History Channel Presents Opportunity to Consider U.S. Grant’s Accomplishments, Including During His Presidency

by Ray Keating

The Keating Files – May 26, 2020

I’ve long admired Ulysses S. Grant for his perseverance; dedication to his family; accomplishments on the battlefield during the Civil War in defense of the United States (and the Declaration of Independence and U.S. Constitution) and on behalf, ultimately, of freeing the slaves; and some noteworthy achievements as president.

I’ve also long believed that Grant’s reputation suffered at the hands of an assortment of historians who were sympathetic, apologetic, justifiers and/or moral-equivalency peddlers for the Confederacy. Make no mistake, Grant was quite right when he declared, “There are but two parties now: traitors and patriots. And I want hereafter to be ranked with the latter and, I trust, the stronger party.”

The first night’s two hours of the History Channel’s three-night Grant documentary were quite good, and I look forward to the next four hours. (I’ll try to write a review after seeing the full six hours.)

For now, I would like to focus on the presidency and highlight two key accomplishments by President Grant and a Republican Congress after the Civil War. The following is an excerpt from an essay in my new book Behind Enemy Lines: Conservative Communiques from left-Wing New York:

Not only do supply-side economic ideas formally date back to at least the dawn of modern-day economics – for example, with Adam Smith and An Inquiry into the Nature and Causes of the Wealth of Nations (1776), and Jean-Baptiste Say and A Treatise on Political Economy (1803) – but it follows that supply-side economic policies have been around for some time as well.

Briefly consider what happened during and after the U.S. Civil War. As wartime measures, President Abraham Lincoln and Congress decided to abandon hard money – that is, issuing “greenbacks” that were not convertible into gold or silver – and imposed the first income tax in U.S. history. The Civil War income tax went into effect at a flat 3 percent rate in 1862, and was later increased to a progressive rate structure, with a top rate of 10 percent.

Under President Ulysses S. Grant and a Republican Congress after the war, the income tax was reduced to a flat 5 percent tax, and subsequently in an 1870 act, the rate was cut further, and the income tax sentenced to be terminated at the end of 1871. For good measure, Grant and Congress moved the U.S. back towards a gold standard, after the greenbacks had led to inflation during the war. As noted in a 2011 Congressional Research Service report (“Brief History of the Gold Standard in the United States”) on the history of the gold standard:

After the war was over, Congress determined to return to the metallic standard at the same parity that existed before the war. To do this, the market exchange rate of greenbacks for gold had to be brought back to its old level. This was accomplished by slowly removing the greenbacks from circulation. This was an off-and-on effort, with notes removed, held steady, and even returned to circulation. In 1875, it was decided to reduce their number to $300 million. In 1878, however, their number was frozen at about $347 million, where it remained for a century.

Parity between the greenback and gold dollars was achieved in 1879, returning the United States to a metallic standard. The government stood ready to pay its debts in gold, accept greenbacks for customs, and to redeem greenbacks on demand for gold.

The combination of eliminating the income tax and returning the U.S. to sound money – a very supply-side thing to do – resulted in a long period of robust economic growth. Focusing on the monetary aspect, supply-side thinker Lew Lehrman (in his book Money, Gold, and History)explained: 

“It is also true that the price level gradually declined during periods of diminished rates of discovery of the monetary metals – causing real wages to rise. Such a period was the late 19th century in the United States, known to some historians as ‘The Great Deflation.’ The average annual decline in the price level during this period was one to two percent. But this fall in the price level was associated with one of America’s greatest periods of economic growth – three to four percent annually. Compared to the Great Depression of 1930-1933 – caused by monopoly central banking, protectionism, trade barriers, and the official reserve currency roles of the dollar and the pound – the monetary deflation of 1870-1900 was but a gentle decline amidst a remarkable economic expansion, productivity and wage growth.”

Indeed, historians, along with many economists, have a difficult time wrestling with the fact that economic growth can occur without inflation, not to mention growth with deflation. It is not unusual, for example, to see deflation confused with economic contraction. But consider the period of the 1870s, with the income tax eliminated, and a shift to sound money. From 1870 to 1880, while the price level declined:

• real annual GNP growth averaged 5.3 percent,

• the number of employed grew by 38 percent,

• farm output expanded by 61 percent,

• and manufacturing production grew by 68 percent.

