Well, the topic for this this lecture is has to do with political versus private entrepreneurship and the two distinct functions that exist between real entrepreneurship market entrepreneurship and political entrepreneurship and As a reading suggestion, there's a little book. It's very interesting. It has some good Economics in it, but it's written by a historian named Burton Folsom f-o-l-s-o-m It's called the myth of the robber barons and it was actually published under the same book under two different titles It was entrepreneurs versus the state at one time And then it was called the myth of the robber barons of Burton Folsom and it's based on American history but but every chapter makes a distinction between Real entrepreneurship and political entrepreneurship and some entrepreneurs in American history started out as as Real business entrepreneurs market free market entrepreneurs But then they got involved in politics more and more later on in their lives and became political entrepreneurs Or what today we would might call crony capitalists. And so you have this This phenomenon of there's no there's no set cut definition You know John D. Rockefeller Bill Gates, for example, Bill Gates was a market entrepreneur when he when he developed a lot of the Microsoft products But then after the government sued him for supposedly violating the antitrust laws He opened up a Washington DC lobby lobbying office and had his lawyers Start suing his competitors for for the same sort of bogus things that he had been sued over so he began playing the political game and he began giving millions of dollars to the Democrat and Republican parties in DC after they sort of sort of, you know Slapped him around a little bit in court with the the Microsoft antitrust suit about what ten years ago or so But let me define what I'm talking about here first, you know market entrepreneurship Of course, the consumers are treated like kings and queens in a real market with with market entrepreneurship and the whole purpose of market entrepreneurship is To make money by serving your fellow man my old friend Walter Williams when he lectures about this He he pulls money out of his pockets and Waves around like this.  That's what he calls them because you know in a market anyway The only way to get dollars to get money is to help help your fellow man a fellow woman out somehow Provide them with a better product A lot of you I know a lot of my students watch and like this television show shark tank Or they have billionaires like Mark Cuban and Others who you know ordinary people from all over the the world show up with some idea That can help their fellow man just a little bit better I think I think the biggest selling product that they invested in was some stupid looking Sponge that you can buy a bed and bath with the sponge daddy They've made millions and millions and millions of dollars and and whoever invented that I would argue has done more for humanity That all the politicians in the history of the world Over-invented sponge daddy, but here's what Macy said about the the the primacy of consumers He made the point in human action that that you know on the outside You see the bankers and the corporate executives or the farmers The capitalists they seem to be in charge of the economy they make all the big decisions What kind of cars they're going to make and who gets a loan who doesn't get a loan and so forth But it's really the consumer that's in charge and here's what How he put it the consumers make poor people rich and rich people poor They determine precisely what should be produced in what quality and what? Quality and what qualities they are merciless egoistic bosses full of whims and fancies Changeable and unpredictable. He's talking about you here They do not care a whip for past merit and vested interests in their in their capacities as buyers and consumers They are hard-hearted and callous without consideration for other people And I would argue that the internet has made all of you even more hard-hearted and callous because if you you know if you're wearing your favorites type of sneakers and you happen to hear that there's a Slightly better or cheaper brand you just go online on Amazon or something and and tomorrow they're delivered And so you know you don't you don't care a whit about past practices or anything like that That's the consumer and that's why these these would be entrepreneurs on Shark Tank You can tell these many of them spent years Struggling to figure out how to be just a little bit better than the next person who's been selling some product Or who hasn't thought of it who hasn't thought of a thing that that someone would would need yet as far as that goes Another thing about market entrepreneurs is the way they become really really rich is to serve large masses of people That's how to become really really rich as as Misi has put it Also in human action Every advance first comes into being as the luxury of a few rich people Only to become after a time the indispensable necessity Taken for granted by everyone the mass production Henry Ford, you know became very wealthy in his day by producing You know mass producing automobiles for the masses anybody who had a job could afford one Because his assembly line was so efficient it made the cars so cheap and his his slogan was you can have a model T Ford in any color you want as long as it's black And they're very standardized production and very low-cost production So so the consumer is king and queen With private entrepreneurship Political entrepreneurship is exactly the opposite political entrepreneurship is a is a system by which politicians and bureaucrats try to isolate themselves as much as possible from any pressures that would put on them To take commands from consumers or taxpayers or anybody else, you know after all there are no shareholders in government You know and we have the survivor principle in the economy in the private economy If you don't serve your customers well, you lose money or go out of business And you also have stock market discipline if you if you don't do well And serving your customers your stock price will decline and that will in that very often will incite a corporate takeover And you the CEO will lose your job in a corporate takeover So there's there's stock market discipline in that sense in the market that doesn't exist in politics as I'm going to talk in a minute There are such heavy barriers to entry in politics that in US Congress the average Re-election rate of a congressional incumbent is about 96% You can you can do everything Almost anything and and get re-elected in Congress unlike the business world where if you screw up and and produce a bad product That is you just marginally, you know less good than the competition you can go out of business Disappear and but not in Congress you can do almost anything it reminds me of When I when I still lived in the DC area of Baltimore DC The congressman Barney Frank was in the front page of the Washington Post for about a whole week Because it was discovered that his his partner was running a house of prostitution on the bottom floor of his Capitol Hill townhouse and you imagine that you're a member of Congress and for a whole week the front page of the Washington Post Is you're running a whorehouse from your house and he was elected ten times after that Re-elected ten times as that so as long as you can Pander to the special interest in your district. Who cares what you do you do anything and so as far as that Okay Anyway, so so politics is very different in this book that I mentioned by Burton Folsom the myth of Robert Barron's like I said I highly recommend it. I've quoted it in a lot of my writings An even better book is my book how capitalism saved America I write about the same thing there And of course no one will be permitted to leave here Auburn without buying a copy of my latest book the problem with socialism It looks looks like this over here I'm going to mention that in a second and so a good example of what happens when a society Transforms itself from market entrepreneurship to political entrepreneurship is Sweden I have a chapter in this my book the problem of socialism called the myth of successful Scandinavian socialism and I did a little research into Sweden because You know, we have a couple of politicians high high-profile politicians in America who have been touting this as well Maybe we should go this route and be like them Well, the truth about Sweden is in the late 19th and early 20th century They were a very limited government low-tax minimal government Capitalistic society they produced all these great inventors and entrepreneurs like Alfred Nobel who invented dynamite the people who created sob and Volvo automobiles and in that refrigeration technology and the per capita income growth in Sweden was the highest in the world from 1870 until about the 1940s the income growth and so it's very prosperous society and Sweden was not involved in any wars. I think 1809 was the last time they were involved in any kind of war So all all of the resources that other countries devoted toward war including the ultimate resource people Were not wasted and squandered and destroyed in Sweden all a decade after decade generation after generation and then they adopted a Political entrepreneurship or a form of political entrepreneurship in a form of nationalizing many industries a Big welfare state highly progressive income tax and the result was that's according to the Swedish Economic Association Which is their version of the American Economic Association There was not one single net new job created in Sweden from 1850 until 2005 55 years of zero job growth was a result So they basically ate up their capital the capital that was created by the earlier generation of entrepreneurs real entrepreneurs market entrepreneurs was taxed to death and They eventually ran out of that a lot of that capital and by way of the title of my book the problem with socialism comes from Something Margaret Thatcher once said that the problem with socialism is that you eventually run out of other people's money That's kind of a cute phrase And she was a big fan of Hayek by the way there's this famous scene where in her one of her first cabinet meetings She she slammed the Constitution of Liberty by Friedrich Hayek on a table and said this is what we believe in So all of her ministers cabinet ministers and so so so Sweden tried to bail itself out By doing a bad imitation of the Fed and they printed money and created 500 percent interest rates in Sweden and that that forced a sort of a Margaret Thatcher style reaction and that they privatized some industries deregulated banking and Communication telecommunications and a bunch of other industries and cut marginal income tax rates But they still have per capita income less than Mississippi which is our poorest state here in the US and so that that's a lesson to learn about what happens when a society goes from a a Capitalist culture a capitalist culture based on private entrepreneurship to a socialistic culture based on what I call political entrepreneurship and so What I want to go through maybe the maybe the most of the rest of my talk is what I call tricks of the trade of Political entrepreneurship and so you know as far as wealth destruction goes You know the reason why political entrepreneurship is Destructive and the reason why you see you know once a society develops that sort of mindset of that sort of policy is that Is that you know wealth is created by private entrepreneurs, but with political entrepreneurs? It's all about income redistribution. It's all about income transfers. It's all about the politicians providing Benefits to one small relatively or groups of small interest groups. They will they will in turn Pay them back in votes and money at the expense of the whole rest of society So it's it's at best a zero-sum game, but most likely a negative sum game you destroy Prosperity and then this is in the economics literature. This is called rent seeking I prefer that the word plunder seeking to rent because rents most most people just think rent is what you pay a landlord No matter how many times you define for them what economic rent is from the economics textbooks They most people still think it's what you pay a landlord and it's been my experience anyway And so plunder thinking that there is an economist named Mansar Olson who wrote several books about this and He used to he's the late Mansar Olson He was a public choice economist He and he gave a he had a little example of the effects of rent seeking or political entrepreneurship and They and there's kind of an interesting image of sticks in my mind anyway, imagine two sumo wrestlers You know these big big Japanese guys who wear diapers and they get it They get in a circle and they and they smash into each other You know and they wrestle or something I don't they grab hold of each other Whoever whoever gets out of the circle loses I guess sumo wrestler and so Imagine two sumo wrestlers wrestling inside a small China shop and Whoever wins gets the cheek keep whatever China is not destroyed And so these two guys just bounce around and knock everything over glass is shattering everywhere And there's one gob that left the game is over You know sumo wrestler a wins and there's like one wine glass left He walks out and the economic lesson is that is that plunder seeking or rent seeking can destroy a lot more wealth Than the winners of the game walk away with you know The the political winners the people who get rich through crony capitalism or political connections Yeah, they'll do very well, but the whole rest of society is impoverished another way of looking at