Rick Lowe
The Oxford Dictionary defines Venture Capital as "capital invested in a project in which there is a substantial element of risk".
It is immoral for anyone to propose that banks should be forced by the government to lend depositors money for start up businesses. [More…] Should it be made law it would be defined as legal plunder
Frédéric Bastiat (1801-1850) even wrote about it in his monograph entitled The Law that was first published 1850.
He said:
"Sometimes the law defends plunder and participates in it. Thus the beneficiaries are spared the shame and danger that their acts would otherwise involve… But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them and gives it to the other persons to whom it doesn’t belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime. Then abolish that law without delay - No legal plunder; this is the principle of justice, peace, order, stability, harmony and logic."
Surely politicians can see this in the 21st Century?
Of course there is a need for venture capital, but individuals should decide how they wish to invest their hard earned money. It is not the purview of politicians to dictate that.
