5-0 said freeze! and I got numb


When a law bans exchanges wanted by everyone directly involved a number of things happen:

1) The exchanges continue;

2) Prices of the banned items rise and wars to control turf begin;

3) New criminals are created, including many people who are ordinary good people (like colored margarine seekers);

4) New enforcement agencies and staff are created;

5) New jails are built and new jailers are trained;

6) Laws, lawyers and lawsuits proliferate;

7) A new branch of law and its practitioners prosper and support further extension and complexification of regulations;

8) A portion of the entire apparatus of enforcement and punishment is progressively corrupted;

9) New agencies and staff are created to discover, eliminate or suppress the corruption;


It is not enough to simply ban exchanges that have consequences we don’t like. The costs of doing it should be compared with the costs of not doing it.

{ Chicago Boyz | Continue reading }

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