I agree with Soros in his general feelings about market structure risk in the current system. I would like to see him engage his intellect with the long term pa

I agree with Soros in his general feelings about market structure risk in the current system. I would like to see him engage his intellect with the long term pattern that has seen nation states constantly grow more powerful. I take an interpretation of history that says part of the reason Europe emerged is because it lacked a concentration of power. Power and flowed around many aristocrats and one Catholic church. Later, the church split, giving yet more opportunity for power shifts, and evolution. These days the tension is between many corporations and a few very powerful nation states. Evolution is healthy, but we're in a long period where nation states have an inevitable growth. The amount of tax they collect as percentage and in real terms grows over time. The reach of states into our freedom grows over time. It's easy for governments to create child institutions. But the evolutionary guards on state instutitions are very weak. They tend to grow larger and less efficient, and are difficult to reform and abolish. They can't go backrupt (except by taking the state down as well). So government just grows and grows. A dynamic has emerged where governments can take on risk for corporations, and share it around to the people. It's easy to see this in the context of the bank crisis, but it's much better established than that. National works projects are the same thing. They're generally a poor use of money, but the loss is spread around and nobody has incentive to call out mistakes. When they're a success, governments look good. So there's motivation to engage in risk. It is business as usual for governments to engage in moral hazard. Our structures and narratives don't equip us to defend against this. The current structure of the banking system is only one aspect of this.