China communist party paper says country should join U.S.-led trade pact

China should join at an appropriate time the U.S.-backed regional trade accord the Trans-Pacific Partnership (TPP) as its broad aims are in line with China's own economic reform agenda, an influential Communist Party newspaper said on Sunday. --China is not among the 12 Pacific Rim countries who earlier this month agreed the trade pact, the most ambitious in a generation. The accord includes Australia and Japan among economies worth a combined $28 trillion.

Read more at Reuters
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Trade ministers reached a landmark agreement on a deal that’s a cornerstone of Obama’s legacy

Pacific trade ministers have reached a deal on the most sweeping trade liberalization pact in a generation that will cut trade barriers and set common standards for 12 countries, an official familiar with the talks said on Monday. --Leaders from a dozen Pacific Rim nations are poised to announce the pact later on Monday. The deal could reshape industries and influence everything from the price of cheese to the cost of cancer treatments.

Read more at Business Insider
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Cruz charges into Ex-Im battle

Texas Sen. Ted Cruz, who has drifted to the middle of the pack of Republican presidential contenders, is girding for his next battle with GOP leaders: reauthorization of the Export-Import Bank. --The firebrand conservative on Wednesday challenged Senate Majority Leader Mitch McConnell (R-Ky.) and Speaker John Boehner (Ohio) to block any vote on reauthorizing the Export-Import Bank next month. Pro-trade Democrats say McConnell promised them a vote on the reauthorization of Ex-Im in exchange for their support of a trade package last month. “Leadership in both chambers has said there is no deal. --Excellent. Prove it. If there is no deal, we should let Ex-Im expire and let it stay expired,” Cruz said at a speech at the Heritage Foundation entitled “The People v. The Washington Cartel.”

Read more at The Hill
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EXCLUSIVE — Ted Cruz: ObamaTrade Enmeshed In Corrupt, Backroom Dealings

As a general matter, I agree (as did Ronald Reagan) that free trade is good for America; when we open up foreign markets, it helps American farmers, ranchers, and manufacturers. But TPA in this Congress has become enmeshed in corrupt Washington backroom deal-making, along with serious concerns that it would open up the potential for sweeping changes in our laws that trade agreements typically do not include. Since the Senate first voted on TPA, there have been two material changes. First, WikiLeaks subsequently revealed new troubling information regarding the Trade in Services Agreement, or TiSA, one of the trade deals being negotiated by Obama. Despite the administration’s public assurances that it was not negotiating on immigration, several chapters of the TiSA draft posted online explicitly contained potential changes in federal immigration law.

Read more at Breitbart.com
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Team Obamatrade Planning Tricky Effort to Sneak Export-Import Bank Reauthorization into Deal

In the final hours before the House votes on a new leadership-concocted scheme to sneak Obamatrade past the American public, it’s been revealed that pro-Obamatrade forces are now aiming to sneak a renewal of the highly controversial Export Import Bank into the deal to secure Senate passage later if the House passes it on Thursday. --“I and all the other members there are looking for a guarantee … for a deal to be good it’s got to have enforcement, TAA, I think it’s got to have Ex-Im reauthorization,” Sen. Tim Kaine, a Democrat who’s angling for this in the deal, said according to Politico. “A lot of [the meeting] was to talk about that very question of: What is a sufficient assurance?”

Read more at Breitbart.com
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GOP Leadership’s Latest Ploy Revealed: Small Business Tax Hike That Violates GOP’s Anti-Tax Pledge

Establishment Republicans desperately trying to secure the passage of Trade Promotion Authority (TPA), which would give President Obama fast-track authority to secure congressional approval of at least three secretive trade deals, are now willing to increase taxes on small businesses in a way that would violate a pledge almost every Republican Congressman has taken when elected into office.
To secure final passage through Congress of a package that would include TPA fast-track authority—which would ensure finalization of the secretive Trans Pacific Partnership (TPP), Transatlantic Trade and Investment Partnership (T-TIP) and Trade in Services Agreement (TiSA), among other deals—the House would need to pass the Trade Adjustment Assistance (TAA) package that was necessary for Senate passage of TPA.

