6 ms·
What’s happening is that the masses now have access to do the same absurd gambling that the “experts” have been doing for a century. The only way out is to remo
by cwhiz 6y ago
What’s happening is that the masses now have access to do the same absurd gambling that the “experts” have been doing for a century. The only way out is to remove the gambling functions from the market.
But then that would require that traders go get actual jobs, and produce actual value. I think these people would rather see the US burn than do that.
- throwaway5752 6y agoThat's pretty cynical and optimistic at the same time. Cynical because it doesn't acknowledge the value that a well functioning and regulated financial system can create. Efficient flow of capital only sounds bad if you haven't seen the absence of it, like projects failing for lack of funding while bad ones are burning money. Optimistic for thinking that the masses have anything approaching the same level of access. I was hoping anyone with fintech experience could chime in disabuse others of this, but the masses don't have anything. It's depressing to watch so many people (on average) just destroying their savings while they're young and can make the biggest impact on their future savings.
- cwhiz 6y ago>Cynical because it doesn't acknowledge the value that a well functioning and regulated financial system can create. You don’t need gambling to have a well functioning financial system. The price of goods at Walmart is not based on what uninterested bettors think the price should. It’s just based on supply and demand. We don’t need gambling to have a functioning financial market.
- chii 6y agoThe reason walmart's prices are stable is _because_ of the gambling of the market! The financial engineering of modern day has managed to separate risk (which is what causes price fluctuations) from their underlying commodity/goods/etc, and sell that risk away to people who want to take it. This allows those who want to not have risk (and thus stable prices) to have it - albeit yes, they pay a small premium for that. But ask any farmer and they prefer a lower, but stable price for many years, rather than the fluctuating price of produce. So the gamblers, who by definition, want risk, take on all the risk. Thus, a functioning financial market is how this is all conducted.
- cwhiz 6y agoNonsense. We had stable prices before the gambling functions were possible. The gambling functions of the market add nothing of value, and produce no economic output.
- chii 6y agoit's only stable if you imagined it to be stable - it wasn't. And commodities futures and speculation is only gambling if you choose to call it gambling and compare it to casinos - it's not. Comparing it to a house-odds gambling game like casino is just personal bias on your part, and your lack of understanding of the machinations of commodities trade.