By the way, federal government spending was 14 percent lower in 1880 compared to 1870, as was federal debt.

I would argue that the foundational steps taken by Grant and Congress on the tax and monetary fronts provided a sound policy foundation that helped bring about unprecedented growth and innovation in our economy that lasted some six decades.

It’s also worth highlighting that Grant worked to achieve a balancing act with Reconstruction, as noted by Joan Waugh, a history professor writing for the Miller Center:

As President, Grant was determined to follow Lincoln's policy of reconciliation with the South rather than one of retribution or appeasement. He also wanted to make sure that the federal government preserved the sacrifices of the war by sustaining a strong Union while at the same time protecting the newly freed slaves and preventing former unreconstructed Confederates from regaining power in the South...

Grant wanted to meet the needs of the newly freed slaves and, at the same time, entice white Southerners into a Republican Party dedicated to creating jobs and solid businesses in the defeated region. However, it proved impossible for him to achieve these two competing goals. When he used federal troops or legislation to defend the rights of blacks, whites assailed him as a tyrant trampling states' rights. Yet it went against his personal and political goals to abandon the freed slaves and the Republican Party in the South. In the end, Grant had little chance to take his good intentions and make them into effective policy. 

Indeed, whether he read Adam Smith or not, Grant obviously grasped Smith’s point that he made over two decades before The Wealth of Nations was published: “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice...”

Upon his death and for a fair time afterwards, Grant was widely admired. Now, once again in the twenty-first century, Grant deserves to be recognized as one of the greats in American history for his accomplishments on and off the bloody fields of the Civil War.

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See related...

“The Economy Constantly Changes, Sound Economics Doesn’t”

“Conservatives and Free Enterprise: Friends or Foes?”

See recent...

“At a Turning Point with China?”

“The COVID-19 Crisis, Part II: A Bastiat Moment”

“The COVID-19 Crisis: Our Crushed Economy”

See notable...

“The Tyranny of Disagreement”

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Ray Keating is a columnist, economist, podcaster and entrepreneur.  You can order his new book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know. Keating also is a novelist. His latest novels are  The Traitor: A Pastor Stephen Grant Novel, which is the 12^th book in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction. The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

Also, tune in to Ray Keating’s podcasts – the PRESS CLUB C Podcastand the Free Enterprise in Three Minutes Podcast 

A Podcast Doubleheader – Two PRESS CLUB C Episodes with Two Lutheran Pastors!

PRESS CLUB C Podcast with Ray Keating – Episode #8: Joy, Seriousness and Fun with Christianity and Pastor Bryan Wolfmueller – Ray and Pastor Wolfmueller talk Christianity, the Internet and the Church, joy, martyrdom and more! Tune in right here!

PRESS CLUB C Podcast with Ray Keating – Episode #3: Interviewing Pastor Tyrel Bramwell, the Host of “Alone Together” – Ray interviews Pastor Tyrel Bramwell, who, in addition to being a parish pastor and author, hosts a fascinating daily video program called “Alone Together: A 15-Minute Isolation Conversation.” Tune in right here!

PRESS CLUB C Podcast with Ray Keating – Episode #10: Streaming Fueling the Nerd

Ray Keating goes full nerd in this episode, mainly focusing on how online streaming services are fulfilling many of his nerd dreams pertaining to DC comics and movies – the Snyder Justice League cut! – Marvel comics, movies and shows, Star Wars, Star Trek, film stuff, and yes, Chuck. Join Ray, and embrace your inner nerd.

At a Turning Point with China?

by Ray Keating

The Keating Files – May 22, 2020

Economic freedom is critical to development, growth and prosperity. And it tends to play a key part in boosting political freedom as well. How far that last point goes, though, is being tested by communist China.

