Volume 14, Number 11, November 2008 Objectivist Summer The Financial Crisis

Conference 2009 he attacks of 9/11 jolted Americans out of com- trail of government intrusions into the economy: Tplacency regarding the United States’ foreign an inflationary boom brought on by the Fed’s Lineup Announced policy. They saw that there was an urgent need easy-money policies, a campaign to promote home to act in order to protect themselves from foreign ownership that encouraged risky loans, regula- Impact is pleased to threats, and they were eager for a principled voice tions that pushed banks to become dangerously announce the speakers to tell them what kind of action was necessary. over-leveraged and so on. The solution is not more for Objectivist Summer The current financial meltdown is having a government intervention, or ‘better’ government Conference 2009, to be similar effect. As the wave of apparent prosperity intervention, but more freedom.” held at the Seaport Hotel that characterized recent history has come crashing To promote this view, the Center in Boston, July 3 to July down, people are now asking: What is the cause of for Individual Rights—ARI’s public policy and TM 11. Donors should receive the crisis? What can we do to avert disaster? How outreach division—has launched a special section their conference catalog in can we make sure this never happens again? of our Web site: www.aynrandcenter.org/crisis. Here December. Please visit As with 9/11 there are abundant voices in the visitors will find a regularly updated collection of www.objectivistconferences.com for details. culture offering recycled answers to those ques- writings and recordings that provide an in-depth (Please note that this list is subject to change.) tions—and as with 9/11, most of those voices are analysis of this crisis. championing ideas and policies that can lead only to “ARI is working tirelessly to provide a rational further disaster. alternative to anticapitalist ideas that dominate cov- “The world has never needed Ayn Rand more erage of this crisis,” said Dr. Brook. “But we cannot General Sessions than it does today,” said ARI’s executive director, do it alone. Every Objectivist should speak out on . “As Americans grapple with this cri- this issue. As [ARI senior fellow] Dr. Onkar Ghate : and the Objective sis, they hear from all sides that too much economic and I discussed in our Objectivist Summer Confer- (two lectures) freedom is the cause, and that more government ence 2008 lectures on cultural change, all Objectiv- Onkar Ghate: The Separation of Church and State intervention is the only cure. But as Ayn Rand dem- ists should become cultural activists. Whether by onstrated, only freedom can unleash man’s produc- : Hallmarks of Objectivism: The writing letters to the editor, or posting comments tive powers, while government’s coercive hand can Benevolent Universe Premise and the Heroic View to popular blogs, or simply referring friends and only lead to economic ruin.” of Man colleagues to ARI’s Web site, every Objectivist can Since the onset of this crisis, ARI has been help influence the debate. As Ayn Rand pointed out Greg Salmieri: on the Role of the flooding the media with articles, op-eds, press in her essay ‘What Can One Do?’, simply saying Mind in Man’s Existence releases, and radio and TV appearances that apply ‘I disagree’ the next time someone attributes the Peter Schwartz: Free Minds and Free Markets Ayn Rand’s to today’s events. “Objec- crisis to can have a profound effect.” (A tivism is the only philosophy that identifies the free video recording of those lectures is available at : No Tributes to Caesar: Good or Evil in true nature of capitalism and of its antipode,” said Atlas Shrugged www.aynrandcenter.org.) Dr. Brook. “It is therefore the only philosophy that Impact will continue to keep readers updated continued on page 2 allows us to the see the real story behind today’s on ARI’s efforts to address this crisis. For the latest headlines: that the fundamental cause of this crisis is information, including dates of upcoming talks and not Wall Street ‘greed’ or ‘deregulation,’ but a long media appearances, please visit our Web site. Two Talks Bring the Ayn Rand Center for Individual Rights into the Public Eye

