Thursday
German's leftwing SPD politicians have been bashing those symbols of hated capitalist activity, private equity buyout funds which look out for distressed firms, sell off some of the assets and reconstruct the remainder in the hope of turning a business around, before selling it at a profit. How shameful. Such people are "locusts" destroying Germany's economy, scream the politicians (who of course have been doing a tremendous job on that score).
In fact, I find all this abuse rather encouraging. If entrepreneurs see value in the German economic landscape, and perceive there are rich profits to be made in turning around businesses and then flogging them off, it is very good news indeed for the country's economy. By releasing capital from uneconomic areas and focussing it on lucrative new bits, the overall pie gets bigger, jobs get created, and productivity is also increased.
In fact, one could almost create a new economic law: the amount of abuse raining down on entrepreneurs is directly proportional to the good they do. I haven't seen much reason to doubt this law yet.
Totally OT BUT am I the only person reading your otherwise estimable blog who is appalled by the juxtaposition of books and a gun? 'When I hear of culture I reach for my revolver' was fine for Goering, but for libertarians??
Posted by AHR at May 5, 2005 07:20 PM
While I can see how you might consider books horrible, dangerous things (just think of the trouble Marx alone has caused), I personally don't think placing them next to firearms is in any way appalling. They're out there in the world, and hiding from them isn't going to make books go away.
Posted by Jay Kominek at May 5, 2005 07:54 PM
If there is any one thing that applies to every libertarian... and there may in fact *be* only one thing..., it's a belief the right to bear arms. Practically a libertarian litmus test...
Posted by Duncan Sutherland at May 5, 2005 07:55 PM
Please fellas, keep things on topic and try to stick to the spirit of our comment policy. Thanks.
Posted by Johnathan Pearce at May 5, 2005 09:23 PM
I've taken the liberty of cribbing the section from "In fact, I find . . ." to ". . . this law yet" (eliding Germany to make it more generic) as a quote of the day on my site. It'll probably showing up next week, at current rate of use. Brilliant -- and likely provable.
Posted by Nicholas at May 5, 2005 10:17 PM
Looks like the SPD is preparing for opposition and running left...
Posted by John Thacker at May 5, 2005 10:18 PM
In fact, one could almost create a new economic law: the amount of abuse raining down on entrepreneurs is directly proportional to the good they do. I haven't seen much reason to doubt this law yet
How would George Soros be classified?
Posted by rosignol at May 6, 2005 06:21 AM
It's the same old story. Ordinary folk love to see rich people fail. And they HATE to see rich people succeed further. It's a national sport in Australia - what we call the Tall Poppy Syndrome - cut 'em down!
It's hardly surprising that pollies have spotted the electoral gains in railing against successful people.
AHR - honestly, don't be so prissy. If you check the titles of the books, it makes perfect sense.
Posted by I'm suffering for my art at May 6, 2005 07:31 AM