it Is is a really a good thing that more and more young people are saying I'm not going to study business or engineering or Chemistry things like that I want to be a lawyer and work for a public relations firm in Washington DC. That's where the big money is Lobbying You know, what is the effect of that on the economy overall? Well, it depends on what you're lobbying for if you're lobbying against government intervention I guess that's a good thing, but that's only a tiny minority, isn't it? Who does that? I mean, where's the money in that and so and so you know in the longer run That's that's can be very destructive too because you know the things I mentioned chemistry engineering business and so forth those are all aimed toward Being a part of the market entrepreneurship segment of the economy Whereas lobbying and all that that's that's political entrepreneurship. Okay, so tricks of the trade what how has the state? gone about Isolating itself from any pressures by consumers taxpayers investors that anybody To do it at once so that basically the people who benefit from statism are the politicians the bureaucrats and their crow and Supporting groups in the society or whether it's the media who are bought off or the academics who are bought off with the bribes Our friend Larry white these the Austrian economists Larry white and monetary economists He published a study in a journal. I think it was journal of monetary economics, which is a pretty big journal and he took up took down a big long list of economists who have published in these high-level monetary economics journals and He got ahold of information on how many of them were paid in some way by the Fed Research grants summer job permanent job What if I think was over 70% were paid in some way by the Fed and he made me the case that Well, gee, maybe this might have something to do with why these journal articles are so favorable toward the Fed and Not not quite as critical of the Fed so so there are many groups that benefit Well one one way and one trick that is used Based on a book that I co-authored many years ago With my old friend James Bennett. It was called underground government underground government It's published about a hundred and twenty years ago And what this was was this in the late 70s in the US there was a tax revolt Proposition 13 in California was the most high-profile tax revolt they limited the property tax Rate in California, but about a couple of dozen states did the same thing. So there were all these states that did pass Property tax limitations debt limitations spending limitations and so forth even some counties did this in Maryland there's a county that that's passed a an ordinance that said that the You know the income tax rate at a local income tax rate can ever increase faster than personal income does It's it's something you know something that might benefit. But anyway My co-authent are wondering well, how is the government going to respond to this the people have spoken, you know over and over again? They've passed a referendum And saying we want to limit spending limit borrowing. Are they going to just behave behave themselves like the theory of democracy Says, you know the theory of democracy that people are taught in school is sort of a perfectly competitive theory of government The people speak and they want to do this or do that and the government and the politicians faithfully You know do what the people say that's democracy Well, we found that for over a hundred years Politicians be had become experts in thumbing their noses or giving a big middle finger to tax payers whenever they revolted You know revolt schmovo. They don't care about about these things And what and how they their vehicle was to create what we called off-budget enterprises for example Once one chapter we have featured Nelson Rockefeller the late governor of New York was sort of the king of this This thing that he had big spending plans. He was a Republican So naturally he was an out-of-control wild spender in New York and so and he wanted to he wanted to build, you know massive Public housing projects he went he wanted to cover the entire state Pave over the state with state universities and and all sorts of grandiose plans with other people's money, of course He's a Rockefeller, you know, what else did you expect and and a lot of these were turned down by referenda? Two three four five times they kept putting these referenda out and the people of New York voted no overwhelmingly So what did they do they created what are called off-budget enterprises and they funded them With bonds with borrowing, you know taxes are out of the question the people said no No, we're not going to be taxed for this and they called these moral obligation bonds Isn't that nice so so they were acting in an immoral manner by hiding everything from the people and they called them moral Obligation bonds and that that phrase and that type of bond was invented by Mitchell the bond bond council named Mitchell who worked for Nixon later He would work for Nixon it was caught up in the whole Watergate scandal and so but anyway So these don't require voter approval the government these are called revenue bonds in a general sense and they don't require Voter approval and so they just sell the bonds they tell the public well We're gonna we're gonna rent space in these dormitory rooms at the universities and the rent from the dormitories will pay Be more than enough to pay off the bonds the principal and interest never works out that way New York State went bankrupt Okay, same thing happened in Washington State They created something called the Washington public power supply system and the acronym was this How would you pronounce that? Whoops it was known as whoops They wanted to build five nuclear power plants with revenue bonds as non voter-approved revenue bonds And it ended up being the largest default in municipal government history a two two and a half billion dollar default After about 15 years of tinkering around and just a carnival like atmosphere with a construction of five nuclear power plants at the same time and so And so that was another catastrophe that was created and so and so in this book underground government we have you know Not even nine or ten chapters about this sort of thing is it still exists to this day whenever the people of any state in the United States demand tax cuts or spending restraint the politicians have a vehicle that they can use to say Okay, we'll do what you say You know you're the boss and then behind their backs they create off-budget enterprises and the people are ultimately on the hook They're not supposed to be but they're on the hook in Florida right now Sheldon Adelson the billionaire Republican Party financier neocon warmonger, you know generally bad person is building a big casino a gambling casino in Miami and He and others apparently got the state of Florida to agree to build a passenger train line You know they're no profitable passenger trains in America.  Do you think how many votes do you think that would get and we're going to tax you? So your tax bill is going to go up by a couple thousand bucks a year for this so that Sheldon Adelson Can have gamblers at his casino and which is by the way is being built right next to the new train station They're building in Miami for this train And so that wouldn't that would never have passed that they took a referendum of the people which they didn't they just They just did it and it's revenue bond financing another another book that I wrote with Bennett that's about Political tricks of the political entrepreneurship is called destroying democracy These are all old books Really buy them for a dollar somewhere destroying democracy We gathered a huge amount of statistics on government grants to every kind of special interest Organization non-profits special interest organization imaginable and found that what what government does is it doesn't just sit back and Do what the people say in an election time? It gives money it gives millions of dollars to special interest groups Which they use to lobby the government for public relations campaign for bigger government more government programs Okay, so the government is paying special interest groups to twist the government's arms They please please give us more government and then and they do and it works And when it works the taxes go up and they give more money to the same groups and say do it again Do it again. And so and so this whole book it's about this fat big fat book in Destroying democracy is another example of political entrepreneurship and it still exists to this day In these data are online now Jim Bennett and I had to do we did freedom of information Requests back in the 80s and it took forever. I mean, you know it to do it, but we gathered it all But today you can go online. There's a database that was created by a group in DC As a result of our book because it this was sort of a hidden thing nobody knew about this much in the 70s and 80s and so that's another example a third book that I wrote with Bennett That's another book length example of political entrepreneurship Is is called official lies The subtitle is how Washington misleads us in chapter after chapter is the idea here was that you know There's a public choice concept called rational ignorance. It says that the average citizen Is rationally ignorant about most of what government does and in that you know The information that we acquire in our lives is mostly to get through school to do your job raising a family paying the bills Planning for the future and we pay some attention to public policy and all that but not much The government is so big that no human mind could possibly comprehend Even one 10,000th of 1% of what the government is up to just go online and Google list of federal government agencies and then just pick any one of them and Click on it and see all the divisions. How many people are all this stuff is and that's just federal That's not yes state of local So so the average person is rationally ignorant and government governments take a great advantage of this politicians take great advantage of this with by offering us a blizzard of lies about what they're up to and so a lot of the information that we do have about Government about what they's up to is Self-serving lies fed to us through the media mostly just over and over and over and with enough repetition The only need they don't need the whole population to believe the lies just enough Just enough to be able to get away with it to get a you know to get a majority in the next election You know, who knows anything about all you know, whenever we go to war It's usually in the famous essay war is the health of the state by Randolph Bourne He mentions that all wars are created by maybe a dozen or two people huddling in some room somewhere in Washington or Whatever the nation's capital is and plotting and scheming to to entice some enemy or Supposed enemy into getting into war and you know, what do we have to do with that? We have nothing to do with that and we don't know anything about it either and we never will this is all done in secret And so and so we that's another example of the tactic of Political entrepreneurship There's all designed to pretty much create monopoly government so that the politicians can do whatever they want Regardless of what the taxpayers the voters consumers whatever you want to call them have to say about it and then Tactic number four is called log rolling That's what the political scientist called log rolling. I'm gonna give you an example of log rolling Let's say this is a local government thing in my example Let's say we have three distinct groups in a in a community in Terms of their preferences for local spending on schools and hospitals These are things that state and local governments spend money on schools and hospitals And let's say these are there are equal numbers of voters at all three groups a b and c and group a is Older people who are concerned about adequate capacity for health care So there are four or more hospitals, but no more schools their kids are out of school that They don't they don't have grandchildren that they don't get they've they've done their thing They've paid property taxes for years for schools. They don't want to pay any more Okay, so so if there was a referendum saying will you pay a little more tax to build a new school? They would say no, they're not interested group B is parents with kids mostly. So they want more school spending They want build a new school or the extra wing on the school hire more teachers Whatever and so they're willing to pay a little more tax for more schools, but they're young relatively young and healthy They're not interested in hospital spending So they would vote no if there was a referendum to build a new hospital group C status quo They don't want more of an either thing no more schools. We've got enough schools with mf hospitals Okay, so if there's a referendum for hospital spending, you know, will you raise will you vote to raise your property tax rate a bit? In order to build a new hospital in the county It would need to get a majority and would it get a majority with this configuration of voters? No, it would get one it would get one third is one third for it and if you held a referendum on schools The same thing you'd get group B would want it but a and c would vote no so you don't get one third Well, what rock log rolling is would be if a representative from group a went to group b and said listen We don't give a crap about schools But we'll vote for schools when the vote comes up if in turn you vote for more hospitals Even though we know you don't give a crap about more hospitals