Thursday, October 29, 2015

Quote of the Day: Two Kinds of Refugees, People and Money

Money will flee areas where it is repressed just as people will flee areas where they are repressed. Capital controls can be seen as the monetary analogy of the Berlin Wall. Capital controls are indications of a failed economic system that benefits the politically connected elite at the expense of the people.
This is from Austrian economist Patrick Barron at the Ludwig von Mises Canada in a comment on China's underground banks

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