:59:00
Are they not
a form of wealth?
:59:03
And why does it only become
wealth when some entity
:59:06
puts a fence around it and
declares it private property?
:59:10
Well you know thats
not wealth creation.
:59:12
Thats wealth usurpation.
:59:15
Over the centuries
:59:16
we have put more and more
things in that public realm
:59:19
and lately just lately
:59:21
in the last
:59:22
lets say in the last
three or four decades
:59:23
started pulling
them out again.
:59:25
So fire-fighters
for instance.
:59:30
Fire-fighters started
as private companies
:59:38
and if you didnt
have the medallion
:59:40
of a given
fire-fighter brigade
:59:42
on your house and
it was on fire
:59:44
those fire-fighters
would just ride on by
:59:47
because you didnt
have a deal.
:59:49
Well it gradually
evolved a public trust
:59:52
for the provision of safety
on that very specific level.
:59:57
This is important.
:59:59
We should not go back
from that and start saying
1:00:02
well you know why dont we
put that back in the market
1:00:04
and see what that does?
1:00:05
Maybe it will make
it more efficient
1:00:16
Privatization does not mean
you take a public institution
1:00:20
and give it
to some nice person.
1:00:24
It means you take a public
institution and give it
1:00:27
to an unaccountable tyranny.
1:00:34
Public institutions
have many side benefits
1:00:37
For one thing they may
purposely run at a loss.
1:00:40
They're not
out for profit.
1:00:42
They may purposely
run at a loss
1:00:44
because of the
side benefits.
1:00:46
So for example if a public
steel industry runs at a loss
1:00:50
it's providing cheap
steel to other industries
1:00:53
maybe thats a good thing.
1:00:57
Public institutions can have
a counter cyclic property