It’s Not A $Billion Cocaine Bust In Philadelphia – It’s A Lot, But Not A Billion Dollars

What we have here is one of the standard exaggerations of our time. This applies as much to Microsoft complaining about people ripping off Windows as it does to the police or customs estimating the value of drug seizures. It’s simply not true that 16.5 tonnes of cocaine is worth $1 billion dollars.

That’s just not how markets work, not at all:

Authorities in Philadelphia have seized what they believe to be more than $1 billion worth of cocaine in what’s being described as one of the largest drug busts in U.S.

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Venezuela’s Socialist Corruption – $1 Billion In Bribes Just To Be Able To Steal

A useful and horrifying note on the ghastly economic disaster that Bolivarian socialism has brought to Venezuela. A laddie has admitted collecting $1 billion – yes, that’s one billion dollars in real money – just to allow other people to steal. That’s the grift on top of the actual crime itself note. No, this isn’t just some example of greed, capitalist or anything else, being allowed to run amok. It’s inherent in the stupidity of that socialism that was imposed – price fixing.…

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