This market never would have boomed without the implicit government guarantee of the trillions of dollars of mortgages essentially laundered by the GSEs.

Subjective right was developed as a secondary principle of the legal order. Grotius was the first to invert the order: he made subjective right into the primary, originating principle of the legal order.

It is this understanding of the primacy of law over government which has been lost, and it has been lost in the transition from monarchy to government based on the will of the people. What the Stuart kings could not accomplish - the primacy of government by prerogative - representative government has.

society. Justice cannot be achieved until atonement is achieved: ancient societies perceived this, and made sacrifice - plant, animal, even human - an integral part of their public life. Modern man thinks he has escaped this necessity, relegating religion to the private sphere, secularizing the public square. This is pure self-deception.

"[Subjective right] is … a secondary principle of the legal order alongside the <30>primary and absolute principle: the purpose () of life relations. As secondary principle, however, it is always based upon this latter. Its own content and range is originally and essentially derived from, and the coherence of all the rights of all men lies in, this

Hence, the doctrine of precedent is the threefold doctrine of security, liberty, and equality - Security, in that it leads to the expectation that disputes will be decided in the future as they have been decided in the past; Liberty, in that subordinate individuals will not be subject to the capricious will of superiors; Equality, in that all

Why did its exponents take this approach? They were quite aware of the danger to liberty formed by unaccountable government. But their focus had been on the restraint of government wherein the executive and the legislative powers were joined, absolute monarchy being the most glaring example. Their views of legislative power as a separate branch of

If the common law establishes the lines of communication, it is money which functions as the circulating medium, the life-blood of the societal (as opposed to communal) (125) organism.

What this furthermore means is that the basic economic relation is not the transitory, ephemeral kind established through purchase and sale, but long-term