The Moral Value of Money

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Journal of a Wayward Philosopher
The Moral Value of Money

June 7, 2019
Hot Springs, VA

“No action can be virtuous unless it is freely chosen.”Murray Rothbard

The S&P closed today’s trading session at $2,873. Gold closed at $1,345 per ounce. Crude Oil closed at $54.10 per barrel. The 10-year Treasury rate closed at 2.08%. Bitcoin is trading around $8,034 per BTC today.

Dear Journal,

Spring is in full bloom here in the mountains of Virginia.

The forest is green and lush. The wildflowers sprawl out, claiming their territory. The cardinals sing overhead… While the blue jays scrounge for sunflower seeds below. And the forest critters emerge, in search of a quick meal…

Yes, nothing brings perspective quite like spring in the mountains.

As you observe nature, you realize it doesn’t care much for your thoughts or plans. In fact, your plans look rather silly to it.

For example, we thought our bird feeders were just for birds. Nature didn’t care.

That’s because nature operates in survival mode. The only thing that matters is the next meal.

If the history books are to be trusted, humans once operated that way too. We hunted and gathered what we needed to survive… Often competing violently with other humans in the process.

Continue reading “The Moral Value of Money”

Markets and Economic Calculation

submitted by jwithrow.
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Journal of a Wayward Philosopher
Markets and Economic Calculation

June 7, 2016
Hot Springs, VA

Monetary calculation is not the calculation, and certainly not the measurement, of value. Its basis is the comparison of the more important and the less important. It is an ordering according to rank, an act of grading (Cuhel), and not an act of measuring.” – Ludwig von Mises

The S&P closed out Monday at $2,109. Gold closed at $1,247 per ounce. Crude Oil closed at $49.71 per barrel, and the 10-year Treasury rate closed at 1.72%. Bitcoin is trading around $585 per BTC today.

Dear Journal,

Wife Rachel and I will commemorate our third wedding anniversary tomorrow! When she asked me what I would like to do to celebrate, I naturally suggested that we could do anything in the world she wanted. Her response:

I would kind of like to do something fun, but I would settle for a major house cleaning day…

Does that mean we are officially marriage pro’s?

Moving on… I think this is a fascinating time to be alive. Based on what I know about recorded human history, I doubt there has ever been a more interesting point in time to be a keen observer of civilization. How lucky we are!

As I have reckoned on before, human civilization is currently transitioning from the Industrial Age and into the Information Age. Pre-Internet society was drastically different from post-Internet society, and indeed all of modern civilization has been made dependent upon a functioning Internet. This dynamic will only deepen as all of the Big Data and Internet-of-Things trends continue to play out. Continue reading “Markets and Economic Calculation”

Breaking the Authoritarian Cycle

submitted by jwithrow.
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Journal of a Wayward Philosopher
Breaking the Authoritarian Cycle

May 27, 2016
Emerald Isle, NC

Are you for peace? The great test of your devotion to peace is not how many words you utter on its behalf. It’s not even how you propose to deal with people of other countries, though that certainly tells us something. To fully measure your “peacefulness” requires that we examine how you propose to treat people in your own backyard. Do you demand more of what doesn’t belong to you? Do you endorse the use of force to punish people for victimless “crimes”? Do you support politicians who promise to seize the earnings of others to pay for your bailout, your subsidy, your student loan, your child’s education or whatever pet cause or project you think is more important than what your fellow citizens might personally prefer to spend their own money on? Do you believe theft is OK if it’s for a good cause or endorsed by a majority? If you answered yes to any of these questions, then have the courage to admit that peace is not your priority. How can I trust your foreign policy if your domestic policy requires so much to be done at gunpoint?” – Lawrence W. Reed

The S&P closed out Thursday at $2,090. Gold closed at $1,222 per ounce. Crude Oil closed at $49.48 per barrel, and the 10-year Treasury rate closed at 1.82%. Bitcoin is trading around $474 per BTC today.

Dear Journal,

We have spent this past week on North Carolina’s beautiful “Crystal Coast”. As I look around at the rows of beach houses lining the island, I can’t help but imagine what this place looked like back in the early 1700’s when the legendary Blackbeard roamed these islands on the Queen Anne’s Revenge.

What secrets have been covered up by mass-development? How many hidden coves have been forgotten as we marvel over heated swimming pools by the sea with pool tables and mini-bars nearby? What drove commerce on these islands before tourism, seafood restaurants, and ice cream parlors?

