Recently, I chaired a board of directors and an audit committee of a bank in Bermuda, and I was living with a guilty secret, almost as guilty as a smoker, like alcoholism and worse. I have been playing poker regularly since I was about 20 years old. A public poker game was being held at the Flanagans in Bermuda bar, and I had played several times until about five years ago. My friend told me I shouldn’t participate in public games because bank customers and shareholders misunderstand me. Poker is not a gamble, but the authorities have closed the game on Toto 메이저사이트in a different stance because people like me need to protect themselves. Poker looks like a gamble, but it’s a highly technical game of betting and reading your opponent’s wagers.
But the more I thought about it, the later I realized that poker has something in common with the free market, just like banks do. There are no lenders like the Fed, no gentle uncle thumbs who say you’re too big to break.
But I’m in the lead.
Although the origin of poker is unknown (dating back to the 14th-century Persian card game of “Asunas”), most historians attribute the development of modern games to the French population of New Orleans, home to jazz and a pleasurable lifestyle. The game spread through an outer-ring boat that paddled the Mississippi River (Shobiz historians will remember that the main character in Show Boat was Gaylord Label, a great romantic but poor poker player). In the Civil War, soldiers of both armies played, then advanced to the West and became a staple of cowboy films. Poker is always associated with violence, and you can see many scenes in western films where you compete in poker. Wilde Bill Hickok was shot by Crook Noses McCall in 1876 during a poker game in Deadwood with two, eight aces and a Queen’s hand, earning him an immortal reputation as “Deadman’s Hand.” Benny Binion, the owner of Vinyons Horseshoe Casino in Las Vegas, which hosted the first World Series of Poker in 1970, was a convicted killer.
This game is a good example of a spontaneous order of Toto 메이저사이트in which, unlike the development of language, dance and free markets, the cooperation and coordination of people are born without intentional instructions such as conscious government. It is a typical product of human behavior, not of human design.
Poker is usually played with 5 to 8 players and is not limited to men, but you get to hang out with each other noisily and enjoy the thrill and technology of earning a few dollars at the expense of a friend. The rules are simple and easy to read, but all participants follow the rules clearly, as the Golf Association does.
There is no leniency, a real mistake is considered grossly foolish, and a decent penalty is imposed. There is no friendly bank window or Bernanke; look at the momentary sympathy (or contempt) when the other participants put your money in their pockets. This is the best thing in capitalism. You may profit, but if you do something wrong, you have to pay for it. And most of all, there is no tax on the prize money unless you can win the World Series of Poker. There is no moral hazard because the participants are responsible for the loss of their actions (bets), and the actions are restricted due to the potential loss burden.