This is much better than the post I wrote!

Sat, Sep 7, 2013 - 9:59am

I couldn't help but think as I listened to this, what a great listen for a Saturday morning. After the introduction and listening to none other than Mike Munger, my second favourite living libertarian economist, I decided it was worth its own moment. Not to mention him using a quote from John Stuart Mill about lighthouses, and proving Mill wrong, and showing that lighthouses can be, and mostly were, built by a combination of market and societal forces, and government is only necessary to enforce contracts. So without further ado, welcome back to the Lighthouse, and please enjoy the guest speakers.

Capitalism, Government, and the Good Society

Videos, Multiple Guests

Hosted by Russ Roberts

On April 10, 2013, Liberty Fund and Butler University sponsored a symposium, "Capitalism, Government, and the Good Society." The evening began with solo presentations by the three participants--Michael Munger of Duke University, Robert Skidelsky of the University of Warwick, and Richard Epstein of New York University. (Travel complications forced the fourth invited participant, James Galbraith of the University of Texas, to cancel.) Each speaker gave his own interpretation of the appropriate role for government in the economy and in our lives. This was followed by a lively conversation on the topic moderated byRuss Roberts of Stanford University, host of the weekly podcast, EconTalk. 

We are also pleased to include the video of the symposium, available on youtube at EconStories.

Audio only:


About the Author


mike97 · Sep 7, 2013 - 10:02am

1st after listening

Enjoyed that Xty.

Louie · Sep 7, 2013 - 10:03am


Yahooo! First on Xty's post! 

mike97 · Sep 7, 2013 - 10:06am

2nd after listening

I only listened to the first 20 minutes and now am going back to hear the rest with my morning coffee.

silver66 · Sep 7, 2013 - 10:24am

Fourth EH!

Nice conference


Mr. Fix · Sep 7, 2013 - 10:32am



· Sep 7, 2013 - 10:33am

re 2nd after listening

That's what happened to me. Except it is a third cup of tea.

I am a big fan of these guys. Epstein does a podcast with Jonathon Yoo that I have hesitated to bring to the forum, on, because it cannot help but be too partisan, which irritates the heck out of me, and I presume most of the people here, but they do a great job of analyzing political doings from a legal, libertarian, stand-point. They also operate behind a cheap pay wall - you can read stuff but not comment or hear the premium podcasts unless you are a member. I pony up my $4 a month, never comment, but often listen. Interviews with Thomas Sowell, etc. But they struggle with being Republicanish - although I swear sometimes I have wondered if they weren't escaping from that problematic way of trying to achieve positive change.

Mike Munger just did another podcast with Russ Roberts on Econtalk, which is also well worth a listen.

Mike Munger of Duke University talks with EconTalk host Russ Roberts about why milk is in the back of the grocery store. Michael Pollan and others argue that milk is in the back so that customers, who often buy milk, will be forced to walk through the entire story and be encouraged by the trek to buy other items. Munger and Roberts argue that competition encourages stores to serve customers and that alternative explanations explain where milk is found in the store. The conversation also discusses restaurant pricing, government "nudging" and related issues of grocery economics.

Munger on Milk
silver66 · Sep 7, 2013 - 10:47am

Must read from ZH

I have followed Reggie for a while, he has clear thinking and is not beholden to anyone that I can ascertain. I strongly suggest reading this article

Enjoy your Saturday Turdites


¤ · Sep 7, 2013 - 11:52am

COT - Gold/Silver

GOLD - COMMODITY EXCHANGE INC. CFTC Commitment of Traders *Combined Futures and Options* September 6, 2013
Reportable Positions as of 09/03/2013 Non- Reportable Positions
Speculators Commercial Total
Long Short Spreading Long Short Long Short Long Short
180,877 53,214 211,669 297,846 439,828 690,392 704,711 49,087 34,768
Changes from last report - Change in Open Interest: 16,363
361 -1,085 4,594 6,241 12,069 11,196 15,578 5,167 785
Percent of Open Interest for each category of traders
24.5 7.2 28.6 40.3 59.5 93.4 95.3 6.6 4.7
Number of traders in each category; Total Traders: 318
150 83 114 62 67 259 221    
(CONTRACTS OF 100 TROY OUNCES) Open Interest: 739,479
SILVER - COMMODITY EXCHANGE INC. CFTC Commitment of Traders *Combined Futures and Options* September 6, 2013
Reportable Positions as of 09/03/2013 Non- Reportable Positions
Speculators Commercial Total
Long Short Spreading Long Short Long Short Long Short
38,341 13,511 44,817 72,579 106,525 155,736 164,852 22,108 12,992
Changes from last report - Change in Open Interest: -4,603
1,562 -1,549 -666 -4,594 -895 -3,698 -3,111 -906 -1,493
Percent of Open Interest for each category of traders
21.6 7.6 25.2 40.8 59.9 87.6 92.7 12.4 7.3
Number of traders in each category; Total Traders: 178
74 44 62 44 46 146 129    
(CONTRACTS OF 5,000 TROY OUNCES) Open Interest: 177,845
¤ · Sep 7, 2013 - 12:03pm