Read more at Breitbart.com
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Ryan sweetens Fast Track trade deal pot

Hoping to attract more conservative support for the Fast Track trade authority deal that will probably be voted on today, Rep. Paul Ryan is trying to address some major concerns that conservatives have with the bill by offering an amendment that would prevent the president from negotiating any changes to US immigration or climate change law.

Read more at American Thinker
(Hat tip: KimR) Read More......

What’s Really in the New Trade Promotion Authority Bill?

After months of internal wrangling, a trade promotion authority bill has finally been introduced in the Senate.  If passed, TPA could prompt conclusion of the Trans-Pacific Partnership negotiations and facilitate the deal’s eventual ratification by Congress.  The basic function of TPA is to affirm that future trade agreements will receive a timely up-or-down vote in Congress while setting negotiating objectives and procedures for congressional oversight. --Politically, the debate over TPA (and the TPP) has pitted the Obama administration and Republicans against congressional Democrats.  The reason the current bill took so long to devise is that proponents needed the support of Senate Finance Committee ranking member Ron Wyden (D–OR) in order to get at least a handful of other Democrats on board.

Read more at the CATO Institute
(Hat tip: KimR) Read More......

Orrin Hatch on Trade Bill: ‘I Don’t Know Fully What’s in TPP Myself’

Democrat Sens. Joe Manchin (WV) and Sen. Elizabeth Warren (D-MA)went to the Senate floor to push for immediate consideration of a bill that would make the Obamatrade text public — right now Congress has to go to a secured room to review the text and can’t take notes out or discuss what is in it with the public. That motion failed when Sen. Orrin Hatch (R-UT) objected, since it required unanimous consent. --The two Democrats even praised President George W. Bush, who released his free trade text in 2001. Today, President Obama, who promised to have the most transparent administration in history, is not releasing his deal. --“We’re just asking for some transparency before we have this crucial vote,” said Warren.

Read more at Breitbart.com
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Senator Jeff Sessions – Leader of the Rising “Populist Conservatives”

Yesterday, led by Alabama’s principled limited constitutional conservative Senator Jeff Sessions, a small band of the Senate’s “populist conservative” Republicans joined with Democrats to, temporarily at least, derail the “fast track” Trade Promotion Authority bill (TPA) now working its way through Congress. --The TPA bill is backed by a strange alliance of Big Business, establishment Republicans and, wait for it – Barack Obama.

Read more at Conservative HQ Read More......

Obama-GOP "Trade" Scheme Includes "Unrestricted Immigration"

The establishment GOP-backed Trans-Pacific Partnership (TPP, recently touted by the White House as the “most progressive trade agreement in history,” is also a “Trojan horse” to advance Obama’s “unrestricted immigration” agenda, according to political insiders and critics who have studied the secretive scheming. With the Big Government wing of the Republican Party currently plotting to empower the Obama administration with fast-track Trade Promotion Authority to make it easier to impose the TPP and other radical agreements on the American people, opponents are warning that the White House immigration agenda may become all but impossible to stop. Critics say Congress must refuse to empower Obama on the issue.

Read more at the New American
(Hat tip: KimR) Read More......

July 27: Last Day for UN Gun-Banners to Hammer out Small Arms Treaty

A dangerous threat to our Second Amendment right to 'keep and bear arms.'

Pledge Your Opposition to Hillary's Global Agenda

Will Secretary of State Hillary Clinton endorse the end product? Yes.
Will President Obama sign it? Yes.
Will the U.S. Senate ratify it? Uncertain, it may depend on you.
Call your senators today and encourage them to man up and vote against ratification. Our Democrat senators will be under extreme pressure to support ratification.
Sen. Jeff Merkley (D) DC (202) 224-3753, Salem (503) 362-8102 | Sen. Ron Wyden (D) - DC (202) 224-5244, Salem (503) 589-4555

Related Article from Pat Dollard: UN Gun Control Treaty Will Kill Second Amendment On July 27 Read More......

