Nelson Nash argues life insurance contracts are property and defends contract law against banking distortions. He uses airplane analogies to explain how debt and savings work like headwinds and tailwinds, and recommends Austrian economics resources like Mises.org and FEE.
They're doing it because they like property. And a participant participating. Life contract is a piece. Is a piece of property.
Yeah.
It just doesn't have any walls or tenants or maintenance requirements.
It's much more highly liquid.
Richard, is the law of contract. When you destroy the law of contracts, Daryl, you just destroyed civilization. For instance, that lady back there and I made a contract before God. Now everybody, 64 years. Don't you even think about vesting that contract.
That's bedrock. That's agreement between people. That's where it should be. But all this distortions out here is created by bankers.
We have a mission on hand. And I hope that people begin to see the scope of this because that's been my passion all the years. But it is so wonderful how you see this. You're rare. Some people say you're weird.
Compared with other people. Do you mind me sharing more information about the insurance business in Chinese market? Yes. I was telling Marshall Monica about doing a seminar in Orlando, Florida a number of years ago. I had no idea what a melting pot of ethnic groups it was there. And there was a huge contingency of Chinese there. And every one of them says, we've got to get this translated into Chinese. It is in Spanish, but that's all over. But anyway, okay, we need to move on. Thank you, Martin. I appreciate that. All right, so here's the Nikkei, here's the nasdaq, and here's the Dow Jones. And you notice that the curves are all the same.
And that's all created by the Federal Reserve. Now.
Do y' all all get Larry Murphy Reports?
Anybody who does not? Okay, you can get it on our website. Larry Murphy Reports.
Is probably the most published.
Austrian out there today. And he is one fourth of the directorship of the Nelson Nash Institute. We're so pleased to have him aboard because of the influence that he has in the economic world.
Here's three websites that are all you're familiar with them. Mises.org, fee.org that's foundation for Economic Education now located in Atlanta, Georgia. That's where I got my start back in 1957. Leonard Reed was the driving force that created that organization in 1946, along with Henry Haslett, Leonard Reid was my personal friend and mentor. There are 100 charter members of the Leonard Reed Reed Society, yours truly, and 99 others.
I also knew Henry, but I didn't know him the way that I knew about Leonard, because Leonard was such a special person. Lew Rockwell is the guy who organized and oversees mises.org now there are 10 articles on his page every day. And then they go to archives. At the top portion of the web page you will find authors. Click on authors. Down will drop over 200 names of authors. Pick out any one of those, click it on and there's everything that person read, wrote, all you got to do is read. That's really expensive, isn't it?
Yeah, but look at what happens out there in the world that we've got going on today.
Unbelievable amount of money parents spend to send kids to colleges where their brains get fried by professors that couldn't make a living any other way.
Paul Cleveland at Birmingham Southern, he refers to his fellow professors as comrades.
And by the way, Richard.
Paul.
Paul has a license to sell life insurance now. Yeah, you mentioned that. Yeah. His son reprinted it. Yes. So there's all kind of memorable things happen. I, I told Caleb, son, you probably something I dreamed of, I could never have done it.
There's Bill Bonner. I like Bill Bonner books. I'm not all that infatuated by wreckman.com but Bill Bonner is an Austrian thinker. Now, y' all remember I'm an airplane driver. Now, you remember in the disposition of money, the typical person in our country is spending 34 and a half cents interest alone. It never changes. Let's say saving 10%. Let's say put that airplane turns.
Birmingham is here, Chicago is there, Red Miami. I learned as a teenager, Will, you can't fly an airplane through a vacuum.
It's got to go through an environment. Now, the highs are the good weather, lows, the bad weather. Northern Hemisphere.
Highs turn clockwise. They move generally west to east in the Southern hemisphere. Reverse that. All right, so here's a guy in Birmingham with an airplane that can run 100 miles an hour. I took that savings rate and I moved the decimal one place right, got that.
But here comes this high off the left coast. It's centered over western Kansas. You see that 345 mile an hour headwind and that 100 mile an hour airplane went toward Cuba at doing 45 miles an hour. So that's what's going on out there in the financial world in airplane terms.
Now, Mark, if he wants to go to Cuba under those, I mean, Chicago under those circumstances, the best thing you could do is land pretty much. No, absolutely. But not pretty much. Absolutely.
I made ton of cheap. Yeah, I've had, I've had to make emergency with the headwind, running out of fuel. So. All right, you're an airplane driver.
You're an airplane driver. God, I thought there's something good about you.
How long you been at it?
I got finished my license in 1980, so. 36 years.
All right.
Are you cur.
No.
I need to check.
Right?
Yeah.
I haven't been up for a year.
What's the last thing you flew?
The last thing I flew was my Cessna 414.
Oh, okay. All right. Huff and puff. Huff and puff works.
Works just fine though.
One P, another pushes it center.
Actually, no. 414 is the dual twin pressurizing.
Yeah. All right. All right.
Off to 210.
Yeah. Get you that same day one.
Now if you want. Yeah. The smartest thing you can do is land. Let the air mass move on. It will. They all do. There's never been an exception. It moves on. Now, he said it over Indianapolis. His big calm in there didn't work.
Now he gets in the airplane. He's covering the ground 100 mile an hour. And the arrivals in Rome sets in. Whee. We're making progress. You can't be no better than that. Now, actually, that in the financial world is what Dave Ramsey is teaching. Get out of debt. Get out of debt. Get out of debt. Well, I couldn't agree more heartily, Steve.
But none of these financial geniuses out there address this. That's the weird world we work in. Let the Ms. Move on. Now, it's centered over Washington, D.C. you have a 345 tailwind that's pushing 100 mile an hour. Airplane. You get Chicago in a hurry.
Now, Steven, 445 ground speed beats the daylights out of 100, doesn't it? Oh, yeah.
Yes. But Stephen, everything that you do in the financial world is compared to what everybody else is doing.
Stephen, 90% of the USA public is flying with 345 headwind. If you have a 345 tailwind, the difference between you and them is twice the wind.
That's the real difference.
Now, I know how to create perpetual tailwind to everything that you do in the financial world.
