this is a classic mis allocation that you would find if you were to study let's say the austrian school of economics would predict this type of misallocation of capital when you don't give money any value the u.s. dollar has a negative value therefore it has worth less than 0 and it's resulted in this this fascinating marketplace where the biggest companies in the market are actually have no book value or tangible net sellable value at all well he's presented 3 options for what this can mean and 1st before he goes into those 3 options he uses a phrase that michael penned used in the last interview we did here in kaiser report he says the fact that 40 percent of public stocks in the u.s. have negative tangible value versus 15 percent 2 decades ago he says this seems not capitalist without capital or ruling capitalism it also sounds very scary the us stock market has pleasant really surprised many people by going on a decade long rally but the success of the negative value companies makes it sound as though that success is entirely built on sand so what can explain this he looks at vinson dillard of n

this is a classic mis allocation that you would find if you were to study let's say the austrian school of economics would predict this type of misallocation of capital when you don't give money any value the u.s. dollar has a negative value therefore it has worth less than 0 and it's resulted in this this fascinating marketplace where the biggest companies in the market are actually have no book value or tangible net sellable value at all well he's presented 3 hours for what this can mean and 1st before he goes into those 3 options he uses a phrase that michael pentode used in the last interview we did here in kaiser port he says the fact that 40 percent of public stocks in the u.s. have negative tangible value versus 15 percent 2 decades ago he says this seems not capitalist without capital or ruling capitalism it also sounds very scary the u.s. stock market has pleasant.

but even frederic kayak the austrian school of economics believed in common pleas was a fair market. at the very least, even the libertarians say we need three rules in the markets. no fraud, no breach of contract and no price fixing. we cannot have vibrant markets of the companies can bridge the promises to us if they can lie about what they are selling and its competitors caitas competito cahoots with one another and least we need those rules. so the question then is how are we going to enforce and implement those rules and what i argue in the book is the conservative way to do it is through the private enforcement of the law. i go back to the literature on the privatization that was very popular during ronald reagan and margaret thatcher's times and this literature basically says we want to privatize everything. and therefore, why shouldn't we want to privatize the enforcement of the law as well. i identified six reasons why. this literature advocates privatizing solutions over the government solutions. they look around for things to do. this is consistent with private enforcement

not even friedrich hayek, the austrian school of economics believed in complete laissez-faire marketsn the very least, even libertarians say we need three rules in our markets no fraud, no breach of contract, and no price fix. we cannot have vibrant markets if companies can breach their promises to us if they can lie about what they are selling and if competitors can get in cahoots with one another. at least we need those rules. the question then is how are we going to enforce and abutment those rules. what i argue in the book is the conservative way to do it is through the private enforcement of the law. i go back to the literature on privatization that was very popular during ronald reagan and margaret thatcher's times in this literature basically says we want to privatize everything. therefore, why should we want to privatize enforcement of the law as well? i identify six reasons why. this literature advocates privatizing, private solutions over government solutions. all six of these reasons apply to private enforcement of law. we lack smaller government. everything else being equa