8 ms·
Why do we even need banks? What does the financial industry provide? If we were to restructure everything, what would make sense? What are the invariant prop
by drallison 3y ago
Why do we even need banks? What does the financial industry provide? If we were to restructure everything, what would make sense? What are the invariant properties of a viable financial system?
- ProjectArcturis 3y agoWho else is going to lend you money to buy a house or start a business? Who else will keep your money safe from fire and theft and pay you for the privilege?
- smcg 3y agoThe Fed. I guess you didn't read the article.
- toomuchtodo 3y agoEdit: retracted!
- ProjectArcturis 3y agoThe original comment asked what the financial system provides society. I gave examples.
- drallison 3y agoWait. We are exploring boundaries and understanding and not necessarily maintaining the present system. Money? Lend? Ownership? Business? Protecting money? Payments? Privilege? Banking? These are all up for rethinking.
- EntrePrescott 3y agoFeel free to come up with a new system that works better. Good luck (so far, all alternatives have proved worse, and not just slightly worse but terribly worse)