When Moses came down from the mount, he brought with him 10 rules covering most things that people really needed to know and could remember. There are now literally millions of federal rules that we are all supposed to have knowledge of and comply with — clearly an impossible task for any mere mortal.

The result is we have lost our individual liberty because, if the feds decide to target you, they can always find some rules you have broken. The IRS is Exhibit A, with more than 70,000 pages of rules that no one can possibly know.

Several studies from highly reputable institutions have been released in the last number of days, all with similar alarming conclusions — namely, millions of new jobs have not been created, and wages for existing jobs have stagnated because of the ever-increasing costs of new regulations.  What can we do about it?

Well, what do you do when you see a mosquito on your arm biting you?

The end is near — depending on how you define “near” and where you live.

A couple of weeks ago, hedge fund legend Stanley Druckenmiller gave an important talk arguing that the crisis is about to hit and investors should liquidate their equity holdings. He and others who have similar views have been the subject of much debate among economists — more of it about the timing of the next global and U.S. downturn and not so much about whether it will come.

The crisis has already hit many — depending on where you live and what assets you hold — and will eventually spread to billions of others, including a very large segment of the U.S. population.

The fundamental problem is most countries are experiencing little or no growth as a result of excessive government spending (particularly on transfer payments), and destructive regulations and tax policies.

The unwillingness of the politicians (and their voters) to cut back on spending and regulation has led to an explosion of government debt, which is not sustainable at current levels of economic growth. This, in turn, is fueling a demand for more government spending (more free stuff) and thus more debt.

How long do you think this can go on?

Well brought-up individuals are taught not to take things from other people’s pockets: “Thou shall not steal.” There are those who never learned the lesson — criminals, and many in the global political class.

The latest targets of the global looters are multinational corporations.  During the last few years, there has been an effort by high-tax countries (many of which are rich) to establish global minimum corporate taxes and for international tax bureaucrats to determine how taxes on a company should be allocated among the jurisdictions in which it operates.

Even though the effort is cloaked as an issue of "tax fairness," it is really an effort of more powerful countries and their political classes to take away more from those who earned it and spend it on themselves and their friends.

This effort to tax companies more raises a series of questions.

First, is it wrong for corporate officers to try legally to minimize their company's tax bills? No, in fact, corporate officers have a fiduciary responsibility to their stockholders, employees and even their customers to minimize costs, including taxes.

Second, should corporations be taxed at all? Again, the answer is No.  Here’s why.