Comments by "PM" (@pm71241) on "Ayn Rand's Philosophy on Helping the Poor (Pt. 3) | Yaron Brook | POLITICS | Rubin Report" video.

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  3. Taylor Adams > "Simply saying "sorry, brankuptcy, don't have to pay you now" isn't exactly a great way to get out of paying a debt." That's also not the way bankruptcy works - at least on in Europe. It's not without consequences to declare bankruptcy and you will still have to pay your debt if you later becomes able to do so. > "and even the American president takes pride in the fact that he learned those rules and regulations and used them to his advantage. Just doesn't sound very libertarian to me." Neither to me. But then ... In Denmark we actually have regulations preventing people from exploiting bankruptcy rules like Donald Trump did. > "Some things are simply handled more easily by the government (such as infrastructure in most cases)" I could agree with that... but I would state it more generally (as a georgist). The government comes into play when we are speaking of monopolies. Essential infrastructure (like sewage system), stuff where there's a natural monopoly which excludes actual competition is justified as government responsibility since the monopoly it self is a violation of the basic principles. The thing that gives you that monopoly - a natural opportunity - is not the fruit of your own labor. That could be the unimproved land, the radiowave spectrum or other natural opportunities. Monopolizing those without compensating the rest of society for the positive externalizes the society creates is unjust. So the government should be involved in such monopolies - or at least, collect the rent from such monopolies - as, say, a land value tax.
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  11. Taylor Adams > "debt slavery" Wouldn't solve anything. People can easily end up owing more than they can ever repay by slavery. That only leads us back to the middle ages. Also ... as it is now, when you lend people money, you are taking a risk (hence the justification for higher interest). If you insist on no bankruptcy, you effectively removes that risk. Or lessen it by having people put their lives as guarantee by debt slavery. Apart from that conflicting with basic classical liberal principles, you are intervening in the voluntary transaction on behalf of one side protecting them against that all investments (also a loan) has risks. ... If you lend money to someone not able to pay you back. You are taking a financial risk. You should be able to suffer the consequences of loosing your investment in the case of bankruptcy. I don't see any problem with that. The alternative - slavery - is insane and doesn't solve anything. In the same way ... people doing activity which impose a risk on others (or the environment) should not be allowed to do that freely and only pay in the case of an actual accident. If you want insist you want to drive twice as fast on the highway as it's designed for, you are already violating a basic classical liberal principle that your freedom only extends to far as to not interfere with other peoples equal freedom. Other people have a right to not be put in a situation where only luck decides whether another persons actions hurt them. It's not only at the moment an accident actually happens you are violating that principle. You do it by puttings other peoples lives, or property, or the environment in danger. The government has one role only: To protect the basic freedom principles, like: 1) Self ownership 2) You have the right to the fruit of your own labor 3) Your personal freedom only extends so far as to not interfere with the equal freedom of others. ... So it's perfectly reasonable for the government to enforce speeding limits on the highway and not allow people to violate 3). In the same way it's perfectly reasonable to have environmental regulations which not only require the polluter to always pay for damages and clean up the mess, but to also prevent situations where a polluter does more damage than he will be able to pay for in a bankruptcy.  
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