he opening of the Ayn Rand Center for ups for the ARC mailing list. new perspective to Washington that is sorely TIndividual Rights (ARI’s new Public Afterwards, Impact spoke with some of the needed, especially now. It was a delight finally Outreach division) in Washington, D.C., was D.C.-area policy groups that had attended the to see someone defending capitalism on moral highlighted this month by two talks featuring event. Their response was enthusiastic. Said grounds in this town. Yaron Brook is a fabulous Yaron Brook. On October 22, in the historic Steve Simpson, senior attorney at the Institute speaker; Thomas Bowden [an ARC analyst] and National Press Club ballroom, Dr. Brook for Justice, “ARC brings a new voice and a Lin Zinser [ARC vice president of Public Out- kicked off the East Coast Ayn Rand reach] are terrific and energetic people. Center Lecture Series with a talk titled I hope to be able to work with all of “Capitalism Without Guilt: The Moral them in the future.” Case for Freedom.” When asked how this event com- Flanked on either side by American pared to others, Mr. Simpson remarked, flags, Dr. Brook presented extemporane- “I’ve been to many events by policy ously a moral defense of laissez-faire to groups at the National Press Club over the a spirited crowd of 250. In attendance at years. The turnout for ARC’s inaugural the inaugural lecture were Objectivists and talk was better than I’ve ever seen.” non-Objectivists, business leaders, univer- Victoria Hughes, president of the Bill sity students, intellectuals from other think of Rights Institute, echoed those senti- tanks, ARI supporters and curious members ments. Said Ms. Hughes, “Congratula- of the general public. tions on the Ayn Rand Center’s inaugural The forty-five-minute talk was followed lecture. Dr. Brook’s remarks on the defense by an equally long and lively question-and- of capitalism offered the Washington, D.C., answer session, which in turn gave way to audience a point of view that challenges a packed reception. There was a cash bar, their ‘business as usual’ thinking. The Cen- animated conversation, the handing out of ter’s arrival in our nation’s capital is timely literature and page after page of new sign- Yaron Brook delivers ARC’s inaugural lecture at the National Press Club continued on page 4 Objectivist Summer Conference 2009 Lineup Announced, continued from page 1 Tara Smith: “Humanity’s Darkest Evil”: The Lethal Destructiveness of Non-Objective Law

Optional Courses

Craig Biddle: Moral Rights and Metaphysical Law Kris Biniek: Friendship: Who Needs It Government Aid in a aid: “Those who advocated such laws are mor- ally guilty, since they assumed the ‘right’ to force Thomas Bowden: Property Rights—and Wrongs Non-Capitalist Society employers and unwilling co-workers. But the vic- Yaron Brook: The Moral Defense of Capitalism: A tims, who opposed such laws, have a clear right to History any refund of their own money—and they would Each month Impact suggests readings and other Pat Corvini: Limits and the Universality of not advance the cause of freedom if they left their resources for fans of Ayn Rand’s fiction who wish Mathematics to learn more about her philosophy, Objectivism. money, unclaimed, for the benefit of the welfare- state administration.” (“The Question of Scholar- Eric Daniels: Religion in American History yn Rand advocated laissez-faire capitalism, ships” in The Objectivist, June 1966) : Understanding the Arab-Israeli Athe social system in which the government’s Government research grants are also in a simi- Conflict only function is to protect individual rights. She lar class: “A scientist is morally justified in accept- Ellen Kenner: Exploring the Psychological Visibility was, therefore, an opponent of all forms of govern- ing government grants—so long as he opposes all Principle as Illustrated in Atlas Shrugged ment “aid”—of programs such as welfare, social forms of welfare statism. As in the case of scholar- security and financial support of the sciences. ship-recipients, a scientist does not have to add self- Robert Knapp: Euclid’s Method But in a mixed economy, where the government martyrdom to the injustices he suffers.” But here Andrew Lewis: The Renaissance (part 2): c. 1450–c. confiscates massive amounts of wealth and doles Ayn Rand warned, “Government research grants, 1550 it out through these programs, must a rational man for the most part, have no strings attached, i.e., no John Lewis: The History of Ancient Greece: The refuse to accept such “assistance”? controls over the scientist’s intellectual and profes- Archaic Period Ayn Rand’s basic answer was (which she sional freedom (at least, not yet). When and if the elaborated on in some detail): one may accept government attempts to control the scientific and/or Edwin A. Locke: Special Topics in Introspection government aid provided one opposes statism political views of the recipients of grants, that will Lee Pierson: James Gibson’s Direct Realist Theory and regards the assistance as his rightful restitu- be the time for men of integrity to quit. At pres- of Perception tion. Said Ayn Rand of government scholarships: ent, they are still free to work—but, more than any Sandra Schwartz: The Verismo School: The Final “the right to accept them rests on the right of the other professional group, they should be on guard Stage of Romanticism in Italian Opera victims to the property (or some part of it) which against the gradual, insidious growth of pressures to was taken from them by force. conform and of tacit control-by-intimidation, which Lisa VanDamme: Ibsen the