Nobel Laureate economist Milton Friedman made the link between economic and political freedom. He noted in his book Capitalism and Freedom: “Economic freedom plays a dual role in the promotion of a free society. On the one hand, freedom in economic arrangements is itself a component of freedom broadly understood, so economic freedom is an end in itself. In the second place, economic freedom is also an indispensable means toward the achievement of political freedom.”

The link between economic freedom and economic growth is not surprising, given that individuals are set free and incentivized to pursue their hopes and dreams, and to start up and invest in businesses. And they have access to ideas and resources. They are able to work and create to make better lives for others, for themselves and for their families. It follows, as history shows, that economic freedom ensures human rights, and improves quality of life across the board, including health care, education, literacy, the environment, and so on. 

As for economic freedom helping to bring about greater political freedoms, two nations serving as examples are Taiwan and South Korea. Economic freedom enhanced prosperity and boosted public pressure in the mid-1980s for expanded political freedom. In turn, political freedom further enhanced economic freedom and growth.

Taiwan and South Korea previously were authoritarian regimes, that is, political power was held by one person and/or party. However, China is a communist totalitarian regime – meaning that the person and/or party in charge controls all aspects of life, both public and private. 

Regarding the Chinese communists opening up parts of their economy in the 1990s, the hope, of course, was that economic freedom would expand, and that would be followed by an expanded desire and pressure for true political freedom. The question was: Would a totalitarian regime react like the authoritarians in South Korea and Taiwan did, or would the Chinese communists work to maintain a stranglehold on life?

For years, progress seemed to be occurring. But the latest, deeply troubling signals point in the opposite direction. Under President Xi Jinping, the Chinese communists exhibit no interest in increased political freedom. Instead, they appear bent on expanding and strengthening the Party’s control. 

That includes news in recent days about Beijing violating the agreement that was struck when the British relinquished control of Hong Kong. Under the “one country, two systems” arrangement, Beijing had pledged legal autonomy for Hong Kong, including basic freedoms, such as speech, assembly and press, for 50 years, that is, from 1997 to 2047. But communist China now seems focused on breaking its promise by imposing national security laws on Hong Kong, including setting up state-security bodies. This comes after pre-pandemic protests in Hong Kong regarding fears that citizens could be arrested and sent to China for trial. 

Make no mistake, this is meant to crush dissent and opposition to the Communist Party and the State, at behest of Xi. It’s a clear step toward ending “one country, two systems.”

But there’s more. The communist regime in China also has no use for Taiwan President Tsai Ing-wen, who was sworn in for a second term this past week. According to CNBC, she said, “Cross-strait relations have reached a historical turning point. Both sides have a duty to find a way to coexist over the long term and prevent the intensification of antagonism and differences... We will not accept the Beijing authorities’ use of ‘one country, two systems’ to downgrade Taiwan and undermine the cross-strait status quo. We stand fast by this principle.” She also said, “We have made the greatest effort to maintain peace and stability in the Taiwan Strait over the past four years ... We will continue these efforts, and we are willing to engage in dialogue with China.” Beijing, which cut off dialogue with Taiwan when Tsai was first elected, responded by declaring that “reunification” was a “historical inevitability.”

To amplify its point – or threat – as Reuters reported last week, “The Chinese military is planning to conduct a large-scale landing drill off Hainan Island in the South China Sea in August to simulate the possible seizure of the Taiwanese-held Pratas Island in the future, Chinese sources familiar with the matter have said.”

Finally, there is the fact that China’s Xi chose lying and secrecy over public warnings and early containment efforts regarding the coronavirus and its origins in Wuhan. That’s typical for communist leaders who care little for their own people, never mind those living in other countries, and only come sort of clean when overwhelmed and in need of help. (Of course, that doesn’t excuse inaction by the U.S. and others in the West, particularly given that Taiwan issued warnings and began screening people from Wuhan at the end of December.)

