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Pete Howard's avatar

Very insightful article, and very true. I once thought that the EU was way too smart to make these kinds of moves. Then, I observed their energy policies over the last few decades, as well as their immigration policies. Smart? Not so much.

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The Fringe Finance Report's avatar

Great article, and very true. From a pure economic perspective, politics and ethics aside, I had thought it was understood that certain principles like the rule of law, due process, property rights, and so on, were such a net economic benefit that we honor them for everyone, including people and countries we dislike. Because once we don't, then people and countries will stop investing their money with us, and as the West's percentage of global wealth is shrinking, that would be economically very bad. Furthermore, once freezing or taking money from unfavored foreigners becomes acceptable, it sets a dangerous precedent that could eventually include unfavored citizens in the West, damaging our civil rights at home. A few years ago, I considered moving part of my banking deposits to Canada for diversification. After I saw that the Canadian government froze the money of the trucker demonstrators, well, that won't happen. I like Canada as a country, but I don't trust their government with my money. I am not making a political point (for or against the trucker strikes). I am making a property rights point. No ironclad property rights, no money from foreigners.

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