Hernando de Soto @ 21:15 ~ 36:40
... on the Rule of Law - with the proviso that context is everything
What does the Rule of Law need?
Regarding property rights in the US ~ and the delivery of TARP. What happened to Plan A? i.e., buying troubled assets? Couldn't price it? Assets are property. Someone owns the risk and someone owns the asset. Securitized and structured finances. This property rights system is worse than in the third world countries.
Everything tangible and intangible - has a property right attached to it ~ but wait ~ $700B of derivatives have NO property rights - we don't know who owns the debt.
Its about truth. A piece of paper tells you of the relationship between the asset and the owner. The narrative of how we link together.
Capitalism travels in documents - and western documents are making less sense everyday.