Here’s something I had not been previously aware of.
Kim du Toit informs me that, unless you have a net worth of one million dollars or more, or you run a bank, or you personally know the individuals running the start-ups you intend to fund, you are forbidden by law to be a venture captialist on any scale.
Yep. That’s right. The oligarchy is here. One law for the fat cats, another law for you. If you’re not a “qualified investor” (i.e., a wealthy one), your ability to invest in start-ups is severely limited.
Supporters of the law, including many on the left that keep railing about the oligarchy that laissez-faire advocates are supposedly trying to establish, will insist that the law is necessary to prevent fat cats from ripping off poor, naive, misguided investors, and that funneling all investment from “ordinary people” through investment banks and other mechanisms that allow fat cats to take their cut is either an unrelated phenomenon resulting from not having enough economic regulation in place or perhaps an unfortunate side effect. But, yet again, laws that are sold as a means to protect ordinary consumers have the “unexpected side effect” of protecting incumbent vendors of all sorts (by making it harder to get a new start-up off the ground) and enriching other well-connected people (in this case, investment bankers). I’m sensing a pattern here.
Not a conspiracy theory, mind you. Different groups of wealthy and powerful people just find the same tool (dress up a law keeping ordinary people in their place as a way to “protect” them) useful for their purposes, and keep using it over and over, and will keep using it until a majority of the electorate finally decides that protecting fools from their own folly isn’t worth narrowing their opportunities or restricting their options for achieving their own ends. Or until enough wealthy and powerful people figure out that their private jets are as horsedrawn carts next to the wonders that “new blood” can come out of left field with if we stop trying to control them, and that letting someone come out of nowhere and become richer than you is worth it if you get richer than you are now in the process.
Maybe our friends on the left will one day figure out where oligarchies and class stratification actually comes from and sign on to economic as well as “personal” liberty, and point out the (all-too-frequent) times when their opponents on the right are pushing neither, and win elections on that basis. I’d join that party in a heartbeat, assuming that it didn’t oppose fighting as appropriate and defeating dangerous enemies of the United States and liberal society in general with a powerful all-volunteer military.