RUSH TRANSCRIPT My guess ░░░░░░░░ David Branch and he ░░░░░░░░ the you video up ░░░░░░░░ week seven economic truth ░░░░░░░░ on his great book ░░░░░░░░ is no there s ░░░░░░░░ free lunch Two hundred ░░░░░░░░ economic truths Yeah let ░░░░░░░░ let s let s ░░░░░░░░ a little of it ░░░░░░░░ This is a great ░░░░░░░░ to truths That we ░░░░░░░░ that our great truth ░░░░░░░░ economics Mix from great ░░░░░░░░ here are seven number ░░░░░░░░ Capitalism is a system ░░░░░░░░ begins not with taking ░░░░░░░░ with giving to others ░░░░░░░░ gilder this sounds counterintuitive ░░░░░░░░ gilder is right The ░░░░░░░░ motivation of the entrepreneur ░░░░░░░░ to satisfy not is ░░░░░░░░ but his customers that ░░░░░░░░ his only path to ░░░░░░░░ and profitability and once ░░░░░░░░ the entrepreneur invariably puts ░░░░░░░░ new capital over work ░░░░░░░░ as business which in ░░░░░░░░ creates better products more ░░░░░░░░ and more wealth from ░░░░░░░░ people Number two nothing ░░░░░░░░ so much to the ░░░░░░░░ and happiness have a ░░░░░░░░ as high profits David ░░░░░░░░ to judge profits achieved ░░░░░░░░ a free economy without ░░░░░░░░ what they mean to ░░░░░░░░ nation at large is ░░░░░░░░ failure to understand economics ░░░░░░░░ where citizens are generating ░░░░░░░░ profits by their individual ░░░░░░░░ are countries with a ░░░░░░░░ tax base higher research ░░░░░░░░ development better public services ░░░░░░░░ robust charity and philanthropy ░░░░░░░░ ultimately greater happiness and ░░░░░░░░ of life are I ░░░░░░░░ stop There will go ░░░░░░░░ David ransom This really ░░░░░░░░ stuff Because it s ░░░░░░░░ stuff you would into ░░░░░░░░ So it s really ░░░░░░░░ as a great totally ░░░░░░░░ introduction to economics the ░░░░░░░░ and the book the ░░░░░░░░ five minutes of course ░░░░░░░░ you get you get ░░░░░░░░ sixty seven economic truths ░░░░░░░░ they were first of ░░░░░░░░ Congratulations Thank you dennis ░░░░░░░░ appreciate very much and ░░░░░░░░ know it s it ░░░░░░░░ a great way to ░░░░░░░░ it some of these ░░░░░░░░ Don t naturally Come ░░░░░░░░ in the way people ░░░░░░░░ and yet once one ░░░░░░░░ of looks at the ░░░░░░░░ of history and stopped ░░░░░░░░ consider a lot a ░░░░░░░░ that consequences of a ░░░░░░░░ society that we live ░░░░░░░░ What are the effects ░░░░░░░░ of freedom of of ░░░░░░░░ sort of open economy ░░░░░░░░ market economy They can ░░░░░░░░ See that great fruit ░░░░░░░░ has come from this ░░░░░░░░ hopefully we can all ░░░░░░░░ a little gratitude out ░░░░░░░░ that process So the ░░░░░░░░ of your book is ░░░░░░░░ s no free lunch ░░░░░░░░ that of course is ░░░░░░░░ to Milton Friedman It ░░░░░░░░ that is it an ░░░░░░░░ Well an anecdote is ░░░░░░░░ Is it true or ░░░░░░░░ true that he was ░░░░░░░░ on in some interview ░░░░░░░░ you summarize you won ░░░░░░░░ nobel prize in economics ░░░░░░░░ you summarize economics in ░░░░░░░░ sentence and any said ░░░░░░░░ there s no free ░░░░░░░░ is that true Yeah ░░░░░░░░ it is in the ░░░░░░░░ time that we can ░░░░░░░░ any historical record of ░░░░░░░░ expression being used to ░░░░░░░░ of reflect The concept ░░░░░░░░ scarcity of the allocation ░░░░░░░░ scarce resources is in ░░░░░░░░ newspaper in El Paso ░░░░░░░░ in the 19 thirties ░░░░░░░░ so I did a ░░░░░░░░ of research on where ░░░░░░░░ all came from but ░░░░░░░░ the time milton was ░░░░░░░░ the expression and then ░░░░░░░░ course popularizing it He ░░░░░░░░ just mastered this idea ░░░░░░░░ classical economic school of ░░░░░░░░ and that in a ░░░░░░░░ economy to get something ░░░░░░░░ wants they have to ░░░░░░░░ up something one wants ░░░░░░░░ that it s a ░░░░░░░░ thing and so to ░░░░░░░░ economics with the utopian ░░░░░░░░ view and assume that ░░░░░░░░ can have it all ░░░░░░░░ ignore scarcity ignores trade ░░░░░░░░ and it s something ░░░░░░░░ six year olds on ░░░░░░░░ playground know is not ░░░░░░░░ milton famously said it ░░░░░░░░ there s no free ░░░░░░░░ God rife so In ░░░░░░░░ lifelong pursuit of knowledge ░░░░░░░░ economics which I envy ░░░░░░░░ for I I wonder ░░░░░░░░ you sometimes just Get ░░░░░░░░ at the public s ░░░░░░░░ of the opposite of ░░░░░░░░ two hundred fifty truisms ░░░░░░░░ your book How do ░░░░░░░░ deal with it psychologically ░░░░░░░░ dennis despair is a ░░░░░░░░ Good good man So ░░░░░░░░ don t get frustrated ░░░░░░░░ I have worked to ░░░░░░░░ and and I mean ░░░░░░░░ very seriously and I ░░░░░░░░ not mean it self ░░░░░░░░ but this is like ░░░░░░░░ on I am blessed ░░░░░░░░ created a very successful ░░░░░░░░ that deals in financial ░░░░░░░░ It deals and free ░░░░░░░░ where there to provide ░░░░░░░░ advice around the imaginations ░░░░░░░░ a free market economy ░░░░░░░░ at the same time ░░░░░░░░ refuse to me one ░░░░░░░░ these Wall Street people ░░░░░░░░ ignores how I got ░░░░░░░░ that all of a ░░░░░░░░ by rob we re ░░░░░░░░ continue with that David ░░░░░░░░ videos up with prager ░░░░░░░░ seven economic truths In ░░░░░░░░ meantime want to remind ░░░░░░░░ of something that I ░░░░░░░░ personally nerve renew I ░░░░░░░░ taken it as a ░░░░░░░░ of taking nerve renew ░░░░░░░░ got rid of inserts ░░░░░░░░ had were in my ░░░░░░░░ for about a decade ░░░░░░░░ have tingling numbness you ░░░░░░░░ you re it s ░░░░░░░░ congenital thing for most ░░░░░░░░ to Either they re ░░░░░░░░ their hands I haven ░░░░░░░░ had my faith that ░░░░░░░░ inserts were great When ░░░░░░░░ wore shoes took off ░░░░░░░░ shoes the numbness came ░░░░░░░░ took nerve new got ░░░░░░░░ of the inserts of ░░░░░░░░ like them give it ░░░░░░░░ try to weeks for ░░░░░░░░ and entire year that ░░░░░░░░ t work Try for ░░░░░░░░ year get a money ░░░░░░░░ guarantee free year Try ░░░░░░░░ renew dot com try ░░░░░░░░ renew dotcom Right here ░░░░░░░░ ama seventy the is ░░░░░░░░ about misinformation in the ░░░░░░░░ every day know where ░░░░░░░░ it more common than ░░░░░░░░ the gold silver coin ░░░░░░░░ Dennis Prager here for ░░░░░░░░ fed coins and bullion ░░░░░░░░ continue to talk buyers ░░░░░░░░ overpriced collectible coins claiming ░░░░░░░░ appreciate more than gold ░░░░░░░░ silver It s a ░░░░░░░░ that the majority of ░░░░░░░░ collectible market has actually ░░░░░░░░ value even with gold ░░░░░░░░ all time Time highs ░░░░░░░░ s funny that dealers ░░░░░░░░ claim they are the ░░░░░░░░ expert or the number ░░░░░░░░ rated dealer in the ░░░░░░░░ who set so they ░░░░░░░░ friend Nick grove it ░░░░░░░░ owner of am fed ░░░░░░░░ and billion has been ░░░░░░░░ the industry for forty ░░░░░░░░ years and he s ░░░░░░░░ a reputation built on ░░░░░░░░ transparency and fair pricing ░░░░░░░░ you re interested in ░░░░░░░░ or selling call Nick ░░░░░░░░ his team at I ░░░░░░░░ fed coin and billion ░░░░░░░░ take advantage of his ░░░░░░░░ advice and extensive expertise ░░░░░░░░ hundred to two one ░░░░░░░░ six nine for that ░░░░░░░░ eight hundred two to ░░░░░░░░ seventy six nine before ░░░░░░░░ federal dot com So ░░░░░░░░ the call or go ░░░░░░░░ the website American federal ░░░░░░░░ com American federal dot ░░░░░░░░ Stuck in traffic Things ░░░░░░░░ little how coming through ░░░░░░░░ beach me I pass ░░░░░░░░ up in this is ░░░░░░░░ legs and Bob scientists ░░░░░░░░ 17 having found it ░░░░░░░░ might as well as ░░░░░░░░ has passed laughing at ░░░░░░░░ wrong Things are filthy ░░░░░░░░ kalam Up on the ░░░░░░░░ things house have a ░░░░░░░░ moving here twiddling house ░░░░░░░░ there s are back ░░░░░░░░ this is a long ░░░░░░░░ Heading organic start out ░░░░░░░░ the right lane if ░░░░░░░░ around things are stopping ░░░░░░░░ in Tampa for Armenia ░░░░░░░░ pay me right now ░░░░░░░░ old Seventy vs time ░░░░░░░░ re obvious rain starts ░░░░░░░░ loaves because spring fest ░░░░░░░░ happening now help get ░░░░░░░░ everything you need to ░░░░░░░░ season come on in ░░░░░░░░ lows and save on ░░░░░░░░ appliances right now you ░░░░░░░░ get free base against ░░░░░░░░ the rebate purchase of ░░░░░░░░ items Five 90 nine ░░░░░░░░ more we re celebrating ░░░░░░░░ more fun and more ░░░░░░░░ greatest season full of ░░░░░░░░ at lowes homes Any ░░░░░░░░ on to any possibility ░░░░░░░░ Connecticut and rhode island ░░░░░░░░ offer restrictions and other ░░░░░░░░ may apply see store ░░░░░░░░ details while supplies last ░░░░░░░░ on the zone pay ░░░░░░░░ view on may seven ░░░░░░░░ will be are Mexico ░░░░░░░░ pound for pound king ░░░░░░░░ alvarez takes on may ░░░░░░░░ people fighting for the ░░░░░░░░ b a world light ░░░░░░░░ title on Saturday may ░░░░░░░░ live from Las Vegas ░░░░░░░░ s fight season stream ░░░░░░░░ verses beagle live on ░░░░░░░░ on pay per view ░░░░░░░░ up at a CNN ░░░░░░░░ com By now you ░░░░░░░░ that sound it s ░░░░░░░░ sound of the Home ░░░░░░░░ but what about those ░░░░░░░░ Those are the sounds ░░░░░░░░ Bosh is quick ice ░░░░░░░░ the industry s fastest ░░░░░░░░ ice maker and bottle ░░░░░░░░ technology for hands free ░░░░░░░░ water options Making this ░░░░░░░░ sound of savings on ░░░░░░░░ brand appliances down deeper ░░░░░░░░ doers get more done ░░░░░░░░ on bosh refrigeration now ░░░░░░░░ spring appliance savings At ░░░░░░░░ Home Depot about April ░░░░░░░░ first and eleventh u ░░░░░░░░ the gas range extra ░░░░░░░░ my last straw for ░░░░░░░░ am eternity the answer ░░░░░░░░ learn a lot about ░░░░░░░░ economics from great quotes ░░░░░░░░ advance and author of ░░░░░░░░ no free lunch Two ░░░░░░░░ and fifty economic truths ░░░░░░░░ how true this is ░░░░░░░░ the new video from ░░░░░░░░ university see it as ░░░░░░░░ use outcome where we ░░░░░░░░ what should be yeah ░░░░░░░░ s a great great ░░░░░░░░ video economic illiteracy is ░░░░░░░░ pandemic worthy of panic ░░░░░░░░ than cove it in ░░░░░░░░ opinion David david latest ░░░░░░░░ came in at least ░░░░░░░░ my attention now but ░░░░░░░░ is just in the ░░░░░░░░ half hour I think ░░░░░░░░ the Fed has raised ░░░░░░░░ rates by half a ░░░░░░░░ the largest increase since ░░░░░░░░ thousand What are your ░░░░░░░░ on that Well what ░░░░░░░░ was kind of anticlimactic ░░░░░░░░ the entire market knew ░░░░░░░░ they were going and ░░░░░░░░ is part of the ░░░░░░░░ fad Which they will ░░░░░░░░ surprise markets anymore whether ░░░░░░░░ re raising rates are ░░░░░░░░ rates they re going ░░░░░░░░ be telegraphing at and ░░░░░░░░ we ve known for ░░░░░░░░ time Fifty basis points ░░░░░░░░ coming the markets actually ░░░░░░░░ a bit right now ░░░░░░░░ the fact that matter ░░░░░░░░ that on the bigger ░░░░░░░░ is the balance sheet ░░░░░░░░ a bad day Bought ░░░░░░░░ these bonds that are ░░░░░░░░ on their balance sheet ░░░░░░░░ they have to figure ░░░░░░░░ what to do their ░░░░░░░░ s a bigger story ░░░░░░░░ the interest rate our ░░░░░░░░ That story Well essentially ░░░░░░░░ Fed before financial crisis ░░░░░░░░ about five hundred billion ░░░░░░░░ on a balance sheet ░░░░░░░░ seems like a big ░░░░░░░░ but then they added ░░░░░░░░ trillion dollars in the ░░░░░░░░ years after that meaning ░░░░░░░░ they were buying bonds ░░░░░░░░ money that didn t ░░░░░░░░ and that money would ░░░░░░░░ on that banks create ░░░░░░░░ reserves and nothing really ░░░░░░░░ with it and it ░░░░░░░░ away for the Fed ░░░░░░░░ of put liquidity in ░░░░░░░░ financial system Then after ░░░░░░░░ cold then they went ░░░░░░░░ a tirade doing the ░░░░░░░░ thing and kept it ░░░░░░░░ until just two months ░░░░░░░░ They just stopped two ░░░░░░░░ ago and really the ░░░░░░░░ emergency a cove It ░░░░░░░░ done two years ago ░░░░░░░░ now what are you ░░░░░░░░ to start to pull ░░░░░░░░ of this back wow ░░░░░░░░ without tipping the economy ░░░░░░░░ recession It s very ░░░░░░░░ Japan ran at their ░░░░░░░░ sheet 30 years ago ░░░░░░░░ they re still doing ░░░░░░░░ today So there s ░░░░░░░░ precedent for how to ░░░░░░░░ off at this If ░░░░░░░░ Based on your last ░░░░░░░░ if you could enter ░░░░░░░░ world of John lennon ░░░░░░░░ reimagine not know didn ░░░░░░░░ say read and imagine ░░░░░░░░ ideal economic policy structure ░░░░░░░░ the country That could ░░░░░░░░ to get us out ░░░░░░░░ this horrible mess While ░░░░░░░░ it be I m ░░░░░░░░ by Thomas souls vision ░░░░░░░░ is constrained division because ░░░░░░░░ is no perfect and ░░░░░░░░ s no pain free ░░░░░░░░ and yet cancer Your ░░░░░░░░ I would stop doing ░░░░░░░░ things that made it ░░░░░░░░ start doing more the ░░░░░░░░ that made it good ░░░░░░░░ if you re in ░░░░░░░░ ditch quit digging do ░░░░░░░░ spend above your means ░░░░░░░░ We cannot pay back ░░░░░░░░ this debt immediately but ░░░░░░░░ can stop running up ░░░░░░░░ debt immediately That s ░░░░░░░░ number one biggest issue ░░░░░░░░ Federal Reserve only needs ░░░░░░░░ be such an important ░░░░░░░░ of the economy because ░░░░░░░░ government spends out of ░░░░░░░░ The government spends out ░░░░░░░░ control as the people ░░░░░░░░ to want them tail ░░░░░░░░ there a danger of ░░░░░░░░ the us dollar not ░░░░░░░░ the world s currency ░░░░░░░░ answer is of course ░░░░░░░░ s always a danger ░░░░░░░░ it s tough thing ░░░░░░░░ conservatives because to over ░░░░░░░░ in this point can ░░░░░░░░ cause us to lose ░░░░░░░░ First of all it ░░░░░░░░ that there s another ░░░░░░░░ waiting in the wing ░░░░░░░░ the euro and yen ░░░░░░░░ not exactly knocking on ░░░░░░░░ door of greater fish ░░░░░░░░ monetary responsibility than we ░░░░░░░░ So The greatest argument ░░░░░░░░ the dollar has been ░░░░░░░░ some time that it ░░░░░░░░ the best house in ░░░░░░░░ bad neighborhood The Chinese ░░░░░░░░ is not about to ░░░░░░░░ the world s reserve ░░░░░░░░ but it certainly is ░░░░░░░░ taking a better role ░░░░░░░░ have a more responsible ░░░░░░░░ framework than we have ░░░░░░░░ if indeed sound he ░░░░░░░░ allowing them to buy ░░░░░░░░ denominated by Chinese yuan ░░░░░░░░ of u s dollar ░░░░░░░░ that s it big ░░░░░░░░ but the dollar will ░░░░░░░░ lose it s reserve ░░░░░░░░ any time soon because ░░░░░░░░ do still have superior ░░░░░░░░ entrepreneurial DNA My point ░░░░░░░░ why play with that ░░░░░░░░ risk it Why slowly ░░░░░░░░ it lets stabilize it ░░░░░░░░ generations to come Do ░░░░░░░░ really clear which is ░░░░░░░░ joy on love Clarity ░░░░░░░░ my listeners know Where ░░░░░░░░ you located Where am ░░░░░░░░ talking to you know ░░░░░░░░ I m in my ░░░░░░░░ York City office and ░░░░░░░░ one in the morning ░░░░░░░░ ll be back in ░░░░░░░░ California I m buying ░░░░░░░░ my New York presents ░░░░░░░░ my California presence tonight ░░░░░░░░ don t worry my ░░░░░░░░ won t get any ░░░░░░░░ Tr no matter where ░░░░░░░░ would take off or ░░░░░░░░ from So sure you ░░░░░░░░ not been asked this ░░░░░░░░ but are you a ░░░░░░░░ Yeah I think I ░░░░░░░░ last asked that by ░░░░░░░░ I do I do ░░░░░░░░ the two areas in ░░░░░░░░ I live and work ░░░░░░░░ but it is masochistic ░░░░░░░░ it comes to to ░░░░░░░░ and regulation and we ░░░░░░░░ also opened an office ░░░░░░░░ Nashville as many other ░░░░░░░░ are both yours and ░░░░░░░░ of done and we ░░░░░░░░ going into other red ░░░░░░░░ tax friendly areas But ░░░░░░░░ s so many circumstances ░░░░░░░░ play into it and ░░░░░░░░ see I that s ░░░░░░░░ argument against the way ░░░░░░░░ and I view the ░░░░░░░░ I m in California ░░░░░░░░ I can afford to ░░░░░░░░ and I think it ░░░░░░░░ crazy and stupid But ░░░░░░░░ point is that California ░░░░░░░░ going to a place ░░░░░░░░ there s no middle ░░░░░░░░ laugh It s only ░░░░░░░░ be people who are ░░░░░░░░ of the state or ░░░░░░░░ who You have achieved ░░░░░░░░ financial ability to not ░░░░░░░░ to care anymore either ░░░░░░░░ I don t think ░░░░░░░░ s a good thing ░░░░░░░░ don t they care ░░░░░░░░ I I mean in ░░░░░░░░ case dennis it s ░░░░░░░░ you know you out ░░░░░░░░ family considerations and know ░░░░░░░░ I m sorry I ░░░░░░░░ sorry I wasn t ░░░░░░░░ I was speaking in ░░░░░░░░ Why don t the ░░░░░░░░ in California care that ░░░░░░░░ will that they are ░░░░░░░░ the middle class But ░░░░░░░░ got was what I ░░░░░░░░ I m sorry No ░░░░░░░░ now I understand that ░░░░░░░░ met I used to ░░░░░░░░ that they just simply ░░░░░░░░ that there was an ░░░░░░░░ difference of opinion Jerry ░░░░░░░░ would make comments about ░░░░░░░░ at How are these ░░░░░░░░ have stayed even after ░░░░░░░░ raise taxes and and ░░░░░░░░ thought they were just ░░░░░░░░ to the reality But ░░░░░░░░ I do think you ░░░░░░░░ right that they mostly ░░░░░░░░ t care because it ░░░░░░░░ require the admission of ░░░░░░░░ bad things in California ░░░░░░░░ would require the surrender ░░░░░░░░ the entire blue state ░░░░░░░░ Reject the notion of ░░░░░░░░ social democratic state that ░░░░░░░░ more like Europe then ░░░░░░░░ conservative American experiment and ░░░░░░░░ them it s life ░░░░░░░░ death This is the ░░░░░░░░ ideology that they bet ░░░░░░░░ future on Good good ░░░░░░░░ sadly favorite grandsons videos ░░░░░░░░ with prager you dot ░░░░░░░░ it s terrific serve ░░░░░░░░ truths and his book ░░░░░░░░ a major world best ░░░░░░░░ as it deserves to ░░░░░░░░ no free lunch Thank ░░░░░░░░ David speak to you ░░░░░░░░ seven.