at the same time And so they both hold their noses and vote for the other person's Advantage because they know the other person is going to trade votes and vote for their thing And so what you get in a democracy with log rolling is even though the true will of the majority Is a status quo no more of anything What you get is more of everything more spending on everything through through the technique of log rolling Okay a vote trading or log rolling is what it's called Another trick of the trade is called the washington monument syndrome And what this is is every time if the voters Vote down some proposition, you know sometimes if the politicians think They've done a pretty good job in lying to the public Good enough to get them to vote for some new program or some expansion of an existing program They'll take a vote because after all what do they what do they say the day after election day the people have spoken We have a mandate to to to bomb somebody or whatever. Whatever you want to do. We have a mandate now And so that's there's a benefit to the politicians of actually having a vote if you know you're going to win Yeah, okay And but you don't always know you're going to win sometimes you lose And so when they lose the vote they can take a new vote Well, I'll take a we'll vote over again until we get it right They say and so for what the washington monument syndrome is it's for example, if there's a vote On to raise school spending and the people vote no Well, then they can they can say well There's no money left for school buses. The kids are going to have to walk to school Or you're going to have to drive them no more school buses Or the police will say oh, we don't have enough time to pay all the police And so we're just not going to have any police in this part of town We're going to have to maybe stagger it, you know Mondays the police will be here and on tuesdays. They'll be over there And we'll do that. I lived in buffalo new york many years ago And so i'm a refugee from the frozen north I lasted one year in in by buffalo. It's uh That's all I'll say about buffalo but uh, but uh But I can remember they they did they voted three times for more school spending And it was voted down by the people in in buffalo and so what they did was What I exactly what I said We're sorry. There's no money for school buses and this was in the winter You know november is election time and it starts snowing in buffalo when I was there in october And it snowed all day and all night every day until about mid may In in buffalo and so and there are no sidewalks in the winter in buffalo new york at least the year I live there Everybody just walks on the streets To you know, the snow is plowed up this high on the sidewalks, you know all day all night and so I'm sorry the kids are going to have to walk the school in the dark on the road Or you're going to have to get up and drive through the snowstorm every every day every day And so it took another vote and guess what the voters voted In favor of raising the taxes and the reason this is called the washington monument syndrome is Sort of a famous example of it in 1965 the national park service wanted more money from congress and congress voted no Because there are other bureaucracies that were more successful in getting money for their allocation from congress So the head of the national park service closed down the washington monument And that was it's the most popular tourist attraction in washington dc And there are people from all 50 states who go to dc on a vacation And they want to go up into washington monument And so the members of congress from every state got complaints from their constituents You know, we are one week vacation of the year in washington And we couldn't go up into washington monument And so the congress was bombarded with complaints telephone calls and letters and everything like that They caved in they gave the park service their budget and they reopened the washington monument so that's that's another Trick of the trade of the washington monument syndrome that you know the next time in your community if you're if you're you live in us And you see something like this happening that Oh, we're gonna have to shut down the police or the ambulance services or the schools That's the washington monument in action is what is what that is You know never any talk about Cutting back anywhere to make sure the police are on the job or the ambulance services are still out there Okay The next thing next trick of the trade is creating Barriers to political entry. Yeah, and this is most prominent in congress Barriers to political entry and And here's an example of what the effects of barriers to entry barriers competition in congress what this is is uh reelection rates over the years reelection rates in the us house of representatives From 1964 to 2014 in the top graph There and it's a bar chart here and as you can see From all those years, you know, if you ran a line if you figure out the average, it's about 96 97 So for all practical purposes This there's a web. This is from a website called open secrets dot com If any of you when I get I get a look at this, you know on your own on the web And uh, or if you just type in reelection congressional incumbent reelection rates, you'll find this information and the senate is a little different but not that much And that just about everybody gets reelected all the time Okay, and so you've got a monopoly there and so You know any business that had a government sanctioned monopoly of which there have been many in history I've written about them over and over again in my books and articles and things Uh, well, yes, you don't have to be a phd. You cannot economists understand Then if they have a sort of an iron clad monopoly, they're not going to be quite as responsive To the customers as if they had competition out there And so then and this is certainly true And this is as close as you can get to an iron clad monopoly of power And in this in this sort of situation 96 reelection rate Like I said, barney frank, you could even run a house of prostitution out of your home and still be reelected Uh, you know, I grew up in pennsylvania western pennsylvania. There is this crooked congressman Sorry if that sounds redundant, but uh, but uh, his name was flood and he looked just like snidely whiplash in the bullwinkle cartoons He had a big handlebar mustache. He wore a black fedora hat and a cape Honest to god, you know congressman flood and and he was convicted of a felony for some kind of bribery thing But pennsylvania law at the time said and he appealed And so I guess the law at the time said if you appeal, you're not officially a convicted felon So you can still run for reelection and he did and he won And I remember reading the pittsburgh press interviewed people on the street. Well, what do you think of this? And they said, uh, well, they're all crooks in washington But he's our crook and he's really good at bringing the highway grants and the school grants and all that back to pittsburgh So we like them, you know, we'll vote for them as far as that goes. Okay. So, so why does this happen? Well, one of the reasons this happens is Jerry mandering is one of the tools that allows us to happen gerrymandering It's a combination about a uh, a new england politician called elbridge gerry in the 19th century And salamander, you know what a salamander is a lizard. It looks kind of like this. Here's my drawing of a salamander salamander That's also This is also a good rendition of the 12th congressional district of north carolina And uh, and so and so what gerrymandering is, of course, you know, if you lived I'll take this out And uh, if you lived where tom woods used to live tom just moved from kansas Which uh, no offense to any kansans out there, but tom calls it stinkville He didn't like it much, but here's here's my drawing of the state of kansas I guess By the time they got to kansas They just said, oh the hell with the hell with the rivers and that's just make them all square And you know, if you had four congressional districts, you could do this, you know, one two three Those are the four districts for congressmen but what gerrymandering is of course is that if the It's done by the party in power on census years every 10 years And if the democrats are in power, they'll draw it to their favor if the republicans are in power They'll draw it to their favor so if kansas here you have kansas and let's say there's a district that looks like this You know something like that 90 percent Democrat I'm just making the number up That'll be the district if the democrats get to withdraw the district and the same as republicans And so that means no matter who runs against them, they're going to win They've got overwhelmingly democrat votes there. And so it doesn't matter. It's a guarantees They're always going to be reelected. And so and so that's why you get districts like this a north carolina 12 district And I have more Some other ones this is uh This is in maryland right here. Look at that congressional district You could drive around maryland and be in and out of the same congressional district 15 times And that one's hard to see florida. This is a texas 35th district There ohio 9th district There This is north carolina again Kind of funky Let's see what else do we have here This is maryland 6th district So you get the idea And so gerrymandering is one of the one of the reasons for this plus, you know, they create dozens of uh Subcommittees so any any politician who wants to be on a a subcommittee if you're from a farm district You get on the agricultural subcommittee committee and you get to dispense benefits to farmers, you know farm welfare And if you're from an urban area you get on the urban affairs committee And you dispense goodies to people in the urban areas And and and challengers have a hard time competing if you can play santa claus Vote for me. I'm santa claus. Here's money. That's hard to compete with that with that sort of thing So so between that and then really congressional staff in reality are permanent tax taxpayer finance campaign workers That's every congressional staffer and each incumbent is given dozens of staff members, aren't they?  There's a whole book about this written called money for nothing my friend mcchezney what this is about is uh The phenomenon of a lot of regulations that are proposed and laws that are proposed Don't seem to have Identifiable special interests behind them usually when if you see a law that's being proposed There's some sort of lobbying group that wanted it maybe for years and then finally congress adopts this law But but there's a category of laws and regulations that doesn't seem to be any identifiable Interest group that one of them they come right out of congress Or the or the white house or the executive branch, you know per se And and so what is the motivation for that? Why you know what's behind this fred mcchezney asked now? He was a law professor for many years at northwestern and emory And this was a harvard university press book. So this is this is not published by some hack outfit in uh in uh somewhere but uh, but anyway the the gist of this is that The purpose of these laws is basically extortion.  No problem. It's legal congress did it President it okay Okay during the clinton administration, okay As con he writes as congress prepares to debate drastic changes in the health care system This was when they were debating hillary care. This is from the new york times Its members are receiving vast campaign contributions from the medical industry an amount apparently unprecedented for a non-election year They were the contributions were reportedly Third higher than the prior non-election year with some individual members of congress being given more than one million dollars And and what they were talking about was price controls They wanted to put price controls on the medical industry So the medical industry responded by showering politicians with millions of dollars and then The next line in this article is talk in congress of price controls soon ended So that's how it works proposed some heavy tax or heavy regulation There'll be economically ruinous to a business or an industry That business or the industry will send a lot of money to the politicians to finance their campaigns give their spouses You know six-figure jobs, you know all sorts of side payments And then the congress will say What was this about? This is all a mistake forget about it, you know, it's that's you know What what were we thinking and they'll give up on it and so mccesney wrote a whole book about this About this phenomenon with all sorts of theories and how it how it changes the theory of economic regulation That we already have in the field of economics, but it's it's basically legalized political extortion And so that's another trick of the trade of political entrepreneurship and it all fuels Rent seeking it all fuels rent seeking encourages rent seeking tells people this is how to make money Stealing it legally from somebody else rather than producing new goods and services like real entrepreneurs do and i'm about out of time Since gary north took up two minutes of my time. I guess we don't have time for questions So, uh on to the next one


The article provides guidance for researchers on actions to take during intervention development, including involving stakeholders, reviewing research evidence, drawing on theories, collecting primary data, understanding context, considering future implementation, and designing iterative cycles of development with stakeholder input throughout. This article was authored by Ramana Newlands, Heather Cassie, Ailey M. Duncan, and others.


