The View From 1776
Arbitrary Exercise of Power
In the long battle between the English monarch and his subjects, beginning with Magna Carta in 1215 and extending to our 1776 War of Independence, the thrust was to restrain the rulers within a framework of checks and balances that tended toward fairness. One term, arbitrary, was frequently used to characterize unfair exercise of political power.
- Hey! I like arbitrary power. As long as it's me with the power!
- Had GM just gone under, the bond holders would have also lost their shirts.