Cato takes apart the latest stupidity on oil, the idea of passing an anti-trust law against OPEC.
econd, what exactly gives the Congress the right to impose its economic regulations on state-owned companies that, for the most part, aren’t doing business in the United States? Do all national governments have this right, or only the United States? If the former, what’s to prevent Saudi Arabia from declaring it illegal for U.S. banks to charge interest on loans — an activity ostensibly banned in many Islamic countries? If the latter, then it’s a naked statement that U.S. policy is premised upon the idea that the biggest guy on the playground makes the rules for everyone else whether they like it or not. That is, might makes right.
There is no limit to Congress’ arrogance. Or stupidity.