Previously on Pirate101, on the Privateer Walkthrough, we kind of freed Monkey King or defeated him at the end of last time and we're coming into the Shadow Palace between episodes last time on stream. We upgraded Luton Emmett to Commander, so he's now Commander which is really cool. He has super duper slow moves, now he makes everybody slow, he's got a, I think he's also got a bit of super strike and I think we gave him Overwatch 3, I think is what we gave him, I'm pretty sure. Something along those lines, I can't remember. But anyway, we are heading into this dungeon here, the Shadow Fortress, so yeah, let's hit on in. Hi Tyler, welcome. My hood is dumb, thanks. It's so saggy, I appreciate that, my dude, I appreciate it.  Okay, so I can't actually remember what this is, but there's a lot of ninjas, like everywhere. So yeah, yeah, let's see, they bamboozled us and they go first unfortunately, which is not cool. Is this one called, what is this one called? Grey Moon, I thought it said goat something, but it doesn't. Okay, let's do that, let us move Bonnie up slightly, we will also do that and we will move you this way, you can charge this way, they are all musketeers, no, they're not all musketeers, there's only one musketeer. The musketeers are the worst for Bonnie because they have Trugra and Burst Fire and stuff like that, so it's not the best. You don't need help anyways, easy solo, okay, we'll have fun, easy solo. I can guarantee you can do it, can guarantee, can confirm you can do it yourself because you are great, you are good at the game, yep. Okay, so, let's see, we'll try and get, try and, oh, Bonnie, hi, nice. We'll try and get up the musketeer pretty quickly here with Danchi probably, just because he's going to be a bit of a pest. Bonnie's Overwatch, geez, hello, hello, hi Friddon, welcome, how are you today? How's it going? How's it going? How's it going? How's it going? How's it going? How's it going? How's it going? Okay, let's go for a mighty charge because we can charge mightily into combat, we'll do that, we'll go for that and you can actually do that as well, we should be fine taking out the musketeer boy, not this round but next one probably, unless we crit, which is a possibility, nope, not a possibility, at all, we're bad. Hi Dylan, welcome, how are you today? How's it going my dude? Wow, amazing, okay that first strike has been annoying, geez, okay that was not much, that was not much, Danchi I believe in you, nice, no, don't dodge, that's not cool, dodge is not cool, only when I dodge, every time I ask you dodge is not cool at all, do not approve of it, you're doing good that's good, that is good, okay, we really need to upgrade Danchi when we can, he kinda bad, he kinda trash, kinda trash, we might need to rethink our lineup a bit, we can do that, that'll do quite a lot, this guy's the musketeer, we're gonna shoot you, pew pew you, you can, thing him, this grey viper may not die, hopefully, no he's not even, okay, didn't quite die at all, hopefully we'll send Bonnie on him next time, that should be fine, ninja pigs always are annoying, always really annoying, I hate them so much, they're just frustrating, they're not good but they're just frustratingly frustrating, if that makes sense, Overwatch, nice, look at that, good job, first strike, okay, that was pretty good, nice to be blocked there, nice, nice work, actually they're in a very good position at the moment, we got another bomb which is great, so we're gonna do that, Bonnie you can pew pew him, you can go for him and him and yep, that should be fine, we'll get up to hopefully this time, if Altoro decides to crit, that would be great, how did you, Bonnie ends bad, I'm up straighted, you finally got Monkey King as a companion today, oh, you're about nearly up to where we are, we're about to get him later today as well, probably by the end of this first hour we'll have Monkey King I would say, so yeah, that'll be fun, that'll be fun, Monkey King's great, that's the secret surprise that we get at the end of this quest, yeah, so I'm assuming you just did this just earlier today, because you're basically at the same stage as me right now, okay, finally you decide to crit, good job, or actually repost, good job, and actually hit, good work, I'm proud of you, proud of you Altoro, proud of you, proud of you, okay, what we're gonna do is we are gonna do a group here just because some people have kind of did, you can do that, you can do that, just in case, I believe of Bonnie but no, Sid Nudes, no, I'm fine, I'm fine, you completely forgot, we have houses in this game, yeah we do, we do, there are houses in this game, can confirm, not that I really use them much, but yes there are, there are, definitely, why does everyone want me to sin? I mean, no, I ain't about that life, I ain't about that life, I'm a changed dude now, I don't do that stuff, I mean, not that I ever have, or anything, but like, no, to go away, no, no stop it, I don't do that, no, no, no stop, please, no please stop, please stop, okay, there we go, GG, easy, I mean it wasn't really easy, but you know, it wasn't difficult, let's get all of these treasures, where are we going, are we going into a wee little cave, makes sense, what can go wrong in a wee little cave, you know, perfectly makes sense, jeez, but it's you, nah fam, sorry, wow, wow, okay, what do we have to defeat, we have to defeat these guys, of course we do, let's try and get the, not the musketeer, musketeers are annoying, no I don't, sorry fam, I ain't about that life unfortunately, you know, I ain't about that life, actually Bonnie, you can go down there, you can do that boy, you can come here, because it's the furthest you can go, so we'll do that, sorry I don't send nudes just to anybody, you know, I mean I don't really send nudes full stop, but like I just don't send them to just anybody, you have to mean something like a lot to me, Finn's been pretty close to receiving them by accident quite a few times, but um, that's beside the point, that's a completely different conversation, um, Brent is dumb, yeah he's pretty dumb, I would say that, I heard he's like really really stupid and stuff, so yeah, I mean, yeah, yeah, yeah, yeah, okay well pew pew, bye bye, bye bye, just everybody's in such a bad position, it's great, I mean such a great position because we can just kill them all one quickly, pew pew, mega, oh my god, yes, that was good, that was good, I have not sent nudes ever, ever ever, you did not consent, that's why they didn't come to you eventually, it just nearly happened multiple times, but don't worry Finn, it's fine, but no, I have never ever sent nudes, obviously duh, who would do that, who would do that in this society jeez, um, the monkey king duple gang of fight you had a problem with, oh we did that last time, it wasn't too difficult, it was kind of easy for us, not to like brag or anything, but we're pretty good at the game, if you haven't noticed already, we haven't noticed already, I've just realized that all of this is going on to YouTube, whoops, that's fun, um, you're gonna make them happen at some point, just to roast you later, what, I'm kind of confused but also kind of sad, why would you roast me, you're never getting my nudes and if you're just gonna roast me jeez, that's not how you do it, if you want them you don't say that, that's an instant no, then, like instantly, not that I was gonna give them to you to start with, but like, absolute instant no now, absolutely zero chance, um, phew, phew, okay, we should be pretty good, these guys aren't as difficult as the other ones, mainly because the um, battle board's a bit better, I think, or the RNG, who knows, they're not blocking as, they're not dodging as much, which is great, so Altora can actually repost, which is really really good, Bonnie Anne's about to die, we need to heal her up real fast, fast heal for days, so we should probably do that, that would be a great idea, if we go for like a revive thing on her, she can go pew pew and gg, maybe we'll see, super heal, yes please, give me some of that, super heal, super heal, yeah, yeah boy, um, okay, quick draw is really obnoxious, really really obnoxious, especially when Bonnie Anne doesn't burst fire, she just takes unnecessary damage for not doing anything, luckily Altora's dodge is on point, apparently, which is great, what is this, epic, oh okay, that's a cool one, rip, there goes the flames, not that they really matted or anything, um, we are going to absorb Bonnie, just so, just, just in case, just in case, you know, you never know, I don't usually absorb as much at the moment, so we're gonna do it anyway, because we can, we good, see, that mega hit could have been the end of Bonnie, but it isn't, you see, she was absorbed, it's great, it's great, okay, let's collect the Trisha Trash, collect the Trisha Trash quickly, um, oh we have to defeat more, oh my gosh, no way, that's not fear, game please, no game, no, I do not approve of this, um, you're collecting the crown of command, I think so, it's either the crown or the armor one, I can't remember, I honest, I haven't listened to dialogue for a while, I only listen to puppet shows because they're the only thing that are worthwhile listening to, um, since I've already heard this story multiple times, so yeah, you know, this is how it goes, um, okay, I mean, yeah, good job, Bonnie, nice work destroying a rock, I am proud of you, really proud of you, honestly, really really proud, super duper proud, um, okay, here we go, come to me, baby, oh that was kind of nice, kind of nice, 100 damage, nice, unfortunately they're just not gonna, not even gonna walk into the flames, which is really stupid, walk into the flames, I dare you, you won't, um, let's just knock them down one by one, target the first one first and then go for the next couple, okay, yeah, they're actually at a really good distance for Bonnie at the moment, she can't be hit with anything, so that's really good, hopefully he stays here, this lightning walker, who needs him, who needs him honestly, who needs him, block, why you no block, you know when he attack and you no block, I don't like you, I know, block, oh my gosh, where is your block, please, block, B-L-O-C-K, block, that's it, we're doing some crit, we're getting some crit up in here, we're getting