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"Look everyone, let's run this way!"

[Squeak, drop, splash]

Actually, it's not a bad strategy. If you know the government - those evil governments that waste money on welfare and other bad things - are going to step in and cover your arse if there's a major crisis, there's no incentive to be realistic about risk, and every incentive to be stupid about it.

What's missing is any element of personal responsibility.

Markets are an excellent mechanism for displacing the direct consequences of decisions from the decision makers to the powerless.

No wonder people like Munchau love them so much.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Apr 23rd, 2007 at 08:35:35 AM EST

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