Toiling away under cover of the financial crisis, eurocrats are trying to impose a “new financial architecture”. Here’s a cleared-eyed analysis from Irwin Stelzer. I particularly loved this old quote from Reagan:
“If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it.”
Get ready for lots more of that sort of thinking as the pendulum swings back to over-regulation from under-regulation.
