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  590.  @waynekirsner thank you for the reply, sorry if I rebutted too hard. Yes if I were to create the video again I would have done it differently and with more polish. I teach and am in school and the images alone too most of the time. I would have polished the script better and my understanding is evolving. However, the conceptual framework is right. Q of money was not the issue in the intermediate term. Further, interest rates understood as too low or too high or too much credit or too little are relative terms. These in themselves only have meaning in relation to the natural rate of interest, something which Knut Wicksell 1898 and Mises 1912 interpreted further. In modern term Woodford 2003 and the Fed/US model R*. It is this framework the DSGE model and monetary policy operate. Understanding the rates relationship to the in natura rate and how it affects the capital structure if the subtle point people miss. Further, there are multiple natural rates and multiple equilibriums. The money supply was not the key. I know Friedman and Schwartz in 1963 interpreted it though this lens, but the quantity of money was not the issue. It was the interest rate, which is an intertemporal price gave wrong signals and distorted the capital formation process. The Q theory of money is long-term. That is why Wicksell's theory was needed. That is relative interest rates. To over simply like people do will lead to wrong conclusions, like the money supply expanded or contracted too fast. It was about a price. Prices matter. Specifically, the price of interest, the marginal productivity of capital in a barter ratio world compared to the real world of monetary economics.
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  619. In my class I try to be as objective as possible and try not to introduce politics into the conversation as much of that is culturally determined and is not what economic theory is about. Lets look the idea the Soviet Union grew rapidly. My counter is it would have grown faster with a free market. Communism skipped over the free market phase, it went from feudalism which was bad, but Russia never experience true freedom. Because of innovation the world was experiencing a movement production frontiers, but the western freer market countries developed faster. You can see this when you compare East Germany to West Germany before the fall. I understand what you are saying. And this is the point I make in my class. Marx wanted justice and his ideal might have been correct but the outcome does not work. I make my students tell me what is wrong with Capitalism and right with Marxism. However, Marxism or any mix of it does not work because of the dead-weight loss and miss-allocation of resources and talent. It is not just a statement in an Economics book it is reality. All that industrialization was for nothing as the large state owned factories were monuments to man's attempt to engineer society. The underlying reason it failed is the theory of value can not be implemented. At the basic level, it would be like going into a farmers market and potatoes are 10 dollars a lbs and carrots a penny a lbs. Price and value are determined subjectively or the whole system falls apart. When we try to mix the economic ideas, maybe it does not fall apart but society loses. Even in the USA. If we did not have such a large social government we would have colony on Mars already.
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  739. I hear what you are saying, friend. But The largest oil producer is the United States, and we are the largest consumer. Canada, the EU. These are the countries we are talking about. China does consume and lot, and if Russia and China want to have their little club, it is basically barter and does not significantly affect my world. The Saudis still produce a lot of oil. Not as much as the US, but still a lot. They will not go against the US as they have everything to lose. Maybe they do depart at some point. So what. By then, the world will continue on an upbeat track of diversifying away from them with alternative energies and locations. Gulf Coast Oil has a lot of oil, and so does Canada's green energies, I think nuclear is the way to go. Note: Much of the negative narrative about collapse and doom is spread by libertarians who unknowingly have become Russian repeaters, like Ron Paul or let's call them, Mises people. I used to think highly of them, but they took some wrong turns, IMHO. I like the leadership and ideals of someone like Ronald Reagan, and people today like him. In contrast, people who have become Russian repeaters, which is spreading talking points about how bad the US has become, have to look at the data more closely. Crime is down here, the dollar is strong, no unemployment, and home ownership is up. Many good things, but the negative picture is being spread to swing the election in 2024 to the person who will help Moscow out indirectly. It is just a thought. I know Russians that use the dollar in Russia. Every time I travel and travel a lot, the dollar is accepted in any country. No one country I have ever traveled to accepts Ruble except Russia.
