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Edmund Onward James





Joined: 04 Jun 2009
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PostPosted: Fri Oct 09, 2009 2:49 pm    Post subject: The Ascent & Descent of Money Reply with quote

Some recent input on the economy and financial crisis. Johan Norberg of the CATO Institute suggests that there may be too much regulation, now, which orevents progress and could end up worse in the future.

"Capitalism without bankruptcy is like Christianity without hell -- it loses its ability to motivate humans to be prudent or respect their fears.

There is a broad concensus that the way was paved for this financial crisis by record-low interest rates, huge deficits and large scale credit-financial consumption. Today, governments around the world are trying to solve the crisis -- by means of low interest rates, huge deficits and large-scale credit-financed consumption." Johan Norberg, writer of "Financial Fiasco: How America's Infatuations with Homeownership and Easy Money Created the Economic Crisis".


"Politicians are masters of the flim-flam art of taking credit for achievements they are utterly not responsible for -- and denying responsibility for all the disasters and failures they help create." Terence Corcoran, Editor, Financial Post Magazine.


Last edited by Edmund Onward James on Fri Oct 09, 2009 3:47 pm; edited 1 time in total
marklar





Joined: 03 Oct 2007
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Location: Toronto, Ontario

PostPosted: Fri Oct 09, 2009 3:44 pm    Post subject: Reply with quote

Edmund Onward James wrote:

"Capitalism without bankruptcy is like Christianity without hell -- it loses its ability to motivate humans to be prudent or respect their fears.


I don't see the parallel. Claiming bankruptcy gets you out of all your mistakes, you're forced to liquidate, but you do get a fresh start.

Hell would be the absence of the bankrupty process, where all your bad choices (defaults on debt/contracts) would stick with you forever and you had a (near) impossible time climbing out of the hole you dug for yourself.
Edmund Onward James





Joined: 04 Jun 2009
Posts: 1317
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votes: 2

PostPosted: Fri Oct 09, 2009 3:47 pm    Post subject: Reply with quote

Good point maklar, you ought to email Johan Norberg, though it was a metaphorical example. But you are right, once in hell I presume one stays there.
Popular Capitalist





Joined: 09 Oct 2009
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PostPosted: Fri Oct 09, 2009 5:36 pm    Post subject: Reply with quote

marklar wrote:
Edmund Onward James wrote:

"Capitalism without bankruptcy is like Christianity without hell -- it loses its ability to motivate humans to be prudent or respect their fears.


I don't see the parallel. Claiming bankruptcy gets you out of all your mistakes, you're forced to liquidate, but you do get a fresh start.

Hell would be the absence of the bankrupty process, where all your bad choices (defaults on debt/contracts) would stick with you forever and you had a (near) impossible time climbing out of the hole you dug for yourself.


I thinking he's getting at the literal meaning of bankruptcy (having nothing left) as opposed to legal bankruptcy.
FF_Canuck





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Location: Southern Alberta

PostPosted: Fri Oct 09, 2009 10:44 pm    Post subject: Reply with quote

Popular Capitalist wrote:
I thinking he's getting at the literal meaning of bankruptcy (having nothing left) as opposed to legal bankruptcy.

Agreed. He's basically saying that without the risk of failure, there is less incentive to use caution or good judgement. It's like playing at a casino with monopoly money.
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