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We will keep weakening Russia’s economy with our sanctions. We will keep supporting Ukraine, including with European air defence and PAC-3 Patriot systems. We will work closer than ever with NATO. And deter anyone who attacks our freedom and security. https://t.co/C7Yy7cLKPk #Sanctions #SupportUkraine #NATO #RU #UA #NATO

Data powers the digital economy, but only trusted governance makes its benefits inclusive. @UNESCO's Data Governance Programme helps policymakers build inclusive, rights-based data ecosystems for the #AI era. 📘 https://t.co/1VcapTAMrd #DataGovernance #DigitalTransformation https://t.co/VODwwj5Pdz #DataGovernance #DigitalEconomy #AI #Therearenospecificcountrycodesmentionedinthetweet.

“Socialism Was Good in Theory” That sentence assumes the theory was never seriously challenged. It was. Long before the Soviet Union existed, before Lenin seized power, and before socialism had been tested on a national scale, major thinkers were already attacking its foundations—from very different directions. Five of them stand out. Tocqueville: Equality Can Become Servitude In 1848, Alexis de Tocqueville drew a sharp distinction between democracy and socialism. Both spoke about equality. But Tocqueville believed they pursued it in fundamentally different ways. Democracy, in his view, sought equality while preserving individual freedom. Socialism risked achieving equality by expanding the power of the state over the individual. His warning was essentially this: equality is not automatically liberty. A society can pursue equality so aggressively that it begins sacrificing the independence that makes political freedom meaningful. Bastiat: Follow Where Redistribution Leads Two years later, Frédéric Bastiat attacked socialism from a different direction. His question was deceptively simple: What happens when the state acquires the authority to take from some people and give to others in the name of justice? Bastiat called this “legal plunder.” His concern was not merely that redistribution might be expensive. It was that once government becomes the instrument through which competing groups obtain benefits from one another, politics can turn into a permanent struggle over who controls the machinery of redistribution. The problem, therefore, wasn’t simply how much the state redistributed. It was the principle that made redistribution legitimate in the first place. (bastiat.org⁠) Nietzsche: Equality Can Become Resentment Nietzsche approached socialism neither as an economist nor as a constitutional theorist. He attacked its psychology. He saw modern egalitarian movements as part of a much older moral impulse: resentment toward exceptional individuals and suspicion of strength, ambition and hierarchy. For Nietzsche, the danger was not simply that everyone might become economically equal. It was that a culture could begin treating excellence itself as something morally suspect. The goal would cease to be lifting people upward. It would become bringing the exceptional downward. Böhm-Bawerk: Challenge the Economics Then came Eugen von Böhm-Bawerk. In 1896, he turned his attention specifically toward Marx’s economic system. His criticism was not primarily moral or political. It was technical. Böhm-Bawerk argued that Marx’s theory of value did not adequately explain how the labor values developed in Capital could be reconciled with the actual prices Marx subsequently needed to explain. In other words, he attacked socialism where it claimed to possess a scientific economic foundation. The argument became one of the central criticisms of Marxian economics and helped launch a debate that would continue for generations. Mises: The Calculation Problem Then, in 1920, Ludwig von Mises attacked an even more fundamental question: Even if socialism is morally desirable, how would a socialist economy actually know what to produce? A functioning economy has millions of competing uses for scarce resources. Build a bridge or a hospital? Use steel here or there? Produce more machinery or more consumer goods? Under private ownership and markets, prices for capital goods provide information about relative scarcity and opportunity costs. Mises argued that abolishing private ownership of the means of production also removes the genuine market prices necessary for rational economic calculation. The problem wasn’t simply that socialist planners might make bad decisions. It was that the system deprived them of the very economic signals required to systematically compare those decisions. (Mises Institute⁠) And that was the sequence. Tocqueville challenged the political premise. Bastiat challenged the moral and legal mechanism of redistribution. Nietzsche challenged the psychology behind egalitarianism. Böhm-Bawerk challenged Marx’s economic theory. Mises challenged the possibility of rational central economic calculation. Five different thinkers. Five different objections. And all of them came before the Soviet Union had demonstrated what large-scale socialist government would actually look like. So “socialism was good in theory, but bad in practice” is not an argument. It is a historical claim that requires you to explain why these theoretical objections were wrong. The interesting question isn’t whether socialism had critics. It did. The interesting question is whether socialism ever adequately answered them” - ChatGPT

This has been fun, but now it's time to concentrate on the geopolitical and economic matters as the "intermission" in the Middle East looks to have ended. I promise to keep you updated on any developments concerning the tall blonde, though. There was something exceptional about #Geopolitics #MiddleEast #Economy #IL #US

I joined a meeting of the #G7 finance ministers and central bank governors via videoconference. We had a very productive discussion about the global economy, artificial intelligence, and Ukraine. The current global challenges require coordinated policy actions. https://t.co/CQxdNregwz #G7 #GlobalEconomy #AI #CA #DE #FR #IT #JP #UK #US #UA