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  994. I hope you are right about the downturn. The Russian people and the Russian oligopoly led by Putin had an implicit agreement, that is, stay out of the way of Moscow's empire building and you can fly beneath the radar and the Duchy of Moscowa will not bother you personally. Things are changing and "Catching Fire" I hope. First, excellent comment. Second, Yes Dnipro was a great place before Russia stepped in. Your wife is lucky to have lived there before Russia. Nice countryside around it. Maybe the city is industrial soviet but the countryside was great. My view is, Dnipro is part of Ukraine as agreed by Russia, Ukraine, the US etc. based on a signed document. The Budapest Memorandum on Security Assurances December 1994. If someone feels Russian in Dnipro they have the right to leave and go to Russia. Just like if someone in South Korea feels like they are North Korean, they have the right to leave and go to North Korea. Third, Just as a side note, you can grow 100% of your Food on 1/3 an Acre. Check out Robin Greenfield or Curtis Stone, they do it on less. I on 1/10 an acre grow a lot and could on 1/3 grow, all with some exceptions. That is a lot of land. I have a USDA license and worked in the farming industry for years now. 1/3 acre is a lot. When I was in Russia in the 1990s, it was primitive but livable. But Russians in the 1990s had the right to be proud of getting rid of oppression. Now, I would be ashamed to be in Russia for allowing a dictator to rule my country. Putin has significantly held back the economic development of Russia. If Putin had not been in power, Russia would be like Switzerland. But since he is in power, it looks like his country has a close connection to North Korea.
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  1471. Freedom - Justice - Equality - The social virtues I am certainly not a dogmatic libertarian. I am not extreme. However, I just believe in the idea of justice. I believe the best way to achieve that is more freedom with a socail safety net. I think that if society wants to make trade offs, we could decrease military spending radically. This is a drain on our society and ironically decreasing our preparedness to defend ourselves as it holds society back. That means because we funnel so much money in conventional weapons - we put ourself in the future at a severe disadvantage as we are not living to our potential in terms of education and technology that is the real edge. I understand your comment about poor children. Many people believe they achieve success in life because of themselves. This is pure ego. Yes we do achieve things in the context of our cultural. However, in a free society there are countless people who have risen up above poverty. Many of my friends. My friend from Kenya lived is living better than most Americans. My wife grew up in a village and she is super educated. It is what you do with your innate gifts rather than material gifts. Material security once achieved, is the door that people can do anything. In this modern society you can just log onto a computer go to the library. Again, I grow my own food on little land. Many American kids grow up in well manicure HOA DR. Horton communities and are slackers. In contrast, there are legions of children that grow up in blocks of flats and villages that are chess players and scholars. The material poverty of the East is less than the spiritual poverty of the East. After you have the basics, of food, which almost everyone has in a free economy, most too much, the rest is up the get the message out - the message of entrepreneurism - of a classical education rather than focus society's energies on a redistribution of wealth. About family, I disagree. I see people as innately good. If people are innately good the more most will start be altruistic. The selfish genes are evolving away. The genes know they can not exist in a world of selfishness. So selfish people do not reproduce as much as lets say the Amish. I often say I do not have the wisdom and that is why I do not dig my heels in politically. However, I would say this: There are three main societal virtues, Freedom - Justice - Equality. Only justice if the ultimate good. You can never have too much of the Summa Bonum. You can have too much freedom because you do not want to be showing R rated movies to children. You can have too much equality because life is monochrome and it drains the incentive out of most. However, justice you can not have too much of. This is what Marx wanted and this is what Adam Smith wanted. They are two philosophies that take very different approaches. Smith was a moral philosopher remember. That being said people have gone back and forth where on the spectrum of freedom and equality does justice rest. And further how do you achieve this in a society. I would have to agree with Friedrich Nietzsche's idea that society is an abstraction which does not exist. Rather what there is is an aggregation of free will individuals and society is the end observable story. The story should be written by individuals organically. Thank you for the comments, I know I am a little rambling, but I think we understand each others and I can respect your viewpoint. .