The demise of the dollar

THE INDEPENDENT (UK), 10/6/2009 by Robert Fisk (Hat tip: Glenn Beck) - In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading. ∴ In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar. ∴ Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars. ∴ The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years. Read more at The Independent... Read More......

Rest in Peace: Rose D. Friedman

Rose Director Friedman, the wife of, and coauthor of many books with, Nobel Prize-winning economist Milton Friedman, passed away on Tuesday, August 18, 2009, of heart failure. She was 98 years old. Read More......

Samuelson: Will U.S. Recovery Go Global?

WASHINGTON POST, 8/17/2009 by Robert J. Samuelson (Hat tip: John H. Detweiler) - Before we get too giddy about any U.S. economic "recovery," we should remember that the preceding economic collapse was global. No recovery can succeed unless it, too, is global. Will that happen? The world can no longer rely for growth on free-spending Americans, who are overburdened by debt and sobered by trillions of dollars of losses on homes and stocks. Without a substitute for American buying, any global revival will be feeble, because the United States needs export-led growth and other countries must somehow offset their lost sales to our market. Read more at the Washington Post...
Read More......

1958 Essay: I, Pencil

THE ADVOCATES.ORG, I, Pencil by Leonard E. Read, first published in 1958

"I, Pencil, simple though I appear to be, merit your wonder and awe, a claim I shall attempt to prove. In fact, if you can understand me -- no, that's too much to ask of anyone -- if you can become aware of the miraculousness which I symbolize, you can help save the freedom mankind is so unhappily losing."

---

I, Pencil

I am a lead pencil--the ordinary wooden pencil familiar to all boys and girls and adults who can read and write.

Writing is both my vocation and my avocation; that's all I do.

You may wonder why I should write a genealogy. Well, to begin with, my story is interesting. And, next, I am a mystery -- more so than a tree or a sunset or even a flash of lightning. But, sadly, I am taken for granted by those who use me, as if I were a mere incident and without background. This supercilious attitude relegates me to the level of the commonplace. This is a species of the grievous error in which mankind cannot too long persist without peril. For, the wise G. K. Chesterton observed, "We are perishing for want of wonder, not for want of wonders."

I, Pencil, simple though I appear to be, merit your wonder and awe, a claim I shall attempt to prove. In fact, if you can understand me -- no, that's too much to ask of anyone -- if you can become aware of the miraculousness which I symbolize, you can help save the freedom mankind is so unhappily losing. I have a profound lesson to teach. And I can teach this lesson better than can an automobile or an airplane or a mechanical dishwasher because -- well, because I am seemingly so simple.

Simple? Yet, not a single person on the face of this earth knows how to make me. This sounds fantastic, doesn't it? Especially when it is realized that there are about one and one-half billion of my kind produced in the U.S.A. each year.

Pick me up and look me over. What do you see? Not much meets the eye -- there's some wood, lacquer. the printed labeling, graphite lead, a bit of metal, and an eraser.
Innumerable Antecedents
Just as you cannot trace your family tree back very far, so is it impossible for me to name and explain all my antecedents. But I would like to suggest enough of them to impress upon you the richness and complexity of my background.

My family tree begins with what in fact is a tree, a cedar of straight grain that grows in Northern California and Oregon. Now contemplate all the saws and trucks and rope and the countless other gear used in harvesting and carting the cedar logs to the railroad siding. Think of all the persons and the numberless skills that went into their fabrication: the mining of ore, the making of steel and its refinement into saws, axes, motors: the growing of hemp and bringing it through all the stages to heavy and strong rope; the logging camps with their beds and mess halls, the cookery and the raising of all the foods. Why, untold thousands of persons had a hand in every cup of coffee the loggers drink!

The logs are shipped to a mill in San Leandro, California. Can you imagine the individuals who make flat cars and rails and railroad engines and who construct and install the communication systems incidental thereto? These legions are among my antecedents.

