Transforming Finance

This is an interesting video that has some suggestions of how to change the financial system for the better. Many documentaries have a certain leaning, one you won’t find in this video is that despite the downturn that many systems (and many within finance to include Central Banks) have shown serious resilience, banking failures today are not as painful to individuals as they were 100 years ago.

That last line creates a separate debate about the socialisation of losses which is wrong, but the upside of it (and this isn’t an endorsement or apologist stance) is that you don’t wake up one day and your deposits have all evaporated.

All of this said, we need to have a firmer idea of who is in charge and who is culpable, while also acknowledging the contributory negligence of users of the system. The definancialization of many aspects of any market can come with gains, but also with pains.

On balance the contributors make good and fair arguments, but the acceptance that the status quo didn’t appear out of thin air is not …

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