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FW: the evolution of economic systems (courtesy of TXU)

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  • Peter R. Locke
    Feudalism You have two cow. Your lord takes some of the milk. Fascism You have two cows. The government takes both, hires you to take care of them and sells
    Message 1 of 2 , Dec 7, 2001
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      Feudalism
      You have two cow.
      Your lord takes some of the milk.

      Fascism
      You have two cows.
      The government takes both, hires you to take care of them and sells you
      the milk.

      Communism
      You have two cows.
      You must take care of them, but the government takes all the milk.

      Capitalism
      You have two cows.
      You sell one and buy a bull.
      Your herd multiplies, and the economy grows.
      You sell them and retire on the income

      Enron
      You have two cows.
      You borrow 80% of the forward value of the two cows from your bank then
      buy another cow with 5% down and the rest financed by the seller on a
      note callable if your market cap goes below $20B at a rate 2 times prime.
      You now sell three cows to your publicly listed company, using letters of
      credit opened by your brother-in-law at a 2nd bank, then execute a
      debt/equity swap with an associated general offer so that you get
      four cows back, with a tax exemption for five cows.
      The milk rights of six cows are transferred via an intermediary
      to a Cayman Island company secretly owned by the majority shareholder
      who sells the rights to seven cows back to your listed company.
      The annual report says the company owns eight cows, with an
      option on one more and this transaction process is upheld by your
      independet auditor and no Balance Sheet provided with the press release
      that announces that Enron as a major owner of cows will begin trading
      cows via the internet site COW (cows on web).
    • Dalton Mota
      TO THINK ABOUT THE EVOLUTION(?) OF MANKIND ! ... Feudalism ... _______________________________________________________________________________________________
      Message 2 of 2 , Dec 7, 2001
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        TO THINK ABOUT THE EVOLUTION(?) OF MANKIND !

        --- "Peter R. Locke" <plocke@...> escreveu: >
        Feudalism
        > You have two cow.
        > Your lord takes some of the milk.
        >
        > Fascism
        > You have two cows.
        > The government takes both, hires you to take care of
        > them and sells you
        > the milk.
        >
        > Communism
        > You have two cows.
        > You must take care of them, but the government takes
        > all the milk.
        >
        > Capitalism
        > You have two cows.
        > You sell one and buy a bull.
        > Your herd multiplies, and the economy grows.
        > You sell them and retire on the income
        >
        > Enron
        > You have two cows.
        > You borrow 80% of the forward value of the two cows
        > from your bank then
        > buy another cow with 5% down and the rest financed
        > by the seller on a
        > note callable if your market cap goes below $20B at
        > a rate 2 times prime.
        > You now sell three cows to your publicly listed
        > company, using letters of
        > credit opened by your brother-in-law at a 2nd bank,
        > then execute a
        > debt/equity swap with an associated general offer so
        > that you get
        > four cows back, with a tax exemption for five cows.
        > The milk rights of six cows are transferred via an
        > intermediary
        > to a Cayman Island company secretly owned by the
        > majority shareholder
        > who sells the rights to seven cows back to your
        > listed company.
        > The annual report says the company owns eight cows,
        > with an
        > option on one more and this transaction process is
        > upheld by your
        > independet auditor and no Balance Sheet provided
        > with the press release
        > that announces that Enron as a major owner of cows
        > will begin trading
        > cows via the internet site COW (cows on web).
        >
        >

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