Liberty vs. Leviathan

Chronicling Liberty's battle against Leviathan

Bastiat on Wall Street

In this week’s article, Bill Fleckenstein is on the mark once again and makes a number of points, one of which I have not heard of to this point. Here’s how his friend put it to him:

A friend summed up the situation by commenting that we’re in an environment where “short sellers . . . are risking private money betting against badly run businesses and governments are risking public money betting in favor of badly run businesses. You don’t need a Ph.D. in finance to know which group of folks believe in truth and free markets. . . . You can expect to see all foreign banks move their toxic waste to their U.S. subsidiaries for delivery to Henry’s Helpful Handouts.”

Compare too his observation of the perversion of law…

They also have demonstrated that rules don’t mean anything, because they are willing to change them whenever it suits their purposes, no matter how disruptive or foolhardy those changes may be.

with Bastiat’s who put it thus:

The law has been used to destroy its own objective: It has been applied to annihilating the justice that it was supposed to maintain; to limiting and destroying rights which its real purpose was to respect. The law has placed the collective force at the disposal of the unscrupulous who wish, without risk, to exploit the person, liberty, and property of others. It has converted plunder into a right, in order to protect plunder. And it has converted lawful defense into a crime, in order to punish lawful defense.

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