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Defining a 'Loophole'

The Las Vegas Review-Journal has a wonderful editorial this morning on campaign-finance "reform":

The late Murray Rothbard, a UNLV economist of national repute, used to tell a story about his mentor, the great Austrian economist Ludwig von Mises.

Sensing he would not fare well in greater Germany during the Nazi era, von Mises migrated to New York, where he would meet socially with a group of young American student economists. As English was not his first language, some of the American idioms left von Mises puzzled. At one point he interrupted to ask, " 'Loophole,' what is this word you keep using, 'loophole'?"

Once this term of art for analyzing the American system of taxation and regulation was explained, von Mises summarized, "Ah, so a 'loophole' is when they have left something unregulated."

In particular, the editorial takes on the current hyperventilating over the fact that the FEC has -- can you imagine this? -- left political emails unregulated. Papers like the Washington Post have been screaming that this will create a flood of possibly corrupting political spam.

Right. Spam is a very effective tool. And the people who pay for it will control our politicians like puppets.

Somebody stop these people before they reform again.