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One of the great mysteries, one
of the great mysteries in the world in

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which we live is the fact,
the economic, historical, political fact,

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that free markets work, and yet
that everybody hates them. Free markets produce

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unbelievable amounts of wealth, prosperity,
longevity, human world being. Everywhere they

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tried, to the extent that they
are tried, they're incredibly successful. I'll

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go through some examples to try to
at least illustrate the point. And yet

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nobody likes free markets, no country
holds onto them. Make the trend over

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the last over the last few decades
easily is away from free markets, more

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regulations, more controls, more government
regulations. With me. In the United

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States of America, the country that
used to be very free, relatively capitalistic,

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had free markets. Today it's not
free at all. Generally, you

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know, countries that happened free in
the past decline. You know, we've

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got some South Americans. Here's such
a good you know, we've got We've

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got some great examples of this in
Latin America. So I don't know how

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much you know about Latin America,
but the country that used to be the

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poorest country in Latin America anybody you
know what that was? What's a post

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country in Latin America today? Venezuela. Venezuela as the poorest country in Latin

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America today on a poor capita GDP
basis, Venezuela's the post country. Also

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the most socialist or country in Latin
America. What is the richest country in

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Manilatin America today? Chile? Chile
is the richest country in Latin America to

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day, forty years ago, thirty
years ago, what was the richest country

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in Latin America Venezuela. What was
the poorest country in Latin America thirty forty

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years ago Chile? What's the difference
economic policy? Chile adopted markets by accident,

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almost in the early nineteen eighties.
It adopted economic liberalization. It feed

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up its markets, It protected private
property, it respective contracts, It encouraged

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entrepreneurship, and it basically left people
alone. It even privatized it's social security.

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It privatized that and it became very
quickly the richest country in Latin America.

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Venezuela went the opposite route. It
nationalized, moved away from free markets,

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and moved away from practic property,
and moved away from contracts, and

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it very very quickly, in a
matter of twenty years, became the poorest

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country in Latin America. So that's
just one of I think hundreds of experiments

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that we have been running in the
world over the last two hundred years in

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terms of what economic political policies work, if the measure of work is prosperity,

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and what economic social policies don't work. You've got a living example right

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now. And North ESTs South Korea. I don't know if anybody's been I

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think some people being the Korea,
but South Korea is a flourishing, wealthy,

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successful country. North Korea is basically
dead. It's nothing dead. The

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best best image to illustrate the difference
between North and South Korea is that satellite

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photo. I don't know how many
of you have seen the satellite photo of

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the Korean peninsula at night, and
the South is all lit up because there's

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electricity. Your people have homes and
offices and street lights, and it's all

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lit up. In the North is
all dark. A little bit of lights

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in near the capitol, but generally
all dog difference between authoritarianism, call it

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whatever you want to call it,
right and relative free, relative free markets.

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South Korea's relative free. It Flower
says North Korea is oppressed. It's

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dead. There's nothing there, there's
just popping. Of course, you guys

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lived in East West Germany. Sometimes
I have to tell remind people that you

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know, the wall was built to
prevent people from fleeing communism, not the

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other way around, because young people
have to still have the belief that communism

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is some utopia, some ideal,
some wonderful thing. And you think that

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the last seventy years would have proved
otherwise. In the end, communism is

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still around. We still have kids
at the universities here. If I was

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giving a talk, if I was
a radical leftist, so I was a

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radical leftist Marxist and I was giving
a talk here in buildin, I would

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have an audience ten times logging communism
is popular, free markets are not.

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Even though communism led to poverty,
destruction and death, freedom, free markets

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have led to prosperity. So something's
going on here because the system that seems

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to allow for human success or human
wealth, for human flourishing, for prosperity

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economically is the system we hate the
most. And systems that oppressive to human

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to human beings that result in poverty
and destruction tend to be systems that are

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popular, which is to say the
least bizarre. It's just strange, but

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it is the reality with which we
live. So one has to ask your

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question, why what is it about
free markets? And I'm not using this

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to a capitalism because I think capitalism
is much more loaded to them. But

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capitalism is not just freedom in markets, but capitalism is feedom in everything.

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Capitalism is a system where your individual
rights are fully respected, particularly your property

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rights, where you're left free to
pursue your value free of COOCHI and fee

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of force. Capitalism is a political, social economic system. We've never really

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had capitalism, but what's really amazing
is that they're closer we got to capitalism.

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The more successful the economic system is, the political system is. The

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further way we get from capitalism,
the more destructive. And again, everybody's

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against capitalism inspite of that, everybody's
against free markets inspite of this. So

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the question, I think an important
question we have to ask ourselves as human

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beings. There's people interested in ideas, people interested in the world out there

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is why what is it about capitalism? What is it about free markets that

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people hate so much because there's something
about it that we was in, that

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we was in so much that even
though it's successful, even though it leads

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to prosperity, even though it leads
to economic success, we still hate it

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so willing to override them. So
let me ask you what free markets involve

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people participating in markets? Fieve coersion
and fief intervention, fie of government.

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But why do people engage in markets? In other words, what's capitalists one

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of markets really about? What is
the purpose of a free market? What

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is the purpose of any market,
even a market that you go down to,

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you know, down the street.
What's what's the purpose of the market.

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What do people do in a market? Exchange goods they value less for

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stuff they yes, and they exchange
goods. Generally they give away the stuff

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that they value less they get something
they value more. That's trade. It's

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it's it's a win win, it's
a win win relationship. But before we

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even get there, why are they
going to the marketplace to begin with?

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So, you know, if if
I'm if I'm my iPhone right, it

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appears in all my videos or people
laugh because they're familiar with it. So

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my uh, you know, why
is Steve Jobs making these? What?

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Why? Why did why is the
Apple building? Why did Steve Jobs initially

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invent them? Think of them,
produce them, create them, sell them?

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Who did he do it for?
Yeah? I mean he deserves the

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need of a customer? Yeah,
I mean I didn't know I needed an

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iPhone before Steve Jobs taught me I
needed and I needed an iPhone. The

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beauty of production is that. The
thing about great producers is they create demand.

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They don't satisfy demand. Demand isn't
there until they actually create the product,

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and then the demand shows up because
they're teaching you. One of the

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beauties of production is it teaches you
the things you need. You don't know

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what you need. Steve Jobs knows
what you need or you when he was

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alive, you didn't know what you
need? Yeah? But but why did

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he satisfy demand? What? Because
he can't about me? Did I did

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Steve Jobs build the iPhone for me? Yeah? So the product? Because

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can do so much things forever because
real benefit from So did Steve Jobs build

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this? Or I could benefit from? No? For money? Well he

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built a Suddenly part of this was
for money, right, and it's it's

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it, you know, he made
money off of this, Like the first

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iPhones had a profit margin over fifty
percent. He made a lot of money

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off of iPhones. He could have
sold it to me a lot cheaper if

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he cared about me. So it's
Steave Jobs built us for money profit right

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now, we off feel a little
uncomfortable even thinking that, never mind saying

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it, which says something about the
world in which we live. But we'll

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get to that. But it's not
just about money. What else did Steve

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Jobs? Why else did she Jobs
build us? And he looked for something

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that's fulfilled himself. Yeah, he
loved it. This is great. Create

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something that looks great for the public. Yeah, he had a vision.

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He wanted to create something new.
He wanted to create something beautiful, right,

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I mean this is a beautiful thing. You wanted to create something conductive.

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You wanted to create something that people
would love using. But who did

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you build this? Fall see Jobs? So see Jobs could make money.

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S Steve Jobs did have fun sy
Steve Jobs could be satisfied that he produced

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this amazing thing. Steve Jobs produced
this And at the end of the day,

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you go to work, not for
your customers, hopefully you like your

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wook you're gonna work for you.
You enjoy it, you like it,

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It fulfills something in you. It
allows you to pursue certain values. You're

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making a living, and then if
a production work, it's something we do

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for ourselves. And I remember the
first iPhone I bought was in two thousand

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and eight, right, and the
economy was spiraling into a session. Many

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of you are too young to remember
two thousand and eight or two thousand and

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eight was a great recession, and
you're kind to be spiraling into a session.

