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Change it to what? Economies today are incredibly complex, because products and services are complex, laws are complex, and trade is international. There is a
by lr4444lr 1y ago
Change it to what?
Economies today are incredibly complex, because products and services are complex, laws are complex, and trade is international.
There is a need for people who specialize in risk assessment for loans and investment to separate the wheat from the chaff for new business ideas. It would be very hard I think to recreate some alternative institution that does not by in large recreate the same structure and incentives of modern banking.
Cryptocurrency advocates have multiple times had to learn the same hard lessons as fiat currency users.
- bix6 1y agoSomething where everyone isn’t such a cheater? The gatekeepers mostly get to police themselves. If you’re on the inside you can practically get away with financial murder. The incentives are too perverse. Who wouldn’t skim or manipulate a few million dollars to make their life more comfortable? Only the kind of people who wouldn’t pursue banking in the first place.
- an0malous 1y agoThe stranglehold of banks comes from the special privileges they get to create credit, get bailed out for investment losses, get more favorable tax rates, and be the instrument of economic manipulation through capital injections. No one would complain if they just assessed risk and invested money in businesses, the problem is the game is completely rigged for them, they cheat and steal, and then get bailed out for their failures.
- anon191928 1y agoSolution will be also complex. (I don't know how) but it can't rely on fully debt related growth. I mean at some point they will pay so much to interest that, first social BS and then entire "economy" will be not sustainable. This is a fact.