Had to say something about this on Twitter and I'll just leave it there for people to get super pissed & argue about it. But maybe it'll make just ONE person think twice about it. And that'll be worth it.
h/t #[0] for the inspiration and getting me riled up about it 😂
https://twitter.com/TheGuySwann/status/1634954336739491843?s=20
Fixed it for you:
"No, we should not bail out the investors, owners, bankers, OR the depositors! Do you think the value and the resources needed to cover a multi billion dollar insolvency comes out of nowhere?
This is the most dangerously stupid & cartoonish idea ever. YOU ARE STEALING FROM THE POOR, from everyone's standard of living, from the middle class who did *not* make a mistake. And it's not some esoteric, abstract theft either. It's real resources with real costs.
People have this crazy idea that prices just go up and this is natural and there's nothing we can do. You know what actually causes these prices to infinitely rise? The endless creation of debts, printing money, bailouts, ceaseless overconsumption, manipulation of financial markets via politics, and the constant propping up of investments and institutions that **consume more than they produce.** In short, THIS.
That's exactly what this is. The reason the gap for the poor keeps getting larger is because of THIS behavior, because of THIS mentality. Because of THIS response. When you say "oh think about the everyday depositors" you do so at the expense of those who saw their rent go up ANOTHER 20% this year. Who saw the price of food go up, who saw their wages stagnate, who *already* lost their job. They are the ones paying for your mistakes.
I am so, so sorry for the people caught up in this shitstorm, and I wish everything that it hadn't happened, but this will NEVER stop if we keep pretending there are no consequences and we dump the costs onto people who had no involvement whatsoever.
It's not make believe, you cannot wish it away. YOU are making people poor to pay for your mistakes. There is no free lunch. This is the apex of selfishness, that you would want others to pay the price in endlessly high living costs, in wages that constantly fall in value, in prices that never cease to skyrocket, that you would watch them struggle, watch them feel like life is meaningless & that they can never get ahead because everything will always get more expensive without ever stopping & why even try? Why produce? Why earn when it all gets taken anyway, when it never amounts to any genuine progress? Why not just dive head first into the political debt & consumption machine and just beg for a bailout when it goes wrong like everyone else?
I feel for those who will suffer from this. More than you probably believe. But I feel even more for those who are stuck in endless poverty, who never even have a chance, and when there is even a ghost of hint of prices being corrected, of the overconsumption being punished... they get kicked in the gut all over again to bail out Silicon Valley.
This lie can go on for decades, but eventually you run out of producers, eventually you get into a series of cascading debt bubbles and banking crises, eventually you find yourself in a place where the central bank doesn't respond to economic conditions, they actively and permanently manipulate everything about it. Because we purposefully engineered systemic fragility and corruption and let the real workers bail it out and prop it up over, & over, & over again. Today it might just seem like a depositor to a bank, or just a few investors, or one important bank, but the end of that road is the total destruction of our entire economic foundation.
You wonder why it feels like the world is falling apart? Why it feels like nothing is safe? Why it feels like we aren't making progress anymore? Why it feels like the US is a pathetic shadow of its former self? This is why.
Maybe you don't realize this is the truth of it, & you are not to blame for this. It is purposefully hidden by the politicians, corporate interests, & liars who profit most from it. It is understandable that you didn't know. But in hearing this, you *can* be faulted for ignoring something that you know is true, just because you wish it wasn't.
I wish there was a magic wand, but it doesn't exist.
#BankRuns #SVBCollapse #BankCrash #Depositors"
Great diatribe!🙏😁👍
always happy to rile you up, just give me a shout.
Will do. Should’ve put it in the original tweet.
FDIC is funded by the banks themselves, not the public, so in the case of depositors, aren’t we looking at something very different than a taxpayer funded bail out of the shareholders and executive management?
genuine question
Not talking about FDIC. We should *actually* have a fully funded FDIC. But we should not be printing money, issuing new credit, or bailing out in any other context or anything over the $250k
thanks for answering
Fuck Twitter, this is the content:
"No, we should not bail out the investors, owners, bankers, OR the depositors! Do you think the value and the resources needed to cover a multi billion dollar insolvency comes out of nowhere?
This is the most dangerously stupid & cartoonish idea ever. YOU ARE STEALING FROM THE POOR, from everyone's standard of living, from the middle class who did *not* make a mistake. And it's not some esoteric, abstract theft either. It's real resources with real costs.
People have this crazy idea that prices just go up and this is natural and there's nothing we can do. You know what actually causes these prices to infinitely rise? The endless creation of debts, printing money, bailouts, ceaseless overconsumption, manipulation of financial markets via politics, and the constant propping up of investments and institutions that **consume more than they produce.** In short, THIS.