Consider the millwork in San Leandro. The cedar logs are cut into small, pencil-length slats less than one-fourth of an inch in thickness. These are kiln dried and then tinted for the same reason women put rouge on their faces. People prefer that I look pretty, not a pallid white. The slats are waxed and kiln dried again. How many skills went into the making of the tint and the kilns, into supplying the heat, the light and power, the belts, motors, and all the other things a mill requires? Sweepers in the mill among my ancestors? Yes, and included are the men who poured the concrete for the dam of a Pacific Gas & Electric Company hydroplant which supplies the mill's power!

Don't overlook the ancestors present and distant who have a hand in transporting sixty carloads of slats across the nation.

Once in the pencil factory -- $4,000,000 in machinery and building, all capital accumulated by thrifty and saving parents of mine -- each slat is given eight grooves by a complex machine, after which another machine lays leads in every other slat, applies glue, and places another slat atop -- a lead sandwich, so to speak. Seven brothers and I are mechanically carved from this "wood-clinched" sandwich. My "lead" itself -- it contains no lead at all -- is complex. The graphite is mined in Ceylon. Consider these miners and those who make their many tools and the makers of the paper sacks in which the graphite is shipped and those who make the string that ties the sacks and those who put them aboard ships and those who make the ships. Even the lighthouse keepers along the way assisted in my birth -- and the harbor pilots.

The graphite is mixed with clay from Mississippi in which ammonium hydroxide is used in the refining process. Then wetting agents are added such as sulfonated tallow -- animal fats chemically reacted with sulfuric acid. After passing through numerous machines, the mixture finally appears as endless extrusions -- as from a sausage grinder -- cut to size, dried, and baked for several hours at 1,850 degrees Fahrenheit. To increase their strength and smoothness the leads are then treated with a hot mixture which includes candelilla wax from Mexico, paraffin wax, and hydrogenated natural fats.

My cedar receives six coats of lacquer. Do you know all the ingredients of lacquer? Who would think that the growers of castor beans and the refiners of castor oil are a part of it? They are. Why, even the processes by which the lacquer is made a beautiful yellow involves the skills of more persons than one can enumerate!

Observe the labeling. That's a film formed by applying heat to carbon black mixed with resins. How do you make resins and what, pray, is carbon black?

My bit of metal -- the ferrule -- is brass. Think of all the persons who mine zinc and copper and those who have the skills to make shiny sheet brass from these products of nature. Those black rings on my ferrule are black nickel. What is black nickel and how is it applied? The complete story of why the center of my ferrule has no black nickel on it would take pages to explain

Then there`s my crowning glory, inelegantly referred to in the trade as "the plug," the part man uses to erase the errors he makes with me. An ingredient called "factice" is what does the erasing. It is a rubber-like product made by reacting rape-seed oil from the Dutch East indies with sulfur chloride. Rubber, contrary to the common notion, is only for binding purposes. Then, too, there are numerous vulcanizing and accelerating agents. The pumice comes from Italy; and the pigment which gives "the plug" its color is cadmium sulfide.
No One Knows
Does anyone wish to challenge my earlier assertion that no single person on the face of this earth knows how to make me?

Actually, millions of human beings have had a hand in my creation, no one of whom even knows more than a very few of the others. Now, you may say that I go too far in relating the picker of a coffee berry in far off Brazil and food growers elsewhere to my creation; that this is an extreme position. I shall stand by my claim. There isn't a single person in all these millions, including the president of the pencil company, who contributes more than a tiny, infinitesimal bit of know-how. From the standpoint of know-how the only difference between the miner of graphite in Ceylon and the logger in Oregon is in the type of know-how. Neither the miner nor the logger can be dispensed with, any more than can the chemist at the factory or the worker in the oil field -- paraffin being a by-product of petroleum.

