I listened to Magatte Wade, an entrepreneur from Senegal, Africa, speaking about how to end poverty. You can listen to her speech at a Ted Talks HERE.
She says that in order to end Africa from existing as the most poverty stricken region of the world, GOVERNMENTS need to GET OUT OF THE WAY. She states that the only way create a more prosperous region is, “We need greater economic freedom“. Words of great wisdom. Someone tell Bernie Sanders and the rest of the socialists.
Many would argue that corruption is the root cause. Wade says that “Corruption is the natural consequence of stupid senseless idiot laws“. And that, “The way to eliminate corruption is to simplify“. It’s hard to argue against what she has to say.
The young socialists here in the United States should listen to what Magatte Wade has to say. Big government controlling the means of production (true socialism) or regulating all industries will inevitably create poverty as it has in Africa.
Magatte also argues against FREE good and wealth redistribution. As an example in her village she is very critical of a US shoe company which has a program of buy one pair of shoes and the company will give away a pair of shoes in a “needy” country. Why is supplying shoes to poor regions counterproductive? Wade says that local shoemakers have gone out of business because they cannot compete against FREE. She said that there were 29 local shoe manufacturers in her small village each of which employed about 15 people. 435 employed making shoes. Those businesses cannot compete against a supplier who gives away products for free hence they end up going out of business.
Free stuff as it turns out is not a way out from poverty.
Out of curiosity I wondered where the FREE shoes are made. Just like most shoe companies, the shoes are made in China and Vietnam. Hmm, US consumers buying products made in China which inadvertently crushes small businesses in Africa. People’s hearts can be in the right place but without looking at all the consequences, their actions may end up hurting instead of helping.
Once again the young socialists should consider that all the FREE STUFF and wealth redistribution that they seek will lead to a life of BONDAGE in POVERTY.
It is finally the day. The day all of the junk mail from candidates stops flooding my mailbox. The day all the robocallers stop calling my phone. The day email spam slows down.
Now for some observations.
The most curious spam email I received was a survey request. It asked me to participate because they said they know that my mail-in ballot was received by the county registrar of voters. What the heck?!?! First off, how did they find that out? I didn’t realize that my ballot status was that easily accessible. In fact I didn’t realize that you can check the status of anyone’s ballot. Looks like big brother knows more about me than I realized. Of course I never answer surveys. But it is curious.
And here’s another observation.
The stock market is up today. That’s interesting because I would assume that the Wall Street crowd believes that the Trump Train will be continuing. That would indicate that the investment computers expect control to stay with the Republicans. If the robots calculated a Democratic controlled congress, I would have expected a sell-off because the Train would be heading off the rails.
I would contend that the investment crowd has more data and better models than the talking heads on the news. Predicting trends is important to them. It’s MONEY to them, not just a partisan talking point.
Look what happened in 2016. All the TV idiots were predicting a Hillybob landslide win based on their models. They got that wrong. Next all the talking heads then went on to predict an economic apocalypse after the election of President Trump. How accurate were the stupid people on TV? Just look at how the market responded. It jumped up right after the election and essentially hasn’t looked back. “No one” should have known what President Trump would actually do. Of course we can now look back and see the rollback of regulations, the trade deals, and the tax cuts. How could the “market” have known that President Trump wasn’t just another lying politician and wouldn’t do what he said on the campaign trail?
Of course we’ll see in the next few weeks how this all turns out.
The past 2 days have been brutal to the stock market and everyone’s investment and retirement portfolios. Wednesday the Dow dropped 831 points. Today it dropped 551 points. You may see a recovery tomorrow, which is known in the biz world as, “the dead cat bounce“.
A Reuters reporter penned a piece that said this sell-off can be blamed on fund managers and MACHINES. You can read the piece HERE. Golly, someone noticed.
Let’s take a trip in the “wayback machine”. Over 2 years ago, I wrote that the SEC needs to fix the stock market system by eliminating 2 things, short selling and high frequency trading (automated market transaction done by MACHINES). You can read my piece HERE. I pointed out that the SEC made some fundamental changes in trading rules in 2007 that may have led to the “great recession of 2008”. These changes let MACHINES crash the economic system.
And in August of this year, I wrote a warning piece about the Chinese developing Artificial Intelligence, which could be used to control all the world’s economic systems, using MACHINES. You can read that HERE.
The systems can be fixed BUT since big money talks, I predict that NOTHING WILL CHANGE.