Iconoclast “The recipient of a public scholarship is morally are implicit in such conditions.” (“The Question of Barry Wood: Art as a Concretization of Metaphysics justified only so long as he regards it as restitution Scholarships” in The Objectivist, June 1966) and opposes all forms of welfare statism. Those who For further reading on this topic (in addition advocate public scholarships, have no right to them; to the work already cited), see “The Objectiv- Dance workshops those who oppose them, have. If this sounds like a ist Ethics” in The Virtue of Selfishness and “The paradox, the fault lies in the moral contradictions of Establishing of an Establishment” in Philosophy: Ted Gray and Marilyn George: Swing welfare statism, not in its victims.” (“The Question Who Needs It. All of the items cited in this column of Scholarships” in The Objectivist, June 1966) can be purchased from the Ayn Rand Bookstore. Francisco Gutierrez: Salsa Likewise for social security, unemployment To order, please visit www.aynrandbookstore.com insurance and other similar forms of government or call 1-800-729-6149.

intellectual figure and are interested in some aspect that include promoting the Archives at academic Utilizing the Ayn Rand of her life and thought. In fact, close to one third conferences across the country. Archives of our anticipated visiting scholars this year will be I also think one of the interesting things, which from outside the Objectivist community. maybe explains this spike, is the extent to which Impact recently interviewed , manager Impact: What kind of research is going on this any work using primary sources ultimately results in of the Ayn Rand Archives, to discuss current year? increased interest in the Archives and its holdings. scholarly interest in the Archives. JB: What we are looking at this year is a real Impact: Could you please elaborate on that? spike in research interest: we have PhDs writing JB: I’d be happy to. The Estate of Ayn Rand Impact: I understand that lately there has been a their dissertations, PhDs revising their dissertations was the first to edit and publish material from the lot of interest in the Archives, both from Objectivist for publication, independent journalists interested Ayn Rand papers, and that resulted in publications and non-Objectivist scholars. in Ayn Rand and established scholars doing surveys such as The Early Ayn Rand and successive anthol- Jeff Britting: Absolutely. of Ayn Rand for new anthologies. There are also ogies such as The Letters of Ayn Rand and The Impact: First, could you tell our readers what scholars—four so far—who anticipate using the Journals of Ayn Rand. That first wave of publica- kind of material the Archives houses? Archives in conjunction with the forthcoming book tions let the public know that the underlying archi- JB: The Archives contains documents in all edited by Allan Gotthelf and Greg Salmieri [Ayn val material existed. Our initial users were people media related to Ayn Rand. This includes materials Rand: A Companion to Her Works and Thought, who looked at those publications and found some- that cover the sweep of Ayn Rand’s life: from her expected to be published in 2010]. thing they wanted to explore further. early development in Russia and the United States Impact: What explains this surge in interest? For instance, in The Letters of Ayn Rand, we to her self-cultivation as a writer and philosopher, JB: In general there is simply more scholarly published Ayn Rand’s side of her correspondence to her work as an activist advocating on behalf interest in Ayn Rand than ever before, in large part with various historic figures, but we did not publish of her novels and ideas. It also includes materials because of ARI’s various outreach efforts—efforts the other side. This alerted historians interested from individuals and organizations who were in the conservative movement and the influenced by Ayn Rand or who had contact intellectual development of the twentieth with her during her life. The purpose of the century to new documentary resources, Archives is to maintain that material, add to namely, those unpublished letters. it and provide scholars with access to it for There was also another wave consisting research which will result in published work. of Objectivists who were using the Archives Impact: What kind of scholars have been to support their essays on specific topics accessing the Archives? about Ayn Rand, essays which were largely JB: Most requests that cross my desk are spearheaded by Robert Mayhew’s antholo- from people who are in graduate school or are gies on the novels. This body of work in turn established university-level academics. These has created further interest among outside include historians, intellectual historians, phi- scholars. losophers, biographers, people in literature— So what we’ve really seen is a virtuous the list goes on. We host scholars across the circle: something is published, people get spectrum, from prominent advocates of Objec- interested and they come to the Ayn Rand tivism who’ve published essays or books that Archives; then they publish something, the are well known to our readers to non-Objec- body of scholarship builds, more people get tivists who consider Ayn Rand an important A set-up for archives research continued on page 4 2 Many private bankers and borrowers made from the devastation that socialist policies wrought ARC’s Response to foolish decisions: they should have known housing worldwide in the twentieth century? Government prices cannot go up forever. But today’s crisis could intervention distorts markets and causes economic the Financial Crisis not have reached a fraction of its current proportions dislocations, no matter whether Uncle Sam controls were it not for the government’s power to create private companies by regulation or assumes public The Ayn Rand Center for Individual Rights bubbles and pervert lending practices in the name ownership outright. has released numerous op-eds and press of some indefinable “public interest.” The basic “A crisis doesn’t transform poison into medi- releases in response to the financial meltdown. solution, therefore, is to disentangle and remove the cine. Over decades, government manipulation Below is a sample. For the latest, please visit government from the financial and housing markets. of money, credit, and mortgages poisoned this www.aynrandcenter.org/crisis. This means, for starters, getting rid of the Fed’s economy and left it dangerously weak. Now Hank power to manipulate interest rates, letting housing Paulson and his comrades are hooking up IV tubes prices fall to market levels, dismantling Fannie and filled with more of the same poison—bailouts, loan The following originally appeared on the FOX Freddie, and ending bailout promises. guarantees, cheap money, and more burdensome Forum, a Web site. Untangling this government mess is not regulations—and hoping we will lie still and trust an overnight job, and it is not obvious how in their cure. Hank Paulson’s $700 Billion Hedge Fund: best to proceed. It is conceivable that on the “But the real cure is capitalism, not more doses The Market Nationalization Continues way to removing its toxic presence, a repentant of socialism. We should act quickly to put govern- By Alex Epstein government might need to take stopgap financial ment in its place, by rolling back the intervention- assistance measures to prevent market-wide ist measures that caused the present emergency. Over the last year, the central planners at the catastrophe. The current plans, however, do not Government’s proper role is to punish fraud and Fed and the Treasury have claimed that they will seek to dismantle the government’s command- enforce contracts, not to own and manage the econ- stop the credit crisis with some new dictatorial and-control financial apparatus, but to expand omy. We cannot achieve financial health unless we intervention—first with Bear Stearns, then with it. Observe that Bush’s recent explanation of the are willing to free the markets.” Fannie and Freddie, then with AIG. Now they offer causes of the crisis didn’t even mention the Federal us yet another magic bullet: a $700 billion check Reserve, the Treasury, Fannie Mae or Freddie from taxpayers to Hank Paulson—who will bail Mac, let alone give them proper blame. But he Ayn Rand Saw This Coming out as many financial institutions as he sees fit. did mention them in all his solutions, which give October 9, 2008 This socialistic power grab, just like the last these entities near-dictatorial control over financial half dozen, is being sold as a necessary, one-time markets. To ask Americans for an “emergency” Washington, D.C.—“Despite overwhelming evi- “emergency” measure. But these measures are $700 billion to further nationalize the financial dence that government policies caused the current simply greater and greater doses of the poison that markets is a travesty. Congress should not give the financial crisis, Congress is blaming businessmen,” got us where we are in the first place: government administration a nickel. And we should all demand said Yaron Brook, executive director of the Ayn Rand manipulation of the housing and financial markets. that our government stop manipulating the market. Center for Individual Rights. “What’s worse, the Government manipulator number one was capitalists who have been shackled with unprec- the Federal Reserve, which dictated artificially Alex Epstein is an analyst for the Ayn Rand Center edented regulatory burdens are unable to defend low interest rates, inflating the currency to create for Individual Rights. themselves morally. Though the events are different, the illusion of economic growth. The result was a this pattern of abuse and submission is straight out borrowing spree by banks, which proceeded to lend of Ayn Rand’s Atlas Shrugged. nonexistent capital to homebuyers, who proceeded Are We All Socialists Now? “The cycle starts with government interven- to collectively fuel a housing boom—which fueled October 10, 2008 ing into the economy and imposing regulations a boom in mortgage-backed securities. Fannie and and controls on business. This distorts the free Freddie added dramatically to the number of bad Washington, D.C.