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  1679. I think the US spends way too much money on defense and, to a large part, has created the debt as it is the largest discretionary item on the budget. In these times, I am glad we have defensive superiority, though. I do not think the US represents an empire in the traditional sense. We no longer incorporate territory and certainly do not do it through conquests. We exert spheres of influence, but this is often to control bad actors worldwide. Without the US idealism and Ronald Reagan-type policy of defending and standing up for the rights of the oppressed, the world would be worse off. Yes, the US is not perfect at all. But I would rather live in this imperfect democracy, a republic, than under a dictator. People have no idea how bad it is to live under that. There will be a time when oil is no longer the chief commodity of the world. That time is, in my opinion, sooner than some think. But even if crumbling weak Dictators in Russia ally with a Kingdom like the Saudis, people will not stop using dollars. Canada has oil, and they are not going to use a Ruble Saudi-based currency, and neither am I. It does not add up. These are talking points by what is called "Russian Repeaters". They want to make the US the bad guy and Russia to create an alternative. But they have it backward. I live in the US and thank God in heaven for this blessing. A world where the Saudis, Russia, and China have more power and throw in North Korea is not a place you want to be. Do not listen to these YouTube economists; they border on conspiracy-like ideas. But the US Dollar has an infrastructure so set up that it will be a long time before people use something else in a major way.
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  1715. Richard Werner I have corresponded with he is an original thinker. The first step to phase out the Federal Reserve would be to allow competing currencies recognized as legal tender. Right now, the Federal Reserve has a monopoly on the most important commodity in the market, that is money. Only Federal Reserve notes are legal tender and its appreciation and depreciation is not taxed as an asset. It is simply a medium of exchange. If we had something like we had in the free banking era of the 1800s where anyone could issue currency than the market would regulate the money supply. For example a many could issue currency, much like they issues credit cards. Of course if the currency were to be accepted better would be to have it back by something, like gold. This is very abstract unless you look into the free banking era, a time when the business cycles were less and growth was higher. A simpler solution would be to make a commodity standard, like Gold. If Gold was money, than it does not matter who issues the notes as long as they had gold to back it up. This creates a stable monetary base, it restrains government spending and gives a confidence in the price mechanism of the market. As it stands now with non-neutral fiats currency, the first receivers have an unjust advantage. However, because of fiscal spending out of control the US could not go on the gold standard, so a better path might be to allow competing currencies as money. Bitcoin is classified as a taxable asset, not money. I would like to do some videos on this.
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  1933. I could create a whole series of videos on this Nerfgunsandpancakes :) First, Ukraine will prevail as light wins over darkness. But remember the concept of creative destruction, this was written about by Joseph Schumpeter, the Austrian economist 100 years ago. This posits that innovation leads to the obsolescence of existing economic structures and you are right that things will shift and some jobs not lost but displaced.. Hence, creating opportunities for new forms of economic activity. Artificial Intelligence can be analyzed through the lens of creative destruction to examine its effects on world economies. Consider all these positive effects of AI! Increased Productivity: This is my biggest point, AI automates routine tasks, thereby increasing efficiency and productivity. This not only benefits individual firms but also has a multiplier effect on the overall economy. Innovation: AI-driven analytics and problem-solving capabilities can lead to breakthroughs in various sectors, from healthcare and education to transportation and energy. This fosters a culture of innovation, generating new industries and economic opportunities. Global Competitiveness: Countries that invest in AI technology may gain a competitive advantage on the global stage, attracting more investment and creating high-value jobs. This is what I mean when I say comparative advantage. Resource Optimization: AI algorithms can optimize the use of resources, reducing waste and enhancing sustainability, which in the long term can contribute to economic stability. Data-Driven Decision Making: AI's ability to analyze big data allows for more informed decision-making, leading to better allocation of resources and improved public and private sector governance. Customization and Personalization: AI enables the customization of products and services to individual needs, creating new market niches and expanding consumer choice, which can stimulate demand and economic activity. Supply Chain and Logistics: AI can significantly streamline supply chain and logistics, reducing costs and time, thereby making markets more efficient. Increased Consumer Surplus: Advanced AI technologies may lead to a decrease in costs of goods and services, increasing consumer surplus and overall well-being. AI can be understood as a form of creative destruction based on the history of economics. While it may displace certain jobs and industries, its positive effects include increased productivity, innovation, and competitiveness, which have the potential to benefit world economies in various ways. Therefore, from a Schumpeterian perspective, AI serves as a catalyst for economic transformation and growth.