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And I went out and I bought
my iPhone because I wanted to make

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the world to bed place. I
wanted to help my fellow man. I

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want to make sure people like jobs. And I be taught by the Keynesians

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the consumption drives drives the economy.
So I wanted to help boost economy because

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I know that's why you guys go
shopping. You guys shopping because you want

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to help make sure that people employed
and have jobs. And no, you

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go buy stuff for whose benefit,
your own benefit. You're going shopping because

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you want to go buy something that
you believe will make your life better.

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See Jobs sells his products because she's
that's to make his life better. You're

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buying his products to make your life
better. And this is not a unique

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crowd, any crowd in the world. If I ask people why they go

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out and buy their shoes or buy
their clothes, they say, because we're

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trying to make our lives better.
So markets are places in which we go

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in pursuits of our own values,
our own interests, our own well being.

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Markets are places we go in pursuit
of self interest. Markets are all

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about self inches. They're all about
people pursuing someone Just this is this is

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not a new observation. And a
smith in the Wealth of Nations, written

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a long time ago, wrote he
wrote that the baker bakes the bread not

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because he cares about you. He
makes the bed because he's trying to make

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a living and hopefully enjoys baking bed. And of course you don't buy the

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bread because you care about the baker. You buy the bed because you want

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to eat. You're better at buying
the bed, he's better. I'm baking

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the bread, win win, but
you're not doing it for the win when

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you're doing it for the you.
Fundamentally, markets about self inches. Fundamentally,

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everything about markets are about pursuing your
own values on your own terms,

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and you don't transact if the terms
are not appropriate. Everything about capitalism smacks

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them self inches. It's all about
people, but being selfish, to use

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the term nobody likes. So Adam
Smith told us this town or something years

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ago. But Adam Smith said,
the same as everybody else. It's so.

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Adam Smith said, yeah, it's
all about being selfish, and selfishness

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is bad. We know selfishness is
that we've all, I mean, our

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mothers taught us that, our preachers
teach us that a philosopher has taught us

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that. So if we jervid philosophers
have taught us that selfishness, being self

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interested is bad. Pursuing your own
self interest as an end is bad.

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It's not mom, it's not virtuous. And a Smith says that's okay,

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because when you add up all of
the stelf interested activities of all these different

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people, which you get as a
sum, is society's better off. So

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the sum of vices is a virtue. And let me tell you, nobody

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believes that capitalism's problem. The reason
we hate capitalism, the reason most people

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hate capitalism is because they know that
capitalism equals self interest, and they know

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because everybody teaches it. The self
interest is evil, bad, or the

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very best aimal. What is morality? If we talk about morality, talk

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about ethics. What is it to
be ethical? What is it to be

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moral? What do we be taught
to be outrusted, to be outrusted,

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to think of others first, to
live for the sake of others. The

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whole focus of morality is on how
we treat other people. So, benefiting

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other people that is virtuous, right, Benefiting yourself that is not virtuous.

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That's what we taught. So you
would think that when you benefit of the

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people, you would be considered a
moral morally a good person. Who is

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the greatest Who are the greatest beneficiaries
of mankind? Who have who has benefited

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human beings? What profession has benefited
human beings more than any other profession at

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least materially invents? Yeah, inventors
importance, But inventors often them inventures,

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sits in their garage, and nothing
of appetite, say investors, investors finance.

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He is so capitalists. People will
look for the good idea and give

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the sign to look for the good
idea. Suddenly, I think that's a

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category within a goat a category that
I've talked about. I'd take business people,

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of which I agree with you.
Investors are actually the most important.

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And not just investors because we love
it to capitalists, but bankers the people

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we love to hate. We hate
them more than anybody. I've got a

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book it's called The Mall Case for
Finance, and and it has essays there

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about why banking is virtuous and why
finance is the noblest profession because exactly for

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the reason you said that the inventor
doesn't get out of his garage without capital.

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The inventor also doesn't get out of
the garage without a CEO, without

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a business business expertise, without their
knowledge how to build a business. It's

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one thing to invent, something else
to build a business about it. It's

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one thing to invent, is another
thing to turn that invention into the type

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of thing that people want to use, that people can use. I mean,

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think about Steve Jobs. Steve Jobs
was not an innovator. He didn't

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take it in his garage. That
was Wassniac. We barely know wassnian We

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know Steve Jobs because he knew how
to organize, He knew he had a

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vision, he knew and he knew
how to market, and you how to

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sell. You have to get it
into the hands and consumes. But that

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all that category. You put that
category from bank to innovator to ceo,

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businessman, other people who've taken us
out of the mud, out of the

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hut, out of subsistence farming,
and brought us into wealth into the world

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in which we live. Without them, none of this exists. Without their

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knowledge, their energy, their willingness
to take risk, whether it's risk of

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capital, risk of their time,
nothing exists. You don't even have labor

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without capital, and without businessman,
labor never comes together starts a business.

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It just doesn't happen. Somebody has
to have that idea. You have to

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have an entrepreneur. You have to
have the capital to pay the labor until

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the problem the business become profitable.
And yet we all hate businessmen. I

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mean we not maybe in this room, but generally the culture. Why again,

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because business an't pursuing a profit worse
than all of the financiers. Because

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the financiers are turning money into money, so you don't even see a product

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right that behind the scenes, that's
why they're always behind every conspiracy theory as

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well, because that the people that
are unseen. A businessman who produces like

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steam jobs, who produces a product
and hide behind the product and say,

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look, I'm doing something good for
mankind. But a financier whoses behind that

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has a much harder time. It's
a much more abstract roll, much more

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difficult to explain to people how productive
of a function he's he is actually pursued.

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I mean, so think about this. The most the people who benefited

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society the most, other human beings
the most. Our business people, we

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still hate them. So I don't
know about this altruism stuff. They say,

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what they what you should do is
help other people. Will steep jobs

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out of the other people. Bill
Gates helped other people? How did they

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help other people? We talked about
this, right, I buy an iPhone

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for a thousand bucks? How much
is this worth to me? Much more?

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I mean, this is what tens
of thousands of dollars to me.

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Don't tell Apple, but tens of
thousands of dollars to me, just in

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terms of the quality of life improvement. I remember you guys don't, but

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I remember what life was like before
this. This has improved life dramatically,

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particularly for somebody like me who travels
a lot. This is a life changing.

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When I moved from Israel to the
United States in nineteen eighty seven,

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all my families in Israel never called
them. I would never talk to my

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parents, not because I didn't like
them, but because it was too expects

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it. Long distance phone calls were
super expensive in those days. They couldn't

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afford it. I couldn't afford So
we talked about give me two months.

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Right now, I can talk to
anybody anyway in the world for as long

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as I want by video at a
cost of it's zero. I have access

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to every piece of music I've eybotten
ever produced at a buntional cost of zero.

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I had maps navigate any city in
the world without having to look at

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a map. Again, you guys
don't remember driving and looking at a map

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at the same time. It was
very, very dangerous. I mean the

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benefits of this through the I know
you have a question. Can we leave

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it for the question at period?
Or do you want to question? Oh?

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Which one? Which question? You? You just asked Paul my Chris,

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you are doing this video closed down? I wanted to answer the question.

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Yeah, okay, okay, Um, so I my life is better

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off by tens of thousands of dollars. Steve Jobs made some money off of

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this, probably less than tens of
thousands of dollars, because they're on cost

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of thousands. Right, he's better
off. I'm better off. Every time

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a businessman makes money in a free
market, he is making the world of

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better place. The only way to
become a billionaire is to make a lot

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of people's lives better. You cannot
be a billionaire in a free market and

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not have made other people's lives better. Hundreds of millions of people's lives better,

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sometimes billions of lives better. I
would argue Bill Gates by creating the

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PC revolution, change the lives of
billions of people on planet those. He's

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not a hero. He's not a
mall hero. We're not building statues,

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we're not naming Rhodes, Like,
who's a mall here? If I say

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mall hero, what name comes to
MINDA what's that? Hercules? Okayculees is

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a ma all hero, okay,
because he helps other people, he goes

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fight for them and all of them. But Mother Teresa is a great example.