Saturday News Blast: Markets


The New $100 Bill May Be Our Most Popular Export - Chris Jones, Esquire

The Jobs' Number Obscures a Disastrous Jobs Picture - Editorial, Investor's
The Real Unemployment Rate Is Actually 9.7% - John Cassidy, New Yorker
One Case Against Fed Tapering In Sept. - Jared Bernstein, New York Times
G20 Meetings, Jobs, and Syria Make O Appear Meek - Larry Kudlow, NRO
5 Years In, Obama's Results Don't Match His Words - Peter Ferrara, Forbes
Why Yellen, Not Summers, Should Get the Fed Nod - Joseph Stiglitz, NYT
What Steakhouse Sizzle Says About U.S. Economy - Shawn Tully, Fortune
Wall Street Pay Is Actually a Model of Clarity - Jonathan Weil, Bloomberg
Starting Business? Skip Business School - Melissa Korn, Wall Street Journal
Deficit Ceiling Shouting Match Has Me Happy - Mark Hendrickson, Forbes
How Fast Should You Trade Your 401(k)? - Jason Zweig, Wall Street Journal
6 Stocks Buffett & Billionaires Love - Krishnamsetty & Doiron, MarketWatch
Syria Will Fan the Flames of September Volatility - Patti Domm, CNBC
Cost of Maximizing Shareholder Value - Steven Pearlstein, Washington Post

Why a Syria Invasion Scares the Stock Market - Anthony Mirhaydari, MSN
Too Many Investors Drew Bad '08 Conclusions - Chuck Jaffe, MarketWatch
How Bill Gross Is Playing the Tapered, Post-Fed Market - Jeff Cox, CNBC
5 Years Later, Has Quantitative Easing Worked? - Edward Hadas, Reuters
Today's Jobs' Report: Good As It's Going to Get? - Nin-Hai Tseng, Fortune
Part Timers & Discouraged Workers Dominate Report - Peter Morici, RCM
Want to Create Jobs? Remove Barriers to Immigration - Ian Scott, Forbes
Manpower's CEO Explains Why You Can't Find Job - Peter Coy, Bloomberg
For Millennials In Today's Job Mkt., Reality Bites - Evan Feinberg, Forbes
Why Food Stamp Reliance Has Exploded - Molly Redden, The New Republic
Online Ed: A Low Price Utopia, Or The Latest Fad? - David Kirp, The Nation

40 Years In, Index Funds Are the Best Investment - Rex Sinquefield, Forbes
Five Reasons to Pore Over Friday's Jobs Report - Josh Boak, Fiscal Times
Six Numbers to Look at in Jobs Report - D. Furchtgott-Roth, MarketWatch
Shale Revolution: Energy's Unexpected Jobs Boom - Daniel Yergin, Fortune
Five Years of Immense Policy Failure - Paul Krugman, New York Times
Credit Is Plentiful in All the Wrong Places - Jeff Snider, RealClearMarkets
Real Estate Alert: The Flippers Are Back - Beth Braverman, Fiscal Times
Five Myths About Living Wage Laws - Christopher Matthews, TIME
We'll Be Better Off If Walmart Protests Fail - Richard Vedder, Daily Beast
Sowell's Cosmic Economics Predicts Obamacare Fail - Jeff Dorfman, Forbes
Microsoft CEO Search Now Gets Interesting - Therese Poletti, MarketWatch
Triple Shocks Threaten Europe's Recovery - A. Evans-Pritchard, Telegraph
G-20 to TIghten Global Rules on Taxes - Andrew Kramer, New York Times
Scorsese, DiCaprio Explore Wall St. Depravity - Mary Kaye Schilling, NYM

· Sep 7, 2013 - 12:20pm

Why is my name hard to pronounce correctly?

Last night my wife and I went on a cheap date--shopping for some parts to complete a room addition and dinner at a fast food restaurant. The service was excellent at Taco Bell, with properly wrapped burritos, speedy prep time, and best of all, the server pronounced my name properly . I was sitting there waiting while my wife spoke with her mother on the phone wondering if he would get my name right. Jerome!