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  1934. First, I am sorry about these struggles I really am. But consider I do not use credit cards except as a debit card. There were no credit cards 100 years ago and 10,000 years before that, people survived. Did somehow people develop an innate need for the? More likely they forgot where they came from. Think about your own family and where they were 100 years ago. Let's start with that. Highly recommend everyone does not use credit cards they do not pay off at the end of the month. Yes use them but pay them off monthly. I would have to look at the budget. If you give me the budget I can evaluate as I am an economist and a career accountant to some extent. 1) grow your own food. Check out Robin Greenfield for inspiration. You grow you own food, you will be better off. Save 1000 a month growing most of your food. Grow vertically or in the garage, use your imagination. Shop from the farms directly. Do not buy packaged foods. Use Google Voice instead of a cell phone. I use Google Voice. What are your expense for the home? Most people have economic problems as they do not know how to live like a pioneer or settler but rather they live like an American. Watch Robin Greenfield. Forget HUD and food stamps. I live on little money and use none of these. Do you fish or hunt? I am in school working on my Ph.D. and have little money to spare but live like a king. Me, if I were strapped I would sell everything I had and buy a piece of land somewhere and build a tiny home with wood from the land. Check out Rob Roy cordwood homes. Think about surviving not all that HUD and SNAP and Insurance etc. Taxes and insurance are low if your home is not worth a lot. Find a place that has low taxes and insurance and easy county rules and regulations about building codes. But grow your own food to start.
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  2032. I agree with you, but not to the end. For example, I am getting a PhD have a lot of experience in a technical field and I make a pittance. I have also worked hard physical labor for little money. In contast people in money centers like NYC or London or any city sit in cushy jobs that do not add value, they create nothing, they innovate nothing, but they get paid 250k. How is that fair? It is not. There is an underclass in the US that works two jobs or gets 10 dollars/hour. Much of it has to do with the complexities of our monetary system. That is under a classic gold standard that tendency would exist less. Under a fiat money system money is created out of thin air and when it it pumped through it goes top down. However, still the idea here is how does that apply for you personal life? For me, it just means I have to be innovating and reinventing my life until I find myself making a wage that I personally deem fair. I did not make the rules but I can learn to play by them and still operate within my code of ethics. To try to equalize the wage through government intervention does not work. Under socialism people are all equally poor and then there is a ruling class connected to government. Better is say, OK our system is unfair, but find out the real reason behind it. If you dig deep enough, you might find it connected to the monetary system. Until that reform, I grow my own food and improve my skills. You can build a nice house for under 20k and be somewhat self sufficient for under in a 1/4 an acre. Anything you make after that is gravy and you will have a better life than the grey hairs getting fat in their corporate offices.
