months after it.13 His Neolithic opposition to enhanced disclosure—which, because it allows investors to be their own watchdogs, is ever the best friend of free capital markets—served to remind one of the early Greenspan who (in thrall to Ayn Rand) once wrote, “The basis of regulation is armed force.”14 In fact, it is in countries that lack transparency (such as Rus-sia) that markets need to be defended by soldiers.
regulation brings the benefits of the rule of law.
