Category Archives: News

First Things reviews Jay Richards’ Money, Greed and God

Short book review here.

Here’s the full text:

Jay W. Richards channels the spirit of Michael Novak and provides a basic introduction to how and why a Christian can be a capitalist. Because man is made in the image of a creative God, he has the potential to create and multiply wealth. The core components of capitalism—free exchange, limited government, private property—allow this potential better than any alternative system. Although he shows that self-interest is not necessarily selfish, Richards also explains that the market can, in fact, channel selfish actions into positive outcomes. Responding to such critics as Ron Sider and Jim Wallis, Richards argues that the creation of wealth helped by economic freedom and the rule of law provides the best means of raising the poor out of poverty, in contrast to government-based redistribution of wealth or regulations of minimum wage.

Richards also offers critiques of communism, developmental aid to impoverished countries, and global warming, along with an extended argument against the notion that capitalism allows the unchecked depletion of natural resources. Because human beings are creative, Richards reminds us, they are not mere consumers but active producers. In response to charges of consumerism, Richards notes that consumerism comes from gluttony, not from free enterprise itself. The book concludes with a chapter on the workings of the free market as a sign of God’s provident care for sinful man. For those looking to wed faith and economics, the book provides a welcome challenge to reigning orthodoxies.

To understand what capitalism is, you can watch this lecture entitled “Money, Greed and God: Why Capitalism is the Solution and Not the Problem” by Jay W. Richards, delivered at the Heritage Foundation think tank, and televised by C-SPAN2. (Link below)

If you can’t see the Richards video, here is an audio lecture by Jay Richards on the “Myths Christians Believe about Wealth and Poverty“. Also, why not check out this series of 4 sermons by Wayne Grudem on the relationship between Christianity and economics? (a PDF outline is here)

Here’s a lecture with Jay Richards from the libertarian Cato Institute.

UPDATE: From a helpful comment below.

Updated link for video (link in blog results in an error).

http://www.booktv.org/Watch/10489/Money+Greed+and+God+Why+Capitalism+is+the+Solution+and+Not+the+Problem.aspx

Moderate George Will loves Paul Ryan’s plan for economic recovery

Rep. Paul Ryan

Editorial from the Press Telegram. (H/T ECM)

Excerpt:

Ryan would eliminate taxes on interest, capital gains, dividends and death.The corporate income tax, the world’s second highest, would be replaced by an 8.5 percent business consumption tax. Because this would be about half the average tax burden that other nations place on corporations, U.S. companies would instantly become more competitive – and more able and eager to hire.

Medicare and Social Security would be preserved for those currently receiving benefits, or becoming eligible in the next 10 years (those 55 and older today). Both programs would be made permanently solvent.

Universal access to affordable health care would be guaranteed by refundable tax credits ($2,300 for individuals, $5,700 for families) for purchasing portable coverage in any state. As persons under 55 became Medicare eligible, they would receive payments averaging $11,000 a year, indexed to inflation and pegged to income, with low-income people receiving more support.

Ryan’s plan would fund medical savings accounts from which low-income people would pay minor out-of-pocket medical expenses. All Americans, regardless of income, would be allowed to establish MSAs – tax-preferred accounts for paying such expenses.

Ryan’s plan would allow workers under 55 the choice of investing more than one-third of their current Social Security taxes in personal retirement accounts similar to the Thrift Savings Plan long available to, and immensely popular with, federal employees. This investment would be inheritable property, guaranteeing that individuals will never lose the ability to dispose every dollar they put into these accounts.

Ryan would raise the retirement age. If, when Congress created Social Security in 1935, it had indexed the retirement age (then 65) to life expectancy, today the age would be in the mid-70s. The system was never intended to do what it is doing – subsidizing retirements that extend from one-third to one-half of retirees’ adult lives.

My last post on George Will is here: Moderate George Will lauds the virtues of Michele Bachmann. He’s actually quite moderate, not at all a conservative, so this is very interesting.

ECM also send me this article from the American Spectator.

Excerpt:

Ever since his back and forth with President Obama during last week’s question time at the Republican retreat, Rep. Paul Ryan’s “Roadmap for America’s Future” has been gaining attention as a plan that the Congressional Budget Office has projected would actually solve our nation’s long-term entitlement crisis.

