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This is not convincing because there are a variety of currency regimes in the world today and they seem to be in healthy competition

lsiq 4y ago
What's unconvincing is the vagueness of that statement. Lets' get more specific then. Explain, for example, how both the Fed and ECB implemented Basel III. Why do these two "independent" organizations adhere so closely to the policy recommendations of some unelected NGO?
- JumpCrisscross 4y ago
  > Why do these two "independent" organizations adhere so closely to the policy recommendations of some unelected NGO? Who do you think is on the committee that writes the Basel Accords [1]? [1] https://en.wikipedia.org/wiki/Basel_Committee_on_Banking_Supervision https://en.wikipedia.org/wiki/Basel_Committee_on_Banking_Sup...
  - lsiq 4y ago
    So you're telling me that a few stuffy bureaucrats earning a salary of few hundred thousand a year are the ones who decide what happens to the money of billions? Think again. I'll give you a big hint, both the first and second presidents of the ECB previously were part of the same small and obscure NGO concerned with the history of banking.
    - JumpCrisscross 4y ago
      > a few stuffy bureaucrats earning a salary of few hundred thousand a year are the ones who decide what happens to the money of billions You’re describing the leaders of the G-10, their central banks’ governors and the world’s most powerful legislatures, who pass the Basel Accords into law, as “stuffy bureaucrats.” If you’re looking for conspiracy theories, the FOMC is far less elected, and arguably far more powerful, than the committees passing non-binding regulations on capital requirements and leverage limits.
      - lsiq 4y ago
        Didn't you see Marc Andreesen's tweet that " 'Conspiracy theory" is code for "will be obvious in a year.' " You only need a few first principles to see absolutely everything, like seeing the matrix code: 1) The world society is entirely made up of individual people, 8B pairs of feet on the ground. Abstractions like 'the government' or "China" are red herrings. 2) Power is relational. Vito tells Tom what to do, and it behooves Tom to carefully follow orders. 3) There are no regulations and human laws in the state of nature, only in the social reality. You alone on Mars would be free to do whatever you wanted, but here on Earth you must file with the IRS, or else.

lsiq 4y ago

What's unconvincing is the vagueness of that statement. Lets' get more specific then. Explain, for example, how both the Fed and ECB implemented Basel III. Why do these two "independent" organizations adhere so closely to the policy recommendations of some unelected NGO?

JumpCrisscross 4y ago
> Why do these two "independent" organizations adhere so closely to the policy recommendations of some unelected NGO? Who do you think is on the committee that writes the Basel Accords [1]? [1] https://en.wikipedia.org/wiki/Basel_Committee_on_Banking_Supervision https://en.wikipedia.org/wiki/Basel_Committee_on_Banking_Sup...
- lsiq 4y ago
  So you're telling me that a few stuffy bureaucrats earning a salary of few hundred thousand a year are the ones who decide what happens to the money of billions? Think again. I'll give you a big hint, both the first and second presidents of the ECB previously were part of the same small and obscure NGO concerned with the history of banking.
  - JumpCrisscross 4y ago
    > a few stuffy bureaucrats earning a salary of few hundred thousand a year are the ones who decide what happens to the money of billions You’re describing the leaders of the G-10, their central banks’ governors and the world’s most powerful legislatures, who pass the Basel Accords into law, as “stuffy bureaucrats.” If you’re looking for conspiracy theories, the FOMC is far less elected, and arguably far more powerful, than the committees passing non-binding regulations on capital requirements and leverage limits.
    - lsiq 4y ago
      Didn't you see Marc Andreesen's tweet that " 'Conspiracy theory" is code for "will be obvious in a year.' " You only need a few first principles to see absolutely everything, like seeing the matrix code: 1) The world society is entirely made up of individual people, 8B pairs of feet on the ground. Abstractions like 'the government' or "China" are red herrings. 2) Power is relational. Vito tells Tom what to do, and it behooves Tom to carefully follow orders. 3) There are no regulations and human laws in the state of nature, only in the social reality. You alone on Mars would be free to do whatever you wanted, but here on Earth you must file with the IRS, or else.