What's so hard about that? Well, I suppose it is an uncommon name, probably from an older generation. Usually these teenagers at fast food joints say "Jeremy?" But he got it right this time. And as he politely said, "enjoy your meal" I noticed that he was my age--50 something, as were all the other employees working that shift.

The world is changed, I feel it in the water, I feel it in the earth. I see it at Taco Bell. Much that once was is lost; for few now turn off their TVs. It began with Nixon and Bretton Woods.

Urban Roman · Sep 7, 2013 - 12:35pm


Did anyone ever compete in the lighthouse business? That is, build another lighthouse next door to an existing one and try to be a better lighthouse? You know, free enterprise and all. 

Wow, Dr. J, your wife is very pretty!

Maryann · Sep 7, 2013 - 12:38pm

He had me at Margaret...

Xty, thanks so much for this. My son is working on a paper for his rhetoric class analyzing the use of pathos, logos, and ethos. He chose a speech by Margaret Thatcher..... smiley

So now that I have listened to the intro, I'll refill my coffee cup and give it a go. 

maravich44 Doctor J · Sep 7, 2013 - 12:41pm
The Doc · Sep 7, 2013 - 12:58pm

Metals & Markets: One Last

Metals & Markets: One Last Metals Smash Ahead as Fed Prepares to Taper?

silver smash

In this week’s show, The Doc & Eric Dubin cover:

-The Doc’s report on the retail physical market, including record Silver Eagle sales
-This week’s metals trading action vis-a-vis mining shares, 10 year breaks 3%, econ data
-GOFO slips into positive territory, only to go negative again while prices declined (cartel footprints)
-Military strike? Congress? What’s up? - Meanwhile Putin threatens Russia will retaliate for any US strike on Syria
-September FOMC meeting/statement looming, expect the Fed to announce a $10-15 B taper to QE- how will it affect gold & silver?

Urban Roman · Sep 7, 2013 - 2:15pm


I don't think so. I think it was the evil Roman .. Bandarius Arabius, who paid off some losers from the gladiator games to put those chemicals in the tunnel and make it look like the Persians did it! cool

DayStar · Sep 7, 2013 - 2:24pm

GOFO numbers are in the

  • GOFO numbers are in the negative for the one month and two months,Harvey on Commitment of Traders Report: Gold: Au was hugely bearish again as the commercials went net short by another 4823 contracts. Our large specs went net short by 98 contracts. Silver: Ag was also bearish as the commercials went net short by 2989 contracts.
  • Harvey: GOFO numbers are in the negative for the one month and two months. London is still short of good delivery bars to lend into the system and eventually this will break the banking cartel.
  • Mark O'Byrne: U.S. Mint gold and silver eagles sales fell sharply in August, but is on course for record sales in 2013. Many other mints including the Perth Mint, the Royal Canadian Mint and the Austrian Mint have also seen a fall in sales recently but are set for record or near record sales again this year.
  • GoldCore: Thomson Reuters GFMS analyst Sudheesh Nambiath, estimates that India’s total silver imports have more than doubled from last year, reaching nearly 3,000 tonnes in the first half of 2013 compared with 1,900 tonnes in the whole of 2012, according to the Financial Times.
  • GoldCore on silver: Inventories of silver on the Shanghai Futures Exchange have fallen sharply, down 60% since mid-February. And silver trading volumes on the Shanghai Gold Exchange (SGE) in the first half of the year were 36% higher even than the first half of 2011.
  • Los Angeles Times: Scientists have developed silver nanoparticles that are better than gold for drug delivery, cell imaging and many other applications.
  • UK Telegraph: The Royal Mint has released the Benedetto Pistrucci-designed £20 silver coin will carry the classic design of St George and the Dragon.
  • Marc Farber: Most likely we’ve seen the lows below $1,200. Eventually we will be over $1,921. The question is, Will it be this year or in five years? That I don’t know. I think that part of your assets should be held in physical gold. I emphasize physical gold. I don’t like paper gold. There are a lot of question marks about the paper market. I would imagine that more and more money will flow into the physical metal.
  • Przemyslaw Radomski: Taking into account the situation in copper and palladium and their implications for gold, it seems that the rally that we have seen in recent weeks was just a correction and that the metals will move much lower in the coming weeks.
  • James Kirkup: Russia mocked Britain today as “a small island no one listens to”, sparking a diplomatic spat with David Cameron. The Prime Minister insisted that Britain remained a major world power.
  • James Turk: The big news here in London is that gold slipped into backwardation once again. The previous backwardation ended here in London on Monday, when the US was closed for a holiday. It looked like a concerted effort by the central planners to put gold and dollar interest rates back into their normal relationship. So why don't the big players take the advantage of the arbitrage if there is no risk with selling physical gold and taking delivery later?
  • The Week magazine: In America, 7 out of 10 people are on the dole, said Michael Tanner. That's the percentage of people who receive more in government benefits than they pay in taxes, according to a new Tax Foundation study. Some of these beneficiaries of Uncle Sam's largesse are the poor; another new study, by the Cato Foundation, found that families collecting various welfare benefits, including food stamps, “temporary” cash assistance, and Medicaid, could bring in the equivalent of $35,000 a year -- more than someone would earn in a $20-an-hour job.
  • Feiwen (Sumpen smiley) Rong: Gold prices that advanced 18 percent from a 34-month low in June are attracting buyers in China, which is on track to overtake India as the world's top bullion consumer this year. Premiums paid by jewelers on top of spot prices on the Shanghai Gold Exchange to take physical delivery of the metal were an average $27 an ounce in China during July, according to calculations by Bloomberg.
  • Piotr Skolimowski & Marta Waldoch: Poland will take over and cancel government bonds held by its privately managed pension funds. DS: Siezing and cancelling government bonds is essentially defaulting on them.

