5 ms·
Do you trust government or private banks more?
by Bellamy 5y ago
Do you trust government or private banks more?
- deleted 5y ago[deleted]
- reedjosh 5y agoWhy should we be forced to chose?
- ben_w 5y agoFor the task of keeping money in an economically useful state over time? Generally the government, but it depends on the country. Banks have a profit motive and therefore keep trying to do things which value instant reward over stability. Governments (when not corrupt) are motivated by the actual success of the nation as a whole rather than individual sectors. They mostly only need to care about short-term wins for elections.
- kqr 5y agoFurthermore, if there's any branch of government that to me seems to be populated by actually intelligent people, it's the central bank.
- sofixa 5y agoNot everywhere, but that does seem to generally be the case, and when it isn't, it's pretty obvious - e.g. Turkey.
- kwere 5y agoerdogan selfappointed himself as central bank manager, do not undermine the work of the actual experts
- imtringued 5y agoYeah, Turkey is pretty much a go to case for "Don't trust the government, trust the central bank". What Erdogan should do is to support the agriculture sector and help it provide enough food for everyone. By forcibly lowering interest rates he is actually cutting off financing for the most productive companies. High interest rates are supposed to drive out unproductive companies and make it harder for them to acquire financing. If the agriculture sector is highly productive (indicated by rising food prices) then it will automatically obtain more funding and other companies will have to downsize, which makes more resources and workers available to agriculture companies.
- lottin 5y agoAren't private banks supervised by the government? Trusting private banks means implicitly trusting the government and the legal system.
- elevenoh 5y agoI personally tend to trust what emerges from an open market free from institutional collusion most.
- Talanes 5y agoUnfortunately that was neither of the options.
- imtringued 5y agoWhere do you see the difference between a private currency and a public (government issued) currency? What makes one of them worse?
- radiator 5y agoNone of the above
- bryanrasmussen 5y agodepends which government and how much money I have. Right now I trust my government (Denmark) more.
- nathias 5y agoI trust them about the same.
- seaourfreed 5y agoNeither. That is why cryptocurrencies were created. 2008 Mortgage crisis blow-up mortgages stole citizen's money in bank accounts (deposit custodial accounts). The bailout was to hide/replace this money. Citizens don't trust private banks. They don't trust the government since congress sells out to lobbyists.
- Proven 5y agoOf course I trust private banks (but not those private banks that are surviving thanks to the government). What do government officials have at stake? Nothing. Bank owners have a lot at stake.