American Consequences - May 2020

Our reliance on big government doesn’t make us strong. It makes us weak and exposes us to large systemic risks. Our reliance on big government doesn’t make us strong. It makes us weak and exposes us to large systemic risks. The more centralized a given system is, the more vulnerable it is to extreme “tail” events. (By that, I’m talking about extreme events deemed unlikely by standard probability analysis, but which are in fact much more likely based on historical precedent.) We need less faith that only government can fix certain problems and more faith in the ability of free men and women to organize themselves voluntarily in search of creative solutions to problems. potential for widespread violence. And in turn, that would inspire even more heavy- handed government response... making the situation even worse. Read finishes his essay with a lesson... Leave all creative energies uninhibited . Merely organize society to act in harmony with this lesson... Have faith that free men and women will respond... I, Pencil, seemingly simple though I am, offer the miracle of my creation as testimony that this is a practical faith, as practical as the sun, the rain, a cedar tree, the good earth. SOCIETAL DEATH

In the final analysis, government-mandated lockdowns are merely exaggerated versions of the horrible damage that governments do every day by prohibiting voluntary interactions. The coronavirus lockdowns are different only in degree, not in kind, from normal government policy throughout the so- called developed world. It’s as if the government suddenly started waging wars on eating, drinking, exercise, shopping, worshipping, and live entertainment by closing restaurants, bars, gyms, malls, churches, synagogues, sports, and concert venues. It’s identical to the government’s insane wars on drugs, guns, and cash that oppress (mostly poor) people every day. That’s not life. That’s the opposite of life. It’s a path to societal death... too clearly resembling the paths of so many heavy-handed failed empires of the past. Dan Ferris is the editor of Extreme Value , a monthly investment advisory that focuses on some of the safest and yet most profitable stocks in the market: great businesses trading at steep discounts. His work has been covered extensively in Barron’s and other respected news outlets. He is also the host of the Stansberry Investor Hour podcast, where he provides listeners with weekly access to some of the best minds in business, investing, and political affairs... including leading political and financial icons like Jim Rogers, T. Boone Pickens, Dr. Ron Paul, and Glenn Beck.


May 2020

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