Showing posts with label law. Show all posts
Showing posts with label law. Show all posts

Sunday, September 06, 2020

THE MASS of men serve the State thus, not as men mainly, but as machines, with their bodies. They are the standing army, and the militia, gaolers, constables, posse comitatus, etc. In most cases there is no free exercise whatever of the judgment or of the moral sense; but they put themselves on a level with wood and earth and stones; and wooden men can perhaps be manufactured that will serve the purpose as well. Such command no more respect than men of straw or a lump of dirt. They have the same sort of worth only as horses and dogs. Yet such as these even are commonly esteemed good citizens.

Others—as most legislators, politicians, lawyers, ministers, and office-holders—serve the State chiefly with their heads; and, as they rarely make any moral distinctions, they are as likely to serve the devil, without intending it, as God.

A very few, as heroes, patriots, martyrs, reformers in the great sense, and men, serve the State with their consciences also, and so necessarily resist it for the most part; and they are commonly treated as enemies by it.

Henry David Thoreau, The Duty of Civil Disobedience

Tuesday, April 14, 2020

The laws keep up their credit, not for being just, but because they are laws; 'tis the mystic foundation of their authority; they have no other, and it well answers their purpose. They are often made by fools, still oftener by men who, out of hatred to equality, fail in equity, but always by men, vain and irresolute authors. There is nothing so much, nor so grossly, nor so ordinarily faulty, as the laws.

Montaigne

Tuesday, January 28, 2020

“Debt, the private money that has fueled capitalism since its inception, is coded in law and ultimately relies on the state to back it up,” by way of the courts under normal circumstances and through bailouts if a debtor is too big to fail:  The history of debt finance can therefore be retold as a story about how claims to future pay have been coded in law to ensure their convertibility into state money on demand, without suffering serious loss…. By dressing private debt in the modules of the legal code of capital, it is possible to mask the liquidity risk for a while, but not forever. Whenever investors realize that, contrary to their expectations, they may not be able to convert their debt assets into cash, they head for the exit; and if many do so simultaneously, this will precipitate a financial crisis.

Adam Tooze (quoting Katharina Pistor), "How ‘Big Law’ Makes Big Money," NYRB Feb. 13, 2020