Cambridge, MA, October 8, 2009: The first in a series of lectures sponsored by the Edmond J. Safra Foundation Center for Ethics at Harvard about "Institutional Corruption." This lays out the plan for the research project that I have launched here at Harvard.
Good talk. Thanks for posting. Lessig should continue his search for truth, go beyond what meets the eye and identify the corrupting effects of the design of key institutions.After researching in that area too, I have reached the conclusion (as many others did) that the most corruption dependence in the current american system is that on fiat money, and the institution of the FED and fractional reserve banking. At a basic level, that system prevents the market system from regulating itself (by profits and losses), creates systematic uncertainty, political hazard (selective and opaque bailouts) and ultimately the illusion of wealth during artificial booms (followed by bubbles). The choice of money is obviously very important to our economy. We need to return to a decentralized, market-based and free (voluntarily adopted, no coercion) money.Ron Paul's recent book "End the FED" is a great read on the subject.
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