Meanwhile, China’s expansiveness faces no substantial check at this point. The U.S. unfortunately has retreated from the world stage in all serious ways under President Trump. For example, the obvious benefits of the Trans-Pacific Partnership (TPP) trade agreement between the U.S. and 11 Asia-Pacific countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam) not only would have included major economic positives for the U.S. and our trading partners by reducing governmental barriers to trade, but it also would have solidified relationships with those nations and made clear that the U.S. would be a major counter for freedom in the Pacific versus China’s desires. But that was wiped out by President Trump’s very first action in office, which was withdrawing the U.S. from the TPP. And then there’s his subsequent erratic behavior, lack of strategy, and general disinterest in foreign affairs and national security.

Looking ahead, serious problems and threats loom with China. On the economic front, U.S. firms have long had to weigh the uncertainties and risks of doing business with and in China versus the potential benefits of having access to the Chinese market on both the consumer and producer fronts. Those uncertainties and risks have now grown significantly. This requires a sober, informed analysis, as opposed to assorted investors appearing on financial news shows and merely assuming that “Chinese leaders have to understand that confrontation is not in their interests.” In reality, confrontation can very much be in their interests.

As for U.S. foreign policy, coherence and reasserting leadership are critical – not just for ourselves but for our allies around the Pacific Rim and beyond. That means expanding our naval power and reach. And on the economic front, the U.S. needs to reassert its leadership role for expanding free trade in the area (and around the rest of the world), and making clear that China needs to behave on assorted fronts in order to fully participate in the benefits of free trade. For good measure, reaching out directly to the Chinese people in a more organized fashion with a pro-freedom message makes sense.

We are at a turning point on policy toward China, and the carrot and the stick must be manifest.

But it will require serious work to undo the damage done by the past two U.S. presidents, that is, President Obama’s foreign policy and trade indifference for most of his administration, and President Trump’s isolationist and protectionist inclinations, not to mention his tendency to be hostile toward longtime allies and inconsistent on international matter in general.

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Ray Keating is a columnist, economist, podcaster and entrepreneur.  You can order his new book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know. Keating also is a novelist. His latest novels are  The Traitor: A Pastor Stephen Grant Novel, which is the 12^th book in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction. The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

Two of Ray Keating’s Pastor Stephen Grant novels deal with relations with China. Check out Deep Rough and The Traitor. 

Also, tune in to Ray Keating’s podcasts – the PRESS CLUB C Podcast and the Free Enterprise in Three Minutes Podcast 

Free Enterprise in Three Minutes with Ray Keating – Episode #63: Are We in a Recession or Depression?

At first glance, that’s not an easy question to answer because the definition of a recession isn’t exactly crystal clear, and it gets murkier when defining a depression. But Keating tries to clear things up.

The COVID-19 Crisis, Part II: A Bastiat Moment

Part II of a Projected Three-Part Series

(Read Part I Here)
by Ray Keating

The Keating Files – May 21, 2020

The COVID-19 crisis turns out to be a moment to consider a 19^th-century French economist.

Frederic Bastiat (1801-1850) was a leading economic and political thinker. One of Bastiat’s most important insights has popped up among those who have been arguing strongly against any kind of government restrictions during the COVID-19 crisis. What is this point? Bastiat opened his famous essay “What Is Seen and What Is Not Seen” this way:

In the economic sphere an action, a habit, an institution, or a law engenders not just one effect but a series of effects. Of these effects only the first is immediate; it is revealed simultaneously with its cause; it is seen. The other merely occur successively; they are not seen; we are lucky if we foresee them.

The entire difference between a bad and a good economist is apparent here. A bad relies on the visible effect, while the good one takes account both of the effect one can seeand of those one must foresee.

Bastiat actually comes in handy for all of us when looking at the economic and health costs of this crisis.

First, we are seeing a wide array of economic costs due to the governmental restrictions and shutdowns implemented in response to the virus, including declining economic output and investment, lost jobs, diminished trade, and falling income and consumption. There’s no missing this grim fallout.

But there is, indeed, more. Assorted economists are right to point out that there are unseen costs. Politicians and many in the media refer to trillions of dollars being spent by the federal government to aid individuals, families and businesses – in response to government having shutdown large parts of the economy – as “stimulus.” They see dollars and loans helping certain people and firms. Unseen, though, is the fact that those resources must come from somewhere, that is, being diverted from other endeavors, and resulting in real and substantial costs. Also, unseen are the future costs of this spending, in terms of burdens placed on taxpayers not too far down the road. Those unseen costs promise to be significant and lasting.

