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>Oh come on. Did the regulation in the financial system protect "the customer" Yes it did. Nobody lost money in their savings or current accounts in commercial
by andy_boot 10y ago
>Oh come on. Did the regulation in the financial system protect "the customer"
Yes it did. Nobody lost money in their savings or current accounts in commercial banks (Except Iceland)
What happened in the stock market was different but the core of the FSA/FCA is about protecting customer's money which they did. (See how they were able to ensure none of Northern Rock's customers lost money in the UK).
- bogomipz 10y agoMaybe people didn't lose their savings in the last meltdown but can I remind you how maybe people have lost a significant amount of their savings overnight by their governments and the bad monetary policies those governments pursued? The devaluation overnight of the Argentine Peso(where incidentally Bitcoin is very popular), the devaluation of the Thai Baht. These are all incidents where people went to bed and woke up much poorer than they were the day before. How about the unsound policies of Zimbabwe(do a google search for a Zimbabwe 100 Trillion dollar bill) and Venezuela that leads to devastating inflation? These were the result of politics and monetary policies that were enacted in the pursuit of those politics. Crypto currencies turn all of this interventionism on it's head.