{"id":5946,"date":"2012-10-30T20:19:44","date_gmt":"2012-10-31T00:19:44","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5946"},"modified":"2012-10-30T20:19:44","modified_gmt":"2012-10-31T00:19:44","slug":"the-candlemakers-petition","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/30\/the-candlemakers-petition\/","title":{"rendered":"The Candlemakers' Petition"},"content":{"rendered":"

I was reminded of this amusing satire by Frederic Bastiat:<\/p>\n

To the Honourable Members of the Chamber of Deputies.<\/strong>
\n(Open letter to the French Parliament originally published in 1845)<\/p>\n

Gentlemen:<\/strong>
\nYou are on the right track. You reject abstract theories and have little regard for abundance and low prices. You concern yourselves mainly with the fate of the producer. You wish to free him from foreign competition, that is, to reserve the domestic market for domestic industry…….<\/p>\n

We are suffering from the ruinous competition of a rival who apparently works under conditions so far superior to our own for the production of light that he is flooding the domestic market with it at an incredibly low price; for the moment he appears, our sales cease, all the consumers turn to him, and a branch of French industry whose ramifications are innumerable is all at once reduced to complete stagnation. This rival, which is none other than the sun, is waging war on us so mercilessly we suspect he is being stirred up against us by perfidious Albion, particularly because he has for that haughty island a respect that he does not show for us.<\/p>\n

We ask you to be so good as to pass a law requiring the closing of all windows, dormers, skylights, inside and outside shutters, curtains, casements, bull’s-eyes, deadlights, and blinds — in short, all openings, holes, chinks, and fissures through which the light of the sun is wont to enter houses, to the detriment of the fair industries with which, we are proud to say, we have endowed the country, a country that cannot, without betraying ingratitude, abandon us today to so unequal a combat…….<\/p><\/blockquote>\n

Bastiat goes on to argue that such an action would raise prices, boost French industry and create new jobs — arguments put forward by many politicians for increasing protectionism — while ignoring the huge burden to the consumer.<\/p>\n

Hat tip to Matthew Yglesias. Read the full petition at bastiat.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

I was reminded of this amusing satire by Frederic Bastiat: To the Honourable Members of the Chamber of Deputies. (Open letter to the French Parliament originally published in 1845) Gentlemen: You are on the right track. You reject abstract theories and have little regard for abundance and low prices. You concern yourselves mainly with the … <\/p>\n

Continue reading “The Candlemakers' Petition”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,11],"tags":[564,1463,2806],"class_list":["post-5946","post","type-post","status-publish","format-standard","hentry","category-economy","category-humor","tag-candlemakers-petition","tag-frederic-bastiat","tag-protectionism"],"yoast_head":"\nThe Candlemakers' Petition - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Candlemakers' Petition - the patient investor\" \/>\n<meta property=\"og:description\" content=\"I was reminded of this amusing satire by Frederic Bastiat: To the Honourable Members of the Chamber of Deputies. 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Here he gives his views on the myth of the free lunch.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/YmqoCHR14n8\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11609,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/03\/09\/dads-army-fumbles-housing-affordability-macrobusiness\/","url_meta":{"origin":5946,"position":1},"title":"Dad\u2019s Army fumbles housing affordability | Macrobusiness","author":"ColinTwiggs","date":"March 9, 2015","format":false,"excerpt":"By Leith van Onselen \u2014 Published with kind permission from Macrobusiness. After his shoddy effort yesterday defending Australia\u2019s giant superannuation rort,\u00a0Dad\u2019s Army\u2019s Robert Gottliebsen (\u201cGotti\u201d), has backed Treasurer Hockey\u2019s proposal to allow young home buyers to raid their superannuation accounts to purchase their first home: Joe Hockey\u2019s idea to allow\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Broken Window","src":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/4\/4c\/Young_woman_and_broken_window-2.jpg","width":350,"height":200},"classes":[]},{"id":62013,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/06\/19\/why-trade-protectionism-harms-local-industry\/","url_meta":{"origin":5946,"position":2},"title":"Why trade protectionism harms local industry","author":"Colin Twiggs","date":"June 19, 2025","format":false,"excerpt":"https:\/\/youtu.be\/qb644F-iE_s?si=eDheGWdQp2cX0X2j Dwarkesh Patel interviews Arthur Kroeber where he highlights the danger of trade barriers to protect domestic industries: China spent 25 years failing to build a globally competitive domestic car industry through hundreds of billions of dollars of subsidies and forced partnerships. Then they tried something radical. In 2018, they\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/qb644F-iE_s\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":62101,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/07\/09\/uranium-loses-its-glow\/","url_meta":{"origin":5946,"position":3},"title":"Uranium loses its glow","author":"Colin Twiggs","date":"July 9, 2025","format":false,"excerpt":"Summary Uranium crossed above its 50-week WMA, indicating a base is forming A retracement that respects support at the April low would confirm The Sprott Physical Uranium Trust (SRUUF) has trended downward since early 2024, but the recent cross above its long-term moving average (50-week weighted MA) suggests a base\u2026","rel":"","context":"In "Nuclear Energy & Uranium"","block_context":{"text":"Nuclear Energy & Uranium","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/uranium\/"},"img":{"alt_text":"Sprott Physical Uranium Trust (SRUUF)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-07-08-sruuf.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-07-08-sruuf.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-07-08-sruuf.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6408,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/09\/china-is-now-heading-toward-japan-style-economic-paralysis-if-it-doesnt-change-course-quartz\/","url_meta":{"origin":5946,"position":4},"title":"China is now heading toward Japan-style economic paralysis if it doesnt change course | Quartz","author":"Colin Twiggs","date":"December 9, 2012","format":false,"excerpt":"Jack Rodman, president of Global Distressed Solutions LLC, spent 1999 to 2011 living in Japan and China, packaging and disposing of nonperforming loans and distressed assets. He writes on the problems facing China: At the end of 1989, Japan\u2019s bubble economy burst and its economic miracle came to an abrupt\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3904,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/03\/21\/us-public-debt-growing-at-unsustainable-rate\/","url_meta":{"origin":5946,"position":5},"title":"US public debt growing at unsustainable rate","author":"Colin Twiggs","date":"March 21, 2012","format":false,"excerpt":"We often blame Fed monetary policy for the GFC, with interest rates at exceptionally low levels leading to \"Greenspan's bubble.\" Treasury was just as culpable, however, with the massive 2004-2005 surge in public debt flooding the market with liquidity. The repeat in 2008-2011 was more justifiable: the spike in public\u2026","rel":"","context":"In "Debt Levels"","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5946"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5946\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}