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>The financial system is infrastructure -- like the electricity grid and the Internet. The key difference being that the financial system is a purely informati
by wu-ikkyu 10y ago
>The financial system is infrastructure -- like the electricity grid and the Internet.
The key difference being that the financial system is a purely informational form of infrastructure. Where as the electricity grid and Internet are physical, real forms of infrastructure.
Information is far more easily recuperated (thanks to the internet/electricity grid) when a crisis occurs (i.e. a "bubble") than when a crisis occurs to physical infrastructure like the internet or electricity grid (i.e. an EMP).
- TeMPOraL 10y agoOn the other hand, physical infrastructure failures are pretty much always local - you can lose the grid in a city, state, or even whole country and, while bad, the negative consequences will be contained and limited - neighbouring cities/states/countries will jump in and help. A cascading problem in the global financial system could make half of the western world go hungry, or even start another major conflict.
- emp_zealoth 10y agoSo we are going to indefinitely be held hostage as the financial sector slowly deteriorates with each next symptom-cure bailout after another?