Right now, I feel like that nation (hat-tip ChartPorn): scared of uninterrupted text.  Which is why I have not done justice to Paul’s erudite and challenging essay about what ‘intelligent libertarians’ should demand of financial regulation. But I recommend reading it, particularly if you think you can work out what Hobbes, Schumpeter, and of course Pufendorf have to do with the collapse of Lehmans.

In the meantime, I am working on something else, which will have many many pictures in it.  Admit it: you prefer them to a thousand words.

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