Nostr

Many who find fault with the financial system have a habit of quoting and promoting ideas put forth by its greatest advocates and defenders. Bankers, billionaires, and fund managers are not disparaging government policies because they love you. They disparage regulation because it impedes their ability to shift value from the masses into their own pockets. Let’s quote people who have something to say.

hh 2y ago

Yes, and no.

I think the spirit of your argument is correct. But I find a fault in it: in reality, there is no separation between the "financial system" and "the goverment".

In way too many cases they are literally the same people, and without any known exception in any major economy in the world, they are exceptionally tighly intertwined and protect each other's interests.

So, "government regulation" is invariably in agreement with the interests of the incumbents ruling over the financial system.

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Undisciplined 2y ago

I think if it had said "When they disparage regulation it's because..." there would be no objection, but I had a similar reaction.

Most financial regulations are written by bankers, billionaires, and fund managers, after all.