But Bastiat’s unseen effects go beyond this as well. For example, at the time of this writing (early morning on May 21), according to the Johns Hopkins Coronavirus Resource Center, global coronavirus cases registered 5.02 million, including 1.55 million in the United States, and worldwide deaths stood at 328,471, and at 93,439 in the U.S.

As tragic as these deaths are, the actual numbers likely are worse. Unseen are a rise in unexpected deaths not assigned to the coronavirus but likely tied to the pandemic by either being undiagnosed coronavirus cases, or dying due to other causes untreated because of the COVID-19 outbreak. (See, for example, a Tampa Bay Times analysis for Florida, and a Wall Street Journal article.)

And then there are the unseen lives saved. Critics of stay-at-home orders, social distancing and even wearing masks like to look at the latest number of deaths and rather callously proclaim that this hasn’t been as bad as was predicted, and therefore, the actions taken have meant little to nothing. In reality, the death toll not only keeps rising – soon to pass 100,000 in the U.S. – but it should be obvious that staying at home, social distancing and other efforts have avoided unseen deaths, that is, it has saved many lives. After all, that was and is the point of such actions. Duh.

The New York Times has reported on work done by researchers at Columbia University that estimates that 36,000 fewer people would have died if social distancing efforts had gone into effect a week earlier in March, and if lockdowns had gone into effect on March 1, some 83 percent of the nation’s deaths could have been avoided. Now, there always are major problems with such modeling, but the directional aspect is undeniable. 

Yes, I’m comfortable in assuming that the number of unseen deaths in the U.S. would have been markedly higher (double or more than double?) without social distancing undertakings. In turn, a strikingly higher number of deaths, of course, would have come with a wide array of additional, unseen economic costs.

Indeed, this is a Bastiat moment, and yes, it is untidy in terms of nailing down exact numbers and estimates, and arguments promise to labor on as to the costs and benefits of what’s been done, and what would have happened under other scenarios. And these kinds of discussions and analyses will need to be done so that we can learn, and be better able to address future pandemics.

But throughout, let’s have compassion and regret for those who have fallen ill and died; let’s deal soberly with the real and brutal economic costs; let’s show some humility in terms of what we know and what we don’t; and let’s assume that, while we disagree, we’re all trying to do what’s best.

__________

Ray Keating is a columnist, economist, podcaster and entrepreneur.  You can order his new book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know. Keating also is a novelist. His latest novels are  The Traitor: A Pastor Stephen Grant Novel, which is the 12^th book in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction. The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

Also, tune in to Ray Keating’s podcasts – the PRESS CLUB C Podcastand the Free Enterprise in Three Minutes Podcast 

PRESS CLUB C Podcast with Ray Keating – Episode #9: Reminders on Socialism, Reagan Conservatism and Bad Column Writing

Ray Keating finds himself having to remind people that socialism doesn’t work; that the lesson for conservatives is not to back away from Reagan; and that just because you agree with some points made in a column doesn’t mean that it necessarily was a well-written column. Tune in!

Order Ray Keating’s new book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  –  signed books  or at  Amazon.

Read Keating’s latest columns on a wide range of issues at www.KeatingFiles.com. 

And one of Keating’s newest books is  Free Trade Rocks! 10 Points on International Trade Everyone Should Know, which is available at  Amazon  in paperback or for the Kindle edition, and signed books at  www.raykeatingonline.com. 

Sign up for Ray Keating’s email list at  www.raykeatingonline.com/contact.

Please take a look at Keating’s Pastor Stephen Grant novels, which are available in paperback and for the Kindle at  Amazon.com, and signed books at  www.raykeatingonline.com. The newest book is  The Traitor.

Check out www.DisneyBizJournal.com.

