Comment: wow

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wow

Thank you, Michael, for that excellent example. I am sorry you had to go through that. When I had an acupuncture practice, I was a sole proprietor and everyone kept telling me to form a corporation so that I could not get sued. I wanted to stand behind my work and didn't want to hide behind a corporation. Luckily I never got sued but in retrospect it was pretty stupid of me to refuse to incorporate.

This seems analogous to me to the Austrian Business Cycle theory. All it takes is for one bad investor to take the cheap central bank money, and pour it into a bad capital project, and all the competitors have to follow suit or be left behind. All it takes is for one unscrupulous person to hide behind a corporation, and start taking liability risks, and all the competitors have to follow suit or be left behind.

“With laws shall our land be built up, but with lawlessness laid waste.”
-Njal Thorgeirsson