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The state of New Jersey mulls "privatizing" the state lottery. Our correspondent "Irrational Exuberance" notes that this moves, for a change, the liberal stronghold in the opposite policy direction of Venezuela. But is it really so different? All that's happening here is the government as arbitrarily declared gambling -- a victimless crime -- to be illegal for private operators, granting itself a monopoly. Now it intends to make money by selling that monopoly status to a private operator who should have had an unrestricted opportunity in gambling all along. Thus the state collects an extorted premium from the private sector, and consumers lose the benefits of competition. It's still gambling; it's still privately operated; and it's a legal monopoly. Brilliant.

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