The COVID-19 Crisis: Our Crushed Economy

Part I of a Projected Three-Part Series

by Ray Keating

The Keating Files – May 15, 2020

Make no mistake, the coronavirus pandemic and resulting government shutdowns of large parts of economy have had devastating effects across our economy, and the impact will not be quickly reversed. In fact, with misguided policymaking after COVID-19 has come under control (hopefully via vaccines and/or therapeutics), our economic ills could be further extended.

It pays to keep in mind that whenever the economy goes seriously off the rails, some kind of government action usually can be identified that either caused the mess or made it worse. In our current situation, the rapid spread of this virus, the threat to the lives of individuals, and the actual resulting deaths had their own negative consequences for the economy, and then governmental efforts – largely necessary though far from perfect (anyone who expects something even close to efficiency from government in anything doesn’t understand government) – have resulted in harsh economic consequences.

This column is not meant as an argument against what the government has done, nor as some kind of support for all that government has implemented. It’s also not meant to align with those arguing irresponsibly for an immediate, mask-less reopening of the economy with little concern, it seems, for ongoing efforts against spreading this virus. What follows is a look at key indicators describing our grim state of economic affairs.

First, real GDP (i.e., inflation-adjusted gross domestic product) in the first quarter plunged by 4.8 percent, with all major categories of economic activity declining dramatically, including consumer spending, business investment and trade. During the post-World-War-II era, there were only seven quarters when the economy declined by larger percentages.

Second, information coming in about the start of the second quarter points to an even larger drop in GDP. For example, retail sales plunged by 16.4 percent in April. That was the biggest monthly decline in a dataset going back to 1992. Industrial production – that is, the real output of the manufacturing, mining, and electric and gas utilities – tumbled by 11.2 percent in April. That was the largest monthly decline on record in an index that dates back 101 years. The drop in manufacturing production was even larger at 13.7 percent – again, biggest decline on record.

Third, jobs are disappearing at a frightening pace. Initial weekly unemployment claims over the first eight weeks of the COVID-19 crisis tallied up to 36.5 million. The story from the April employment report arguably was even worse. Perhaps most distressing was the fact that the employment-population ratio in April fell to the lowest level ever recorded in a dataset going back to 1948, plummeting from 61.1 percent in February to 60 percent in March, and then to 51.3 percent in April. 

Fourth, entrepreneurship is suffering as well. For example, the number of unincorporated self-employed individuals – an important measure of small business and startup activity – declined in April to its lowest level since January 1980. 

For good measure, the Census Bureau recently reported that business applications for tax IDs – one measure of business formation (though far from complete) – took a dive of 4.5 percent in the first quarter of this year. In addition, high-propensity business applications – which are businesses with a high likelihood to turn into businesses with payrolls – fell by 5.4 percent in April. These measures of entrepreneurial activity promise to fall further in the second quarter of this year.

Indeed, there’s nothing positive going on in the U.S. economy currently. We’re likely to see the steepest decline in economic activity during the second quarter of this year (that is, the current quarter) since the Great Depression.

After reviewing these grim numbers and trends, it’s critical to understand that these aren’t just some cold statistics detached from reality. Instead, they quantify reality. These numbers reflect or communicate real economic hardship for tens of millions of Americans across the nation. At the same time, these numbers do not negate the realities of mounting coronavirus deaths, and the understanding that the number of deaths could have been much worse, and still threaten to get worse. More on that in Part II in this series.

__________

Ray Keating is a columnist, economist, podcaster and entrepreneur.  You can order his new book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know. Keating also is a novelist. His latest novels are  The Traitor: A Pastor Stephen Grant Novel, which is the 12^th book in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction. The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

Also, tune in to Ray Keating’s podcasts – the PRESS CLUB C Podcastand the Free Enterprise in Three Minutes Podcast 

Free Enterprise in Three Minutes Podcast with Ray Keating – Episode #62: What’s the Deal with the Stock Market?

People often get frustrated and/or bewildered by the stock market. What does it do? What about stock prices? Ray Keating lays out what the deal is with the stock market. Tune in to this episode of the Free Enterprise in Three Minutes Podcast now!

