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Define a threshold for proper function and look around you. If all you read is breathless headlines and agitated facebook postings the world may look black, but
by Arnt 8y ago
Define a threshold for proper function and look around you. If all you read is breathless headlines and agitated facebook postings the world may look black, but sit down, define thresholds and then judge the financial sector by what you've decided is appropriate.
Money is transferred reliably and quickly? Bank accounts are safe, and the insurance banks need to pay is and remains cheap? Salescritters never offer "high-interest low-risk" investments? Define your threshold.
- mrleiter 8y agoThe threshold would be the law.
- Arnt 8y agoSo you're not interested in scandals of the form "bank sold foo bar to pensioners as being a risk-free high-interest investment"? There are a few tens of thousands of banks in Europe that haven't been in trouble with the law. By your condition, the number of banking scandals in my home country (Norway) is either zero or one since I was born, and that possibly law-breaking scandal involved nine or ten customers (they asked the regulator once and assumed that the answer applied to nine similar deals). The world outside the Garden of Eden doesn't really get much better. The low cost of account insurance in most of the world tells a similar story: banking largely functions, even if not without warts and mishaps.