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This is a paid advertisement for Mode Mobile Regulation A offering. Please read the offering circular and related risks at https://invest.modemobile.com/ | | | "We are sick of systems that produce poor people for the church to look after." -- Pope Francis
"Free enterprise capitalism has demonstrably lifted more people out of poverty than any other economic system." -- John Mackey, "Conscious Capitalism"
Every year I teach a popular class at Chapman University entitled, "Puzzles & Paradoxes in Economics & Finance."
'The Poverty Puzzler'
One example is known as "The Poverty Puzzler" in Latin America. Countries south of the border face two realities: poverty and Christianity. Over 80% of its citizens are Catholic, and around 30% live in dire poverty.
For decades, the #1 goal of the Catholic Church, the world's largest religion, has been to conquer poverty. Their leaders, especially the Jesuits, have endorsed various socialistic policies, largely under the name of "liberation theology," to achieve this lofty goal. They include land reform, protecting local businesses from foreign competition, giving money directly to the poor via welfare programs and redistributing wealth from the rich to the poor.
Some Catholic priests have even gone so far as to demand that the Church "sell all they have and give to the poor," as Jesus admonished the young rich man in the Bible.
Yet, despite their moral indignation and calls for social justice and equality, none of their policies have worked. Poverty remains stubbornly high in Latin America. Nearly 30% of all Latin Americans remain below the poverty level, and average per capita income is a third of the average North American income.
What the social reformers are really good at is blaming poverty on capitalism, especially those greedy, selfish, Yankee imperialists who have exploited the resources and workers in Latin America, creating inequality and environmental degradation.
'The Rich Get Richer, and the Poor Get Poorer'
Pope Francis, the first Latin American pope, has led the attack on Western capitalism. He has seen firsthand the effects of poverty: millions in Latin America and around the world are poorly fed, poorly housed and poorly educated.
What to do about it?
He wrote, "We can no longer trust in the unseen forces and the invisible hand of the market… where the powerful feed on the powerless."
He added, "Not to share one's wealth with the poor is to steal from them and to take away their livelihood. It is not our own goods which we hold, but theirs."
He is especially critical of selfishness: "Selfish society is profoundly sick," he warned in his autobiography, "Hope." "Because selfishness is not just anti-Christian. Selfishness is also a form of self-harm."
Strong words from the leader of the world's largest religion!
'Liberation Theology' Exposed!
Unfortunately, the Pope is short on real solutions to poverty. He endorses a form of "liberation theology," the Marxist doctrine that came out of Latin America. In the name of social justice, the advocates of liberation theology support redistribution schemes as a way of fighting exploitation, class struggle and imperialism. It is statism supreme.
In my chapter on Karl Marx in "The Making of Modern Economics," I devote three pages of an analysis on the dangerous doctrine of "liberation theology," which combines Marxism and Christianity.
To order my latest edition at a substantial discount, go to www.skousenbooks.com.
What About 'Universal Basic Income?'
Many suggest replacing welfare programs by giving money directly to the poor through a monthly "universal basic income." Under this government program, every citizen would receive a monthly check for $1,000 or more. Surely this generous plan eliminates dire poverty overnight.
But giving money doesn't necessarily solve the serious problems facing people on welfare -- drug addiction, divorce, out of wedlock children, homelessness and crime. | | Once Accessible ONLY to the Wealthy, Private Equity is Now Available to ALL! Ranked as one of America's Top Economists, Dr. Mark Skousen, has uncovered a way for regular folks to access private equity investments without being wealthy or accredited! No more lawyers or private bankers. In fact, this company is Mark's largest personal holding!
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To learn more about this company and how to participate, watch this full research briefing right now. | | | What Is the Real Solution to Poverty?
Lao Tzu, the great Chinese philosopher, best explains why socialism fails: "Give a man a fish and you feed him for day; teach him how to fish and you feed him for a lifetime."
The key to ending poverty is to get people off welfare and get back to work. Unfortunately, too often, generation after generation remain on welfare. This is no solution.
What works? Job creation! Not government jobs, but private enterprise employment and a growing economy.
Michael Novak, author of "Will It Liberate?" states, "Revolutionaries seem most to create huge armies. Economic activists create jobs."
