I recently returned from a whirlwind weekend at the FreedomFest in Las Vegas. It is increasingly evident that Prosperity Unbound appeals to a larger and wider range of audiences, especially after the housing market collapse. Given the 1.5 million foreclosures in the United States in the first half of this year alone, with one in eight Americans either late on their payments or already facing foreclosure, many people are wondering how we got there. Many others ask whether the stimulus packages and administration’s approaches are really confronting the root of the problem. There seems to be no end in sight, and a great number (29%) of credit-worthy borrowers with fixed-rate home loans are among those suffering from the downward pressure on house prices. If ever there was a time to establish a more secure valuation of the underlying asset, the time is now.
Walking around Las Vegas, I saw some of the grandiose edifices under construction and left over from the real estate boom now bowing to the economy’s will. Cranes were scattered across the landscape like giant herons frozen in time. Then I discovered a side story. Scattered throughout the opulence and malls were little shops, independently owned and operated. They had been established decades ago, selling their wares and $1 bottles of water (versus $4 at posh cafés). Many resisted pressure from real estate developers and kept their specks of territory among giants. The big real-estate dollar signs that had drawn speculators to the city five years ago who are now fleeing with tails between their legs.
FreedomFest, a celebrated venue for open-market debate and thinking (with over 1,500 attendees) also seemed this year to be a popular place for talking about illiquid real estate. I presented my book and talked about my formula for prosperity for the worlds’ poor and its success rate. Michael Strong, CEO of FLOW, graciously introduced me and my work. I also expounded further on my methodology and how I apply it as a private social entrepreneur with Panel Group. The broad interest from diverse attendees, highlighted the relevance of the methodology outlined at Prosperity Unbound, beginning with institutional economics, finance, and practically explaining how the social contract and property markets evolve as well as how we can reduce the risk for property becoming illiquid.
Topics ranged from evolution of mankind to evolution of markets. Michael Shermer, a scientist, the Executive Director of the Skeptics Society and a columnist for Scientific American, delved into the evolution of humankind and societies honoring Darwin and his personal journey. Others addressed how people choose to handle their wealth, drifting into an ongoing debate about how much governance is needed for effective enforcement of contracts. Ironically, in my mind, it is the proponents of a “hands-off government” who (recognizing it or not) most desire effective government for the purpose of ensuring the security of their private wealth, property, and person … both from government expropriation and from the abuse of other citizens. The logic leads us into the arena of policy-making, in relation to the management of private wealth and property. Julian Morris of the International Policy Network, Steve Forbes of Forbes Magazine, John Mackey of Whole Foods, and others presented ways policy-making can harm markets and discussed their outlook for the Global Economy.
Then, of course, there was Yoga every morning with Gurucharan Khalsa and dancing to the Beatles at the closing gala of FF. All in all, a good weekend.
a columnist for Scientific American, delved into the evolution of humankind and societies honoring 
