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>The idea that digitally tampering with bank accounts would not be noticed or reacted to, but softer measures like inflation rate meddling, or stealth measures
by aminok 10y ago
>The idea that digitally tampering with bank accounts would not be noticed or reacted to, but softer measures like inflation rate meddling, or stealth measures like doing a currency re-issuance and controlling how hard it is for people to exchange old money, is absurd.
Who said anything about "digitally tampering with bank accounts"? The situation today, where the bulk of transactions are done through large trusted third parties, which act as deputies for state regulatory organs, means that there is no expectation of privacy in most financial transactions, which increases the power of governments (meaning the political majority of countries) to enforce majority-supported laws that restrict voluntary exchange.
It's certainly true that physical cash does not protect against inflation, but the idea this is the only major method by which governments redistribute wealth is false. Taxation is the main way in which governments raise revenues, and destroying privacy increases the ability of governments to tax.
>"In terms of protecting rights, this is one of the worst, least effective ways to do so."
It is the absolute most effective way to protect rights. Furthering financial privacy increases the protection that the politically disenfranchised have against those with political power more than anything else. Money is power, and having privacy in your usage of money means your power is protected.
- XorNot 10y ago> Furthering financial privacy increases the protection that the politically disenfranchised Wow. This isn't even supported by any of America's notable civil rights successes of years gone by, whereas the entire history of political corruption is enabled by the wealthy's use and access to opaque financial instruments.
- aminok 10y agoI guess you don't consider economically inhibiting regulatory prohibitions, in place in countries all over the world, that funnel economic activity through politically connected gatekeepers - at massive economic cost to the politically disenfranchised masses, or trillions of dollars in taxation to enrich the political class, or sanctions targeting every person of a particular nationality, or the multitude of market prohibitions, like those on drugs, or socialist policies put in place in countries like Cuba and Venzuela - to be forms of oppression inflicted by those with power on those without. You don't seem to appreciate that it is the ability to transact privately that enables people to circumvent all of the above-mentioned laws.