PRESS CLUB C Podcast – Joy, Seriousness and Fun with Christianity and Pastor Bryan Wolfmueller

NEW! PRESS CLUB C Podcast with Ray Keating – Episode #8: Joy, Seriousness and Fun with Christianity and Pastor Bryan Wolfmueller – Make no mistake, the deep thinking in this episode is being done by Pastor Bryan Wolfmueller, while Ray is kind of along for the ride and enjoying every second. 

Pastor Wolfmueller talks about Christianity (especially Lutheranism), the use of the Internet as a tool for the Church, Christian joy, martyrdom, American Christianity, his books and YouTube channel, and more! And yes, he also plays “Tell Me Your Favorites.” While this is the longest interview Ray Keating has done yet on the PRESS CLUB C Podcast, it’s clear that time flies when you’re having fun. And yes, there is no conflict between doing serious thinking and having fun.

A Chance to Win a FREE Copy of Ray Keating's Forthcoming VATICAN SHADOWS

Ray Keating’s VATICAN SHADOWS: A PASTOR STEPHEN GRANT NOVEL is coming this summer! 

Want a chance to win a FREE copy? 

Buy anything at www.raykeatingonline.com during the month of May 2020, and you’ll be automatically entered into a prize drawing to win a FREE copy of VATICAN SHADOWS. 

And make sure that you’re caught up on all of the Pastor Stephen Grant novels and short stories!

Interview with Entrepreneurship and Disney Expert Lou Mongello

In the seventh episode of the PRESS CLUB C Podcast, Ray Keating interviews Lou Mongello - leading expert on entrepreneurship and Disney!

Need some positive stuff right now? Ray did, so he turned to Lou Mongello for an interview about entrepreneurship, opportunity and more, including Disney! Lou and Ray talk about assorted aspects of becoming and being an entrepreneur in tough times and beyond. It’s a positive chat largely focused on opportunity. 

For good measure, Lou and Ray have a bit too much fun talking about Disney, and playing “Tell Me Your Favorites.” To paraphrase what Lou says on his own fabulous WDW Radio Podcast: Sit back, relax, enjoy the conversation, and find out why Lou Mongello has inspired so many.

The Tyranny of Disagreement

by Ray Keating

The Keating Files – May 8, 2020

“Tyranny” is one of those weighty words meant to be reserved for the most dire of circumstances. Or, well, it used to be. But then again, we’ve lost or squandered the meaning of many words in our politics in recent times. 

Today, “tyranny” is being tossed around rather freely by some when discussing the issue of government limiting or restricting the ability of Americans to assemble, including at churches, during the current coronavirus pandemic.

The New Oxford American Dictionary serves up the following definition of “tyranny”: “cruel and oppressive government or rule.” Importantly, it also adds: “(especially in ancient Greece) rule by one who has absolute power without legal right.”

That definition, however, has been tossed aside by some in favor of name-calling when it comes to those with whom they disagree on issues that are, no doubt, of great significance. 

Indeed, there is precedent for descending into name-calling. “Tyranny” long has been a favorite slur hurled by the most extreme of libertarians at anyone who dares to disagree with their views on freedom. And neo-Confederates, of course, have a lengthy track record of referring to President Lincoln as a tyrant, while never mentioning the word “traitor” when it comes to the Confederacy, nor “tyranny” when speaking of slavery. Hmmm.

Meanwhile, since the 1960s, the Left has discarded their dictionaries – or more accurately, an understanding of history – in favor of kicking down the name-calling door by comparing conservatives and Republicans to Nazis. So, the likes of William F. Buckley, Jr., Ronald Reagan and George W. Bush were compared to or called “Nazis.”

As for the current pandemic and restrictions on gatherings, the debate rages, and justifiably so. Indeed, healthy debate is central to our system, to the freedoms we enjoy as Americans. And we, obviously, will disagree, and often vehemently so.

And the matter of churches being able to hold services as they see fit ranks as an area of powerful disagreement. After all, the First Amendment guarantees freedom of religion and assembly. And the first duty of government, in fact, is to protect the rights and liberties of individuals, that is, the natural rights that pre-exist government. But a fundamental duty of government also is to protect life and limb. And so, we have the longtime debate of balancing such matters in times of national emergency. 

