Comments (8)

• Deacon

  
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  While searching for moral hazards, the enemies of
  ETHICAL CAPITALISM - Marxian socialists/
  communists - are very busy trashing the idea of
  free-market capitalism, and blaming current
  financial crises and this looming food shortage
  on a lack of government controls; that is, someone
  ought to point out to those dolts how SOCIALISM/
  COMMUNISM is failing around the globe, and
  taking free-market capitalism with it, as I explain
  below:

  
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  Dear Salon.Com Editor,

  You'll not get any closer to
  the truth about what's afoot with
  Bush's GLOBALIZATION and
  and this LOOMING FOOD CRISIS
  than my below thoughts and links
  ((copy and send to friends and colleagues;
  and note that I REPEAT MY PREMISE
  OVER AND OVER AGAIN, TO DRIVE
  HOME THE POINT)):

  The Third-Way push of
  socialism/capitalism to
  equalize the world's
  economies has caused
  this looming food
  crisis, NOT CAPITALISM.

  Socialist/communist leftists
  have captured capitalism
  and enslaved it to EQUAL/
  "FAIR" outcomes.

  Of course, you'll have to
  think more deeply to find
  the truth.

  Read and learn the truth:

  What we are facing in 2008
  is a Third-Way (socialist-
  communist/capitalist)
  conspiracy to equalize the
  world's economies, as preface
  to installing one-world
  government; a plan hatched
  during the 1940s GATT
  formulations, which were
  socialist/communist, in
  effect.

  Keep in mind that there is
  no PEAK OIL crisis, only a
  decades-long, purposeful
  cap on searching and drilling
  and refining for oil, in order
  to put the world in crisis-mode.

  Using food to produce fuel
  is part of the conspiracy to
  generate food riots, in order
  to destabilize governments;
  and this so-called "war on
  terror" is also part of the
  secret plan, although its
  primary beneficially is Israel
  in the exchange of blood
  and treasury for oil--as
  payoff for protecting Israel
  from an ever-threatening,
  encircling Islamic Arabism.

  The secret plan?: to create
  one-world government under
  GLOBAL ECONOMIC SOCIALISM.

  This is a conspiracy-driven
  dismantlement of the West's
  financial underpinnings,
  for a certain purpose: TO
  EQUALIZE GLOBAL ECONOMIES,
  for future installation of
  one-world government.

  I've provided all the details
  in my essay, "Planned
  Destruction of America"
  (linked below), which is my
  report on Lt. Col. Archibald
  Roberts' 1968 booklet: "The
  Anatomy of a Revolution".

  Planned Destruction of America
  http://planneddestructionofamerica.blogspot.com/

  Corporate America: What Went Wrong?
  http://corporateamericawhatwentwrong.blogspot.com/

  This one helps to confirm efforts to PURPOSELY trash America's
  financial underpinnings:

  http://www.321gold.com/editorials/engdahl/engdahl031808.html

  Study my essay, then write as
  if we're all being led down
  a path to hell on Earth by
  secretive, elite movers and
  shakers on the Left and Right
  (path to hell aka "Third-Way
  Global Economic Socialism").
  Read and learn and teach:

  The EU and the coming North
  America Union are products of
  the 1940s GATT formulations,
  and very few analysts are
  aware of it ((GATT, NAFTA,
  and CAFTA are socialistic
  attempts at equalizing global
  economies, in order to in-
  stall one-world government
  under THIRD-WAY Global
  Economic Socialism)).
  
  -Deacon

  
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  Published: June 3, 2008 10:25 AM

• Brad

  If someone (or group of someones) pays for the penecillin, many people will feel free to sleep around.

  It may be bad enough when an insurance pool is entered into voluntarily, though one can always exit the pool when the cost benefit of insuring against possible mishaps is less and less. In this case, it is bureaucrats forcing people into the pool because we all use money, but then money was stolen by the government itself.

  Somewhat an aside, I find it amazing how many people argue we need socialized money but rail against socialized health, and those that blanche at the idea of socialized health but trumpet the idea of socialized money. Of course there are those who champion both, many more so than those who consistently and logically reject both.

  Also, I don't see how one insures against a contagian. Either you become sick or you don't. Becoming sick and having someone convince you are well doesn't seem all that logical. Deception isn't insurance.

  Published: June 3, 2008 11:58 AM

• N. Joseph Potts

  The discussion regarding fire insurance doesn't square with my experience and impressions, based in the United States (Hülsmann writes from Europe, where these things MIGHT be different).

  Fire & casualty insurance does NOT insure against losses suffered by third parties from spread of a fire FROM the insured property. Liability insurance COULD insure against this, but that's a different type of insurance from what was being discussed.

  Now, fire PREVENTION (which can also cost quite a lot in industrial settings) CAN yield benefits like those discussed, but it wasn't explicitly mentioned.

  Liability for damages to third parties varies from one culture to another. It is, for example, very high in Japan. There, one is expected to APOLOGIZE to one's neighbors if one experiences a fire.

  Published: June 3, 2008 12:13 PM

• Florida Economist

  Love the article. Absolutely correct in every sense. And lets not forget that Fed bailouts are a form of control.

  Published: June 3, 2008 3:39 PM

• Bill, Crappy Poker Player

  Moral Hazard seems like a nice way to say when the chips are down go all in. The Fed is always there to bail you out. If the Fed fails then there is the rest of government and their agents to help.

  You see the same behavior in high stakes poker.

  Published: June 3, 2008 4:55 PM

• Paul Marks

  A very good (and important) article.

  Published: June 3, 2008 5:01 PM

• Bill, Crappy Poker Player

  I want to change the statement from:
  You see the same behavior in high stakes poker.

  To:
  You see the same behavior in poker games when the players get in the game for free.

  Published: June 3, 2008 5:04 PM

• Donald

  I thought the Fed coordinated the LTCM bailout but the Wall St. banks provided the money. In that case, there was no increase in the money supply.

  Is this an error on the author's part?

  Published: June 4, 2008 10:41 AM