Here is an astounding fact: Neither the worker in the oil field nor the chemist nor the digger of graphite or clay nor any who mans or makes the ships or trains or trucks nor the one who runs the machine that does the knurling on my bit of metal nor the president of the company performs his singular task because he wants me. Each one wants me less, perhaps, than does a child in the first grade. Indeed, there are some among this vast multitude who never saw a pencil nor would they know how to use one. Their motivation is other than me. Perhaps it is something like this: Each of these millions sees that he can thus exchange his tiny know-how for the goods and services he needs or wants. I may or may not be among these items.
No Master Mind
There is a fact still more astounding: The absence of a master mind, of anyone dictating or forcibly directing these countless actions which bring me into being. No trace of such a person can be found. Instead, we find the Invisible Hand at work. This is the mystery to which I earlier referred.

It has been said that "only God can make a tree." Why do we agree with this? Isn't it because we realize that we ourselves could not make one? Indeed, can we even describe a tree? We cannot, except in superficial terms. We can say, for instance, that a certain molecular configuration manifests itself as a tree. But what mind is there among men that could even record, let alone direct, the constant changes in molecules that transpire in the life span of a tree? Such a feat is utterly unthinkable!

I, Pencil, am a complex combination of miracles: a tree, zinc, copper, graphite, and so on. But to these miracles which manifest themselves in Nature an even more extraordinary miracle has been added: the configuration of creative human energies -- millions of tiny know-hows configurating naturally and spontaneously in response to human necessity and desire and in the absence of any human master-minding! Since only God can make a tree, I insist that only God could make me. Man can no more direct these millions of know-hows to bring me into being than he can put molecules together to create a tree.

The above is what I meant when writing, "if you can become aware of the miraculousness which I symbolize, you can help save the freedom mankind is so unhappily losing" For, if one is aware that these know-hows will naturally, yea, automatically, arrange themselves into creative and productive patterns in response to human necessity and demand-that is, in the absence of governmental or any other coercive master-minding -- then one will possess an absolutely essential ingredient for freedom: a faith in free people. Freedom is impossible without this faith.

Once government has had a monopoly of a creative activity such, for instance, as the delivery of the mails, most individuals will believe that the mails could not be efficiently delivered by men acting freely. And here is the reason: Each one acknowledges that he himself doesn't know how to do all the things incident to mail delivery. He also recognizes that no other individual could do it. These assumptions are correct. No individual possesses enough know-how to perform a nation's mail delivery any more than any individual possesses enough know-how to make a pencil. Now, in the absence of faith in free people -- in the unawareness that millions of tiny know-hows would naturally and miraculously form and cooperate to satisfy this necessity -- the individual cannot help but reach the erroneous conclusion that mail can be delivered only by governmental "master- minding."
Testimony Galore
If I, Pencil, were the only item that could offer testimony on what men and women can accomplish when free to try, then those with little faith would have a fair case. However, there is testimony galore: it's all about us and on every hand. Mail delivery is exceedingly simple when compared, for instance, to the making of an automobile or a calculating machine or a grain combine or a milling machine or to tens of thousands of other things. Delivery? Why, in this area where men have been left free to try, they deliver the human voice around the world in less than one second: they deliver an event visually and in motion to any person's home when it is happening; they deliver 150 passengers from Seattle to Baltimore in less than four hours; they deliver gas from Texas to one's range or furnace in New York at unbelievably low rates and without subsidy: they deliver each four pounds of oil from the Persian Gulf to our Eastern Seaboard -- halfway around the world -- for less money than the government charges for delivering a one-ounce letter across the street!

The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society's legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand. This faith will be confirmed. I, Pencil, seemingly simple though I am, offer the miracle of my creation as testimony that this is a practical faith, as practical as the sun, the rain, a cedar tree, the good earth.

---

Leonard E. Read (1898-1983) founded the Foundation for Economic Education (FEE) in 1946 and served as its president until his death. "I, Pencil," his most famous essay, was first published in the December 1958 issue of The Freeman. Read More......

Francisco d'Anconia

Ah, my heart nearly gallops as Francisco reveals the true nature of capitalism in his argument that money is the root of all good, particularly with socialism so in vogue these past some odd decades. Imagine, The Trial of Hank Rearden from Ayn Rand's 'Atlas Shrugged' on the required reading list for students across America. I can dream, can't I?

