{"id":340805,"date":"2010-02-19T16:57:52","date_gmt":"2010-02-19T21:57:52","guid":{"rendered":"http:\/\/www.businessinsider.com\/a-parable-about-how-one-country-came-to-ruin-2010-2"},"modified":"2010-02-19T16:57:52","modified_gmt":"2010-02-19T21:57:52","slug":"heres-the-story-of-how-one-country-brought-itself-to-ruin","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/340805","title":{"rendered":"Here&#8217;s The Story Of How One Country Brought Itself To Ruin"},"content":{"rendered":"<p><a href=\"http:\/\/www.slate.com\/id\/2245328\/pagenum\/all\/#p2\"><img loading=\"lazy\" decoding=\"async\" class=\"float_right\" src=\"http:\/\/static.businessinsider.com\/image\/4b2bf1170000000000a3b1a9-302-226\/charlie-munger.jpg\" border=\"0\" alt=\"charlie munger\" width=\"302\" height=\"226\" \/>From Slate<\/a>:<\/p>\n<p>In the early 1700s, Europeans discovered in the Pacific Ocean a large,  unpopulated island with a temperate climate, rich in all nature&#8217;s bounty  except coal, oil, and natural gas. Reflecting its lack of civilization,  they named this island &#8220;Basicland.&#8221;<\/p>\n<p>The Europeans rapidly repopulated Basicland, creating a new nation.  They installed a system of government like that of the early United  States. There was much encouragement of trade, and no internal tariff or  other impediment to such trade. Property rights were greatly respected  and strongly enforced. The banking system was simple. It adapted to a  national ethos that sought to provide a sound currency, efficient trade,  and ample loans for credit-worthy businesses while strongly  discouraging loans to the incompetent or for ordinary daily purchases.<\/p>\n<p><strong><a href=\"http:\/\/www.slate.com\/id\/2245328\/pagenum\/all\/#p2\">Read the full parable at Slate &#8211;&gt;<\/a><\/strong><\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/a-parable-about-how-one-country-came-to-ruin-2010-2#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/buffett-predicts-slow-uncertain-economic-recovery-2010-1\">Buffett: Cash Strapped Consumers Will Make Recovery Slow And Uncertain<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/chart-of-the-day-pmi-vs-next-months-us-rail-carloadings-excluding-coal-and-grain-2009-12\">CHART OF THE DAY: This Is The Chart Warren Buffett Keeps Under His Pillow<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/cara-goldenberg-warren-buffet-2010-2\">Meet The 29-Year Old Hedge Fund Cutie Warren Buffet Just Asked Out To Lunch<\/a><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/9r-VXHvnSPQ\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Slate: In the early 1700s, Europeans discovered in the Pacific Ocean a large, unpopulated island with a temperate climate, rich in all nature&#8217;s bounty except coal, oil, and natural gas. Reflecting its lack of civilization, they named this island &#8220;Basicland.&#8221; The Europeans rapidly repopulated Basicland, creating a new nation. They installed a system of [&hellip;]<\/p>\n","protected":false},"author":5835,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-340805","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/340805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/5835"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=340805"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/340805\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=340805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=340805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=340805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}