Sunday, August 08, 2010

Come One, Come All: Russian Industries on the Auction Block

I know I'm a few days late on this but I am still savoring the story about how the Russians are getting ready to sell off   some pieces of their state-owned industrial empire.   Coming from the king of all confiscators, I'd say this is a pretty good joke.   Can't anybody explain to this guy that one of the first requisites of a functioning market system is transactional security, and that if he's the kind of guy who will turn around and say "nyet, sorry, changed our mind, give it back,"--he can't expect to get paid in anything except maybe a bunch of funny little paper rubles?

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