4 ms·

j.p. morgan existed before regulatory bodies did

• numair 5y ago
  The system that maintains the banking oligarchy is a regulatory creation. We replaced the wildcat [bank] with the fat-cat [banker]. https://en.wikipedia.org/wiki/Wildcat_banking https://en.wikipedia.org/wiki/Wildcat_banking
  • tryptophan 5y ago
    The whole criticism of wildcat banking is so myopic imo. Laws were set up that explicitly made these banks very weak. Then after they inevitably failed like they were set up to do, everyone goes "omg, look! private money is so bad! time to nationalize banking and regulate everything!". https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/ https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/