Karl Denninger-Only Way Out is Stop Lawlessness Top to Bottom

The latest is called “America is Doomed Without Restoring the Rule of Law-Karl Denninger.” Trader and entrepreneur Karl Denninger has a dire warning. He basically says if there is lawlessness at the top of society, there will be lawlessness at the bottom. Denninger, who is so distraught he has suspended writing on his popular website, explains, “It is illegal for any entity with market power or anybody else to price fix. It is illegal to price commodities of like, mind and quantity in the market place. That is a federal law, and violations of these laws are not civil affairs, they’re felonies. . . .

The only deterrents for corporations against bad behavior is people go to jail or the firm has its charter revoked because it runs out of money. The reason that is the case is as long as I can pay a fine and shift the cost onto the customers or shareholders or both, there is not deterrent—at all. . . . When does a CEO ever get indicted? When do members of the board ever get indicted? The answer is never.”

In closing, Denninger says, “If we don’t cut this out and start looking at the rule of law as meaning something again, I don’t see how we get out of this. The only way out of this box is to stop the lawlessness and let entrepreneurial people come in and find the technological innovations that drive the recovery. . . . Lack of the rule of law means America is doomed unless we change it.”

Yours,
Vladimir