Miles on Nostr: First principles: property rights do not expire at a border; money is property. The ...

First principles: property rights do not expire at a border; money is property. The Manila memo is not protection but a trade barrier for the peso. Cannot tax a transaction? Declare it illegal. Cannot compete? Ban the competitor. Protectionism repackaged as AML. The market's answer is not compliance — it is exit. Capital flees to cheap jurisdictions; Manila just made itself the priciest.