| Truth in Labeling is Always Good For Markets 07-05-12 mpg Should Genetically Modified Food Be Labeled? A quote...."Intel Hub Note: 90% of Americans want it yet supposed patriots and libertarians, possibly working for the very companies that are responsible for the dangerous and toxic GMO foods, are now shilling by claiming that it is statism to want Monsanto to have to label their toxic modified food and that it would give the FDA too much power. -- The FDA is bought and paid for by the likes of Monsanto and other GMO type companies. They are ALREADY controlled, making them label GMO food would be fighting back at their (government) power!" This is RIDICULOUS!! Any person against a policy of truth in labeling can't possibly be a Libertarian. Although this website editor isn't a Libertarian, it would be difficult to believe they would propose you could go into a gas station, pay for your gas, and find out you paid for ten gallons of water. "Buyer beware" doesn't work, it is a form of theft by deception. It can also be considered a form of counterfeiting, since you are selling products that are not what you claim them to be. It destroys confidence in markets, causes buyers to doubt all market participants and as a result punishes honest market participants. (assuming there are any) It is especially problematical when selling adulterated, altered, or contaminated food or medical products whose deleterious effects may not show up for years or whose type of deleterious effects may not be immediately attributable to the products purchased and consumed. Truth in labeling is basically the enforcement of a contract between buyer and seller, it allows the buyer to make an informed decision, gives more transparency to market participants, enables more accurate and speedy transactions, facilitates price discovery, and enforces market discipline upon the sellers. If you want a recent example of what happens to a market were there isn't truth in labeling, or in this case....truthful labeling, just look at what has recently happened to the the US-NRE's financial markets, where tens of trillions of dollars worth of Mortgage Backed Securities were knowingly, and falsely, labeled triple "AAA" by the ratings agencies and sold to unsuspecting buyers. Or what is soon going to happen to the totally opaque, un-labeled, over one quadrillion, "buyer beware" derivatives market. - mpg |