Inevitable pigs---and would be next ones

[歐伊斯特拉夫]

Market discipline work when other controls fail.

The prospect of financial ruin was one reason why many people

feared the introduction of democracy.

''The ignorant majority ,when unrestrained by a superior

class,always sought to tamper with sound money,'' said Thomas

Hutchison, a lieutenant governor of Massacheusetts in 1753.

Alexander Halmiton described the progressive accumulation of debt

as '' perhaps the natural disease of all governments.''


Over centuries, countries have tried various rules- the gold standard,

,balanced -budget requirements, independent central bank-in an

attempt to limit government profligacy.

But when those rules fail,the market assert their own grim discipline.