In 2008, a financial meltdown orchestrated by the greedy bankers at wall street was of epic proportions. Due to the fact that the political party in 2008 (bush's administration - to be fair, the last of the reforms put in place from the era of the Great Depression was lifted during clinton's time) had let this bunch of greedy herd of hyenas out to hunt for years in the cover of darkness - zero transparency - the disaster that they have concocted was beyond what anybody could have imagined.
Due to the interconnected of the financial system of the world and the dependence on US Dollar, the world had to pay for the greed, lack of foresight and irresponsibility of these bankers (and is still paying).
After the meltdown, what these bankers got, was a slap on the wrist and here is more money - go make yourselves look presentable, so the world would still have confidence in the US. No changes in law, no limit on bankers' compensation, no change in how things are run in wall street. Seriously? Obvious step one would be to reduce dependence on the US dollar. I guess this has already happened as the US citizens are now paying more and more for the money stolen by the bankers at wall street as the world work towards reducing dependence on the main US banks as they have displayed their inability to manage their own greed. The banks appeared to have recovered even though the US economy has not. That may be because the world is very interconnected. As the world find ways to reduce dependence, and that may be why more and more services are done via other than traditional banks/ investment banks, the US citizen would be paying more and more of the bonuses that was taken by the bankers all those years prior.
Lesson to self would be always always be on the look out for wolves in sheep's skin. Understand the "investments" that you are making. Find out how to store your wealth. Obviously money is not the best option. Find ways to offer services that were previously dominated by the banks. Banks are primed for a takedown.
Know that wall street has not changed. Having gotten off scot-free from the meltdown, they have returned, more greedy that before. Do we have to go back to bartering? Do we go into cypto-currency? Which of these crypto-currencies are initiated by the same wall street people? How do we reduce dependence on US dollars? Which other countries currency can we rely on? Which government is not at the mercy of the financial sector of the country? Which government has shown the world that it is governing the country in a responsible manner with the foresight of a true leader? Which country has mechanisms in place to prevent political parties from being in power for too long a period of time? Afterall didn't someone say that "power tends to corrupt and absolute power corrupts absolutely"? Which country has policies in place to ensure successful succession - to ensure a country continue to thrive even with the necessary change of leadership? Which instrument does not allow the indiscriminate printing of money (unlimited provision of credit) - which is essentially how banks steal from their customers? How do we ensure that each entity giving out loans would have to bear the consequences if the people default?
With the new technology enabled by the internet, what are the new instruments that are not well understood and looks to be a potential issue? Which of these instruments can be created from thin air with no limit or judgement? Which of these instruments would be able to eventually represent the value of everything productive in the world?
People who believed in the free economy, that the market rewards and punishes, would have seen that it is true. The market rewards those creating the market, those in the know and punishes those who are powerless and ignorant within the market. Greed has been there, since the beginning of time. There is no way people will behave if there are no rules. That is the reason history repeats itself.
It is like telling your kids, they can go to bed whenever they feel like it. Will they go to bed at 9pm? Will they wake up at 8am? Will they have any discipline? Will they achieve anything of significance? Will they come to you when they are 21 years old for money? Will they spend the money on necessity or will it be spent on whatever fancies them? When they finally crash and burn, will they tell you that they are a loser because you did not discipline them? Well... that is wall street for you.
Credit: Money, Power and Wall Street
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