[…]“The lower budget deficits under your proposal would result in much less federal debt than under the alternative fiscal scenario and thereby a much more favorable macroeconomic outlook,” CBO writes in page 14 of its analysis of the Ryan plan.

CBO projects “real gross national product per person would be about 70 percent higher in 2058 under the proposal.” But after 2058, the CBO’s model completely breaks down when trying to project current trends, “because deficits become so large and unsustainable that the model cannot calculate their effects.” By contrast, the model shows the Ryan plan continuing to achieve economic growth in the decades that follow. This is demonstrated by the CBO chart below.

So the CBO is backing up Ryan’s calculations.

MUST-READ: Which is worse: communism or Pepsi commercials?

Story here from Jamie Glazov of Pajamas Media. (H/T ECM)

Excerpt:

The tortures included laying a man naked on a freezing cement floor, forcing his legs apart, and then an interrogator stepping on his testicles, applying increasing pressure until the confession surfaced. Imagine the consequences of no surfacing confession. Indeed, many people refused to confess to a crime they did not commit.

Daughters and sons were raped in front of their fathers and mothers — for the sake of extracting “confessions.”

These are just some of the delicacies that the Stalinist machinery inflicted on its citizenry in the hope of bringing socialism into earthly incarnation. Alexander Solzhenitsyn has shared much of this horror with us in his Gulag Archipelago — a work, mystifyingly enough, that I had never heard mentioned, except with a few exceptions, by one professor in a lecture or seminar in my entire eleven years studying Cold War history in academia. It was a work that I never saw, again with a few exceptions, on any academic syllabus — and many of my courses concerned Soviet history and American foreign policy toward the Soviet Union.

Both of my grandfathers were exterminated by Stalinist terror. Both of my parents, Yuri and Marina Glazov, were dissidents in the former Soviet Union. They risked their lives for freedom; they stood up against Soviet totalitarianism. They barely escaped the gulag, a fortune many of our friends and relatives did not share. I come from a system where a myriad of the closest people to my family simply disappeared, where relatives and family friends died under interrogation and torture for their beliefs — or for simply nothing at all.

Now try to imagine me sitting in the company of left-wing “intellectuals” in the West who think they are oppressed. This is my lifelong experience. I remember one radical feminist, whom I sat next to in a graduate student lounge, lecturing me sternly about how women in the West are oppressed because they wear bikinis on beaches; with a reprimanding tone, she explained to me that this represented the way capitalism objectifies women, marginalizes them from spheres of power, and metaphorically decapitates them as human beings. I remember asking her what she thought of female genital mutilation and honor killings in the Muslim world. To this I received a stone-cold silence and a frightening hateful stare, a stare with which I have become accustomed: I would be confined to a gulag or a psychiatric hospital if this particular individual had the power to place me there. This would be done for the good of society of course. My question was heresy: she could not, naturally, admit that evil adversarial cultures and ideologies existed — under which women truly suffer real oppression — for if she did, then she would have to sacrifice her entire worldview and personal identity.

Another colleague of mine, with great moral indignation and personal angst, once complained to me about how we are being “attacked” by Pepsi commercials. “By trying to tell us that we are not cool if we don’t drink Pepsi,” he agonized, “the capitalist machinery practices the politics of exclusion. By trying to pretend it offers us choice, it actually negates choice.”

My mom’s father was executed by the Soviet secret police. He did not have the luxury of being oppressed by Pepsi commercials.

The article goes on like this, there is a lot more I wanted to excerpt but could not for reasons of space.

These communist regimes get started by promising to the economically-ignorant masses a more equitable distribution of material goods, controlled by the government. The people, including Christians, abdicate their individual liberty and responsibility to the state in order to avoid worrying about having to feed, clothe and support themselves. The end is always the same: tyranny.

There is no Biblical injunction for wealth redistribution by government. The purpose of life is not to make everyone equally wealthy, the purpose of life is to know God and to help others to know God. And a secular government cannot have that same goal. So it needs to be kept as limited as possible to avoid constraining the freedom to do what we ought to do.

The impulse to “spread the wealth” has always led to reduced liberty. You need liberty in order to do your job as a Christian. Don’t vote to expand the power of secular government – vote to expand the power of each individual to make their own way and to give their own wealth to others if they choose. Christians are supposed to use private charity as a too; for taking care of their neighbors so that they have the chance to investigate a relationship with God.

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