Not that I am opposed to development. The market system has created wealth unimaginable by the pirates and fishermen who inhabited these islands three centuries ago. Continue reading “Breaking the Authoritarian Cycle”

Transitioning from Coercion to Voluntary Association

submitted by jwithrow.
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Journal of a Wayward Philosopher
Transitioning from Coercion to Voluntary Association

April 27, 2016
Hot Springs, VA

The only highwayman I ever met was the state itself. When I have refused to pay the tax which is demanded for that protection which I did not want, itself has robbed me. When I have asserted the freedom it declared, it has imprisoned me.” – Henry David Thoreau

The S&P closed out Tuesday at $2,091. Gold closed at $1,244 per ounce. Crude Oil closed at $44.02 per barrel, and the 10-year Treasury rate closed at 1.93%. Bitcoin is trading around $455 per BTC today.

Dear Journal,

Last week we gazed into our crystal ball and discussed the future of commerce. As part of that discussion, we suggested that centralized governments have been skimming 50% of all production via taxation for quite some time now, and we suggested that the global economy would boom if producers were permitted to keep the monetary fruits of their labor.

I should clarify this a bit more by saying the vast majority of those taxes go towards financing corruption, cronyism, special interests, bureaucracy, militarism, dependency programs, and waste. In other words, they are used to destroy wealth and destabilize civilized society. A very small portion of the taxes you pay goes towards providing core civil services.

Further, the entire system of centralized government is underwritten by coercion and violence. Here’s what I mean by this: Continue reading “Transitioning from Coercion to Voluntary Association”

The Path to the Great Reset

submitted by jwithrow.
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Journal of a Wayward Philosopher
The Path to the Great Reset

April 6, 2016
Hot Springs, VA

But if government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this ‘inflation’ of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.
Murray Rothbard

The S&P closed out Tuesday at $2,045. Gold closed at $1,229 per ounce. Crude Oil closed at $35.89 per barrel, and the 10-year Treasury rate closed at 1.78%. Bitcoin is trading around $423 per BTC today.

Dear Journal,

I began writing a book titled The Individual is Rising back in 2013. The first edition was published in the summer of 2014, and then the updated, expanded, and revised second edition was published in August of 2015.

The central thesis of the book was that a financial “Great Reset” was on the horizon specifically due to the gross abuse and mismanagement of the monetary system that grew progressively more blatant over the course of the past century. Continue reading “The Path to the Great Reset”

The Self-Referential Awakening – Heeding the Warrior’s Call

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Journal of a Wayward Philosopher
The Self-Referential Awakening – Heeding the Warrior’s Call

January 4, 2016
Hot Springs, VA

The S&P closed out Friday at $2,044. Gold closed at $1,060 per ounce. Crude Oil closed at $37.07 per barrel, and the 10-year Treasury rate closed at 2.27%. Bitcoin is trading around $431 per BTC today.

Dear Journal,

Happy New Year! As I touched on in my last journal entry, I expect 2016 to be a very interesting year in the financial markets. Credit has been expanding and interest rates have been falling for more than three decades now, but 2016 may be the year those trends reverse.

The “authorities” will fight such a trend reversal with everything they have, but Mr. Market will eventually assert himself. Trees don’t grow to the sky, as they say. For a more detailed look at the prominent macroeconomic trends of our time, as well as how to position your finances accordingly, please see our online course Finance for Freedom: Master Your Finances in 30 Days.

Moving from finance to philosophy…

Socrates: Everyone wants to tell you what to do and what’s good for you. They don’t want you to find your own answers, they want you to believe theirs.

Dan: Let me guess, and you want me to believe yours.

Socrates: No, I want you to stop gathering information from the outside and start gathering it from the inside.

Continue reading “The Self-Referential Awakening – Heeding the Warrior’s Call”

Individualist Capitalism

submitted by jwithrow.individualist capitalism

Journal of a Wayward Philosopher
Individualist Capitalism

December 14, 2015
Hot Springs, VA

The S&P closed out Friday at $2,012. Gold closed at $1,074 per ounce. Oil closed at $35.35 per barrel, and the 10-year Treasury rate closed at 2.14%. Bitcoin is trading around $443 per BTC today.

Dear Journal,

The U.S. equity markets plummeted by nearly 2% on Friday. Searching for a specific explanation, the financial press blamed the big drop in the equity markets on oil falling in price to multi-year lows. Of course just a few months ago the financial press was hailing falling oil prices as a great economic stimulus. So which is it?

The truth is markets are a confluence of many individual actors, each operating in his or her perceived best interests. Markets go up and markets go down according to individual human action. There can never be a single simple explanation for market activity because there can never be a single explanation for the actions of millions of people. Continue reading “Individualist Capitalism”

Decentralization and Spontaneous Order

submitted by jwithrow.decentralization

Journal of a Wayward Philosopher
Decentralization and Spontaneous Order

November 25, 2015
Hot Springs, VA

The S&P closed out Tuesday at $2,084. Gold closed at $1,074 per ounce. Oil closed at $42.87 per barrel, and the 10-year Treasury rate closed at 2.25%. Bitcoin is trading around $324 per BTC today.

