Are You Drinking My BROTEIN, Bro...? The Wacky World of ETFnerd...

[ETFnerd]

Hate to break it to you,...

thanks for breaking it to me...

This is the direct result of the governments having a failed economic policy and abandoning a fiat currency.

actually modern monetary policy is based on fiat, so the Fed is actually embracing it. the US dollar is fiat based on statute. maybe you mean abandoning the gold standard or other asset-backed currency?

These banks get their money for these debts from the Governments.

not true, they also get their money from savers, investors and depositors. these are the real drivers of the economy.

This is an example of government intervention failing, and not unregulated capitalism gone wild.

government doesn't make banks' business decisions...

[Jcannon98188]

thanks for breaking it to me...

actually modern monetary policy is based on fiat, so the Fed is actually embracing it. the US dollar is fiat based on statute. maybe you mean abandoning the gold standard or other asset-backed currency?

not true, they also get their money from savers, investors and depositors. these are the real drivers of the economy.

government doesn't make banks' business decisions...

Hurr Durr yeah I meant they adopted fiat currency.

Also, Governments and Banks are in bed together. We can't expect government to regulate the bank when the bank has the government in their pocket.

[ETFnerd]

Hurr Durr yeah I meant they adopted fiat currency.

guess i was confused...

Also, Governments and Banks are in bed together. We can't expect government to regulate the bank when the bank has the government in their pocket.

any solutions... who should regulate banks then...?

[Jcannon98188]

guess i was confused...

any solutions... who should regulate banks then...?

Get the government uninvolved. If they crash, then let them. The free market can regulate itself.

[bigm141414]

Get the government uninvolved. If they crash, then let them. The free market can regulate itself.

Didn't the last few years provide a glimpse at how well a free market banking system can regulate itself?

[Gainsdalf the Whey]

This is breaking tapatalk...

[Jcannon98188]

Didn't the last few years provide a glimpse at how well a free market banking system can regulate itself?

No, because we haven't had a free-market banking system since 1913. The existence of a National Bank (AKA The Federal Reserve) means that we have been in a Crony Capitalistic society. Business being in bed with Government and vice-versa. There hasn't been a free market in this country for almost 100 years.

[bigm141414]

No, because we haven't had a free-market banking system since 1913. The existence of a National Bank (AKA The Federal Reserve) means that we have been in a Crony Capitalistic society. Business being in bed with Government and vice-versa. There hasn't been a free market in this country for almost 100 years.

Hmm, and how would a non intervening government stop crony capitalism or even corruption in the banking system?

[azsf]

i think i now know how my non-fitness-focused friends feel when i try to explain proper programming (with in depth analysis of muscle activation)...

[ETFnerd]

[ETFnerd]

[ETFnerd]

this begins the "white gurl wasted" section of the brotein thread...

[ETFnerd]

[ETFnerd]

[ETFnerd]

[ETFnerd]

[ETFnerd]

peoples gonna be rockin that mickey mouse hairdo... i want it... the anti-mohawk...

[Jcannon98188]

Hmm, and how would a non intervening government stop crony capitalism or even corruption in the banking system?

Without the government there to give special treatment to these mega corporations, they would have never gotten as big as they had. Further, if the government didn't give them money when they failed, they would have to be more careful with it, or lose it like everyone else.

[ETFnerd]

Without the government there to give special treatment to these mega corporations, they would have never gotten as big as they had. Further, if the government didn't give them money when they failed, they would have to be more careful with it, or lose it like everyone else.

by this logic, if the government hadn't invented the internet to help out and give special treatment to apple, it would never have become the most valuable company in the history of the world... i guess the government should never have invented the internet... wait... the government never produces anything of value like GPS, or microchips, etc...

[Jcannon98188]

by this logic, if the government hadn't invented the internet to help out and give special treatment to apple, it would never have become the most valuable company in the history of the world... i guess the government should never have invented the internet... wait... the government never produces anything of value like GPS, or microchips, etc...

They may have invented it, but I highly doubt that the free market wouldn't have invented it as well. I am not going to lie and claim that the government has not helped make some massive leaps in technology.

[Artinum]

They may have invented it, but I highly doubt that the free market wouldn't have invented it as well. I am not going to lie and claim that the government has not helped make some massive leaps in technology.

Government is perfect for making big, unprofitable ventures. No business is going to set up something as crazy as a national railroad or install fibre-optic broadband across the country, because they'd go broke. There's no profit in it in the short term, even if the long term gains are huge. Public tax money, however, is a HUGE resource being directed towards what is essentially a non-profit company with no direct competition. If the government decides to spend a ton of money on, say, rebuilding a hundred schools or installing new equipment at a thousand hospitals, there's nothing really stopping them. The problem comes when governments decide that this money should be spent on, for instance, researching new ways to kill foreign people so we can steal their oil. It's difficult to regulate that sort of thing in a way that still allows them to spend on the schools and hospitals.

That said, even the hospital money can be a complete waste and even harmful. Spending a fortune on homeopathy clinics, for instance, would be an utter waste of public money, which (despite being plentiful) is limited and needs to be used more carefully.

[bigm141414]

Without the government there to give special treatment to these mega corporations, they would have never gotten as big as they had. Further, if the government didn't give them money when they failed, they would have to be more careful with it, or lose it like everyone else.

That's an unfounded statement. You could take the flip side and say that without government oversight large companies can steam roll their way through business by the very virtue of being so large and having so much capital I point you to Standard Oil, Alcoa, AT&T, and to some extent US Steel (which at one time in the early 1900s had control over 2/3rds the steel market). Free market ideas only go apply when you take into account that every player is moral. Unfortunately, this is never the case and people will always try to game the system.

And the banks failed regardless of the government stepping in. Remember, the government didn't give big banks a bail out until after they had been reckless with the money they had, wiping out trillions of dollars from the economy. They proved that they were unable "to be more careful" with their own money and profits.

Is it right for millions of people to be plunged into poverty because of the greedy actions of a few? Is it not the function of a government to protect the welfare of its citizens?

[ETFnerd]

See what happens when I try to edumacate you... :-)

[bigm141414]

See what happens when I try to edumacate you... :-)

Stop it! I don't like it! Let me swim in my shallow pool of nonsensical statements. I don't want to go into the deep end. Sharks and gorillas dwell there.

[Artinum]

I demand more stupid stuff and jokes and less intelligent conversation!

Second!