some of that crit boy going, okay, there's some critical, extra crit, always good, we can go for a nice wee pew pew and um, block, thank you so much, TYVM, I appreciate, much love, atoro, okay, how many first strikes do you have, geez, like five million, what is this, knowing exactly what I'm doing, no, that's not cool, I don't approve, do not approve of that, cheap shot, nice, epic, fantastic, what is this, is this a TFC fin, is this a TFC, I don't think you can copy and paste in pirate, which is really obnoxious, um, RQ, OH, MYXK, that is a TFC, it is definitely a TFC, okay, let's go for a, don't need that, that's probably bad, do do, we will do that, you can do that, you can do that and you can do that, that should be good, I don't know why my accent changed while I was saying that, um, kinda weird, who knows, who knows, who knows, um, you will say Mushu is beautiful in pirate, as sure as, Mushu is honestly so beautiful in pirate, like, finally you crit, hello, first crit of the day, thank you, good job, fin actually, we could do some swashbuckler, swashbuckler and private air questing afterwards if you want, once we've done this for a bit, um, if you want to do that with me, fin, since we kinda quest in our, my swash and your, um, your private air up, if you want to do that, we could do that, that could be kind of exciting I suppose, wow, good job, nice work, thank you Altora, you're finally being good, I appreciate you, I really do appreciate you, rid stalker, okay, we need to, um, heal Danchi pretty instantly, melee has just such a big range of movement, it's ridiculous, it's honestly crazy, um, Danchi, get some health, boy, get even more health, boy, done, fantastic, yes, okay, cool, once we've, uh, yeah, we're gonna, once we've done this, we will probably go and do this, I don't know how long this dungeon's gonna take, but probably after this dungeon, because I don't really feel too much in the mood for, um, for private air today, not too much, just because Mushu is great, but it just gets a bit obnoxious after a while of just defeating the same things over and over and over again, and I get bored of that pretty quick, um, haha, so yeah, uh, let's do that because I can, I honestly don't care, my companions are good, they got this, they got this, we fine, we fine, they got this, we just heal them up, it's fine, it's perfectly fine, perfectly fine, ka-chum, ka-pum, so the exact representation of the sound that these are making can confirm, I did the sound effects for Pirate101 obviously, so I would know, I would know obviously, um, let's do another heal because I can, I'm a healing boy, I can do that, amazing, unfortunately I think we have to defeat two more which is even worse, this fight is honestly so obnoxious, this part because we just have to do three fights because they just refuse to give you all, like even if it was two, I wouldn't mind two, but three, that's a bit obnoxious, especially when there's four in each fight, like you would expect there to be slightly more, but no, of course we have to fight them again, wow, oh and look, there's all things now, but still, no matter what, there's still going to be two Musketeers, haha, um, welcome, this, the, yeah, careful, welcome, how are you, um, I, I can't help at the moment, mainly because we are in the middle of something right now, but someone might be able to help, possibly, um, possibly, not a hundred percent sure, but possibly, okay, this was, this, this, this here turned out well last time, so I'm kind of pleased that it's up here again, that one turned out well, kind of turned out well, so that's always good, okay, this should hopefully be good, Overwatch is nice, Overwatch is always nice to start the day with, um, can you block, damn you Denshi, why are you no block, why are you no block, just, just dodge your block a bit, that would be great, super hit, nice, good job, 244, that was actually really good, double tap onto him, of course you would do, of course you would do the Musketeer, why, why would you not, okay, so annoying, Bonnie and you are annoying me today, you're really annoying me today, I hope you know that, I hope you know that Bonnie, I really do, hope you know that, there we go, that's all of them, nice, we'll do that, we'll do that, sounds good, Tarko is welcome, Overwatch is fun, except you have it on the Xbox, so no, not that type of Overwatch, the only Overwatch that counts as Bonnie and is Overwatch, everyone else's Overwatch is bad and not the right Overwatch, obviously, can you block, please Altoro, that would be fantastic, like, be like Denshi, just block all the time, it would be great, yeah, I know, capiao, repost, nice, fantastic, cheap shot, oh gosh, hello, that was good, can you like not, just don't, just stop, just stop it please, stop it, just, just no, no, not at all, no, stop, please, okay good, good work Denshi, you are a block god at the moment, I appreciate that, I respect you, I appreciate and respect you, however, we must destroy these noobs, unfortunately, it's just how it has to go, Ipocket, nice, good job Ren, you're so good at the game, so good at the game, please, can you just block, that would be great, thank you, geez, Louise, you're just bad, Altoro, you had one job and you just can't even do your one job of blocking, like, who do you think you are, quick draw nice, Overwatch, you poo, okay, we need to heal, this is not going well, this is not going well, stop, Bonnie and this is the one time I don't want you to burst fire a whole bunch, the one time, like, every other time it's fine but at the moment just no, stop it, please, okay, this is not going well, this one's not going well, this fight is not going well, okay, we need to heal Bonnie, so let's do that, you can do that, you can pew pew him, you can take out that guy real fast, epic heal, fantastic, gotta love crit heals, it's great, that's back to half health, fair enough, okay, they don't have a thing at the moment, so that's all good, up until, yeah, next round they will, but hopefully we can get an absorb or something by then, probably, we can either put up a, we can probably also put up something else, so it should be fine, should be fine, kachow, okay, that's good, yeah, we're gonna put up a prediction, do we have, oh there's an armor, armor's good, armor's great, we are gonna do that, actually you can come around here because he's definitely dead, actually you can as well, I believe in Bonnie, I believe in the power of Bonnie, Bonnie's good, Bonnie's good, Bonnie can, Bonnie can be good, yeah that's right, you think you're good but you're actually, Bonnie, you had one job, Bonnie Ann, disappointed in you, honey boo boo, Altera's gonna kill this guy, okay not quite, this guy's gonna die though, which is good, okay good, at least one died, I mean Bonnie could have done her job better but it's fine, I'm, you know I'm not mad, Millie did it, so I'm not mad, I'm not mad, just slightly disappointed but I'm not mad, okay, easy peasy, except we nearly lost Bonnie but it's fine, okay, let's, where are we, please don't say we have to do too much, I don't really feel like doing too much, you know, there's a battleboard here, you can obviously see that very very vividly, told you, told you, told you, luckily they are all except this guy, I think they are all swashies, yeah they are all swashes, except that guy, which is fine, what we're gonna do is we're gonna do a crit bubble, we're gonna put Bonnie up there, Altera can do that, Denshi can move up, boom, easy peasy, gonna do some critical, gotta get that crit up, crit chance of 5% now, amazing, good work, they're bring, good work, then we will start pew-pewing them to death and other pew-pews obviously, okay, Bonnie's gonna hold the fort down here pretty much with her overwatch and OP stuff that she has, because Bonnie's OP, why did you, do you only have one overwatch, oh no he went through the guy, that's fine, it's because he went through the guy, if you go through the guy you don't trigger overwatch, it's kinda weird, but that's just how the game is, I mean I'm gonna do that, Bonnie is gonna pew-pew these boys, you can do that and Altera can come down here, sure, actually that's Denshi, Denshi can come down here, sure why not, that sounds fair enough, fair enough, super hit, nice, super hit is really good, really really good, the fires didn't last which is slightly unfortunate but whatever, these guys have minus dodge so they won't be blocking Altera anytime soon, can we just please block Altera, that would be great, that would be really great if you could, you know, do your thing and just repost a whole bunch like you're meant to, because you're good and squashbuckler and stuff, yeah that would be great, thanks, okay thanks buddy, don't you dare, poison is so obnoxious honestly, so obnoxious, I hate poison, cheap shot, thank you, nice, overwatch, nice, first fire, nice, first strike, yep, you were not going well, you were definitely not going well at all, immobilized, fantastic, super, excuse me, no thank you, that was not called for, that was not called for, Altera's nearly did, that was not cool, that's not cool at all, I do not approve of that, you can do that, Altera, you better start blocking honey, you better start blocking real fast, like you got a block now Altera or you're dead, honestly, I can only protect you so much, I might have to put up a fortress or something for him, thank you for the block, nice, mega finally, good job, good boy, good boy, good work, you did, you did, yes, this is what we like you see, he starts going for the whole OP crits, it's great, it's really great, unfortunately he didn't have enough relentless, apparently, but he's blocking so that's always good, okay that was not cool, but thank you for the block again, okay good, that was actually not too bad, not gonna lie, cheap shot, easy, you block, dammit, not the dodge, anything but the dodge, oh no, okay, we might need to do some protecting, probably the best, we might actually do a team heal, pop a team heal, probably the best idea, because these boys be nearly dead, nearly dead, nearly, not quite but nearly, all we could do this, what do we have, we've got a prevention, we got a shield 25, we're gonna go for a bomb, drop some bombs here, even though they're not actually bombs, we're gonna do that, you