Rearden heard Bertram Scudder, outside the group, say to a girl who made some sound of indignation, "Don't let him disturb you. You know, money is the root of all evil — and he's the typical product of money." Rearden did not think that Francisco could have heard it, but he saw Francisco turning to them with a gravely courteous smile.

"So you think that money is the root of all evil?" said Francisco d'Anconia. "Have you ever asked what is the root of money? Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?

"When you accept money in payment for your effort, you do so only on the conviction that you will exchange it for the product of the effort of others. It is not the moochers or the looters who give value to money. Not an ocean of tears nor all the guns in the world can transform those pieces of paper in your wallet into the bread you will need to survive tomorrow. Those pieces of paper, which should have been gold, are a token of honor — your claim upon the energy of the men who produce. Your wallet is your statement of hope that somewhere in the world around you there are men who will not default on that moral principle which is the root of money. Is this what you consider evil?

"Have you ever looked for the root of production? Take a look at an electric generator and dare tell yourself that it was created by the muscular effort of unthinking brutes. Try to grow a seed of wheat without the knowledge left to you by men who had to discover it for the first time. Try to obtain your food by means of nothing but physical motions — and you'll learn that man's mind is the root of all the goods produced and of all the wealth that has ever existed on earth.

"But you say that money is made by the strong at the expense of the weak? What strength do you mean? It is not the strength of guns or muscles. Wealth is the product of man's capacity to think. Then is money made by the man who invents a motor at the expense of those who did not invent it? Is money made by the intelligent at the expense of the fools? By the able at the expense of the incompetent? By the ambitious at the expense of the lazy? Money is made — before it can be looted or mooched — made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can't consume more than he has produced.

"To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except by the voluntary choice of the man who is willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss — the recognition that they are not beasts of burden, born to carry the weight of your misery — that you must offer them values, not wounds — that the common bond among men is not the exchange of suffering, but the exchange of GOODS. Money demands that you sell, not your weakness to men's stupidity, but your talent to their reason; it demands that you buy, not the shoddiest they offer, but the best your money can find. And when men live by trade — with reason, not force, as their final arbiter — it is the best product that wins, the best performance, the man of best judgment and highest ability — and the degree of a man's productiveness is the degree of his reward. This is the code of existence whose tool and symbol is money. Is this what you consider evil?

"But money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. It will give you the means for the satisfaction of your desires, but it will not provide you with desires. Money is the scourge of the men who attempt to reverse the law of causality — the men who seek to replace the mind by seizing the products of the mind.

"Money will not purchase happiness for the man who has no concept of what he wants; money will not give him a code of values, if he's evaded the knowledge of what to value, and it will not provide him with a purpose, if he's evaded the choice of what to seek. Money will not buy intelligence for the fool, or admiration for the coward, or respect for the incompetent. The man who attempts to purchase the brains of his superiors to serve him, with his money replacing his judgment, ends up by becoming the victim of his inferiors. The men of intelligence desert him, but the cheats and the frauds come flocking to him, drawn by a law which he has not discovered: that no man may be smaller than his money. Is this the reason why you call it evil?

"Only the man who does not need it, is fit to inherit wealth — the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one, would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve that mind that cannot match it. Is this the reason why you call it evil?

"Money is your means of survival. The verdict which you pronounce upon the source of your livelihood is the verdict you pronounce upon your life. If the source is corrupt, you have damned your own existence. Did you get your money by fraud? By pandering to men's vices or men's stupidity? By catering to fools, in the hope of getting more than your ability deserves? By lowering your standards? By doing work you despise for purchasers you scorn? If so, then your money will not give you a moment's or a penny's worth of joy. Then all the things you buy will become, not a tribute to you, but a reproach; not an achievement, but a reminder of shame. Then you'll scream that money is evil. Evil, because it would not pinch-hit for your self-respect? Evil, because it would not let you enjoy your depravity? Is this the root of your hatred of money?

