Applied Political Economics

Feudalism: You have two cows. Your lord takes some of the milk.

Fascism: You have two cows. The government takes both, hires you to take
care of them and sells you the milk.

Communism: You have two cows. You must take care of them, but the
government takes all the milk.

Capitalism: You have two cows. You sell one and buy a bull. You breed the
bull and cow, your herd multiplies, and the economy grows. You sell them and
retire on the income.

Okay, okay!!! So you have heard all this before.

Alright, now read this

Enronism: You have two cows. You borrow 80% of the forward value of the two
cows from your bank then buy another cow with 5% down and the rest financed
by the seller on a note callable if your market cap goes below $20B at a
rate 2 times prime. You now sell three cows to your publicly listed company,
using letters of credit opened by your brother-in-law at a 2nd bank, then
execute a debt/equity swap with an associated general offer so that you get
four cows back, with a tax exemption for five cows.

The milk rights of six cows are transferred via an intermediary to a Cayman
Island company owned by the majority shareholder who sells the rights to
seven cows back to your listed company. Your annual report says the company
owns eight cows, with an option on one more, and this transaction process is
upheld by your independent auditor (no Balance Sheet provided) with a press
release that announces that you are now a major force in cows and will begin
trading cows via the internet site COW.com


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