can kill him, you can kill him, you can hit him, that should be good, there's gonna be the musketeer left, but that's whatever, that's whatever, that's just unfortunate, okay, double tap, nice, first strike, block, oh my gosh, where is your block, please, thank you, finally, okay, relentless, finally, another one, yep, thank you, and a repost again, good job, I think he's at the max dodge he can get now, which is also good, because it means he can, you know, dodge some stuff more, which is great, okay, attack, he dodged, wow, of course he did, okay, Bonnie needs health ASAP, he is, she's nearly dead, we need a team heal, we have to team heal because this is not going well, this is not going well at all, um, team heal, ah, okay, I don't really want Bonnie to attack because she's gone a double tap, which is not the best, hi Puff, welcome, how are you, how's it going, mega hit, okay, there's gonna be a double burst fire, which is not good, double, double tap, sorry, which is really not good, she might die, okay, luckily she hasn't dead yet, if they don't kill, which they won't, because they're not good enough, um, the OP dodge, oh my gosh, OP dodge, I appreciate that, okay, we need to, no, Bonnie, no, who was that, that was my Tendo, welcome, thank you for the follow my dude, welcome, Bonnie died, you must die for killing Bonnie, even though it wasn't you, it was you because you had to have whatever it was that, I forget the name, is it like, quick draw, quick draw, that's one of those, that's one of those quick draw, okay, what they did, they did to El Toro's blade, I like it when that happens, I like it when that happens, poor Bonnie, poor Bonnie, she was so young, she'll be back in two hours, it's fine, two and a half hours, it's good, it's good, don't worry, don't worry, don't worry, where are we going, oh, we need to go to the courtyard now, okay, yeah, you are not fighting, we are not fighting you again, you are obnoxious and annoying, we ain't about that life, we ain't about that life at all, should let some, let's stop them, because he can have a star, because he's a star, he's a star on his own, right, um, okay, let's head on out, I completely forget what this is like, honestly, I have no idea what this, I can't even remember this, oh there's a chest over there, that's cute, I honestly cannot remember at all what this is, all I know is ninja pigs, and that's from what I'm seeing currently, where are you going, okay, we should be good to sneak our way through here, sneakily, sneakity, sneakity, sneaky, sneaky, okay, we have to defeat these boys, okay, it's kind of okay, kind of bad as well, um, when mom makes sloppy joes, you know you gotta get seconds, yeah, understandable, seconds are great, just seconds of anything as long as it's good as great, um, okay, we got black angus here, black angus out here with his, with his two, two wee sortie things and go pew pew, he's great, black angus is honestly one of my favorite companions, I just, I love being a privateer, I had to remember what class I was right now, I love being a privateer, you just get so many different companions and everybody else, it's great, that was a nice one, he does, he has a vengeance strike and also, um, repost, so no matter what he does, he gets to hit after they've hit him, so it's fine, it's really good, he's actually not that bad, like he's not the best, but he's not that bad, um, okay, we'll do that, let's go up here, okay, we're running with an all, all sort of, all sortie, sortie fight, so that's interesting, don't usually have that happen, Bonnie Ann usually stays alive, I think I put her in the wrong place, which is probably what I always do, El Tour needs a bit more accuracy, that's definitely something that he needs because he is kind of bad, no maybe these guys just have extreme dodge, which is probably right, probably right, okay can we just hit him, that would be great, thanks, we ain't gonna get anywhere if you don't hit, just saying, thank you, oh nice work, Millie, nice work, good job, good work, good work, um, what we're gonna do is we're gonna do that, because that sounds fun, we're gonna do that, we're gonna do that, we're gonna do that, we're just gonna, actually you know what, let's just target him, let's just get him real fast, gotta go fast, pew, okay, where's the block El Tour, okay that was not good, vengeance strike though, and repost, nice, okay, can we just stop dodging, that'd be really good, I mean you can, we can dodge, but not the other people, that's not how it works, repost, no you don't have to, that's a shame, hmm, we might have to start coming in with the big boy attacks here, okay Millie just run away from the fight, that's cute, I see how it is, I see how it is, see even Millie can hit, what is your problem, I mean Millie's level 70, but that's beside the point, that is completely beside the point, um, okay you can actually go on him, that's probably the best idea, probably the best idea, okay vengeance strike, no we don't have that, that's my buccaneer, I swear I get my characters confused so much, it's ridiculous, it's honestly ridiculous, finally you're hitting, oh my gosh thank you for hitting finally, welcome, this is how you kill people by hitting them, geez, you're hungry, you should get some food, food is great, food cures hunger, can confirm it's 100% non, 100% scientific fact that um, food cures hunger, I don't know if you knew that, but food cures hunger, if you're hungry eat food, cures it, it's great, um really really good, okay well easy, this should be fine as long as we don't get like blocked whole bunch, but we're gonna move them up here, because their Altura has foregone his right to attack, to attack non swashbucklers, to attack swashbucklers in this fight because he's apparently bad, oh they're relentless, nice, gg, easy, another one, nope of course not, of course not, why would you do that, um cheap shot, nice, fantastic, amazing, okay black angus is kind of getting beaten up over here, which is not good, but it's fine, it's whatever, we should be good, should be good, okay we need some more accuracy and dodge, so let's put that up, because we have one of those as well, we're gonna do that, you can do that, actually we'll just focus on this guy first, just get him 100% dead, um this should 100% kill, I kind of like putting Altura on a separate person, just in case he's um just in case he like starts critting and reliant listening, which sometimes he does, obviously not this time, so it's probably the right move, but you just never know, yep gg, okay poison moon's down, just dark claw to go, dark claw, what a name, what a name, dark claw, my name's dark claw, what are you even going over there for Millie, what is your issue, Millie's bad, Millie's terrible, we're gonna heal, our companions have this, we good, we good, we gonna heal, get some health back, get some healthy boy, okay that was terrible, we may not kill this guy, so we'll up to you, okay, so we'll up to, oh gosh, nope apparently not, Millie it's all up to you, you can do it, I believe in you Millie, Millie I believed in you and you didn't do it, I'm sad, I'm really sad now, Millie is just, you know, we're gonna do another team heal, because I'm, I love healing and I'm a team member, yep that's a thing, okay that's good, nice work, okay easy, easy peasy, okay fantastic, inside, yep inside, here we go, I think there's like a couple fights left, okay let's go for that, we're gonna go for that, we're gonna go for that, and that's done, fantastic, okie dokie, crit is good, and we'll do some dodgy boy, dodgy inaccuracy, meaning we technically shouldn't be able to be dodged, but apparently all the time we are with Altura and Black Angus because they're kind of bad apparently, Tarko's, I don't know what you're trying to get me to say, but I'm not saying it because I know that can be taken in many different ways, so I'm not saying that, and no I do not like Pokemon, not really my cup of tea, or my forte as some people say, you know, gotta just, you know, use different words and stuff and things and cool stuff, yeah cool, cool thanks, that was a cool story I know, it's a Pokemon, I know it's a Pokemon, but I mean other people can say different things about that, so I ain't dumb, anyone want to escort you to Monquista? I can't at the moment because we're still in the dungeon, but there may be someone in here, maybe, yeah good job Black Angus, nice work you're good, exactly that's why I didn't say it, Tarko's you're kind of bad, you're not slick, like I could see that coming a mile away, and especially when you start spamming it you definitely know that you're trying to get me to say something which is why I didn't say it, so yeah, you know I would expect more of a moderator to not try and trick me, but apparently you know you can't even, can't even, can't even get that these days, such shame, actually we should just target him because we can get him out, I don't know how much health we have, I didn't really look at that which is kind of bad, I'm really bad at like looking at health to see how much health the team has, all of a sudden people just start dying, that's bad, really, really bad, oh nice, super nice, no you, wow Black Angus coming in with the kill, the kill shot, nice, first strike, fantastic, attack, kachow, okay I think he needs some health, Denshi needs some health desperately, that kind of rhymed, that's kind of cool, um okay he's not in range, that's a shame, what we're gonna do is we will, can we absorb him, okay we'll prevent damage then, it's probably the best thing to do, we'll do that, should be good, hopefully we can get some more, kill shot more like kill steal, no, he went in with the killing shot, we're a team it's not kill stealing, no one had anything, like if I didn't want him to kill it I wouldn't have set him on it, obviously, stop it Al Toro you're bad, stop it I'm not a fan, do they have like a lucid or something because these boys are you know dodging like gods, these boys be dodgy boys, I swear if they have a lucid I'm pretty sure they don't have a lucid, pretty sure they don't but you know whatever, we'll see, thank you, Millie died, Millie killed, nice work, Millie did good job, good job Millie, good job, do they have a lucid, I mean these guys don't, we can go for a prevent 50, that