"Money will always remain an effect and refuse to replace you as the cause. Money is the product of virtue, but it will not give you virtue and it will not redeem your vices. Money will not give you the unearned, neither in matter nor in spirit. Is this the root of your hatred of money?

"Or did you say it's the love of money that's the root of all evil? To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It's the person who would sell his soul for a nickel, who is the loudest in proclaiming his hatred of money — and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it."

"Let me give you a tip on a clue to men's characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

"Run for your life from any man who tells you that money is evil. That sentence is the leper's bell of an approaching looter. So long as men live together on earth and need means to deal with one another — their only substitute, demands of you the highest virtues, if you wish to make it or to keep it. Men who have no courage, pride, or self-esteem, men who have no moral sense of their right to their money and are not willing to defend it as they defend their life, men who apologize for being rich — will not remain rich for long. They are the natural bait for the swarms of looters that stay under rocks for centuries, but come crawling out at the first smell of a man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve him of the guilt — and of his life, as he deserves.

"Then you will see the rise of the double standard — the men who live by force, yet count on those who live by trade to create the value of their looted money — the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law — men who use force to seize the wealth of disarmed victims — then money becomes its creators' avenger. Such looters believe it safe to rob defenseless men, once they've passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.

"Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion — when you see that in order to produce, you need to obtain permission from men who produce nothing — when you see that money is flowing to those who deal, not in goods, but in favors — when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you — when you see corruption being rewarded and honesty becoming a self-sacrifice — you may know that your society is doomed. Money is so noble a medium that it does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot.

"Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: 'Account overdrawn.'

"When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, 'Who is destroying the world?' You are.

"You stand in the midst of the greatest achievements of the greatest productive civilization and you wonder why it's crumbling around you, while your damning its life-blood — money. You look upon money as the savages did before you, and you wonder why the jungle is creeping back to the edge of your cities. Throughout men's history, money was always seized by looters of one brand or another, but whose method remained the same: to seize wealth by force and to keep the producers bound, demeaned, defamed, deprived of honor. That phrase about the evil of money, which you mouth with such righteous recklessness, comes from a time when wealth was produced by the labor of slaves — slaves who repeated the motions once discovered by somebody's mind and left unimproved for centuries. So long as production was ruled by force, and wealth was obtained by conquest, there was little to conquer. Yet through all the centuries of stagnation and starvation, men exalted the looters, as aristocrats of the sword, as aristocrats of birth, as aristocrats of the bureau, and despised the producers, as slaves, as traders, as shopkeepers — as industrialists.

"To the glory of mankind, there was, for the first and only time in history, a country of money — and I have no higher, more reverent tribute to pay to America, for this means: a country of reason, justice, freedom, production, achievement. For the first time, man's mind and money were set free, and there were no fortunes-by-conquest, but only fortunes-by-work, and instead of swordsmen and slaves, there appeared the real maker of wealth, the greatest worker, the highest type of human being — the self-made man — the American industrialist.

"If you ask me to name the proudest distinction of Americans, I would choose — because it contains all the others — the fact that they were the people who created the phrase 'to make money.' No other language or nation had ever used these words before; men had always thought of wealth as a static quantity — to be seized, begged, inherited, shared, looted, or obtained as a favor. Americans were the first to understand that wealth has to be created. The words 'to make money' hold the essence of human morality.

"Yet these were the words for which Americans were denounced by the rotted cultures of the looters' continents. Now the looters' credo has brought you to regard your proudest achievements as a hallmark of shame, your prosperity as guilt, your greatest men, the industrialists, as blackguards and your magnificent factories as the product and property of muscular labor, the labor of whip-driven slaves, like the pyramids of Egypt. The rotter who simpers that he sees no difference between the power of the dollar and the power of the whip, ought to learn the difference on his own hide — as, I think, he will.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to be the tool by which men deal with one another, then men become the tools of men. Blood, whips and guns — or dollars. Take your choice — there is no other — and your time is running out."

h/t: Wit Nit Read More......