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This lines up with my understanding, which is why underwriting monetary loss of banks does not appear anywhere close to being socialist. The worlds governments
by NomDePlum 2y ago
This lines up with my understanding, which is why underwriting monetary loss of banks does not appear anywhere close to being socialist.
The worlds governments intervention in 2008 and since seem closer aligned to propping up capitalism, whilst ironically also invalidating a lot of the basis that capitalism actually is a coherent system.
- jfengel 2y agoThere's a bitter joke about privatizing profits and socializing losses. It's not exactly true, but it's depressingly close. It's not entirely incoherent to be prepared to backstop losses when they would become systemic. But that mandates limits on risk, or it just tells people that the joke is actually reality. Balancing that requires constant vigilance... which corporations deter by calling it "socialism".