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Finance, like the democratic process, should be explainable to your average person. If it can’t be explained, it is ripe for exploitation by ones who spend mos

Finance, like the democratic process, should be explainable to your average person. If it can’t be explained, it is ripe for exploitation by ones who spend most of their time trying to find loopholes to get wealthy off of some esoteric financial instruments. Much like clever MMO doing their best to find bugs in the game and find things like duplication glitches. If it can’t be explained it is going to create a new global papacy that we have to defer our earthly futures to in hopes that they will find the magic cure for our stagnating incomes. Much of it can’t be explained and that’s why we can’t vote our way to a world that doesn’t give the wealthy and their foot soldiers an unfair advantage to use financial instrument tricks to gain vast amounts of on-paper-wealth that can then be used to repeat the process. Even though this is a shoot from the hip blog it does point at the fact that while globalization has seemingly made some costs cheaper for wealthy westerners, it also made the ones who planned and executed this shift many times more money.

thinkharderdev 5y ago
I'm not sure that this is a great heuristic. Most of the financial instruments that, for example, were at the root of the 2007-9 financial crisis are relatively easy to explain (you can find innumerable articles providing explanations of what a CDO is that I believe the average person can understand quite easily). > Even though this is a shoot from the hip blog it does point at the fact that while globalization has seemingly made some costs cheaper for wealthy westerners Arguably the largest benefits of globalization has been the global poor and not wealthy westerners. In some cases this has come at the expense of the western middle and working class (who are ~85th percentile globally) in specific sectors, which is why I think it is so contentious in the west.

thinkharderdev 5y ago

I'm not sure that this is a great heuristic. Most of the financial instruments that, for example, were at the root of the 2007-9 financial crisis are relatively easy to explain (you can find innumerable articles providing explanations of what a CDO is that I believe the average person can understand quite easily). > Even though this is a shoot from the hip blog it does point at the fact that while globalization has seemingly made some costs cheaper for wealthy westerners Arguably the largest benefits of globalization has been the global poor and not wealthy westerners. In some cases this has come at the expense of the western middle and working class (who are ~85th percentile globally) in specific sectors, which is why I think it is so contentious in the west.