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Mother Teresa comes to mind, is
a mall hero. She's she's saved

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after all. She uh, you
know, they're all a lot of statues

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of Mother Teresa out there. Why
is she a hero? Because she helped

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a lot of people I love so
altruistically, which means what without any self

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interest? Yeah, without any gain
to herself. On the contrary, she

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did it while suffering. She did
it while not being happy. She did

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it clearly as a sacrifice. If
she had been happy, holding parties,

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celebrating her successes, being you know, and really helping people at the same

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time, she wouldn't have been a
saint. What made her a saint is

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she was as poor as the people
she was helping. She seemed like she

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was suffering. If you eat her
diary, she was in agony the whole

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time. That's what makes you a
saint. Like if you go to the

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museum, he had Bill in there, probably some Renaissance paintings of some saints,

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any of them happy and it was
smiling. You know, they're doing

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fun stuff. No, because the
whole point of being a safe is not

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to help other people. The whole
point of being a saint is to suffer.

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No point of morality as we understand
it, is not to help other

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people. If that was the standard, just helping other people, then our

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businessman would be moral giants. The
whole point about morality is about individual suffering.

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It's about not being self interested in
a sense, it's a negative.

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Don't pursue yourself injest, don't be
successful, don't be happy. And if

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you can help other people while not
being happy, while not being successful.

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So even somebody like Bill Gates,
when he's an entrepreneur and he's helping hundreds

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of millions of people, and we
hate his guns. And when when when

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an American Justice round goes after him
to try to break up Microsoft, everybody's

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excited. Everybody thinks that's great.
When does Bill Gates become a little bit

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of a hu for a little while
until COVID right for a little while,

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when he when he starts and stuff, When he goes he leaves Microsoft,

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God forbid you do anything productive.
He leaves Microsoft and goes and starts the

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foundation and starts giving his money away, giving money away. That's good that

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we love charity. We love production, not so much for charity. That's

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cool. How many people will help
in his charity? I mean a lot,

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probably does some good work, more
or less than in his business a

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lot less. The world was not
changed by charity. I often tell people

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you know in the in America,
at least, this is more of an

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American story. In seventeen seventy six, when America was founded, it was

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a third grade colony. The British
didn't care that much about it. That's

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why they did really fight. It
was poor, it was meaningless. Within

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one hundred and thirty twenty thirty years, it was the strongest military and economic

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force of planets. By World War
One, America was the top country in

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the world. How did that happen? How did that transition happen? Because

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of charity, because of community service, because of by the traces of the

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world. No, because as a
business, because of the Carnegies and the

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Melons and the Rockefellers and the people
who built America and who made a lot

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of money doing it. And what
do we call those people in America?

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Rob the barons, they're crooks,
they're bad guys. We hate them why

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Because they built America. They made
the country, and heavy country has the

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same story. We resent the people
who actually are responsible for the success.

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And that's all driven by this morality. The morality of altruism is anti markets,

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it's anti capitalism, it's anti i
would say, human nature. It's

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a morality, you know, arguably
it comes from Christianity. It's a morality

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that worships sacrifice, it worships pain, it worships suffering. And yes,

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if you have some of the people
on the side, that's okay. But

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success, pospherity, happiness, wealth, those don't count. Again at best

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amol which usually IMO. So why
do people hate capitalism? Why do people

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hate free markets? They hate capitalism
and free markets because capitalism and free markets

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are based on an emoal system.
They're based on self interest. They're based

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on people pursuing their own well being, both in the production and the consumption

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side, but on every part of
every part of a market. What you

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see is self interest. And yes, people might be better off, but

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they must be a catch. They
must be something wrong because you can't have

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it without sacrifice. It's not all
so there has to be something evil going

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on. So in my view,
you know, we can, we can

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continue to teach the value of free
market economics. It's good, but we

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won the monk the economics debate a
long long time ago. In my view.

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I mean, the economics proficient doesn't
know it, but they're just they're

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just spinning wheels. Like we've had
great economists high Economeesis, and Freedmen and

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lots of others who've articulated the case
of free markets as well as anybody can

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00:29:26.880 --> 00:29:32.640
have shown that Marks and Canes and
the neo Keynesians and all the rest of

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00:29:32.640 --> 00:29:37.920
them are just wrong about economics.
Let's be done. There's not a lot

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00:29:37.920 --> 00:29:41.720
of more work to do there.
You can do another equation and show another

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00:29:41.000 --> 00:29:48.319
stupid economist why he's wrong. Right, but it's not gonna lean anywhere because

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00:29:48.359 --> 00:29:52.319
most of the important workers already being
done. We've we've got you know,

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we know the economic history. I
mean, anybody with eyes can see the

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economic history and the chief fact of
the success of capitalists and versus the failure

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00:30:04.599 --> 00:30:11.039
of any other system. And one
of my favorite stories there is I don't

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00:30:11.039 --> 00:30:15.519
know if any of you have been
in Hong Kong. Sadly I used to

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say to your audiences, you've got
to go to Hong Kong at least once

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in your life, because it's such
an amazing city. But sadly the Chinese

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have taken it over, so I
don't recommend going to Hong Kong anymore.

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But Hong Kong, like at the
end of Old War two, was a

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00:30:30.039 --> 00:30:33.759
fishing village. There's nothing there and
it's a walk in the middle of Norway.

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There's no natural resources, there's no
gold, there's no oil, there's

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nothing. And yet before the Chinese
to go go Hong Kong. Hong Kong

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00:30:44.119 --> 00:30:47.960
gdpeoper capital is higher than New York
City, I'm sorry, high than the

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00:30:48.079 --> 00:30:53.559
United States. Hong Kong head most
skyscrapers than New York City and it had

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seven and a half million people living
on this shock. Where did they come

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from? They swam. They emigrated
from every other country in Asia just to

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00:31:03.480 --> 00:31:08.720
get their white because they will offer
them free healthcare, well welfare, well

355
00:31:08.759 --> 00:31:14.400
any other socialists benefit. Why did
they go to Hong Kong because there was

356
00:31:14.440 --> 00:31:18.880
some free markets. They could actually
they could actually go out there and exist

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themselves and be entrepreneurs and be successful. And they could. It was all.

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Their taxes were very low, regulations
were very minimal, the welfare state

359
00:31:27.599 --> 00:31:33.000
was as minimal as you would get
anywhere. And this place took off.

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It created massive amounts of wealth in
a very short period of time. What

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it took American to do in two
hundred fifty years, they did in seventy

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five. So the evidence of the
success of capitalism and markets is all around

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00:31:45.319 --> 00:31:49.720
us. All people left did is
open their eyes. They don't care.

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00:31:51.559 --> 00:31:55.079
They don't care about the economies,
they don't care about their evidence. What

365
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people really care about is morality.
What people really want to be as good.

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And they won't believe that capitalism is
good because capitalism is self interest.

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And this is why I think the
debate, this is why I think we

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lose the debate. I know a
lot of free market guys, libertarians,

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00:32:16.599 --> 00:32:23.680
economists who try to somehow make the
argument that, you know, free markets

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are altruistic. Well, that it
doesn't, you know, because everybody benefits,

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which is true, but they don't
get what altruism really is after they

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00:32:34.759 --> 00:32:39.720
don't understand the philosophical power of morality. And as a consequence, I think

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we continue to fail and fail and
fail and fail, and the world is

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moving away from capitalism. I mean, the fact is that the only philosopher

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00:32:49.960 --> 00:32:54.960
who has challenged the philosophy of altruism
and presented an alternative to it, because

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00:32:55.000 --> 00:33:00.400
you could algu Nietzsche challenges altruism,
but doesn't really provide you with a I'm

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00:33:00.400 --> 00:33:05.599
all code that's an alternative is a
human and this is I think why she

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00:33:05.720 --> 00:33:08.319
is such an important figure, why
she is so crucial, and I don't

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00:33:08.400 --> 00:33:12.119
think it's possible to win the battle
without it, because she's the only one

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00:33:12.319 --> 00:33:19.640
to actually provide an alternative to the
conventional, both religious and secular moral code

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00:33:19.880 --> 00:33:24.160
that exists. Up. I mean, I man ask the ultrust one simple,

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00:33:24.480 --> 00:33:34.759
one wood question. Why why should
I sacrifice to you? Why is

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your life more important to me than
my life? Why is your happiness more

384
00:33:38.640 --> 00:33:45.440
important to me than my happiness?
Why? What's the purpose of my sacrificing

385
00:33:45.480 --> 00:33:49.640
to you? Where is it gaming? There's no afterlife? What credit do

386
00:33:49.720 --> 00:33:54.000
I get for? Man? The
fundamental question is the fundamental purpose of morality

387
00:33:54.279 --> 00:34:00.519
is not to teach you how to
sacrifice and die. The fundamental question is

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00:34:00.559 --> 00:34:05.279
how to teach you how to live
and be successful at living. Now,

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when the only species a planet Earth
who doesn't have the how to live encoded

390
00:34:12.559 --> 00:34:17.000
in our DNA, we have to
figure it out. We have to use

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00:34:17.000 --> 00:34:22.199
our mind to figure out how to
live. We have to figure out what's

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00:34:22.239 --> 00:34:25.880
good for human beings and what's bad
for human beings. It's not encoded a

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00:34:27.079 --> 00:34:32.519
means of survival. Right, A
plant needs sunlight and it needs water.

