Sunday, December 10, 2006

Quote of the Day

From Cafe Hayek (George Mason economist Don Boudreaux) today: "Many people who rightly applaud commerce between two or more citizens of the same country get all confused and befuddled if the very same commercial transaction takes place between people living in different sovereign jurisdictions."

That is, voluntary trade is always mutually beneficial (win-win), and it doesn't matter a scintilla whether the buyer and seller (or lender and borrower) are both on the same side, or different sides, of an imaginary line we call a national border. For example, what difference does it make to you if the funds for your student loan, mortgage or auto loan came from an investor in Singapore, Brazil, the Netherlands, Canada or Arizona? None.



At 12/12/2006 9:12 AM, Anonymous Anonymous said...

Global trading in finance does have the potential to benefit all, C


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