Michael Broukhim

Go west, young man

Notes &

When there are complicated government bailout schemes, multiple exchange rates, or high inflation, it is very hard to keep track of market prices and to protect the value of firms. The result, if taken to an extreme, is looting: the collapse of banks, industrial firms, and other entities because the insiders take the money (or other valuables) and run. This is the prospect now faced by the United States.
Confusion, Tunneling, And Looting « The Baseline Scenario