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Dean, that's said a lot but its a pernicious lie that many people mistakenly believe. What makes it a lie is it doesn't acknowledge or characterize the require
by _siis 4y ago
Dean, that's said a lot but its a pernicious lie that many people mistakenly believe.
What makes it a lie is it doesn't acknowledge or characterize the requirements that must hold true for it to be the truth (or a successful outcome).
Those requirements are simple but don't currently exist in the majority of areas which is why we are having such huge problems today, and people mistakenly believe its something else because they haven't properly educated themselves, and they are working against indoctrination of the education they received early in life.
Those requirements are simple.
* Protection of property rights in the things you own (i.e. you can't be deprived of the benefit from stock you own, arbitrarily (based on someones say so) without effective recourse).
* A store of value that is stable and doesn't change.
Inflation depreciation each year with stagnate wages guarantees only consolidation of existing wealth at the expense of anyone else, inflation is also double taxation without representation, one to the government, and one to the privately owned institution of the FED. (followup: The Creature from Jekyll Island).
* A transparent market with functioning price discovery (sales are done only on the market and visible, i.e. no darkpools, and wash sale collusion to fix prices is severely punished).
Without those three things, you will never in a guaranteed determinable way become financially independent because of fraud, deceit, collusion, and corruption.
It is not sufficient to say we have those through the court system, because the court system is not self-enforcing, there are bad actors within the system that go unpunished, its reactive, and the costs for such privileges to defend against unbacked spurious complaints made by entrusted officials (who broke their oath of office) may far exceed the value of the objects thus they can be deprived arbitrarily (google youtube, Civil Asset Forfeiture, US Private Vaults).
If you decide to dig a bit further and research more into this, you may find that common failures in any of those areas are also commonly found in socialist (centralized systems) such as communism, both now and historically.