Make sure you read all the way through to Enron.

-----Original Message-----
From: Tycholiz, Barry 
Sent: Thursday, November 01, 2001 11:47 AM
To: Whitt, Mark
Subject: FW: How Our Economy and Others Progress (Using Cows As An
Example)


for your review. BT 

-----Original Message-----
From: Fildes, David [mailto:fildesd@phibro.com]
Sent: Thursday, November 01, 2001 9:10 AM
To: Cross, Darren; Tycholiz, Barry
Subject: FW: How Our Economy and Others Progress (Using Cows As An
Example)



In spite of it all, this is humourous... I suggest you do not forward this
internally however...

DF

-----Original Message-----
From: Fisher, Billy 
Sent: 01 November 2001 15:02
To: Fildes, David
Subject: FW: How Our Economy and Others Progress (Using Cows As An
Example)





Feudalism
You have two cows.
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.

----------

Pure Communism
You have two cows.
Your neighbours help take care of them and you all share the milk.

----------

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

----------

Totalitarianism
You have two cows.
The government takes them both and denies they ever existed. Milk is banned.

----------

Pure Democracy
You have two cows.
You and your neighbours decide who gets the milk.

----------

Representative Democracy
You have two cows.
Your neighbours pick someone to tell you who gets the milk.

Mexican Democracy
You have two cows.
The government takes both and drafts you into the army.


----------

European Democracy
You have two cows.
The EU commission decides which regulations for feeding and milking apply.
If
there aren't any, they invent some. They pay you not to milk the cows.
They take both cows, shoot one, milk the other and pour the milk down the
drain.
They then require you to fill out forms accounting for the missing cows.


----------

American Democracy
The government promises to give you two cows, if you vote for it.
After the election, the president is impeached for speculating in cow
futures.
The press dubs the affair "cowgate," but supports the president.
The cows sue you for breach of contract.
Your legal bills exceed your annual income.
You settle out of court and declare bankruptcy.


----------


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 Venture Capitalism
You have two cows.
You sell three of them to your publicly listed company, using letters of
credit
opened by your brother-in-law at the bank, then execute a debt/equity swap
with
an associated general offer so that you get all four cows back, with a tax
exemption for five cows.  The milk rights of the six cows are transferred
via an
intermediary to a Cayman Island company secretly owned by the majority
shareholder who sells the rights to all seven cows back to your listed
company.
The annual report says the company owns eight cows, with an option on one
more.

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