should be good, get this boy, get this boy, kind of want Danchi to move over here but I also don't really care enough to move him over, um, whoa, super hit, nice, nice, just protecting him I think should be fine, if we get an absorb sometime soon that'd be good but I think this guy might be dead sometime and probably next round Moonclaw can be dead next, I also don't know why they're attacking Danchi so much, we need to definitely heal him ASAP, we might go for a team heal just because that's probably the best way to get him up health, probably, right, yeah, I mean he's still out of range which is slight, slight shame, okay we'll do that, actually Altory you can start focusing on this guy, probably the best, for the best, Epic heal, nice, nice work, nice work, here's relentless we won, good job, mega, nice, good work, good work big boy, thank you, okay and we're just focusing on poison Moon now, who should be dead probably next round I would say, we can probably attack right, is that, is that probably what we could do, can we attack, we can attack, boom, fantastic done, he dead, he's so dead, he's so dead, like super duper dead, we're thrilling this as well, amazing, so good, Danchi for the kill, OP, we good, we good at the game, yep, good work, fantastic, okay Discipline this, so we need to defeat this guy, so he's a thingy move up so that should be fine, should be fine, we can just move up and try and hit him a bunch, I'll probably go full attack for this one as well, I won't stay defensive, yeah we're gonna go for full attack mode here, probably for the best if we go full attack mode I would say, so yeah, okay Vengeance, oh riposte and Vengeance Knight, oh hello, nice work and Vengeance, if that was another mega hit, amazing, that would be great, but it isn't, um okay so many, so many musketeers in this fight like honestly wet, oh wet the heck, we're gonna go around the back here, fortunately you can't hit which is a slight shame, you can do that, you can do that, done, only a pirate 101 streamer I know, it's because it's a dead game, but I enjoy it so that's what we do, that's what we do, wow the dodge, okay that's cute, you think you're good because you're not, dodge please, I was about to say dock but um yeah I said dodge instead, that's why it was kind of slow, my word flow is terrible, generally just generally, why are you dodging so much, like oh hello super nice, that was good, that was really good, that was really really good actually, not gonna lie, oh spicy hello, what is this, geez hello where did this come from, where did all our supers come from, like honestly what, what, my actual character is so weak, no my character is actually good, my character is the only thing that holds my team together, um most of the time, the companions are meant to do most of the work for a privateer, so yeah it just happens that my companions do a lot more of the work than general people who play pirate do, um relentless, oh spicy, see look at this, like we are actually doing well, like seriously, we are actually good, like he's nearly dead, mega hit nice, easy peasy, lemon squeezy, he tripped on a ledge and broke his nose, that's how the poem goes, I'm sorry but you might have to, but there's no need to worry because poetry with Brent has just begun, welcome to the tent, yeah that was poems with Brent today, um today's episode was um easy peasy, lemon squeezy, I titled that poem the best, um because I am the best, forget everybody else, could have said forget the rest but it ain't poetry with Brent anymore, that, that series is over, um that's already gone, this time slot you know, we already did that, already did that today, um well that was kind of good, he nearly did, he nearly did nearly, so close, so close but so far, look at that dodge, opie dodge, and you say my character's weak, my character's great, my character's great, okay we should be good, why couldn't, if you just hit Millie, like seriously, what are you on, what are you on, what are you on, what are those, okay gg, easy, easy peasy, amazing, fantastic, okay can we um, can we not listen to you, thanks, okay fantastic, um that's actually really good, that was that dungeon, we're gonna go talk to Shunzang and then we'll probably finish off for today on the privateer, um uh yeah because that took a long time, that took nearly an hour just to do that which is ridiculous, um I always forget how long that dungeon actually is, I, I can't remember it but I also remember afterwards how long it always is, um so yeah we're gonna boost over there, it's not too far, not too far, we can always get fuel later, it's fine, it is a fine and then we'll probably hop into a call and go on my swashbuckler which you guys have never seen before, um actually there's one video on my channel, my youtube channel with my swashbuckler, um that's for everybody who's at the stream, not people who are seeing this later on youtube's, on the tube use, okay yeah, okay okay fantastic, look at us, we're actually in a, we're in Rome Avery so that's why there's a whole bunch of ships everywhere, if you were wondering, um yeah I just felt a bit lonely you know, I felt a bit lonely by myself, not that I need people, it's just I felt a bit lonely so we decided yeah I'm gonna go on to Rome Avery for a bit instead of keeping gun, look it's actually another human, I know it's crazy, um sure we can accept you, we're logging off soon, um but sure we'll accept you, um he's probably gonna message me in a second, be like hey dude you want to quiz with me, yeah, how much exp do we get by the way, we get uh 3,900, 4,000, we'll be close to leveling up, um to level 48, amazing, nearly there, nearly there, we should also go check with the um Commodore and see what we can get soon, that would be cool, probably next time we level we'll do that, so remind me to do that team, remind me, poems with brains is your favorite part of the stream, why you're subbed, understandable, have a nice day, we should have um the next one of the newer modes should be crafty poem, that would be kind of cool, monkey king hello, there we go, we got monkey king, we good, okay let's um quickly give him these things, then we will finish off here, um we're gonna give him riposte obviously duh, um we're gonna give him triple riposte because riposte is great, we'll give him blade storm because he crits a bit, um then we're gonna give him edge isle, a whole bunch of agility because that's what he uses obviously, um we're gonna give him a whole bunch of rough, um then we'll go to tough and then we'll do the rest as um, we'll do the rest as accurate and dodgy, probably a couple of dodgy and one accurate is what I would say, let's go for one accurate, one dodgy, we'll just kind of spread these out a bit, we'll go for another dodgy just because dodgy is kind of important, there we go, so there we go, he has how much dodge does he have, he has 99 dodge which is crazy, that's pretty good, that's pretty good, um and 76 accurate, so not the best but it's whatever, 1,700 health and 288 weapon party is around the same level as El Toro, so there's slightly bigger health obviously because it's a high level by 5, 4 levels, um welcome, who was that, that was um, Marina doesn't know how to do, doesn't know what to do welcome, sorry I don't know how I said how, welcome, thank you for the follow, um anyway for those of you watching on YouTube, um that's coming up later, um thank you for watching, remember to like and subscribe, if you're new subscribe, press the little bell so you know exactly when I post another video and remember to cross outside the box


I'm a Bitcoin guy. I believe in the Bitcoin narrative. I think 98 to 99% of the coins out there today are going to eventually be worthless. There's a chance that we are going to bottom in the low threes, and that's why I want to have an ownership position here. This is a marathon. Trading is a marathon. It's not a sprint. Peter Bram is a veteran trader and technical analyst with over 40 years experience in trading commodities. He is the author of several books on trading, including the best-selling Diary of a Professional Commodity Trader. We reached out to Peter and asked him how traders should behave in this seemingly never-ending crypto bear market. Oftentimes, in trading, keeping your money intact is the best thing you can do. We've seen a tremendous amount of wealth deteriorate in the bear market in the coins and crypto markets. Those who went on the sidelines back in December, January, February and decided they're going to sit on their cash are far better off than the person that's become an active trader and trying to be defensive and jumping around from coin to coin. I don't advise that. Capital preservation sometimes is really the goal of a trader. It's almost as if fiat is a dirty word. It's a disease within the crypto community. Sometimes fiat is the best place you can be, and we've seen that now in the last 11 months. Those holding fiat have been far better off than those stubbornly deciding that bitcoin is going to go to $100,000, so therefore I'll sit to anything the market gives me. I'm a trader. I think it's the ludicrous to sit through 90% declines in the market, especially when you have a market that's so clearly advertised its tops starting in December with bitcoin. I think those who have become active in trading will miss the big moonshot when it comes, because they're going to be so accustomed to having to be in and out, be looking at short-term indicators to be an indicator-driven trader, to be looking at 1-hour charts, 6-hour charts, 3-hour charts, that if and when bitcoin really then reemerges and goes back into a parabolic move, they're going to be on the sidelines. I'm starting to become interested in being a long-term buyer and holder of bitcoin, but of bitcoin. I have no time in my life for the other macro-cats and the altcoins. I'm a bitcoin guy. I believe in the bitcoin narrative. I think 98% to 99% of the coins out there today are going to eventually be worthless, and it seems like all the experts know that their pet coin is not going to be one of them. Well, good luck with that one. I'm a technician. I look at charts. The interesting thing is the social media world is filled with people who say technical analysis doesn't work in the crypto markets. O contrary, they're the absolute best charting markets that we have today. They're wonderfully compliant with classical charting principles. I'm going to look at charts to give me that indication. I've had the feeling I've been calling for 2,900 bitcoin for a very long period of time. Do we have a chance to bottom before that? Quite frankly, I think that one or two scenarios is likely we won't get to 2,900 because it's become a popular number. 