All this and more on...

The Harvey Report!


Orange · Sep 7, 2013 - 2:24pm


9% scored better than me, and I got 10 out of the 13 questions correct. I wonder how many adults would pass the 8th grade test from the early 1900's.

By the way, Xty, thanks for your contributions. 

· Sep 7, 2013 - 2:56pm

8 out of 13

which ain't bad given the visuals on the senators and stuff. For a Canuck. Who doesn't watch the news or read the paper or listen to the radio.

¤ · Sep 7, 2013 - 3:09pm


12 out of 13. I messed up the Scalia/Kennedy question.

Ferd Torgerson · Sep 7, 2013 - 3:13pm

Did Pretty Well

12 of 13. Some answers were self-evident and some could be reasoned through, even though i had no specific knowledge of the subjects.

Tripped up on the CEO of Yahoo, or whatever the company was. Guessed she was an Alpine skier. Had never seen nor heard of her before. With the youthful face and blonde hair, thought Alpine skier would be a good educated guess.

No way would I want to tangle with the 8th grade test of the early 1900's. I had trouble enough with the 8th grade tests of 1958.


Dyna mo hum Orange · Sep 7, 2013 - 3:19pm


10 out of 13 here too. 

Dyna mo hum · Sep 7, 2013 - 3:35pm

Quiz...I expect

our elected officials in DC. will pay good money for the results of that poll. McCain and Graham will think "look at the scores those fools made, hell we can bone em a lot harder they don't have a clue".

SilverRunNW · Sep 7, 2013 - 3:45pm


Got 12/13, also missed the Supreme Court Justice swing vote question. The dow jones chart sure was an easy question.

Bollocks · Sep 7, 2013 - 3:47pm


1st after listening

Submitted by mike97 on September 7, 2013 - 10:02am

Xty posts it up at 9.59am and you watch a 2-hour vid in about 3 mins.

Very impressive!

Bollocks · Sep 7, 2013 - 3:51pm


I got 8 out of 13, which I'm well chuffed with seeing as I'm in the UK and haven't got a clue about who those faces are (apart from Snowden) or about other internal US goings-ons.

I award myself three thumbs-ups: yesyesyes.

Nah, let's make it four: yes. That's better.

Maryann · Sep 7, 2013 - 4:01pm


13 out of 13. I am on the computer way too much!!! frown

Dyna mo hum Bollocks · Sep 7, 2013 - 4:05pm


Ate is not a bad score at all. Hell If some spelling questions were asked I would have failed in a big weigh.

Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

Become a gold member and subscribe to Turd's Vault


Donate  Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events week of 12/10

12/11 8:30 ET Producer Price Index
12/12 8:30 ET Consumer Price Index
12/13 8:30 ET Import Price Index
12/14 8:30 ET Retail Sales
12/14 9:15 ET Industrial Prod. and Cap. Utilization
12/14 10:00 ET Business Inventories

Key Economic Events week of 11/26

11/27 9:00 ET Case-Schiller home prices
11/27 10:00 ET Consumer Confidence
11/28 8:30 ET Q3 GDP 2nd guess
11/28 10:00 ET New home sales
11/29 8:30 ET Personal Income and Spending
11/29 10:00 ET Pending home sales
11/29 2:00 ET November FOMC minutes

Key Economic Events week of 11/19

11/20 8:30 ET Housing Starts
11/21 8:30 ET Durable Goods
11/21 10:00 ET UMich Sentiment
11/21 10:00 ET LEIII
11/21 10:00 ET Existing Home Sales