To truly liberate Latin America, the Pope should advocate open markets, foreign investment, low taxes, opportunities for business creation and ownership of private property by all citizens and political stability under the rule of law -- all sadly lacking in most parts of Latin America.
Nothing does more to reduce poverty and enhance self-esteem and the dignity of the individual than a job earning a decent wage. And what is the greatest job creator?
Free-enterprise capitalism! Give people the freedom to create businesses and hire workers without government interference.
Shlomo Maital, a former MIT professor of business, said it best: "The health and wealth of a large number of individual businesses -- small, medium and large -- determine the economic health and wealth of a nation. When they succeed, managers create wealth, income and jobs for large numbers of people. When they fail, working people and their families suffer."
Adam Smith to the Rescue!
In his magnum opus, "The Wealth of Nations," Adam Smith advocated what he called "the system of natural liberty." It was published in 1776, a declaration of economic independence.
His promise was that if you give individuals and businesses maximum freedom, it would result in universal prosperity for the rich and the poor. He wrote, "Little else is required to carry a state from the lowest barbarism to the highest degree of opulence, but peace, easy taxes and a tolerable administration of justice."
The Fraser Institute came up with a way to quantify the Adam Smith model of free-enterprise capitalism in each country with its "Economic Freedom Index." It focuses on five criteria: size of government, rule of law, sound money, free trade and business regulation.
The index shows clearly that countries that increase economic freedom reduce poverty and raise the standard of living of all citizens. See the chart below.
Good News! The World's Endorsement of Capitalism Has Sharply Curtained Poverty
Indeed, economic freedom has been on the rise since the collapse of the Berlin Wall and the rejection of Soviet-style socialist central planning. The result? A sharp reduction in poverty, as this chart shows:
John Mackey, former CEO of Whole Foods Market, said it best in his great book "Conscious Capitalism": "Free enterprise capitalism has demonstrably lifted more people out of poverty than any other economic system." And it has largely done so by improving the condition of all classes, both rich and poor, through the "stakeholder" philosophy.
For more information on the "stakeholder" philosophy, see chapter 10 of my textbook "Economic Logic," available at www.skousenbooks.com.
Milei's Experiment in Argentina
There is hope in Latin America with the election in 2023 of Javier Milei in Argentina. His administration has deregulated the economy and foreign investing in this once great nation, reduced inflation and cut taxes. The Argentinian stock market has more than doubled since he took office. Buena suerte! | | From Market Confusion to A.I. Clarity in 60 Minutes Forget complex trading indicators.
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Reserve Your Spot Now | | | Update on My MEGA Campaign
Last week, I announced my MEGA campaign -- Make Economics Great Again! Here is my press release: Mark Skousen, "America's Economist" Launches MEGA Campaign to Champion Free Trade and Economic Freedom.
I am having a special session on June 11, the first day of FreedomFest, "the world's largest gathering of free minds," to talk about how I use my textbooks to teach sound economics and personal finance. I hope you will join me.
Just Added: 'The Tariffying Debate' The hottest debate topic is coming to FreedomFest: this year's Global Economic Summit on Thursday, July 12, will be on Trump's New Tariff Policy and "America First" Doctrine: Good or Bad? Not to be missed!
New Speakers Announced!
We have invited a number of new speakers who have never been to FreedomFest before.
I am thrilled to announce that Ryan Holiday will hit the stage at FreedomFest 2025 in Palm Springs, CA, June 11-14!
Ryan is one of the most influential modern voices bridging ancient philosophy and contemporary challenges. A bestselling author whose books have sold over 10 million copies and spent more than 200 weeks on bestseller lists, Ryan has made the philosophy of Stoicism accessible and actionable for a new generation. His works -- "The Obstacle Is the Way," "Ego Is the Enemy," "Stillness Is the Key" and "Discipline Is Destiny" -- are studied by Super Bowl-winning coaches, Olympic gold medalists, Fortune 500 leaders and military commanders alike.
With a background in media and marketing, Ryan first gained national attention with "Trust Me, I'm Lying," a provocative exposé of the modern media landscape. Today, he writes and speaks on how timeless philosophical principles can help us overcome adversity, lead with clarity and live more meaningful lives.
Not only will Ryan deliver a keynote speech, he will also engage with Daniel in a moderated discussion, participate in a VIP luncheon, conduct media interviews and host an extended Q&A session.