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  2248. I wanted to address this. Inflation now is above the Federal reserve mandated or at least state goal or 2% to 3%. I think its 3.7% now. So I want to establish that. That currently we are above target but not hyperinflation. I understand what you are saying. You are saying because we are using petrodollars the US can export the money printing. First things incorrect is M2, which is the amount of money, is declining. We are not printing money currently. That does not mean we will not go back to an expansion of the monetary base, but that will be based on Fed targets. I personally think even 2-3% is too high. But also we will have a huge decrease in consumers as booms are retiring and technology which are both deflationary. Back to the Petrodollar. Your claim is because we use the Petrodollar this eat domestic inflation. If we are off this, hyper inflation will follow. Hmm I do not see it. Second, as explained it is not an either or. If we leave the Petrodollar it would be a gradual diversification. This is something the central banks can monitor and address and stay within their 2-3% guidelines. Yes I know PCE and CPI are not perfect as the do not encompass asset prices accurately. But still when I went to the store, eggs are like $1.20 a dozen and milk $2.29. So for day to day things its OK. Milk and eggs are a foundation. I grow my own potatoes and such. Life is good. There is, not and will not be a major inflation problem as the Fed is managing it. I again think there should be deflation but not hyperinflation. If we diversify away from the petrodollar to the PetroEuro or Petropound than OK, so be it but the world will continue to get better because of technology. Eventually we do have to address the debt problem. I agree 100% I am for a balanced budget or a Gold standard. But this is not going to happen until people become aware. But the good news is the debt to GDP ratio the real important number declined a little.
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  2254. We do have issues fiscally. I see that as the main issue. We spend more than we earn. Any house or country that does that seemingly is not heading for a good outcome. I do not deny that in any way shape or form. That is the reality of our political process that the incentive is to make promises and spend more than it is to tax. Also that monetization can increase inequality because asset holders, benefit from asset price inflation. I would agree with many old school thinkers even some of the founding fathers, that debt or excess debt can be a moral issue. It is saying I personally am entitled to more than I create in value. However, there are exceptions of course. If you take loan to finish medical school your income will pay it off easily in the future. So some of your claims have merit. That being said, I stick to my initial premise. People do not want to live 10,000 years in the past or 1,000 years in the past or 100 years in the past because life was harder. It was harder as technology was more primitive, and we had despots ruling, and not we have democracy. The world in 100 years will be inconceivably more advanced technologically and humans will be living better. I would not mind being a teen today. When I was 14 I started to work. At 17 I worked 7 days a week on the night shift, 11-7. To pay my master's schooling I worked on the loading docks. So in contrast life is not that bad for the youth today. Our Fiscal and monetary policy is not optimal by my assessment. Yet technology and the creative human spirit will continue to improve the lot of most humans. I do pray for peace in the world. The threat is not economic but despots and tyrants that try to take freedoms and life and in a word are 'bad actors' to say the least. However, I believe light wins over the darkness. We just have to be patient and faithful to our ideals.
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  2365. The genesis of religion and economics in the US was many people coming here were in a metaphorical sense trying to build a new Jerusalem. They were coming to the US to practice religion freely and start a new life. Puritans, Amish, Quakers, Mennonites, Huguenots, etc. But Also Catholics. It was both the initial immigration in the 1600s to the 1800s and the subsequent immigration of the early 1900s that reinforced this. These ancestral ideas remained in our collective unconsciousness. 1)Wisdom comes from effort 2)Christianity believes in social cooperation 3)Life is about the long-term mission rather than present consumption, therefore Our ancestors were all on a mission in the New World. When people are on a mission they can endure and achieve things in a different way then people who are governed by their appetitive natures. This is largely connected with the idea of forgoing present consumption by saving and investing. A nation that connects "real savings" with "real investment" is a nation that creates a capital structure that stable. When you depart with the idea of real savings and real investment and people focus on present consumption or an artificial capital structure based on malinvestment. This about Ludwig Von Mises. His Robinson Crusoe man on the Island who had to forgo consumption to build a better economy for himself. I recommend people read about Mises and Crusoe. Americans somehow mixed religion with capitalism and the effect was positive for economic growth. Max Weber you might want to look at. But there are many other authors. Thomas Wood, writes about religion and capital from a Catholic perspective.
