From: Duncan Frissell <frissell@panix.com>
Date: Wed, 13 Apr 94 07:32:04 PDT
To: CYPHERPUNKS@toad.com
Subject: State------>Market Actor
Message-ID: <199404131431.AA05169@panix.com>
MIME-Version: 1.0
Content-Type: text/plain


Yet another data point for tracking the conversion of governments to 
market actors from last week's Economist:

On March 24th at the behest of the Mexican government, the SEC ordered US 
securities markets to suspend trading in the shares of Mexican companies 
after the recent political assasination.  The NYSE complied.  The NASDAQ 
refused.  Shares started trading with a one-hour delay.

"With finance globalized, governments can seldom block the operation of 
markets.  Nor should they try to.  Few would now suggest closing the 
foreign-exchange markets, as in the 1960s.  In a 24-hour global market, 
traders and investors could simply shift their business elsewhere."

DCF

"We'd better hope that strong cypto, cheap telecoms and free markets can 
provide the organizing basis for a workable society because it is clear 
that coercion as an organizing principle ain't what it used to be."




--- WinQwk 2.0b#1165