A reader from New Zealand wrote the following to me, about my Grasso article on today’s Mises.org:
I am in the fortunate position of not being taxed on my stock market tradings in your country, which is one of the primary reasons my money is invested in the US of A. Another reason that I choose to invest via the US stock markets is precisely because I can still trust in the validity of contracts. And yet another reason I choose to invest via the American stock exchanges is because they function. (Try applying all those criteria to Zimbabwe for example!)
The two main markets, NYSE and NASDAQ, trade something like two billion shares a day. Those trades represent enormous sums of money and chaps like Grasso make it all possible. I can enter an order to buy $500 000 of MSFT and it is executed in 0.7 seconds. So you see, I don’t care what one has to pay the man to do the job. I just watch for signs that contracts are no longer sacred in a country and then I’m out like a scorched kangaroo.
