Dynamic Investors Daily Update

Disclaimer: The opinions expressed in this update are not necessarily the opinions of the Dynamic Investors Partnership, and reflect only the opinions of the writer.

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I can't say I was surprised, but I was certainly disappointed when I heard that the Supreme Court had ruled in favor of the New London city government, allowing the city to seize 15 properties from private owners to build a new hotel and convention center.  It's shameful that a country founded on freedom and private ownership have degraded to the point where local governments can steal property from rightful owners with the simple justification of higher tax revenues.  That's the same as me taking your house from you so that I can rent it out, which I justify by saying it will generate higher tax receipts thanks to the rental income. Here's what Justice John Paul Stevens had to say: In his majority opinion, Justice John Paul Stevens said New London could pursue private development under the Fifth Amendment, which allows governments to take private property if the land is for public use. He said the project the city has in mind promises to bring more jobs and revenue. "Promoting economic development is a traditional and long accepted function of government," Stevens wrote. He added that local officials are better positioned than federal judges to decide what's best for a community. He was joined in his opinion by other members of the court's liberal wing - David H. Souter, Ruth Bader Ginsburg and Stephen G. Breyer, as well as Reagan appointee Justice Anthony Kennedy, in noting that states are free to pass additional protections if they see fit. Well, isn't that nice.  States are free to pass additional protections, and I'm sure that all the state governments are going to rush to limit the new powers they've received thanks to this ruling.  Only eight states currently limit Eminent Domain, and I don't expect that to increase anytime soon. It's simply one more blow to freedom here in the United States.  Slowly, but surely we're descending into the depths of despotic rule by the elites, while the rest of us toil in serfdom.  Don't worry, eventually everyone learns to love Big Brother.

The Daily Reckoning

Offbeat and witty commentary from Bill Bonner and company.  A great source of "outside the mainstream" opinions.

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