Not much action in the markets this week as Wall Street humanoids are gearing up for the big holiday on Thursday. Only the high-frequency trading machines remain to trade back-and-forth with one another for a few days. Despite this calm, I get the sense that a big move is brewing…

Also worth mentioning, I appeared on the SovereignBTC podcast with host John Bush last week. We had a blast talking about many of the topics I often muse on here in the Journal. If you would like to listen to the interview, you can find it at the LTB Network here.

Dear Journal,

“That was really sweet what you wrote about Madison…” wife Rachel said after reading my previous journal entry. “But the only thing you said about me was that I wouldn’t read past a certain point!”

“Well did you read past that paragraph?”, I asked with a wry grin on my face.

“No, that’s as far as I got…”

My last entry discussed the potential for the family unit to act as a sovereign institution in light of the burgeoning Great Reset, much to the benefit of both the sovereign family and the local community. The underlying theme of that entry, and of many recent journal entries, has been decentralization.

I seek to offer my unfiltered perspective when I sit down to write these journal entries, and I only write them when motivated to do so for that reason. That’s why the Journal follows no set schedule whatsoever, though I try my best to post a weekly entry. Sometimes when I re-read my unfiltered entries, however, I get the feeling that readers may come away with a more negative sentiment then I intend to convey. Continue reading “Decentralization and Spontaneous Order”

Politics is Already Dead

submitted by jwithrow.politics is already dead

Journal of a Wayward Philosopher
Politics is Already Dead

October 14, 2015
Hot Springs, VA

The S&P closed out today at $1,994. Gold closed up at $1,187 per ounce. Oil closed at $46.59 per barrel, and the 10-year Treasury rate closed at 1.98%. Bitcoin is trading around $252 per BTC today. My attention is currently focused heavily on the gold sector in the equities market. Many gold stocks were beat up and left for dead, having fallen 90% from their previous high. This sector has steadily traded higher over the past few weeks, including a brief pull-back, potentially indicating the gold sector has formed a bottom. Has the next gold stock bull cycle begun? It could be a big one.

Dear Journal,

Little Maddie celebrates her first birthday next week! Wife Rachel has been hard at work planning the party. She has been very busy picking out decorations, sending out invitations, putting together a food menu, picking out outfits (Madison’s and her own), getting her hair cut, wrapping gifts, cleaning the house, ordering her husband to clean the house, and acquiring all necessary items from the store. I notice a twinkle in Rachel’s eye as she talks about the birthday celebration with excitement. Madison couldn’t care less.

With wife Rachel in frantic planning mode, I take the time to savor the onset of Autumn here in the mountains of Virginia. As the leaves slowly transform into majestic shades of yellow, orange, and red, I casually work to stack wood in the garage and get kindling ready for winter. I sit and enjoy a Harvest Pumpkin Brew as the early Autumn breeze gently blows fallen leaves down the gravel driveway. Soon we will take Maddie to the pumpkin patch, and we will purchase apples from the local orchard to make Apple Cider. What a glorious season!

In my previous journal entry, I suggested that technological advancements were rendering many established institutions obsolete. I want to build on that suggestion from a slightly different angle today. Continue reading “Politics is Already Dead”

Why the U.S. Faces a Currency Crisis

submitted by jwithrow.currency crisis

Journal of a Wayward Philosopher
Why the U.S. Faces a Currency Crisis

September 11, 2015
Hot Springs, VA

The S&P closed out Thursday at $1,952. Gold closed at $1,109 per ounce. Oil closed at $45.92 per barrel, and the 10-year Treasury rate closed at 2.22%. Bitcoin is trading around $239 per BTC today.

Dear Journal,

Little Maddie is now on the verge of becoming a toddler. She has mastered the art of the crawl and the leveraged stand-up. Walking is the next frontier, and she knows it. To aid Madison in her quest, wife Rachel bought her a plastic toy that doubles as an obnoxious farm animal noise making machine and a child’s walker. Somewhat to my surprise, Madison instantly knew what to do – she pulled herself up on the handles and walked six steps using the contraption to achieve balance.

It was an exciting moment for a first-time dad, but the philosopher’s mind has a tendency to wander and I couldn’t help but envision the future. What happens when, in fifty years perhaps, little Madison buys her mother a walker? Will Rachel instantly understand the intricacies of its function as her daughter once did fifty years prior? Time shall tell.

Moving on to the wonderful world of finance and economics… all of the focus is currently on the Federal Reserve. Having beaten interest rates down to zero and left them for dead for six years in an effort to prevent the market economy from liquidating the cronies, the Fed has recently been talking tough about raising rates. Some say the Fed will follow-through and raise rates next week. Others say by the end of the year. Still others say they can’t raise rates without torpedoing the debt markets. My suspicion is that the economy has become so dependent upon low interest rates that any interest rate hike would be minuscule and nothing but an effort to save face. Continue reading “Why the U.S. Faces a Currency Crisis”