These ****ing hedge fund pricks all got their money back and their still whinning and crying. Do they realize how much literally everyone hates them in the world? The right and left both hate these hedge fund assholes. Non stop crying from them. Wish we could just drone strikes all these assholes
Basically this is the argument against capitalism that communists make. Because the whole idea of banks is that they take the money you deposit in them and loan it out only keeping a small percentage in reserve. If you find that morally corrupt, well, you're a communist and anti-capitalist. You might want to find another country - I hear Russia, China, and North Korea will align well with your values.
It's debatable how much fractional reserve would exist in world without a money printer. At a high enough interest rate (or low enough fees), a depositor might agree to a bank lending out a portion of their deposits, even without government deposit insurance. And that's fine, as long as the bank/depositors are assuming all the risk and not backstopped by a money printer (FDIC). It's the money printer that creates the moral hazard of using deposits in risky ways, knowing they will be made whole by the money printer if something goes wrong. The money printer depletes the wealth of anyone holding the money. It's the ultimate in time theft and supremely immoral. Bitcoin fixes this by turning off the money printer.
It may fix one issue and cause another. The gold standard saw wild swings in inflation and deflation, not sure why Bitcoin would be any different.
Well if it’s that we should base our money on a limited resource with no inherent value other than speculation we might as well use tulips.
tulips are not durable, scarce, fungible, portable, divisible not a good instrument for storing value across space and time!
I don't think you understand how money works in terms of the banking system and money supply. The FDIC isn't a money printer. They have no ability to print money. They are an insurance program that guarantees deposits. The reason it was put in place was because there was a run on banks before FDIC existed. And that time was called the Great Depression. FDIC exists so that people won't panic and pull their money out of banks the first sign of trouble. It does not print money. That is what the US treasury does. The Treasury prints money The federal reserve controls the money supply FDIC works to stabilize the system and reports to the President. Depositors don't control how much of their money can be loaned out. They have no say. Banks follow rules (aka regulations) around how much htey can loan out against their total reserves. What happens is that sometimes something spokes people, and everyone tries to get their money, but let's be clear, NO BANK IN THE US COULD SURVIVE if all the depositors wanted their money back now. Again, if you think this is immoral you are basically saying you believe capitalism is immoral, because our economy was built on the shoulders of the banking system - on debt. Everything is built on debt - other people's money. Every car loan, mortgage, student loan, stadium, schools, highways - all of it, is built on debt. If you want to live in a place that doesn't do this, that follows the rules you are describing, then there are places in Africa that would suit you where charging interest is illegal.
Good money should have no intrinsic value. Using debt as money has been the best form of money for centuries. Its not good, but it was the best. Gold and silver does not make good money either for obvious reasons and has continuously been a failure. Whether Bitcoin can be one of the best forms of money is yet to be determined. If it succeeds, it will completely reform and reshape the way this planet views money and completely changes the game theory of economics. I dont view Bitcoin as the end all forever solution. Its just here to kill the use of debt instruments as money.
"I dont understand what you said so you're wrong. But here is my 5th grade text book definition of what I think you should have said".
You're making my case for me. Like a fish who has no concept of life outside water, everyone alive has only lived in a world of endless credit and money printing. But it wasn't always that way, and doesn't have to be in the future.
Thank the lord none of you idiots are in charge of my monies. All of you are ****ing worthless. Literally. All. Maybe minus 2? But basically all.
Not really sure what is historic about that? He has some good questions, nice and tough, which are fair. Bottom line is, you can't let people lose faith in banks, whether it is fair to one bank over another. Systemic risk trumps just about everything.