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It doesn't have to think, it
doesn't have to conceptualize that. It knows

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00:34:37.639 --> 00:34:42.360
it. It's in the DNA,
so it reaches to the sun and it

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00:34:42.400 --> 00:34:47.679
goes its roots are going looking for
what Every species out there knows what to

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00:34:47.800 --> 00:34:53.119
do, and when the environment around
it changes, what happens. It usually

398
00:34:53.199 --> 00:35:02.159
dies because it can't change fast enough. Evolution is too slow. Human beings

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00:35:02.199 --> 00:35:07.800
don't function that one. We don't
have the programming. We don't know how

400
00:35:07.840 --> 00:35:10.760
to survive. I mean, at
the very basic level, we don't know

401
00:35:10.760 --> 00:35:16.440
how to survive it. Like how
many of you if I, if I,

402
00:35:16.440 --> 00:35:22.000
if I dropped you into the Amazon
jungle. You can't rely on your

403
00:35:22.039 --> 00:35:25.800
instincts to survive. You would die
in hours. If you rely on your

404
00:35:25.840 --> 00:35:32.840
instincts to survive. What would you
require you to do to survive the Amazon

405
00:35:32.920 --> 00:35:44.440
jungle? What would you have to
do? Thank thank figure it out?

406
00:35:45.480 --> 00:35:47.400
Stop a minute and say, Okay, I need to figure out shelter,

407
00:35:47.519 --> 00:35:51.760
I need to figure out water,
I need to figure out what am I

408
00:35:51.800 --> 00:35:53.559
not be that hard and I need
to figure out what's gonna kill me and

409
00:35:53.559 --> 00:35:57.199
what's gonna not kill me. What's
what I can eat, what I can't

410
00:35:57.199 --> 00:36:01.000
eat, How to protect myself nageous
animals, how to maybe create some traps

411
00:36:01.239 --> 00:36:05.880
to catch the animals. None of
that will come to you instinctively. None

412
00:36:05.880 --> 00:36:14.159
of that is in your genetic code. Human beings to survive have to figure

413
00:36:14.280 --> 00:36:16.920
it out, even at the very
basic material level, never mind the most

414
00:36:16.960 --> 00:36:22.800
abstract spiritual, conceptual, philosophical level. We need principles in order to survive,

415
00:36:23.079 --> 00:36:30.960
and the purpose of morality is to
teach us those principles, the principles

416
00:36:30.760 --> 00:36:37.599
for self survival and ultimately to flourish. What does it take for human being

417
00:36:38.119 --> 00:36:44.679
to thrive, to live the best
lives that they can live? The flourish

418
00:36:44.760 --> 00:36:47.400
is a human being. I mean, this is a project that I am

419
00:36:47.519 --> 00:36:52.199
in. Picks up, if you
will, from Aristotle. Like Aristotle's philosophy,

420
00:36:52.239 --> 00:37:00.639
Aristotle's ethics is all about identifying the
virtues that lead man to be the

421
00:37:00.679 --> 00:37:05.119
best that he can be, to
live a life of hugemin air in Greek.

422
00:37:05.400 --> 00:37:08.440
You know of flourishing of happiness,
however you wanted to find him,

423
00:37:08.599 --> 00:37:15.119
but fully full life so rand is
saying, yeah, that's exactly what morality

424
00:37:15.280 --> 00:37:19.960
is. So let's go out there
and figure it out. And the first

425
00:37:19.960 --> 00:37:24.239
thing she identifies is for human beings
in order to live well, the one

426
00:37:24.320 --> 00:37:28.760
thing they have to do, the
one thing that there's no choice about,

427
00:37:29.280 --> 00:37:32.239
is to use their reason. It's
the thing. It's to use their mind.

428
00:37:34.159 --> 00:37:37.639
It's to figure out how the world
works and adapt the world to them.

429
00:37:37.760 --> 00:37:43.440
We don't adapt to the world.
This is the great fallacine environmentalism.

430
00:37:43.480 --> 00:37:46.000
On a different topic, right,
the great fallacine environmentalism is the way human

431
00:37:46.039 --> 00:37:53.039
beings survive is by changing nature.
We chop down trees to build houts,

432
00:37:53.639 --> 00:38:01.760
We blow at mountains to build to
build skyspapers, we build their conditioning so

433
00:38:01.840 --> 00:38:07.920
we can live in the desert.
We change the environment to fit our needs.

434
00:38:07.800 --> 00:38:12.119
That's what we are as a being, as an animal. That's how

435
00:38:12.119 --> 00:38:17.840
we survive. So morality should be
a code of values to teach you how

436
00:38:17.840 --> 00:38:20.800
to live, how to live well, how to succeed, how to be

437
00:38:20.840 --> 00:38:28.400
happy, how to serve your own
interests, how to be a good egoist

438
00:38:28.400 --> 00:38:35.559
if you will, how to be
appropriately selfish. And you know, it's

439
00:38:35.679 --> 00:38:42.960
very easy to show that the kind
of the caricature of the person who is

440
00:38:43.000 --> 00:38:46.400
selfish, lying, cheating, stealing, just a bad person. Right.

441
00:38:46.519 --> 00:38:50.320
When we think about selfish, when
we think about egoism, when we think

442
00:38:50.320 --> 00:38:52.159
about self interests, we think about
lying, cheating, stealing, right,

443
00:38:52.679 --> 00:39:00.320
thinking about bad people who do bad
things. And it's interesting that we think

444
00:39:00.360 --> 00:39:06.559
that's selfish, but also making money
is selfish by trade. And notice that

445
00:39:06.679 --> 00:39:09.079
if those two go in the same
category, we may stop mixing them up.

446
00:39:09.440 --> 00:39:13.239
And now we think every businessman is
the line cheating, stealing thief.

447
00:39:14.239 --> 00:39:16.239
What do you do if you think
every businessman is potentially a line cheating,

448
00:39:16.280 --> 00:39:21.239
stealing thief, what do you have
to do to them? What are you

449
00:39:21.239 --> 00:39:23.679
gonna do to the businessman if they
potentially might be a line cheating, stealing

450
00:39:23.679 --> 00:39:29.039
thief. What's well, you're gonna
hate them, but what would you do

451
00:39:29.199 --> 00:39:34.280
actually actually do? Well, you're
not gonna take away this stuff? Control

452
00:39:34.280 --> 00:39:36.119
of them? Yeah, you want
to control them, you want to regulate

453
00:39:36.159 --> 00:39:38.079
them, you want to look over
their shoulder. I like to use the

454
00:39:38.119 --> 00:39:42.000
example of I don't know if it's
true in Germany, I guess as it

455
00:39:42.079 --> 00:39:45.199
is, But in America, you
walk into an elevator, right, and

456
00:39:45.320 --> 00:39:47.800
on the wall, and the elevator
is a little a little piece of paper

457
00:39:47.800 --> 00:39:52.960
and it says a government inspectors inspected
this elevator. It won't fall and kill

458
00:39:52.039 --> 00:39:57.440
you. And I always go,
pooh, I'm so glad because if not

459
00:39:57.679 --> 00:40:01.599
for the govern inspector, I know
that that greedy, horrible, evil businessmen

460
00:40:01.679 --> 00:40:06.440
would build elevators that they dropped and
killed me because I know the best way

461
00:40:06.440 --> 00:40:10.880
to make money in a free market
is to kill your customs. But note

462
00:40:12.079 --> 00:40:16.480
that that is the sumption behind almost
all regulations. Almost all regulations are based

463
00:40:16.480 --> 00:40:22.320
on the idea that without them,
those greedy, evil, selfish, self

464
00:40:22.400 --> 00:40:24.719
interested businessmen would do something bad to
you. And they don't care, of

465
00:40:24.719 --> 00:40:29.239
course, because they're greedy, selfish, don't only care about themselves. So

466
00:40:29.519 --> 00:40:32.400
McDonald's would poison you. There,
restaurants would poison you. You need bad

467
00:40:32.440 --> 00:40:37.320
means, and this idea of reputation, of this idea that you know,

468
00:40:37.960 --> 00:40:42.280
somebody who has a restaurant is a
pretty decent human being and it's not real

469
00:40:42.400 --> 00:40:44.920
be interested in hood to you and
he's trying to make a living and all

470
00:40:44.920 --> 00:40:46.920
of that, I mean, that's
been beyond them, and all regulations,

471
00:40:47.079 --> 00:40:54.119
almost every single piece of regulation we
have out there is built is explained in

472
00:40:54.239 --> 00:40:59.199
terms of if we didn't have their
regulation, some greedy businessmen would do something

473
00:40:59.239 --> 00:41:02.079
bad, and before we need to
govern to protect us. Cool good for

474
00:41:02.119 --> 00:41:13.159
the elevated inspectors, so happy.
That's exactly this notion of self interest is

475
00:41:13.199 --> 00:41:17.800
evil. Self interest is necessarily about
line stealing, cheating in but life stealing

476
00:41:17.960 --> 00:41:23.960
cheating is not selfish. It's not
in my self interest to lie. For

477
00:41:24.000 --> 00:41:29.280
example, I don't know how many
of you have lied before, and they're

478
00:41:29.280 --> 00:41:32.199
not going to ask because I don't
really want to know. But line sucks.

479
00:41:32.800 --> 00:41:37.800
I think that's a technical world foot
Lying is not a good strategy to

480
00:41:37.920 --> 00:41:42.639
get ahead in life, in anything. And if you don't believe me,

481
00:41:43.119 --> 00:41:46.039
try spending a couple of days lying
to your good friend with your boyfriend to

482
00:41:46.079 --> 00:41:52.000
you as fos not good strategy.
You're not gonna get very far with it.

483
00:41:53.800 --> 00:42:00.840
And the worst person to lie too
is woom, it's yourself. Because

484
00:42:00.840 --> 00:42:04.280
if you will lie in reason,
if you will lie on reality on thinking,

485
00:42:04.400 --> 00:42:08.239
thinking depends on facts, thinking depends
on reality. And if you're lying

486
00:42:08.280 --> 00:42:12.440
about reality in fact, you're thinking
is going to be corrupted, and therefore

487
00:42:12.480 --> 00:42:17.519
your survival is going to be threatened. I mean, I'm getting to the

488
00:42:17.599 --> 00:42:23.679
age where I could barely remember what
I did last week. If I lie

489
00:42:23.920 --> 00:42:27.480
about what I did last week,
I have to remember two things instead of

490
00:42:27.519 --> 00:42:31.800
just one. What I really did
and what I lied the lie. But

491
00:42:31.880 --> 00:42:37.079
it's not even two things. I
have to remember the truth and who I

492
00:42:37.079 --> 00:42:39.039
told the truth too. I have
to remember the lie and who I told

493
00:42:39.079 --> 00:42:43.360
the lie too, why I told
them the truth and them the lie.

494
00:42:43.679 --> 00:42:47.800
It's so complicated. I can't hold
all that information and think about the mental

495
00:42:47.920 --> 00:42:52.559
energy that goes into categorizing that and
keeping that afloat, which could be spent

496
00:42:52.639 --> 00:43:00.480
on better things, more productive things. So no, lying is not a

497
00:43:00.519 --> 00:43:05.760
good strategy. If you know people
who lie a lot, they're almost always

498
00:43:05.840 --> 00:43:08.679
miserable, pathetic human beings. I
mean. The best example of this,

499
00:43:09.000 --> 00:43:14.280
which what is the only profession on
earth where lying actually advances you in the

500
00:43:14.360 --> 00:43:17.480
profession? In every profession, lying
is a detriment. People don't want to

501
00:43:17.480 --> 00:43:22.679
deal with you. Except one.
What's happening? No acting found lying acting

502
00:43:22.760 --> 00:43:27.000
performed. There's another profession where lying
is kind of a requirement. It's done

503
00:43:27.000 --> 00:43:30.519
every day, and you actually get
rewarded for doing it well. Politicians.

504
00:43:30.679 --> 00:43:35.639
Politics is all about lyne. Now, I've met a lot of politicians in

505
00:43:35.639 --> 00:43:39.760
my life. I've never met a
happy one. They're all pathetic, miserable

506
00:43:39.840 --> 00:43:45.519
human beings. Just look at Bill
Clinton and Hillary Clinton. Just look in

507
00:43:45.559 --> 00:43:53.320
their eyes and you can see it. Miserable thieves can't live with themselves.

508
00:43:54.000 --> 00:44:00.840
Lying, cheating, stealing is a
terrible strategy for living, disastrous. It's

509
00:44:00.840 --> 00:44:06.599
not self interested, it's self destructive. It's actually self destructive and actually is

510
00:44:06.639 --> 00:44:15.880
destroying your own soul who you really
are. So Rand, I think is

511
00:44:15.920 --> 00:44:19.440
the only one to defend capitalism Molley, because then is the only one who's

512
00:44:19.480 --> 00:44:23.840
willing to stand up and defend self
ages and say, self ages properly understood,

513
00:44:23.880 --> 00:44:30.400
properly defined, properly articulated thought through
a philosophy of self ages is the

514
00:44:30.519 --> 00:44:40.239
only morality that can then justify capitalism, which is a system of self ages.

515
00:44:42.719 --> 00:44:47.039
Indeed, she said she was pro
capitalism because she was pro egoism,

516
00:44:47.320 --> 00:44:52.519
rational egos, and she was pro
rational egoism because ultimately she was pro reason,

517
00:44:52.119 --> 00:44:55.760
and they will all flow from one
another. But think about it this

518
00:44:55.800 --> 00:45:02.760
way. If we had a culture
people trying to pursue their irrational self interest

519
00:45:02.800 --> 00:45:06.719
of people who are committed to making
their life the best that it could be.

520
00:45:06.719 --> 00:45:09.239
People who convinced that they had the
capacity, the reason, their ability

521
00:45:09.639 --> 00:45:15.039
to think for themselves, to live
for themselves, to pursue their own happiness.

522
00:45:15.199 --> 00:45:20.840
What kind of world do people like
that want to live in? Would

523
00:45:20.840 --> 00:45:23.280
they want mother government sitting on their
shoulder and telling them what they can and

524
00:45:23.320 --> 00:45:27.440
cannot do, what they can and
cannot eat, where they can and cannot

525
00:45:27.480 --> 00:45:31.960
go. So people are like that, people who self esteem, People who

526
00:45:32.000 --> 00:45:37.559
love their life and want to make
the most of their life and are convinced

527
00:45:37.599 --> 00:45:40.679
of their ability to do that,
and would not feel guilty about the fact

528
00:45:40.880 --> 00:45:44.800
that they're pursuing their own happiness and
their own life. They just want to

529
00:45:44.800 --> 00:45:49.320
be left free. They just wouldn't
be left alone to go out and do

530
00:45:49.400 --> 00:45:52.400
the things that they know they need
to do in order to achieve their own

531
00:45:52.440 --> 00:45:55.440
happiness, they own success, their
own flashing. They would demand freedom.

532
00:45:55.480 --> 00:46:00.079
They would demand capitalism, and with
no guilt, with no shame, with

533
00:46:00.239 --> 00:46:06.159
no you know. You see our
politicians the ones who are sometimes pro a

534
00:46:06.199 --> 00:46:12.960
good policy and they're apologetic because they
can't be proud of their free market position

535
00:46:14.119 --> 00:46:17.559
because they know it goes against fundamentally
the well. So if we want a

536
00:46:17.719 --> 00:46:22.760
free market revolution, what we really
need, and this is what makes it

537
00:46:22.840 --> 00:46:28.360
battle so much harder than most of
you think, what we really need is

538
00:46:28.400 --> 00:46:45.159
a moral revolution. Thank you,
uh energy, Okay, so thank you

539
00:46:45.239 --> 00:46:51.639
very much. Now we're going to
go into the question amounts. Maybe it

540
00:46:51.679 --> 00:46:55.360
also start a debate you have allowed
to controversially at the collection of your opinions,

541
00:46:55.400 --> 00:47:00.800
algy um So. I mean Germany
then have a really pre market,

542
00:47:00.920 --> 00:47:05.079
like especially compared to the US.
So I would like to know. But

543
00:47:05.239 --> 00:47:12.880
do you think about the Jerman approach
like having the social market? Well,

544
00:47:13.360 --> 00:47:15.800
I think it's a myth. At
the United States as a free market,

545
00:47:15.880 --> 00:47:19.559
it doesn't open, but Germany's was. I agree. I think it's terrible.

546
00:47:20.360 --> 00:47:24.760
I think it's terrible. I think
it's it's it's destructive. It's destructive

547
00:47:24.760 --> 00:47:29.960
both economically. You could be so
much better off, you could be so

548
00:47:30.039 --> 00:47:34.400
much wealthier, you could be so
much more productive. Um and it's and

549
00:47:34.480 --> 00:47:38.320
it's you know, destructive to the
human soul. You know how many entrepreneurs

550
00:47:38.440 --> 00:47:44.800
are discouraged from pursuing their dreams.
How many people who want to start businesses

551
00:47:44.840 --> 00:47:46.960
are allowed to start the businesses want
to pursue a particular path in life,

552
00:47:47.239 --> 00:47:51.679
are not allowed to pursue that path
in life. I think in many respects.

553
00:47:52.440 --> 00:47:57.079
Um, you know everybody suffers.
Maybe the poor stuffer the most because

554
00:47:58.320 --> 00:48:00.280
you know, the fear of the
market is the fewer poor people they are,

555
00:48:00.320 --> 00:48:04.920
if at all, if there are
any poor people, because they become

556
00:48:04.920 --> 00:48:07.280
more and more productive as you have
more in more entrepreneurship, and you have

557
00:48:07.400 --> 00:48:13.119
as you have a great and greater
free market. So no, the world

558
00:48:13.199 --> 00:48:16.440
is in a disastrous place because it
ignores the benefits of free markets. In

559
00:48:16.559 --> 00:48:22.320
Germany which has an incredibly productive workforce, hard working wolforce, very intelligent,

560
00:48:23.199 --> 00:48:30.440
and you're you're barely achieving what your
potential has. Yeah. Um, so

561
00:48:31.119 --> 00:48:37.800
you would argue that being wealthy,
of being materialistically good off is really the

562
00:48:37.880 --> 00:48:44.159
ultimate goal. It's not the ultimate
goal. I mean, provide the highest

563
00:48:44.239 --> 00:48:47.960
utility for human beings. I don't
know what utility means for human beings.

564
00:48:49.760 --> 00:48:52.400
I think all that whole terminology is
focused. I'm not a utilitarian, and

565
00:48:52.440 --> 00:48:55.840
I think it's it's a it's a
it's a it's a it's a bad way

566
00:48:55.880 --> 00:49:00.679
of looking at things. No,
for some people money is very important.

567
00:49:00.679 --> 00:49:05.280
For other people it's not. It's
why some people come teachers like me.

568
00:49:05.400 --> 00:49:07.199
I could have been a financier and
Wall Street could have made a lot more

569
00:49:07.199 --> 00:49:12.519
money. We make choices about how
we want. But the beauty of free

570
00:49:12.559 --> 00:49:17.679
markets is you get to make the
choice, and you have a maximum of

571
00:49:17.840 --> 00:49:22.880
opportunities available to you, and you
get to choose your own values. Now,

572
00:49:22.920 --> 00:49:29.000
I think material wealth is really,
really really important for everybody some level

573
00:49:29.079 --> 00:49:31.920
of It's why we care so much
about poverty. Clearly we care about poverty.

574
00:49:31.960 --> 00:49:37.000
Why because we know that being poor
is bad, that is, not

575
00:49:37.079 --> 00:49:38.840
having enough material wealth is not good. You do not want to live in

576
00:49:38.920 --> 00:49:45.079
Venezuela right now to a large extent, because they're very very very poor,

577
00:49:45.679 --> 00:49:49.119
and they also happen to be very
very unfree. But both of those go

578
00:49:49.199 --> 00:49:58.440
together. So the spiritual values of
freedom are consistent with the material values of

579
00:49:58.840 --> 00:50:02.440
wealth, and both are important and
one leads to the other. They're not

580
00:50:02.559 --> 00:50:07.679
independent of one or not. You
have to be free to be rich,

581
00:50:07.360 --> 00:50:09.880
and if you're rich or not free, you won't stay rich very long.

582
00:50:12.719 --> 00:50:17.000
So but yes, I you know
again, material wealth is important it's not

583
00:50:17.119 --> 00:50:21.480
trivial. It's not the only thing, and it might not be the most

584
00:50:21.480 --> 00:50:25.639
important thing, but it's what a
company is. The most important thing,

585
00:50:25.679 --> 00:50:30.079
which is morality, if you know, the most one thing is gonna be

586
00:50:30.119 --> 00:50:35.039
a good person. But to be
a good person, a society that's built

587
00:50:35.119 --> 00:50:39.480
to facilitate good people is a society
that leads people free. Therefore we're going

588
00:50:39.519 --> 00:50:46.880
to be rich school. Thanks.
Yeah, you mentioned that mainstream philosophy basically

589
00:50:47.000 --> 00:50:52.960
is very uncomfortable with self interest and
the concept about selfishness away. I wonder

590
00:50:53.239 --> 00:50:57.199
why that is? What is the
what's the underlying reason? I mean,

591
00:50:57.239 --> 00:51:00.519
you stay to it, but what
is what is the reason for that?

592
00:51:00.639 --> 00:51:01.920
I have my own, like,
you know, the reason that I want

593
00:51:01.920 --> 00:51:07.519
to hear the worst I mean,
partially, I don't know. I mean

594
00:51:07.559 --> 00:51:14.599
the silny is, you know,
philosophy is ultimately shaped by the geniuses who

595
00:51:14.639 --> 00:51:20.199
are the great philosophers, and it
just hasn't been um since Aristotle, anybody

596
00:51:20.199 --> 00:51:22.519
who's picked up on this thread of
self interest and really made it something other

597
00:51:22.559 --> 00:51:28.440
than that man. But oh,
but I think the dominant theme, the

598
00:51:28.559 --> 00:51:40.639
dominant reason why it has it's unquestioned, it's Christianity. Christianity is a religion

599
00:51:40.679 --> 00:51:46.760
of ultraism. What's that Buddhism,
Yes, but but I'm talking about the

600
00:51:46.760 --> 00:51:51.559
West. In the West, what
dominates it is Christianity. Buddhism is a

601
00:51:51.559 --> 00:51:57.760
different version Buddhism's rejection of the material
world. Christianity is an embracing of suffering.

602
00:51:58.480 --> 00:52:01.679
We all Christians walk around around their
neck and I'm sorry if I'm offending

603
00:52:01.679 --> 00:52:06.400
somebody here around the neck for the
cross. What does the cross represent?

604
00:52:07.360 --> 00:52:15.039
Absolute suffering, the worst kind of
possible death possible, and somebody else Jesus

605
00:52:15.039 --> 00:52:21.519
in this case suffering for your sins
talk about any injustice, right, So

606
00:52:21.679 --> 00:52:24.320
not suffering for their own sins that
I can accept, but suffering for your

607
00:52:24.360 --> 00:52:37.239
sins. So Christianity is through is
a m has basically made altruism the dominant

608
00:52:37.280 --> 00:52:43.400
moral code in the West. It
is a religion of suffering. It is

609
00:52:43.400 --> 00:52:50.800
a religion that that elevates suffering to
a virtuous position. Um, it's not

610
00:52:50.920 --> 00:52:53.559
an accident that the saints of Christian
saints in that sense, I think a

611
00:52:53.639 --> 00:52:59.000
dvat even for Judaism. But it
is it is the dominant force in the

612
00:52:59.039 --> 00:53:02.639
worst. Christianity aped so much of
Western thinking of Western culture over the last

613
00:53:02.679 --> 00:53:08.239
two thousand years. So even non
religious Westerns when it comes to ethics,

614
00:53:08.280 --> 00:53:15.440
are completely Christian because they can't think
out of the Christian box. So maybe

615
00:53:15.440 --> 00:53:19.800
they've given up the metaphysics, they've
abandoned God, but they haven't given up

616
00:53:19.880 --> 00:53:23.559
the morality, which is the morality
and Christianity will all living under Christian code

617
00:53:23.559 --> 00:53:30.199
when it comes to morality today.
What is the best criticism of objectivism and

618
00:53:30.360 --> 00:53:37.400
is he capitalism that you have heard
so far? I don't know, because

619
00:53:38.559 --> 00:53:43.840
you know, I think capitalism works. It's it's the right system. I

620
00:53:44.079 --> 00:53:46.960
don't know what the criticism could be. I don't have any it's the right

621
00:53:47.000 --> 00:53:52.920
system, it's it's you know.
It doesn't mean that everybody in their functions

622
00:53:52.920 --> 00:53:57.519
within capitalicism is going to be perfect, but the systems, yeah, it's

623
00:53:57.800 --> 00:54:02.000
it's not it's an easy implement.
It's not easy to understand how it should

624
00:54:02.039 --> 00:54:10.000
be implemented. But I see no
flaws ugization of ruts relative to having them

625
00:54:10.039 --> 00:54:14.920
illegal. What's better? I mean, if you so, it's not a

626
00:54:14.960 --> 00:54:19.320
good the fact that heroin, that
the fact that people use heroin is not

627
00:54:19.360 --> 00:54:22.159
a good thing. But to ban
heroin from use is much worse than to

628
00:54:22.199 --> 00:54:29.400
make illegal. And if you think
about Coca Cola producing heroinood and putting the

629
00:54:29.519 --> 00:54:35.159
THA marketing into that, could you
imagine it could have the road and effects

630
00:54:35.199 --> 00:54:40.079
on society that wouldn't be worth the
system. No, pay no, because

631
00:54:40.119 --> 00:54:45.360
again, look, you're not gonna
get a society that is free without people

632
00:54:45.400 --> 00:54:51.119
taking the personal responsibility of what that
freedom implies. And part of what personal

633
00:54:51.159 --> 00:54:54.639
responsibility of freedom means is that you
know, so for example, when I

634
00:54:54.679 --> 00:54:57.719
when I moved to the US.
I don't know if you've been to the

635
00:54:57.760 --> 00:55:00.679
US, but in the United States, they have hundreds of different they used

636
00:55:00.719 --> 00:55:04.760
to have. They've they've changed.
This is probably thirty years ago. They

637
00:55:04.800 --> 00:55:08.280
used to have hundreds of different Bia
commercials. All the bier commercials were the

638
00:55:08.320 --> 00:55:16.920
same, basically young women in bikini's
running around drink Kibian and all the bea

639
00:55:17.000 --> 00:55:21.440
tasted exactly the same. Now not
a b a duca. I know that's

640
00:55:21.480 --> 00:55:23.119
a syner German even I'm not a
big Dubiduka, But to me, all

641
00:55:23.159 --> 00:55:28.239
the beer tasted the same, and
all the commercials had Now. I always

642
00:55:28.239 --> 00:55:31.920
thought in a rational world where people
actually use their minds even a little bit

643
00:55:32.639 --> 00:55:37.480
would anybody run these commercials and answers
to know they wouldn't have any effect?

644
00:55:37.559 --> 00:55:38.800
I mean the didn't have an effect
on me. I just looked at him

645
00:55:38.800 --> 00:55:42.000
and said, Okay, a bunch
of guy. I watched it for the

646
00:55:42.000 --> 00:55:46.519
bikinis, not for the beer.
Right. But it's it doesn't. Advertising

647
00:55:46.599 --> 00:55:52.599
doesn't work that way. It's advertising
is there to provide us with information.

648
00:55:52.920 --> 00:55:57.239
We need to analyze that information,
and we need to be responsible for allowing

649
00:55:57.280 --> 00:56:01.480
actions. And if Coca Cola got
behind heroin, as if that would happen,

650
00:56:01.559 --> 00:56:04.800
I mean, that's another big step
that you have to take. Right

651
00:56:04.840 --> 00:56:10.480
that a marketing agency would be willing
and interested in representing the heroine. Maybe

652
00:56:10.480 --> 00:56:14.079
they would, Maybe they would.
I doubt it, but maybe but but

653
00:56:14.400 --> 00:56:17.559
and then we would all say,
huh, because this marketing campaign says heroin

654
00:56:17.679 --> 00:56:21.000
is good, I should take care
of it. I can't google heroin and

655
00:56:21.039 --> 00:56:23.440
find out how disasters and if it
gets I mean, I will say this

656
00:56:23.639 --> 00:56:30.519
that if you legalize drugs, one
of the things that would happen is that

657
00:56:30.519 --> 00:56:36.719
there would be an entire industry there
would arise that would counter the effects of

658
00:56:36.880 --> 00:56:42.039
a drug addiction. I think more
people would try drugs okay, and then

659
00:56:42.159 --> 00:56:45.960
they would take whatever medicine or whatever
gimmick the industry could came up with to

660
00:56:45.960 --> 00:56:51.679
get rid of the addition. Is
there something inherently evil about trying drugs?

661
00:56:51.880 --> 00:56:54.519
I don't know, it's a damage
it does to you. But you see,

662
00:56:54.519 --> 00:57:00.719
if if, if, if capitalism
only can come up with people take

663
00:57:00.760 --> 00:57:04.400
responsibilities their own lives and take responsibilities
they own thinking, then those kind of

664
00:57:04.400 --> 00:57:12.719
people, an arcanegist in mass devote
themselves to self destruction. M yeah,

665
00:57:13.760 --> 00:57:16.519
I'm not sure how much people really
hate capitalism and how much of it is

666
00:57:16.599 --> 00:57:21.199
like a you know, a play
of word or work work use of language.

667
00:57:21.960 --> 00:57:27.239
For example, there was a study
whether they ask American students um like

668
00:57:27.360 --> 00:57:31.400
whether like socialism or capitalism, and
those who like socialism were also asked whether

669
00:57:31.400 --> 00:57:36.639
I think soldiers are even was and
Day then came up with some sort of

670
00:57:36.760 --> 00:57:40.360
capitalism light you know, capitalism which
is just fairer for some reason. I

671
00:57:40.400 --> 00:57:45.280
mean, people really hate losing what
they have. So if you are like

672
00:57:45.320 --> 00:57:50.400
an urban leftist with somewhat worthy and
who like to enjoy in Marcia lat and

673
00:57:50.400 --> 00:57:53.440
your fairy who privately own coffee shop, you don't want to annihilate the coffee

674
00:57:53.480 --> 00:57:57.559
shop. You want to have cheaper
marchial lad or you want to have basic

675
00:57:57.639 --> 00:58:02.400
income so that you can always play
for So I think it's not to argue

676
00:58:02.440 --> 00:58:07.480
against there because they're easy to argue
against their back camps or against mass bubba.

677
00:58:08.079 --> 00:58:13.800
But how would you argue against capitalism
as well? So so let me

678
00:58:14.039 --> 00:58:16.119
the two questions. Let me first
address this issue of words that it's that

679
00:58:16.239 --> 00:58:20.840
it's there. I don't think that's
true, and yes, I agree with

680
00:58:20.840 --> 00:58:23.440
you. They don't understand what the
woods mean. That's absolutely true. But

681
00:58:23.519 --> 00:58:27.800
if you explain it to them,
if you tell them what capitalism is something

682
00:58:27.840 --> 00:58:30.880
example, they did serve in the
US, people hate only like twenty percent

683
00:58:31.000 --> 00:58:36.000
like capitalism, forty percent like free
markets, sixty percent like free enterprise.

684
00:58:36.719 --> 00:58:38.599
So everybody said, well, let's
stall using faniprise. It's their capitalism when

685
00:58:38.639 --> 00:58:42.760
we win. But then when he
asked people what they mean by fee and

686
00:58:42.800 --> 00:58:46.159
a PRIs, it's capitalism light,
it's socialism light, it's it's you know,

687
00:58:46.320 --> 00:58:50.000
it's not capitalists. That's why they
hate capitalism, right, because it

688
00:58:50.039 --> 00:58:53.360
means much more to them in terms
of the content. I agree with you,

689
00:58:53.519 --> 00:58:57.880
it's it's very hard. And this
is why I think, for example,

690
00:58:57.920 --> 00:59:02.440
I'm rand resonates more in Eastern Europe
and in Latin Americul and she does

691
00:59:02.440 --> 00:59:07.280
in Germany, right, because the
Germany life is comfortable. It's mediocre.

692
00:59:07.679 --> 00:59:12.519
Right, It's not exceptional, but
it's mediocre, and mediocres not bad,

693
00:59:12.639 --> 00:59:15.480
particularly when you think of most of
the alternatives in human history have been really,

694
00:59:15.480 --> 00:59:19.679
really bad. We've barely survived,
we've been good poor, we've been

695
00:59:19.800 --> 00:59:23.840
in substance of pharmacy. The kind
of wealthy mediocrity that we live under today,

696
00:59:24.320 --> 00:59:28.519
it's not bad at all. Again, a new iPhone every single year,

697
00:59:28.800 --> 00:59:32.320
How cool is that? Right?
So people can ignore where that comes

698
00:59:32.320 --> 00:59:36.639
from. Even the mediocrity depends on
something, depends on production, depends on

699
00:59:36.719 --> 00:59:42.800
some economic freedom. And therefore it's
very, very difficult to convince them to

700
00:59:42.840 --> 00:59:46.159
take a risk in their mind of
more freedom, because then they can get

701
00:59:46.159 --> 00:59:50.400
even more than what they have today. They're pretty satisfied words for Dad today,

702
00:59:52.599 --> 00:59:55.679
this is it's a huge challenge.
And this again goes back to morality

703
00:59:55.760 --> 01:00:00.480
in my view, because a good
mode rally tells you to be ambitious,

704
01:00:01.559 --> 01:00:05.880
it tells you to strive in life, it tells you not just a one

705
01:00:05.920 --> 01:00:09.559
of a kiato, but to want
everything the freedom can provide you psychologically,

706
01:00:10.760 --> 01:00:15.199
spiritually, immaterially. It tells you
to try to be the best, not

707
01:00:15.239 --> 01:00:21.679
just mediocre, but the best human
beating you could be um and and and

708
01:00:22.639 --> 01:00:24.280
this is the challenge we have.
This is again why it's so hard.

709
01:00:24.400 --> 01:00:28.639
It's it's so hard because it's not
about economics. The economics are easy.

710
01:00:29.159 --> 01:00:31.480
I can show you on a chart, I can prove equations, we can

711
01:00:31.519 --> 01:00:36.440
do the economic analysis to show the
free markets work in terms of creating more

712
01:00:36.440 --> 01:00:42.199
wealth. People don't care and are
not ambitious enough to care. So part

713
01:00:42.239 --> 01:00:45.159
of it is moral ambitious. Part
of it is wanting to have a great

714
01:00:45.199 --> 01:00:50.519
life. And and and you know, it would be nice if if we

715
01:00:50.639 --> 01:00:58.559
had more variation between countries, or
more free countries and allow more immigration so

716
01:00:58.639 --> 01:01:00.920
that the ambitious people could actually moved
to the places where because I could have

717
01:01:01.000 --> 01:01:04.639
you know, I moved to America
for these reasons. Right, I was

718
01:01:04.679 --> 01:01:07.239
ambitious, and I could have stated, there's all have had a fine life,

719
01:01:07.360 --> 01:01:10.639
uncomfortable and everything, but I wanted
I wanted more, and that's why

720
01:01:10.639 --> 01:01:15.159
I moved to the US. And
that's the kind of spirit we need to

721
01:01:15.199 --> 01:01:20.000
inculcate in people. And that's why
it's not just that it's a psychological almost

722
01:01:20.199 --> 01:01:23.760
struggle that we're facing. And you
know, each of Europe and South America

723
01:01:23.800 --> 01:01:29.599
there's still not quite as rich,
they're not quite as comfortable, and that's

724
01:01:29.599 --> 01:01:34.480
why they're willing to considerable radical ideas
because of that. Yeah, I think

725
01:01:34.480 --> 01:01:38.079
you My question actually ties into what
you just said, and if I basically

726
01:01:38.119 --> 01:01:43.480
summarize the main theme of your talk, it's that everything hanges on rationality.

727
01:01:43.079 --> 01:01:46.599
And what I found over the years, what I find extremely peculiar with the

728
01:01:46.639 --> 01:01:52.039
human condition is me personally, but
a lot of people that I know can

729
01:01:52.079 --> 01:01:55.280
know perfectly well what I should do
now and what the consequences are if I

730
01:01:55.320 --> 01:01:59.480
don't do it, and they're fully
understand irrationally, but yet I don't do

731
01:01:59.519 --> 01:02:04.760
it. So what's your interpretation of
that? Well, I mean, again,

732
01:02:05.119 --> 01:02:08.000
people are not taught, not encouraged
to be rational, not in a

733
01:02:08.119 --> 01:02:12.440
not in a proper sense, and
they're not told why they should be rational,

734
01:02:12.719 --> 01:02:15.039
that is that it's good for them. Because they're not supposed to say

735
01:02:15.039 --> 01:02:16.639
that, right, You're not supposed
to say they're you're supposed to live for

736
01:02:16.679 --> 01:02:20.960
yourself and they do things that are
good for you. So it's it's it's

737
01:02:21.119 --> 01:02:28.360
very much about education. It's about
educating individuals to be self interested, to

738
01:02:28.480 --> 01:02:32.960
care about themselves, and see rationality
as a means to achieving that end,

739
01:02:34.039 --> 01:02:38.920
indeed as the only means to achieving
that end. And and you know,

740
01:02:38.960 --> 01:02:44.800
and that ignoring the rational, ignoring
the right path, it's self destructive.

741
01:02:45.000 --> 01:02:50.239
And the self destruction matters. Again, it goes back to being ambitious people

742
01:02:50.360 --> 01:02:52.960
wanting to live a good life.
And how do you inculcate that? I

743
01:02:53.000 --> 01:02:57.880
don't know, but you have to
start young. But you you agree that.

744
01:02:58.119 --> 01:03:00.519
I mean, I've studied objectives for
ten years. I fully understand all

745
01:03:00.559 --> 01:03:05.880
this, and I mean I find
myself doing things that I'm purely irrational,

746
01:03:06.320 --> 01:03:09.199
and I know that I'm in irrational
or irrationally irrational. Yeah, but so

747
01:03:09.280 --> 01:03:13.760
it takes work, right, it
takes effort. But it's also like a

748
01:03:13.800 --> 01:03:16.280
biological biological component. I mean,
our souls has a really irrational animal,

749
01:03:16.719 --> 01:03:20.280
but you're still an animal. Like
we have the Olympic system, we are

750
01:03:20.320 --> 01:03:24.880
driven to parts by we definitely have
you know, So, so the default

751
01:03:24.960 --> 01:03:29.840
for human beings im going. It
talks about this. Befault for human beings

752
01:03:29.960 --> 01:03:36.000
is a perceptual level conception i e. Being rational, being abstract takes effort,