Bush's War In Iraq Has Done Untold

Making An Investment Decision Is Like Formulating A Scientific Hypothesis And Submitting It To A Practical Test. The Main Difference Is That The Hypothesis That Underlies An Investment Decision Is Intended To Make Money And Not To Establish A Universally Valid Generalization.

I Would Be Lying, However, If I Claimed That I Could Always Formulate Worthwhile Hypotheses On The Basis Of My Theoretical Framework. Sometimes There Were No Reflexive Processes To Be Found; Sometimes I Failed To Find Them; And, What Was The Most Painful Of All, Sometimes I Got Them Wrong. One Way Or Another, I Often Invested Without A Worthwhile Hypothesis And My Activities Were Not Very Different From A Random Walk.

I'll Tell You What I'd Do If It Were Up To Me: I Would Establish A Strictly Controlled Distribution Network Through Which I Would Make Most Drugs, Excluding The Most Dangerous Ones Like Crack, Legally Available. Initially I Would Keep The Prices Low Enough To Destroy The Drug Trade. Once That Objective Was Attained I Would Keep Raising The Prices, Very Much Like The Excise Duty On Cigarettes, But I Would Make An Exception For Registered Addicts In Order To Discourage Crime. I Would Use A Portion Of The Income For Prevention And Treatment. And I Would Foster Social Opprobrium Of Drug Use.

Markets Are Imperfect. So You Do Need Regulation, Knowing That The Regulators Are Also Human.

It Is Better To Have A Cat And Mouse Game Where The Cat Has The Upper Hand Than A Cat And Mouse Game Where The Mice Are Ruling. Because The Latter Means That The Market Participants Are Given Free Range. That Was Actually The Big Misconception Of Our National Hero Ronald Reagan, Who Always Talked About The Magic Of The Market.