What does Private Property Mean?

It's time to be very concerned. Ask yourself what does private property mean when the Supreme Court says it may be seized and given to another private entity? Yet another great argument for limited government if you ask me...

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The story below is from the following site:
http://www.globest.com/retail/news/northeast/15412-1.html
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Supreme Court Says Private Property May Be Seized
By Barbara Jarvie
Last updated: June 23, 2005 12:53pm

NEW LONDON, CT-In a 17-page decision, the US Supreme Court has ruled that a local government has the right to use its eminent domain powers to seize private property to transfer it to another private entity. In Kelo v. the City of New London, seven plaintiffs including homeowner Susette Kelo and other property and small business owners, filed suit in December 2000 after New London officials and the New London Development Corp. condemned their Fort Trumbull properties so a number of private development projects could move forward. City officials maintained the projects would bring a great economic benefit to the area.

"The city has carefully formulated an economic development that it believes will provide appreciable benefits to the community,” Justice John Paul Stevens wrote in an opinion joined by Justices Anthony Kennedy, David H. Souter, Ruth Bader Ginsburg and Stephen G. Breyer. “Promoting economic development is a traditional and long accepted function of government.”