—The Treasury Department, as market, leading to economic dislocations. When loans and bad securities on the market under the part of its ongoing assumption of control over the the problems caused by these distortions inevitably banner of “affordable housing,” using their implicit financial industry, is preparing to inject cash into follow, everyone blames the and its government backing to make trillions in loans U.S. banks in exchange for preferred shares of greedy capitalists. The proposed solution? More that wouldn’t have otherwise been made. And bank stock. government controls. Over the years, conservative there were dozens of other government-created “Are we all socialists now?” said Yaron critics of creeping government have repeatedly distortions, from rating agencies to the “too big to Brook, executive director of the Ayn Rand Center exposed this illogic but have always been helpless fail” policy. for Individual Rights. “Have we learned nothing continued on page 4 Legislation Enables Tax-Advantaged Charitable Contributions from IRAs Once Again ere you born before July 1, 1939? Do you • Distributions must be from your traditional or details (including a sample letter of instruction to Whave a tax-deferred retirement account? 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Visit www.aynrand.org/IRA for all the 3 Two Talks Bring the Ayn Rand Center Ayn Rand Saw This Coming, continued from page 3 for Individual Rights into the Public Eye, continued from page 1 to explain why the cycle keeps repeating, decade after decade. TM and welcome.” “The pattern keeps recurring because business- books/audio/videos . . . for the rational mind TM The following evening, Dr. Brook took part men are willing to take the blame. From capital- in a three-person panel hosted by the campus ism’s inception, its defenders have been morally Objectivist club at American University. The disarmed by the widespread view that self-interest is SPOTLIGHT ON THE BOOKSTORE panel was moderated by Adam Kissel of the morally suspect, and disinterested service to others Foundation for Individual Rights in Educa- is a moral ideal. So each new spate of controls has The ARB Catalog Goes Digital tion. Dr. Brook participated alongside Middle been grudgingly accepted as a fair price to pay for Earlier this month

TM East expert Daniel Pipes and Danish publisher society’s toleration of the selfish pursuit of profit. TM KEEP FOR REFERENCE TM HIgHlIgHTs books/audio/videos. . .for the rationalTM mind books/audio/videos . . . for the rational mind KEEP FOR REFERENCE ARI sent a letter to Flemming Rose, journalist and cultural editor of NeW Releases “Atlas Shrugged depicted a society in eco- P a g e 4 Cultural Commentary Q & a The Creation of ayn Rand’s by Ultimate Hero: Who Is all our bookstore John galt by Shoshana Milgram P a g e s Philosophic Issues in economics page 19, Jyllands-Posten, the Danish newspaper that com- nomic collapse due to this recurring cycle, and 26, 41 by Harry Binswanger Inspiring Heroes: Lewis and Clark—Pioneering Partners customers announ- Page 47 Freedom of speech in american History by Debi Ghate by Eric Daniels page 33 missioned the cartoons depicting Muhammad. today’s parallels are obvious. Government manip- P a g e s Plato’s Laws Cultural Movements: Creating Change 37, 51 by Yaron Brook and Onkar Ghate by Robert Mayhew page 37, 57 cing the transition to

Page 59 The Menace of Pragmatism James Jerome Hill: Despite the volatile subject of the panel discus- by Tara Smith empire Builder ulation of money, credit, and lending standards by Talbot Manvel page 39 P a g e s global Warming: The science, Politics and Philosophy an online-only cata- 35, 53, 73 by Keith Lockitch american slavery, american Freedom by C. Bradley Thompson sion, titled “Totalitarian Islam and the Threat to P a g e s Objectivism and the Future of art over several decades caused the mess we’re in. page 49 53, 75 by Sandra Shaw log. Printed catalogs Two, Three, Four and all That by Pat Corvini Free Speech,” the 150 attendees were respectful sPeCIal seRIes page 73 Now, the offered solution is more of the poison Page 66 a RI and aRC lecture series 2008