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  2449. First, I appreciate your passion about the subject. I wish more people in the world had your passion about this. The world would be a better place. That being said, you have a lot of points here. Congo is considered growing zone 13 if you go by the USDA growing zones. There may be mirco-climates as you say but here is a scientific study that supports my argument that Congo is growing zone 13. From someone who personally grows food in Zone 9a I would rather be in growing zone 4 or perhaps even 3 with minus 20 degrees than Congo growing zone 13. There is not sufficient deciduous growth to enrich the soil. Further the UVs are so strong that is has a negative effect on photosynthesis. You can use Azospirillum brasilense in such a warm climate but this only fixes 20lbs of Atmospheric nitrogen per acre not enough to grow protein rich foods. People live on Cassava which has plenty of calories but insufficient nutrients. It is because of the lack of deciduous growth micro nutriants can not be pulled from deeper levels to feed the soil. Even modified stains of Alfalfa which have deep roots such as bulldog 805 could not survive in Zone 13. You are left with tropical fruit production perhaps but it is insufficient protein and sustainable agriculture becomes harder. The net effect is people do not have protein and have Kwashiorkor syndrome. We can talk abstract political ideologies but unless the primary sector is producing enough then without exogenous aid, then people struggle internally. Sustainable agriculture proceeds political reform. With the introduction of the three crop rotation system in Europe, people had the ability to do more on all levels. The Russian Poland issue is no way close. Russia impoverish Poland and Ukraine. The took wealth and executed people. For example, seven million Ukrainians will starved in collectivization. Overnight and I mean in months with free markets Poland went from poverty to riches. I was living there and I saw it. I am getting a Phd in Economics in Poland and my advisor is a leader in the transformation. Perhaps it would be better I cite academic journals. I think internally a country needs to grow in the primary sector and issues start to work themselves out. Countries in hot areas do develop is they have fishing and trade. But Congo is perhaps the most isolated countries. Yes I think capitalism will alleviate corruption and poverty and government intervention beyond setting up a just legal system prevents it.
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  2450. When I was in Poland in the 1990s it had little economic wealth, the Molotov plan was just to rebuild the basics, when I was living there in 2004 I remember on May 1st when it entered the EU and after I saw rapid change as markets further opened up. There is not one factor that determines anything in life. For example, why a particular person does well economically. However, generally if you have free markets and a basic structure of education and just laws nothing holds a country back. I still think Nicaragua, Guatemala and the Congo are hot humid jungle countries. Every try to sit and do advanced math when it is 100 degrees and humid? In contrast a country like Finland is cold and people plan and think, partly because the weather is more conducive or at least spurs people to sit and think. So if you have a hot humid country perhaps the culture is shaped by the weather. This is not economic theory per say but think about it. It was not until the advent of airconditioning even the our own Southern States in the US started to develop. Now everyone is moving to NC and FL, before economic growth did not happen unless it was connected to agriculture and tourism to some extent. So yes is corruption certainly a function of development but my question is why? It is not just exploitation. Poland was partitioned and exploited for hundreds of years and it bounced back quickly because of access to trade routes and the industrious nature of the people. Aid money did not make Poland what it is today, it was the people. I lived there during the transformation. However, it has the base of a just laws and democracy and peace with a free press that exposes corruption. A country like Venezuela can not develop because it is a socialist dictatorship. When it changes to a free market, it will be rich again. It is that simple.
