Ten Principles for Recapitalizing Capitalism
- Everyone is a grownup and no one is more grown up than anyone else.
- Your words are as valuable as money.
- A few things are illegal; the rest is up to you.
- If you want the benefits of taking risk, you must also suffer the disadvantages.
- Printing or throwing money cannot solve political or spiritual problems. It can only postpone them.
- Don’t treat only some people’s insolvency as illiquidity.
- Optimization in human affairs is an illusion. You always need more capital than you think.
- Corporations are neither governments nor people.
- Provide golden parachutes for no one; provide tin parachutes for everyone.
- “If you believe that capitalism is a system in which money matters more than freedom, you are doomed when people who don’t believe in freedom attack using money.”*
* Quote courtesy of Edward Lucas’ book The New Cold War: Putin’s Russia and the Threat to the West.