Kat Timpf! Kat is an American libertarian TV personality, writer and comedian who's famous for her regular appearance on Gutfeld! on Fox News. She graduated magna cum laude from Hillsdale College.
She will be speaking on her new books, "I Used to Like You Until" and "You Can't Joke About That." She will also talk about being a new mother and her fight against breast cancer. Not to be missed!
Adam Carolla! He hosts the hugely popular The Adam Carolla Show, a podcast which set the record as the "most downloaded podcast" as judged by Guinness. He plans to interview several big-name Hollywood celebrities in person at FreedomFest, TBA soon!
Adam will also headline our Punching Up Comedy Festival show.
Plus, These Financial Gurus
This year's FreedomFest is gearing up to be most memorable. Other speakers include Steve Forbes, Art Laffer, Marc Eliot, Kennedy (Fox News) and financial gurus Jim Woods, Dave Phillips, Jim Rogers (from Singapore), Rob Arnott, Mike Turner, Alex Green and Rick Maybury (his first public appearance in 15 years). Over 200 speakers in all!
Early Bird Discount Ends on Monday!
Early bird discount ends this Monday, March 31. Sign up now using the code EagleEB and get $150 off the retail price at www.freedomfest.com. Or call Hayley at 1-855-850-3733, ext. 202. You'll be glad you did.
Also, our hotel room block at the Renaissance Hotel is filling up fast. Now is the time to sign up. Go to Hotels & Airfare -- FreedomFest.
Good Investing, AEIOU,
Mark Skousen
Doti-Spogli Endowed Chair of Free Enterprise, Chapman University
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FreedomFest | | No Index? There Oughta Be a Law! By Mark Skousen
Editor, Forecasts & Strategies
"An index is an essential part of a professionally published nonfiction book!" -- Nina Amir, book coach
Imagine going to a website without a search bar. How would you find what you are looking for? That's how I feel when I read a nonfiction book without an index: Frustration!
Yet more and more authors, especially self-published writers, are doing just that: publishing their books without the expense of an index.
A table of contents won't do the job. Nor does a "search" bar in an e-book.
A professionally done index can be most helpful. As Nina Amir, who specializes in helping writers publish a professional work, states, "An index can include terms, names, events and even your book's primary themes. A quality index also directs a reader to related cross-referenced words and will indicate the primary place a subject is discussed versus secondary mentions of the same topic. You also can break your content down into headings and subheadings to make it easier for the reader to see the content structure."
Recently, I visited a local Barnes & Noble bookstore and picked up a copy of Jordan Peterson's new book, "We Who Wrestle with God." Peterson struggles for 576 pages. I was intrigued and wanted to know more. The table of contents was helpful, but I wanted more information on a variety of topics, for example, what he thought of specific religious writers. But guess what? No index!
Even in Pope Francis's autobiography "Hope," I wanted to know what he thought about liberation theology. But there was no index, a true sin of omission. I guess it means that the Pope is not infallible after all.
I recently did an informal survey of nonfiction books at Barnes & Noble and found that almost every history book has an index... 80% of biographies have indexes... but only about 50% or less of autobiographies have indexes. Personal stories and motivational books are the worst.
Granted, preparing a good index is expensive and time consuming. I have it done for all my books. There are software programs which can do a simple index if you want to save time and money. But they are no substitute for an accurate and comprehensive indexer. It's more an art than a science.
My wife Jo Ann recently wrote a book, "Matriarchs of the Messiah," about the women in the Bible who were ancestors of Jesus Christ. It's a beautifully written history and commentary, but I was surprised that the publisher, Cedar Fort, didn't provide an index for her book. So, I commissioned a professional indexer to create one. But even then, Jo Ann has to redo the index to make it complete and useable. She did a great job. (Her book and index are available at www.skousenbooks.com).
Happy reading! | | | About Mark Skousen, Ph.D.:
 Mark Skousen is an investment advisor, professional economist, university professor, author of more than 20 books, and founder of the annual FreedomFest conference. For the past 40+ years, Dr. Skousen has been investment director of the award-winning newsletter, Forecasts & Strategies. He also serves as investment director of four trading services: TNT Trader, Five Star Trader, Low Priced-Stock Trader, and Fast Money Alert. | | | | | |
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