Jun

3

The ConstitutionPrivate monopolies like Rockefeller's oil company and Judge Gary's steel company are subject to being nibbled around the edges. There is always some greedy SOB like Andrew Mellon willing to finance Texans who don't want to limit their oil explorations to the Mid-West and some disgruntled employee named Schwab who thinks he has a better way to run a rolling mill; and the consequence is always that the monopolist has to do it better, faster and cheaper to keep his market share. But in a public monopoly there is, as Buffett puts it, a "moat" around any real price or quality competition or substitution; as long as the government requires everyone to have auto insurance, the gecko is safe. We must have compulsory schooling and monopoly government money; how else can civilization survive? No wonder we have an education crisis in America: some fools actually have the insane idea that the students and their parents should be free to choose what it is useful for them to learn. The next thing you know they will be arguing that the 3rd Amendment really does not allow conscription.


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