3,000 has become a talked-about number, and oftentimes when you have a market that everybody's saying, I can't wait to buy that 3,000, you don't get there. But I think if we can break down through hard through 2,900, I think bitcoin can go back to 1,200. It's been a classic decline. The decline has been almost a perfect fractal so far to the decline that we saw. I'm looking at a chart here from 2014 into early 2015, the big drop that we had back then from just under 1,200 all the way back toward the 200 level, if you analyze that and you take that decline apart, the market, the bitcoin market is almost an identical fractal to that bear market. And based on that fractal work, we should be in the final leg down the capitulation. The only concern I have is when I look on social media, people have not become discouraged. People are just still committed to the long side. And my experience is bitcoin really is very similar to any other market. In any other market that I've dealt with that have had major bear trends, what happens is everybody needs to get, as long as you have hope and encouragement, you can't bottom. Either we don't get as low as people are waiting to buy it, in other words we stay above 3,000 and have some sort of bottoming pattern here and really put together the final part of the fractal, or we blow through these buy orders and eventually blow these people out and really make the market scourged and basically give up on it. It's impossible to catch the top price, impossible to catch the bottom price. If I can have my average price somewhere within 15% of what becomes the bottom, I'm happy. And so I have no compulsion to catch the bottom. But I think that I've started buying and based on my plan, I'll continue to buy as low as it goes. But what I'm really looking for are just some real simple technical indicators. 14-week moving average, 15-week moving average. It's impossible for a market to have a major advance without being confirmed by a simple moving average. Now it could be an exponential moving average. It could be all kinds of fancy types of moving averages. But I think simple moving average system is going to be a very, very smart way to trade Bitcoin going forward because it will absolutely be impossible for Bitcoin to incur and experience a major advance in price without confirmation from simple moving averages. I think to the bottom we could be within six months. Maybe even, I would say within six months of the bottom there's a chance that we are going to bottom in the low threes and that's why I want to have an ownership position here. It won't bother me if it goes lower. I'll only increase my ownership position. And so I have set aside my money in three blocks. I have three nest days of money that I'm using to commit to the Bitcoin market. The third block of money is buying Bitcoin on a scale down. I own it some already. Like I said, 8% of the total capital. I'll buy more Bitcoin close to 3,000. I'll buy more Bitcoin at 2,400. I'll buy more Bitcoin at 1,200 if it gets there. So that's a third of the money. A third of the money I'm going to be moving in and out of Bitcoin based on a simple moving average crossover system. It's a basic, simple, technical approach to market. And a third of the money I'm going to employ based on what I would define as classical charting principles. The basic principles of reading a chart. The charts have been very reliable in seeing that we are in a big bear market. And they've been screaming short at the top. They were screaming short here a month or so ago when the big decline started. But it's too late to be a new trader and start playing around with the short side. It's just I don't advise it. Now with the 85% decline, I'm advising people to make a game plan, commit a sum of money that you know you can lose, and start being willing to commit to it. Don't be trading the altcoins. Trade the real deal. The legacy coin is Bitcoin.  And you're going to miss the fat. This is a marathon. Trading is a marathon, it's not a sprint. And so you don't keep placing your bet and jumping your bet from horse to horse based on who's leading the race at any given through level.


Listen, there are certain fears that lead us to choose to tenaciously pursue a life of success. For most, it is the fear of living like a failure, the fear of never having enough or some of the kind of fear. For me, it used to be the fear of laziness. I will explain it. When I was growing up, I used to do almost nothing in the house because I had siblings whom my parents would force to do them for me. I wasn't the first child, but I was treated like a favorite and thank God I didn't grow up spoiled as a result. But I learned to not work really hard because I always had what I wanted as life started to happen to me. I knew I had to change, so each time I remembered that a life of poverty was inevitable if a man was lazy, I told myself I would never be lazy. I work more than I am supposed to because I don't ever want to go to my grave knowing I could have done so much but didn't do it. Laziness kills and as young people we are almost prone to it because we feel we have all the time in this world well, news flash, you don't. You don't have all the time in the world. Very soon you will grow older and you will be ripping the fruits of the seeds you had sown when you were younger. What fruits will that be? That is up to you. In today's video, I will share some lessons with you that I wish I knew about laziness when I was much younger. If you are new here, subscribe to this channel. 1. We often miss opportunity because it's stressed in overalls and looks like work. 2. This is one of the great downsides of laziness.  I got a project that landed me one of the highest paychecks I had ever received in my life.  Today I know better. Every great success can be tied to some act of taking advantage of an opportunity and that opportunity will always come with work. Most people would wish for free money, but I have learned long ago that there is no free money anywhere. Someone worked for the so called free money. The hard work you do not learn now will eventually make you throw up opportunities that should come to you. Most times it isn't just about doing the work now. The result of hard work is naturally more work and the result of laziness is naturally no work. 2. Inspiration is a guest that does not willingly visit the lazy. I am a fan of going after inspiration with a club. For so many months I always wanted to write daily but found I just couldn't bring myself to do it. Until I read an article by author Jeff Goins that actually described successful writers don't wait for inspiration before they write. They go after it with a club. Since then I hardly wait to be inspired before I write. I wrote the script for this video and two other videos at the time when I was struggling with a befoddling headache yet I knew I had to write. But never wait to be inspired because you may wait for a long time. Just keep showing up to do what you have determined to do. Consistency is how success comes. 3. I don't think necessity is the matter of invention. Invention arises directly from idleness possibly also from laziness to save oneself trouble. Agatha Christie. Agatha Christie. Another biography. Someone said that if you can't think it will stink although the above quote may seem to promote laziness yet great inventions came from in-depth thinking. And thinking itself is hard work. I know if we really don't want to do something we can always think through other ways by which we can do it. In fact one of the hallmarks of diligence is that you learn to find other creative ways to get something done so it becomes easier to get it done. It's not hard work to keep doing the same thing the same way. Sometimes we get so comfortable using a particular method for getting something done. But in itself is laziness because we are unwilling to think of other ways to get that thing done. 4. Folks who never do any more than they get paid for never get paid for any more than they do. Albert Hubbard someone once said to me that if all you do is what others on the street can do it's no one the people don't demand for you. If all you do is what you're paid to do and you never do more you will not get much that way. One of the things I strive to do for my clients is to add some extra to whatever job I do for them. And this is what happens afterward. They love it and either give me a referral or hand me more jobs. This is what I have found. If you give an extra in your job you will always get extra. You will always get what you give in life. 5. A life of leisure and a life of laziness are two things that will be slipping enough in the grave. Benjamin Franklin. If you don't work hard you don't deserve a break. I know there are a lot of opportunities for entertainment in today's age. That is where the problem is. You can be so focused on entertainment you may a life of success because no matter how much you view it you can never eat your cake and have it. This is my perspective about leisure. Lisure is a reward for hard work but most young people price leisure above hard work. Recently in my country young people have dispension for loving to eat parties throwing lots and lots of money around. They want to look rich but are really not rich. Here's the thing I do not think you deserve a break if you cannot count a credible milestone you have reached in a week. Work as hard as you would want to have leisure. Work so hard that when you eventually start to have leisure you're still making enough money even in leisure.  You cease to worry about money because you have done the hard work to make money work for you. Until then I wonder what most young people are doing bearing their heads in entertainment. I hope this video helped you. Subscribe to this channel to watch more interesting videos like this. We love you.