n The “Market Failure Fallacy will now be mailed n Darwin and the Discovery of Evolution n Woodstock’s Legacy: The Rise of Environmentalism and the Religious Right and the night went on without incident. As usual, that sickened the economy—more bailouts, more n The Morality of Capitalism ® n The Resurgence of Big Government n Capitalism Without Guilt: The Moral Case for Freedom only upon request. A n McBama vs. America the question-and-answer session generated many cheap money, more government-guaranteed loans, PDF will be avail- queries and comments from the audience and the and above all, more regulations. able for download evening closed with a rousing round of applause. “This chronic cycle will not end until busi- on the bookstore Web site, www.aynrand Both the inaugural lecture and the panel nessmen accept that their production of profit is bookstore.com, allowing customers to view discussion will be made available on the ARI and neither immoral nor amoral—it is the capstone or print the catalog in its current format. ARC Web sites. of moral virtue. Once they shrug off the role of scapegoat, businessmen can demand with moral certitude that government punish fraud and enforce Impact is published monthly by the Ayn Rand® Institute (ARI) and is complimentary to current donors who contribute $35 or more per year. contracts but refrain from interfering with volun- For information on how you can support ARI and to learn about The Battle Continues tary trades among consenting adults. our projects, please visit our Web site: www.aynrand.org. Atlantis Legacy®, the Institute’s planned giving program, and related indicia By Yaron Brook “When America’s markets are finally free of are registered trademarks. The Ayn Rand Archives is a special all coercion—in other words, when laissez-faire is collection of the . Objectivist Conferences (OCON) he financial crisis is and the Ayn Rand Bookstore are owned by Second Renaissance, achieved—financial crises such as the one we’re Inc., which is operated by the Ayn Rand Institute. Second Tforemost on everyone’s experiencing will never happen again.” Renaissance, Inc., and the Ayn Rand Institute do not necessarily mind these days, includ- endorse the content of the lectures and courses offered. All photos of Ayn Rand are used by permission of the Estate of Ayn Rand. ing ours. The cover story in Purchases from the Ayn Rand Bookstore do not qualify as Impact this month details our tax-deductible contributions to the Ayn Rand Institute. Utilizing the Ayn Rand Archives, response to these recent events, Editor: Assistant Editor: Jeff Scialabba continued from page 2 Editorial Advisers: Dr. Yaron Brook, Mark Chapman, highlighting both the progress Debi Ghate, Anu Seppala Designer: Simon Federman we have made in our fight interested and the cycle continues. So next year Printing: David Antonacci Copy Editor: Donna Montrezza and the amount of ground we we anticipate even more interest. And that’s great Headquarters: 2121 Alton Parkway, Suite 250 still have to cover. Although for the Institute and our mission as a whole. Irvine, CA 92606-4926 Phone: 949-222-6550 Fax: 949-222-6558 we are being heard by ever-greater numbers, in Impact: How does one gain access to the © The Ayn Rand Institute 2008. All rights reserved. Not to be the near term, the United States is poised for even Archives? reproduced without permission. more massive extensions of government into the JB: Begin by going to the Web site, www economy in the form of increased taxes, increased .aynrand.org/archives. Check out the kinds of regulations, increased spending and the further material we have available and whether any of nationalization of major industries. it is applicable to your research. Then e-mail us There is no short-term solution. If America at [email protected], and we’ll take it from is to change course, it will require a change in the there. fundamental ideas that dominate the culture: from faith, altruism and statism—to reason, selfishness and capitalism. Achieving that revolution of ideas is the Institute’s mission. To achieve that mission, our strategy remains A Simple Way to Benefit the same: to promote Ayn Rand’s works and to foster the development of Objectivist intellectuals ARI After Your Lifetime through our “education funnel.” The funnel is our long-term gateway for bringing Ayn Rand’s ideas eaving a legacy to the into the mainstream and gaining real influence in L Ayn Rand Institute may American culture. be easier than you imagine. And there are signs that strategy is succeeding. 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They enjoy Academia.” These are just some of the signs that, not only the satisfaction of having provided for while the short term appears dreary, we should be the advancement of Objectivism in the future, optimistic about Objectivism’s long-term prospects but the current benefits of participation in ARI’s for success. Atlantis Legacy—such as the annual events held Your donations have enabled us to promote exclusively for planned giving donors during the a rational response to the current crisis—one that Objectivist summer conference. would increase economic freedom rather than For more information about planned giving strangle it further. 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