Living under true tyranny would mean not being able to debate and discuss such issues, and having no recourse to government actions due to oppressive rule. But that clearly is not our system. 

Individuals and groups have the ability to protest, pressure elected officials, sway public opinion, and resort to the courts to wrestle with and settle disagreements. And even when seemingly over with, many issues are never fully settled, and the debate goes on – and that, again, is a credit to our freedoms and system of government.

But then there are those asserting that since they have a particular view regarding an important topic, they are free to ignore what government says. And since our government exercises its authority by the consent of the governed, then they either accuse government of not consenting to the governed or assert that they can withdraw their consent, and then are justified to choose to do what they think is right. 

But that, of course, is a recipe for anarchy. “Consent of the governed” doesn’t mean that if you disagree with certain policies, you’re free to ignore the law or how disagreements are debated and decided in our system of government, and not suffer any consequences. Our system is a republican form of government rooted in the Declaration of Independence and the Constitution, whereby citizens vote for their governmental representatives. It is not a pure democracy, nor is it a system of anarchy whereby individuals are free to ignore whatever laws they don’t like. Indeed, if that were the case, then I wouldn’t be paying income taxes.

On the matter of churches, like many other Christians, I desperately miss attending church, hearing the Word proclaimed and receiving the Sacrament of Communion. At the same, I understand, given the coronavirus pandemic, why the ability to attend church has been put on hold in some parts of the country, and restricted in assorted ways in other parts. I also believe that government has overstepped in still other areas. 

But I would hope that pastors and priests would act with wisdom during such times – and most have, thankfully. That would include holding church services when possible and as allowed; and working with all tools at their disposal to reach their parishioners with the comfort of Christ. At the same time, if they view government as overstepping, they should speak out accordingly. But being frustrated and impatient should not be an excuse for acting in ways that could have negative consequences, physically and spiritually, for their congregations, for the larger Church and for reaching the world with the Gospel – now and in the future – such as by deciding to flagrantly violate the law. 

For good measure, whether one agrees or disagrees with the policies made on such matters state by state, decisions to restrict gatherings are not conspiratorial or tyrannical efforts to undermine the Church. Indeed, over the years, I’ve seen too many people confuse government’s inherent incompetence with some kind of intricate “Deep State” plot. Trust me, decades of studying and writing about government make clear that it’s incompetence.

Is anyone going to persuade an individual to the correctness or truth of one’s position by accusing them of tyranny or being a Nazis? The obvious answer is no, particularly when those people aren’t committing tyranny and aren’t Nazis. But again much of the talk of tyranny and Nazis is about assuming that one’s opponents are inherently evil, and beyond persuasion and redemption. By the way, that assumption is not allowed for the Christian.

In the end, disagreement – even on the most vital of issues – is not tyranny.

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Ray Keating is a columnist, economist, podcaster and entrepreneur.  You can order his new book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know. Keating also is a novelist. His latest novels are  The Traitor: A Pastor Stephen Grant Novel, which is the 12^th book in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction. The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

Also, tune in to Ray Keating’s podcasts – the PRESS CLUB C Podcast and the Free Enterprise in Three Minutes Podcast 

PRESS CLUB C Podcast with Ray Keating – Episode #5: Interview with Thom Brennaman – TV Play-by-Play for the Cincinnati Reds & FOX NFL

Ray Keating once again upgrades the podcast with a great guest. Thom Brennaman, Cincinnati Reds play-by-play TV announcer and play-by-play announcer for the NFL on FOX, is that special guest. 

Thom and Ray talk about Brennaman’s broadcast experience and some of his fellow Reds announcers; the NFL’s noteworthy accomplishments with this year’s draft; NASCAR getting out front on re-opening among major sports; what lies ahead for baseball; and what the Reds were up to in the offseason and what the team promises to look like whenever the first pitch is tossed out for MLB season. Thom also plays “Tell Me Your Favorites” and talks about some matters beyond sports. Despite being a ridiculous Reds fan, Ray manages to act professionally. Enjoy the conversation!

Click here or on the graphic above.