In the 1960s, a bright idea emerged: "Communism spreads because of poverty!" The thinking went that agricultural societies would remain stuck in poverty until they industrialized. So, America's grand strategy to combat communism? Poverty eradication through industrializing the world's farmers.
To achieve this, they pushed land reform programs and modernized agriculture. The mastermind behind it all? Walter Rostow, a famed economist with a book called The Stages of Economic Growth. The U.S. even pressured its allies, like Iran, into land reforms, thinking this would do the trick.
But this whole plan was a classic misreading of institutional economics. They believed that by breaking up landowner control and pushing through land reforms, they'd magically create a modern, industrial economy.
And the cherry on top? The most extreme version of this mindset was exporting democracy—something we've painfully witnessed over the last two decades. Under the guise of "institution-building," the U.S. left a trail of disastrous results in its wake.
Now, let's talk about Iran’s land reforms. Taking lands from the landowners was a massive blunder. First, it was an outright invasion of private property. Second, it made the landowners powerful enemies of the Shah. And third, the farmers, unable to manage their newfound land, flocked to the big cities over the following years. They eventually became a driving force behind the Islamic Revolution of 1978!
#grownostr #history #libertarianism #Iran #privateproperty #revolution #economics #state #institutionaleconomics #institutions #democracy
According to the 2018 trustees’ report, Medicare faces a $37 trillion unfunded liability over the next 75 years, and Social Security $13 trillion. None of this is part of the $34 trillion U.S. debt as of 2024.
"But why worry? Taxpayers pay in now, then get paid later when they're old. Problem solved!" Now let’s look at reality:
1- Aging Population: In case anyone missed it, populations in most developed countries are aging fast. Fewer workers supporting more retirees. So the math here is simple: fewer people paying into the system, more people taking out. What could go wrong?
2- Rising Costs: Medical technology keeps advancing (good for health, bad for budgets), and people live longer than ever. Healthcare and pension costs grow faster than inflation or GDP. But hey, I’m sure "the rich" can foot the bill, right?
3- Economic Shocks: Tax revenue isn’t a guaranteed stream. A recession hits, revenue drops, and obligations like pensions and Medicare don’t magically shrink. So where does the money come from? Print it? Borrow more? Oh wait, we already maxed that strategy.
But sure, keep telling us that unfunded liabilities aren’t a problem. What’s another few trillion, anyway? It’s not like future taxpayers will mind footing the bill for today’s promises.
#grownostr #fiatstandard #debtcrisis #bitcoin #liberty
I’ve never been deeply drawn to mythology, but I’ve noticed the recurring theme of scarcity. In myths and ancient beliefs, there’s always a limited number of divine beings or supernatural forces shaping existence. From the singular, all-powerful gods of monotheistic traditions to the pantheons of ancient Greece or Norse mythology, these figures are always finite.
This scarcity is what made myths so captivating. Imagine if there were thousands of Zeuses or Thors—what would happen to the sense of wonder? The uniqueness would fade, and with it, the awe that draws people to these stories.
For the first time in human history, though, we have something in the material world that’s provably scarce—and yet, some people still fail to appreciate its beauty!
#grownostr #bitcoin #scarcity