Saturday, March 7, 2020

Will "The System" Take Care of You?

People in the United States have a cultural memory of < 1 minute. The stock market crashes repeatedly, and every few generations, the financial system completely implodes. We might witness that yet again. After decades of consolidation of banks and corporations, the financial system is every bit as wobbly and unstable as it ever was. However when it falls apart, like in 2008, the people who redesign it, or devise a plan to restart it will be the very scammers and schemers that crashed it in the first place.

The notion that those people are the stewards of the "wealth" of millions of people is preposterous, yet it is the case. Millions of people pour all of their extra earnings into the "markets". It might all get wiped away for the third time in just my lifetime, yet when the dust clears, people will do it all again.

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