New Stock Exchange Opens in Africa

Econophile's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Gordon_Gekko's picture

Oh my! Holier than thou, are we? Let's see:

On top of all this you have the SEC which enforces their own rules and regulations in response to what they see as wrongdoing in the securities business.

Are you serious? ROTFL! And here I am thinking that the SEC is just the bankers' bitch.

Our existing form of capitalism...

It's not capitalism - period.

Somalia operates without much regard to human rights as defined under natural law. In fact you could say that this piracy exchange is more like a general partnership to engage in criminal behavior--piracy, robbery, extortion, kidnapping, and murder. As a general partner-investor you share in the profits, stand to lose your investment, and you may be subject to its liabilities (jail or death).

You could replace Somalia/piracy exchange with "US Government" and it would still be true, except the last part where "general partner-investors" (i.e. bankers) over here are Gods and can never EVER lose.

Econophile's picture

Lot's of conspiracy theorists here, I see. There is no one to blame for their misfortune except the Somalis themselves. The point of the article was not that societies can exist without government as discussed in the Mises article. I spent some of my early years thinking about anarcho-capitalism, and many of the legal alternatives, such as the Irish tuaths, similar to the Somali clan dispute resolution. What this "exchange" is, is a criminal enterprise by any standard and violates natural law. Without a respect for natural law, and the ability to enforce those laws consistently, they will remain poor herders and will forgo the benefits of capitalism. I am sure any Somali would prefer to get beyond just wanting to survive. Ask the ones who got here.

Gordon_Gekko's picture

Lot's of conspiracy theorists here, I see.

The only "conspiracy theorists" are the ones who believe that the US is all free, fair and capitalistic with all its stupid rules and regulations when the very purpose of those "rules" is to assist TPTB in looting and pillaging.

What this "exchange" is, is a criminal enterprise by any standard and violates natural law.

Those who live in glass houses should not throw stones at others. The US Government is the biggest criminal enterprise in human history. BTW, "Natural law" as you seem to envision it is nothing but a figment of your imagination. If you're surviving, then you're following "natural law" pretty good IMHO. Survival is the only natural law.

Anonymous's picture

That "free market disclaimer" was retarded. I don't think anybody in Somalia gives a crap about what kind of market system they are living under - they just want to survive. I hadn't thought of the ancillary effects - it's pretty cool that they can go fishing again, they got rid of the toxic polluters, and shipping insurance companies are happy. My favorite part is the lady who got an RPG as part of a divorce settlement (can you imagine the courtroom - "go ahead and take the kids, but that RPG is MINE").

An old story - the emperor has captured a pirate, and demands to speak with him before he is executed. He asks the pirate, "how dare you molest the high seas and call yourself a pirate"? The pirate responds, "how dare you molest the entire world and call yourself an emperor"?

arnoldsimage's picture

no different than goldman sachs.

percolator's picture

Its totally different. 

GS is getting rich looting their country, but the pirates are getting rich while contributing to their country.  From the article above "The district gets a percentage of every ransom from ships that have been released, and that goes on public infrastructure, including our hospital and our public schools."

And from Mises which another commentor above linked too:

I have to do much more research, but I've just placed Somalia on the list of countries I'd consider moving too.

Anonymous's picture

Except they work longer hours, make less money and leave fewer dead bodies.

Keyser Soze's picture

I think it's wonderful that Africans are taking control of their destiny instead of waiting for handouts. No wonder speak-like-a-pirate day is so supported. I think I'll start up a local piracy chapter and teach school children about this new type of innovation. And at least their 'take' is still much lower than the South African government, which is where I live. And they probably do more for the locals. Example:

'Cape Town - A deputy minister has bought herself a Porsche as her official vehicle'

Anonymous's picture

What about the subsidy's from Lloyd's of you know where? These Guy's are subsidized from Major Maritime Insurers to keep the Rates of passage jacked up there. Common knowledge in these parts is $1,000,000 in ransom from said Insurers will be made up in a few day's for exaggerated protection.
It's just like the way our Politicians work here in the good old U.S.A.

Anonymous's picture

Big fishing vessels are now gone, so locals are in abundant joy as now they can fish for themselves and aren't left with scraps that giant fishing vessels didn't pick up. That puts cash straight into local fishermen who were broke before. The somali pirates are viewed as heroes by locals.

Anonymous's picture

And remember that the "pirates" only started operation after many years of the big multinational corporations dumping their toxic waste off Somalia's shores (since there was no sovereign government to speak of that could actually raise a hand to stop them).

Of course, two wrongs don't make a right. On the other hand, it's not at all surprising that some Somalis would want to "take something back" from "the other side" (in some vague collective sense) that had been fouling their waters for years.

alexdg's picture

Actually sounds like a fair non-manipulated market with no PPT!


Stateless in Somalia, and loving it!  -