Friends and Fans — I have retired from my work as a public intellectual, so Philosophy in Action is on indefinite hiatus. Please check out the voluminous archive of free podcasts, as well as the premium audio content still available for sale. My two books — Responsibility & Luck: A Defense of Praise and Blame and Explore Atlas Shrugged — are available for purchase too. Best wishes! — Diana Brickell (Hsieh)

Fractional Reserve Banking, Honesty, Trust in Business, and More

Q&A Radio: 8 March 2015

I answered questions on fractional reserve banking, fraud, and deception, people unworthy of the truth, deception in a business partner, and more on 8 March 2015. Greg Perkins of Objectivist Answers was my co-host. Listen to or download this episode of Philosophy in Action Radio below.

The mission of Philosophy in Action is to spread rational principles for real life... far and wide. That's why the vast majority of my work is available to anyone, free of charge. I love doing the radio show, but each episode requires an investment of time, effort, and money to produce. So if you enjoy and value that work of mine, please contribute to the tip jar. I suggest $5 per episode or $20 per month, but any amount is appreciated. In return, contributors can request that I answer questions from the queue pronto, and regular contributors enjoy free access to premium content and other goodies.

My News of the Week: I'm wrapping up my time in Aiken and preparing for SnowCon 2015.


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Segments: 8 March 2015


Question 1: Fractional Reserve Banking, Fraud, and Deception

Question: Does fraud require deliberate deception? Some libertarians, most notably Walter Block, have tried to argue that fraud does not require deliberate deception. For example, argues Block, if I tried to sell you a square circle, and I believed that square circles existed, and so did you, and you agreed to the transaction, then, since square circles do not actually exist, this would still count as fraud, even though no deliberate deception has taken place. Block has used this argument to indict fractional reserve banking, by arguing that it still counts as fraud even though all parties are knowingly consenting. Is he talking rationalist nonsense?

Answer, In Brief: The libertarian arguments about fractional reserve banking as inherently fraudulent are wrong and silly. False beliefs do not render transactions fraudulent: some kind of intentional or negligent deception is required.

Tags: Business, Deception, Finance, Fraud, Government, Honesty, Law, Rights

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Question 2: People Unworthy of the Truth

Question: Are some people unworthy of the truth? "Never tell the truth to people who are not worthy of it," said Mark Twain in his Notebooks. Is that true? Does that justify lying or withholding information?

Answer, In Brief: A decent person deals with other people squarely, whether by communicating honestly with them or keeping away. Attempting to justify deception on the grounds that others are unworthy destroys your character and makes you "unworthy" by your own standards.

Tags: Character, Communication, Deception, Ethics, Honesty, Independence, Justice, Moral Judgment, Relationships

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Question 3: Deception in a Business Partner

Question: How can I decide whether a business associate has crossed the line? I am part of a very specialized marketing co-op group. Businesses provide samples to the marketer, who then sells them at his own profit, to the tune of thousands of dollars a month. The marketer also does many web promotions and a monthly set of videos to promote the makers of these samples. This business has worked well in sending customers my way in the past. However, a few months ago, the marketer threatened to call the whole thing off for a month, claiming there were not enough samples to sell. So all the businesses rallied and sent in more. Two weeks later the marketer posted publicly that his spouse's hours had been cut the month before, and he was strapped for cash. This apparent dishonesty turned me off from using the service for many months. When I finally sent in samples again, I found that the same thing is still happening: the marketer is threatening to call off the promotion for the month if more samples are not sent in. Does this kind of behavior warrant dropping this business tool from my arsenal? Or am I just reacting emotionally?

Answer, In Brief: This marketer is flying a slew of red flags: he seems dishonest, manipulative, and sleazy. Don't tolerate that or try to manage it: you'll lose. Cut ties and find better people to promote your work.

Tags: Business, Character, Deception, Ethics, Honesty, Justice, Moral Judgment, Moral Wrongs

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Rapid Fire Questions (51:41)

In this segment, I answered questions chosen at random by Greg Perkins impromptu. The questions were:
  • Would you pay $10,000 for an 18 karat gold Apple Watch?
  • Should children be taught about sexual sadism and masochism?

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Conclusion (56:30)

Thank you for joining us for this episode of Philosophy in Action Radio! If you enjoyed this episode, please contribute to contribute to our tip jar.


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The vast majority of Philosophy in Action Radio – the live show and the podcast – is available to anyone, free of charge. That's because my mission is to spread rational principles for real life far and wide, as I do every week to thousands of listeners. I love producing the show, but each episode requires requires the investment of time, effort, and money. So if you enjoy and value my work, please contribute to the tip jar. I suggest $5 per episode or $20 per month, but any amount is appreciated. In return, regular contributors enjoy free access to my premium content.

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About Philosophy in Action

I'm Dr. Diana Brickell (formerly Diana Hsieh). I'm a philosopher, and I've long specialized in the application of rational principles to the challenges of real life. I completed my Ph.D in philosophy from the University of Colorado at Boulder in 2009. I retired from work as a public intellectual in 2015.

From September 2009 to September 2015, I produced a radio show and podcast, Philosophy in Action Radio. In the primary show, my co-host Greg Perkins and I answered questions applying rational principles to the challenges of real life. We broadcast live over the internet on Sunday mornings.

You can listen to these 362 podcasts by subscribing to the Podcast RSS Feed. You can also peruse the podcast archive, where episodes and questions are sorted by date and by topic.

My first book, Responsibility & Luck: A Defense of Praise and Blame, can be purchased in paperback and Kindle. The book defends the justice of moral praise and blame of persons using an Aristotelian theory of moral responsibility, thereby refuting Thomas Nagel's "problem of moral luck." My second book (and online course), Explore Atlas Shrugged, is a fantastic resource for anyone wishing to study Ayn Rand's epic novel in depth.

You can also read my blog NoodleFood and subscribe to its Blog RSS Feed.

I can be reached via e-mail to diana@philosophyinaction.com.

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