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May 02, 2005
Cursing the doctor
This is ridiculous. The United States has the most advanced financial system in the world, and while government officials in Europe and Asian will often speak wistfully of our advanced capital markets, they clearly do not have the stomach for the unfettered capitalism that makes those markets possible. German politicians are now spewing grossly misleading rhetoric about the function of private equity firms, accusing them of taking advantage of vulnerable German companies to the detriment of the German public. Japan is sadly following a similar path, having recently witnessed what in the United States would be considered a perfectly normal hostile takeover, politicians are outraged, and calling for strict limitations on mergers and acquisitions. This is akin to two very sick men raving at a physician who offers medicine that causes mild nausea.
To paraphrase Mao Tse-Tung, capitalism is not a tea party. The politicians who envy us our vibrant economy and advanced markets need to realize that capitalism must be freed from all but the most necessary government intervention for society to enjoy its fruits. I only hope that the current demonizing of the agents of change by politicians in these two countries represents the last gasp of defiance before capitulation.
Posted by Audi Partem Alteram at May 2, 2005 11:35 AM
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