials? Nothing you would be impressed with. I am not a household name. It is hard to become famous writing that virtually no one in the country is genuinely not in touch with reality. But, if I did not do that, there would be no point in my broking the broken the code. If you read the blog, it is easy to see that there are just a few charts, no math and no quantitative analysis. That is not by accident. Given what I know, those items are completely useless. I do turn out to be highly adept at applying natural law. Natural law has predominance over any principles the social science comes up. By virtue of understanding natural law, I can debunk, in just a few sentences , any theory that calls for intervention by a government. My taking the time to understand the ins and outs of Keynes General Theory is about like expecting a chemistry student to completely grasp all that the alchemists of the middle ages thought they understood in efforts to turn base metals into goal. Keynesian theory clearly calls for complete objectivity. Government can only make political decisions. Keynesian techniques call for economic decisions. So, why go any further with that? Fantasy Free Economics is in a sense a lot like technical analysis. Technical analysis began with the premise that it was impossible to gain enough information studying fundamentals to gain a trading advantage. Study the behavior of investors instead. Unlike technical analysis, I don't use technical charts. What I understand are the incentives of different people and entities active in the economics arena. For example, there is no such thing as an incentive to serve with life in the aggregate. In the aggregate, only self interest applies. It is routinely assumed otherwise. That is highly unappealing. But, I am sorry. That is the way it is. I can accept that because I am genuinely in touch with reality. Step one in using Fantasy Free Economics is for me to understand just how little I really know. A highly credentialed economist may know 100 times what I do based on the standard dogma. Compare the knowledge each of us has compared to all there is to know and we both look like we know nothing at all. There is always more than we don't know than what we do know. I am humble enough to present myself on that basis. Why? That is the way it is. I am not bad at math. I have taught math. What I understand is when to use it and when to rely on something else. Math is useless in natural law so I don't use it. While others look at numbers, I am busy understanding the forces in nature that makes their numbers what they are. That gives me a clear advantage.
This entry was posted in Daily Comments and tagged , . Bookmark the permalink.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments