Last weekend, the Libertarian National Convention invited me to give a breakfast address entitled, “My Most Successful Way to Convert Students to Free-Market Capitalism.” The subject attracted a large crowd.
I told them that I’ve given a speech on campuses across the country with a title that attracts young socialists of all kinds: “What’s Better than Democratic Socialism?”
I lure them in because they wonder, “What could be better than Democratic Socialism?”
In my talk, I explain why socialism has failed time and time again due to lack of incentives. I prove it logically with sound economics — what I call “econologic,” based on the title of my textbook, “Economic Logic” (available at a substantial discount at www.skousenbooks.com).
After demonstrating the fatal flaw in socialism, I offer an alternative because you can’t get rid of a bad idea unless you can replace it with a good idea.
And that good idea is what I call “Democratic Capitalism,” through profit sharing and stock options to all employees. For instance, Microsoft gives stock options to employees and so far, over 15,000 ordinary workers there have become multi-millionaires. It’s what John Mackey calls the “stakeholder” philosophy of business.
By the end of my lecture, I’ve converted 90% of the young people to my way of thinking. It’s quite a remarkable experience.
Where to Find a Better Alternative to Socialism
My talk is summarized in simple, but powerful terms in my 15-page report, “Economics of Life Made Simple.”
Last year, Michael Shermer commissioned me to write a cover story, “Economics of Life Made Simple,” in honor of Adam Smith’s 300th birthday. It’s been a hit ever since, with hundreds of people buying multiple copies.
For example, David Berkovitz, who teaches business law and accounting, recently told me, “Mark, I always wanted to understand economics, so I read ‘Economics for Dummies,’ and still couldn’t understand it… until I read your essay, ‘Economics of Life Made Simple.’”
The next day, he wrote me the following burb: “Concise and clear, this essay is THE source for anyone seeking to understand this important topic. It should be required reading for everyone in the College.”
In this essay, I tried to answer fundamental questions about money and the economy, such as: What is the secret to our tremendous economic growth over the past 250 years?… Why are young people so attracted to socialism?… Why is inflation coming back?… Is capitalism inherently unstable?… What is the economists’ solution to global warming? It also includes a section on gross output (GO).
I’ve had so many requests for this article that I printed up 3,000 copies and sent them to friends and handed them out at various conferences. A professor at the University of the Bahamas bought 50 copies to hand out to his students. A coin dealer asked for 25 copies to hand out to his clients.
A highly successful lawyer from North Dakota attended FreedomFest and picked up a copy. He told a colleague, “This is the best brief in economics that I’ve ever read,” and made copies to send out to all his clients.
One Christian minister, Dallin H. Oaks, wrote, “I have just finished reading your ‘Economics of Life Made Simple.’ Marvelous! I have never read a better expression by a sophisticated professional who has written to the clear understanding of laymen. Congratulations! I hope this will be widely circulated. It is very important.”
A top official of the Bureau of Economic Analysis (BEA), which puts out the quarterly data on gross domestic product (GDP) and GO, was so impressed that he sent it to his youngest son, who is pursuing a degree in business analytics at the University of Tennessee.
A mother wrote me from Colorado, “I’m making copies for my boys to send to them in college.”
And I just got word today that Union Editorial, the prestigious book publisher in Spain, is translating it into Spanish. I plan to present a copy to President Milei.
How to Order Your Own Copy
You can read my essay online here.
If you like it, why not buy a printed copy and pass it along to your friends and colleagues? They are more likely to read it as a printed copy. I sell it for $3 each at www.skousenbooks.com. The minimum order is three copies.
FreedomFest Is Bigger… and Better
FreedomFest will be very different from the Libertarian National Convention. Ours is the only classy libertarian conference in the world, where all speakers and debaters are treated with respect and civility.
And FreedomFest is much more than just a political conference. Yes, we will have the BEST presidential debate with all major candidates invited and in front of a live audience. One of them will be the new libertarian candidate for president, Chase Oliver.
But we also have sessions on philosophy, history, science and technology, healthy living, finance and geo-politics, including speeches by Harvard Professor Steven Pinker, Lord Matt Ridley, Grover Norquist, Steve Forbes, John Mackey, Kennedy from Fox News, actors Ice-T and Rob Schneider… over 200 speakers in all.
It will be HISTORIC with the appearance of Javier Milei, the new president of Argentina.
I urge you to make every effort to come to this year’s FreedomFest, July 10-13, at the new Caesars Forum Convention Center.
We will be posting the tentative schedule of speakers and topics this week. Stand by!
Special Announcement: We are organizing a special VIP reception to meet and have a photograph taken with President Milei. The invitation is limited to FreedomFest attendees only, so if you haven’t signed up yet, now is the time to do so.
Note: My wife Jo Ann heads up the popular Anthem Film Festival at FreedomFest, and has just posted her list of feature and short films for this July’s film festival. See it here.
She states, “This year our theme is ‘Brave New World,’ and it couldn’t be timelier as we consider Aldous Huxley’s view of a disconnected, technological future. We’re bringing you films about free speech and student protests, new solutions to the housing crisis, vaccine trials, transgenderism and parental rights, immigration and border control and the ‘great reset’ where ‘you will own nothing, and you will be happy.’ We’ll follow these films with lively Q&A with the directors and provocative panel discussions where you can join your voice with the experts.”
Get $50 Off Using Code EAGLE50
To sign up, go to www.freedomfest.com. Use code EAGLE50 to register, or email Hayley at hayley@freedomfest.com, or call her at 1-855-850-3733 ext. 202.
Good investing, AEIOU,
Mark Skousen
You Nailed It!
Celebrating Warren Buffett
Last month, I met up with a subscriber named Chip Houske at a restaurant near Disneyland. When I arrived, he had on the table two items: a large can of Coca-Cola and a box of See’s Candy. He asked me, “When you see these two items, who do you think of?”
I answered immediately: “Warren Buffett.” His company, Berkshire Hathaway, owns the private chocolate maker See’s Candy and millions of shares of Coca-Cola. When asked how long he plans to hold these two companies, he replied, “Forever.”
Chip had the clever idea of having See’s Candy manufacture the “Warren Buffett Candy Bar” in his honor….and Coca-Cola make a special “Warren Buffett” coke bottle and can.
I thought they were good ways to honor the world’s greatest investor.
Then he pulled out a well-worn copy of “The Maxims of Wall Street,” noting that Buffett is quoted more than any other investor. Here’s one of my Buffett favorites, appropriate for the past few days: “The stock market can go from green to red without stopping at yellow.”
Chip is a collector of famous quotations. He quoted Will Rogers, “A man only learns in two ways; one by reading, and the other by association with smarter people.”
He added, “I knew the first part of the quote was true by reading Mark Skousen’s timeless classic, ‘The Maxims of Wall Street’; the second part of Rogers quote was solidified after meeting the man [Skousen] himself.”
I don’t know how smart I am, but I do know a good quote or two.
Sound Advice from the ‘Investment Bible’
“The Maxims of Wall Street” is truly the “Investment Bible” that will lead you to financial independence and help you avoid making some big mistakes.
Maxims has been an underground bestseller. It’s now in its 10th edition and has sold nearly 50,000 copies.
Jim Woods, my colleague at Eagle Publishing, is a big fan.
Jim states, “I’ve always felt that a collection of wisdom from the best brains in that industry has been most special to me. And on this front, there is no better ‘how to’ anthology than the one by my friend, fellow Fast Money Alert co-editor and brilliant economist, Dr. Mark Skousen. The ‘Maxims of Wall Street’ is a collection of some of the greatest wisdom ever to flow from the biggest and brightest names on Wall Street. Great investors such as Jesse Livermore, Baron Rothschild, J.P. Morgan, Benjamin Graham, Warren Buffett, Peter Lynch and John Templeton are just a sneak peek at some of the names you’ll discover in this fantastic collection. Then, there is profundity from the likes of Ben Franklin, John D. Rockefeller, Joe Kennedy, Bernard Baruch, John Maynard Keynes, Steve Forbes and numerous other luminaries too copious to mention.”
If you don’t have an autographed copy of my collection of quotes, stories and wisdom of the world’s top traders and investors, please order a copy now.
It has been endorsed by Warren Buffett, Kevin O’Leary, Jack Bogle, Kim Githler, Alex Green, Bert Dohmen, Richard Band and Gene Epstein of Barron’s.
Cheaper by the Dozen
I offer the new 10th edition cheaply to my Skousen CAFÉ readers: Only $21 for the first copy, and all additional copies are $11 each (they make a great gift to clients, friends, relatives and your favorite broker or money manager). I sign and number each one, then mail it at no extra charge if you live in the United States.
If you order an entire box (32 copies), the price is only $327. As Hetty Green, the first female millionaire, once said, “When I see a good thing going cheap, I buy a lot of it!”
To order, go to www.skousenbooks.com.
