The barbarians at the EU just fined Intel for "monopolistic" practices on discounting. Here's my letter to the editor on this vile subject, which was reported today in the Wall Street Journal:
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The coercive confiscation of Intel’s hard-earned cash is grand larceny on a scale that would make a Barbary Coast pirate blush.
It is another ugly indication of government’s use of alleged “anti-trust” laws to govern and feed off businesses that have become hugely successful by creating a model that is innovative and, at times, revolutionary. Anyone who knows the history of Intel (or Microsoft or Google or Standard Oil) knows that each of these companies invested large percentages of revenues in extraordinary research and development to stay ahead of competition.
Each of these companies received my (and/or other citizens’) pocket cash because they had (have) an awesome product. Their “discounts” lowered prices across the board, thereby raising the standard of living for all who purchased their products – not to mention raised the happiness of each of us who purchased their product.
The grand irony in this latest grand larceny is that the EU professes Intel to be a coercive monopoly, when in fact the only coercive monopoly in the history of civilization is government and entities backed, perforce, by government.
The ideal solution to the Chavez wannabes across the pond would be for Intel to firmly say: “If you wish to steal our money and presume control of our business, then we will take our business out of the EU, effective immediately.” It would be a divine “Atlas Shrugged” moment.
That, unfortunately, won’t happen. Too bad. The gnashing of political teeth in such a scenario would sync mellifluously with much of Europe’s “modern” music.
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