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It would significantly reduce the size and reach of these entities. There would be no global financial system, and that would be a Good Thing (tm).
by rglullis 4y ago
It would significantly reduce the size and reach of these entities. There would be no global financial system, and that would be a Good Thing (tm).
- oneplane 4y agoI doubt that prediction is accurate. No global systems is a bad thing, and no financial systems is a bad thing too.
- rglullis 4y agoBy global, I mean Universal, all-encompassing. Advocating for one such system is like advocating for a global government. There are better alternatives. Local, discrete, networked systems that can co-evolve with its participants. They reduce of chance of total collapse of the system and can be isolated when needed, stopping the risk of contagion and avoiding "too big to fail" entities.