Source: The American Prospect
by David Dayen
“There’s an economic principle named after a 16th-century British financier — Sir Thomas Gresham — who urged Queen Elizabeth I to clean up the sorry state of the national currency. Gresham’s Law states that ‘bad money drives out good,’ and while Sir Thomas meant ‘bad money’ in terms of coinage that didn’t carry the intrinsic value of gold or silver, the principle applies just as well to the business world. Simply put, honest companies have a hard time competing with dishonest ones. … If you accept this premise, then you should recognize that we’re about to see a lot of honest businesses either turn to the dark side or close up shop.” (05/27/25)