That's exactly what this is. The reason the gap for the poor keeps getting larger is because of THIS behavior, because of THIS mentality. Because of THIS response. When you say "oh think about the everyday depositors" you do so at the expense of those who saw their rent go up ANOTHER 20% this year. Who saw the price of food go up, who saw their wages stagnate, who *already* lost their job. They are the ones paying for your mistakes.
I am so, so sorry for the people caught up in this shitstorm, and I wish everything that it hadn't happened, but this will NEVER stop if we keep pretending there are no consequences and we dump the costs onto people who had no involvement whatsoever.
It's not make believe, you cannot wish it away. YOU are making people poor to pay for your mistakes. There is no free lunch. This is the apex of selfishness, that you would want others to pay the price in endlessly high living costs, in wages that constantly fall in value, in prices that never cease to skyrocket, that you would watch them struggle, watch them feel like life is meaningless & that they can never get ahead because everything will always get more expensive without ever stopping & why even try? Why produce? Why earn when it all gets taken anyway, when it never amounts to any genuine progress? Why not just dive head first into the political debt & consumption machine and just beg for a bailout when it goes wrong like everyone else?
I feel for those who will suffer from this. More than you probably believe. But I feel even more for those who are stuck in endless poverty, who never even have a chance, and when there is even a ghost of hint of prices being corrected, of the overconsumption being punished... they get kicked in the gut all over again to bail out Silicon Valley.
This lie can go on for decades, but eventually you run out of producers, eventually you get into a series of cascading debt bubbles and banking crises, eventually you find yourself in a place where the central bank doesn't respond to economic conditions, they actively and permanently manipulate everything about it. Because we purposefully engineered systemic fragility and corruption and let the real workers bail it out and prop it up over, & over, & over again. Today it might just seem like a depositor to a bank, or just a few investors, or one important bank, but the end of that road is the total destruction of our entire economic foundation.
You wonder why it feels like the world is falling apart? Why it feels like nothing is safe? Why it feels like we aren't making progress anymore? Why it feels like the US is a pathetic shadow of its former self? This is why.
Maybe you don't realize this is the truth of it, & you are not to blame for this. It is purposefully hidden by the politicians, corporate interests, & liars who profit most from it. It is understandable that you didn't know. But in hearing this, you *can* be faulted for ignoring something that you know is true, just because you wish it wasn't.
I wish there was a magic wand, but it doesn't exist."
How about ending the Fed before we (in effect) ask the government to start picking winners and losers? Because you know they’re not going to let larger banks fail. I was opposed to TARP and I agree with many of the points you make, but many of these VCs and startups were following the rules of this crappy system. They weren’t taking out/lending out low/no-doc loans to flip houses like in 2006-08. The Fed broke this bank. It’s time to break the Fed
Sure. Stopping it in every regard is critical. And stopping it in one instance, but not in others forces everyone to pay twice. But we HAVE GOT to draw the line somewhere, we have GOT to change the conversation and slam them at every single instance, because there is never a time that stealing from people is worthwhile, no matter how much theft and corruption we are comparing it to.
There is ONE solution, and it’s to stop.
100%, ending the FED is the most important thing we can do for long term sustainability and to keep this from ever happening again.
Bravo, sir. Well said.
I WILL LEAD THE GUY SWANN BAILOUT WITH A ZAP
they will bail it out again until it cannot be bailed out any more and the system collapses
the point will come when most of the world will not accept usd fiat scam money andy more
The only reason the VCs want bailouts is it guarantees a big payday earlier rather than later
It is high time preference fiat culture and should be mocked at every step
I see nothing to argue about. Good vent. 👍🏻
Your message is garnering a lot of interest.
Added to the https://member.cash/hot feed
I was just about to get back to catching up on my work and #[0] showed up in my feed with some 🔥 - not so fast my friend — work can wait — I have something to say about banks.
#[1]
Epic rant, really sums up moral hazard well (a subject I have trouble describing in a way that responses with others). I shared this with some of my normie friends. They all agreed whole-heartedly. Now if only they would learn about Bitcoin.
Thanks for everything you do for the space Guy!
I'm feel really bad for breaking marchoftwitter for the 1st time. But it was worth it! You aced it! 🔥🔥🔥
yeah I was doing so well.
#[4] explained it really well here #[5]
I saw it first on Twitter and completely agree. You totally smoked it, dude, as you always do.
You can't rationalize with criminals.This is who we are dealing with. That trash must be permanently castrated and removed. What they are doing is 100% intended and they DGAF