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  2894. Hi John, there is a lot here and each point is worthy of a reply. People do starve under communism, you do not hear about it. What about the 7 million Ukrainians who did under the Ukrainian holocaust 1932-1933? There are other examples but I think that is enough. The idea is the same, in order to treat people like a planned input, there will be a great cost, because embedded in every human is an in the sense of freedom and self sufficiency, One million years of evolution and all. There was mass starvation and even when people had food it was rationed. How do I know? All my family came from there. However, in the countryside when people could grow their own, things were better. At least this was my families experience. However, that does not make me right in my argument. Because there could have been starvation if Czarist Russia was not replace. We just do not know which would have been worst. I do not object to government help for the poor. People talk about cutting food stamps but 50% or more of this countries discretionary income is Weapons. Its a trade off, guns or butter, and certainly a rich society does not have to purist. It can help people without a great loss of efficiency. Remember the point is to make a just society not to maximizes efficiency. However, I still believe the the ideas of freedom in the markets will usually produce both unless there are externalities. Healthcare - Agreed. Greed from drug companies and insurance and everyone else destroys quality care. I work hard but can not afford to take my family to the dentist. If we need care we have to fly to Poland. However, the solution is to dismantle the system and have a free market. I know this sounds crazy because health care should be one of those goods that everyone has, but the reality is the ideas in healthcare are upside down. The masses are using prescription opiates (universal healthcare is the opium of the masses), people are taking antibiotics like they are going out of style. Doctors are doing unnecessary surgeries from tonsils on children to back operations on adults. Its all backward thinking and the worst is I have to pay for it. If tonsils are removed t-cells go down over a lifetime and 9 months latter children are worst off. Back operations do not work in the long term. Back, knee and hip etc could be better treated with stem cells. But this is a free market idea and not covered by most insurance. In the free market health care world - ie. cash payers people are doing adipose stem cells. In the government market they are doing back and knee operations. This profit motive taps into the desire for humans to better themselves and others. If people want a healthier populous, better is to increase awareness about curtail junk food or something as obesity is perhaps the most serious problem in this country. In fact the more insurance coverage a person has the more obese they are, that is a statistic. So it comes down to freedom. I grow my own organic food, and I will get sick someday, but I find it strange I do not get sick when those around me are huffing a puffing. It comes down to some extent taking responsibility for your own health. My point is if you layer more and more planners you will get more and more nonsense and the quality is less. Because right now the state of US medicine is nonsense. Even the doctors, have their hands tied because it is all about rules and regulations under our system. I want planning by the many not by the few. Planning by the many means we can all plan for ourselves rather than have government 'geniuses' plan for us. I know this sounds arrogant but I will compare IQ scores or chess ranking with any government planner. I do not like the idea of a planner engineering my life. I am a college professor but I grow my own food in my little backyard and do a lot of things myself. If I was homeless all I would need is a good saw and I would build by own house and like the people who founded this country I would grow my own food and sew my own clothes. It is called the human spirit, and planning crushes that. The big baby bottle of government is contrary to my understanding of human dignity.
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  3596.  @DanNorton1  First, interesting comments so nothing personal. I am not an expert on Ayn Rand, but her thinking there are absolutes in a world without the Absolute is not possible. Each person will construct their view of the world and call it right. Like the 100 million lives lost in the 20th century from such things, e.g. the Soviets and the National Socialists to start. In history each person has their own view, including religion, but I would argue there is less variance with the latter. Ayn Rand's thinking is just one philosophy among many. In the words of Hans Kung 'there is a post enlightenment bias on the individual'. To grossly, paraphrase of Mortimer J. Adler, the 20th century thinking did not yield any radically new thinking that was not already debated in philosophy of the Ancients or the past.I think her claim to absolutes is absurd if there is no Absolute that exists in the universe. This is what Han Kung, Fyodor Dostoyevsky and Nieszche write about. Yes you can not refute it. But if you take it to its corrosive end, there is nihilism, a void. There is nothing, including no absolutes. Only nihilism that each person tries to ascribe meaning in their own way. Like Camus myth of Sisyphus. Each person defies the fate of the void in some way they find. Some of those ways include Soviet Socialism which is almost 100% opposite of what Rand stood for. If there is no God then up or down makes no sense. If you stand back from the planet we live on, which point is up or down? There can be people making moral arguments but not compass no moral compass. That is why if there is no God, the end of 19th century thinking became aware there is nihilsm. Rand, is like in the Camus just trying to define something in someway to make her like meaningful. I argue that there is a God and that with reasonable fundamental trust we can go forward. Rand, in my reading are self centered. Adam Smith would have a very different view on self interest. Smith, if you read his Theory of Moral Sentiment said 'people should act lovely'. Rand wrote ' I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine.' To me that is selflish. To me that is nihilist... ' Or The question isn't who is going to let me; it's who is going to stop me.' She is all about the individual. But the individual has to make reference to society in a positive way. I can not do whatever I want.
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