this post was submitted on 26 Sep 2023
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The 2008 bank bailouts. Watching our government spend nearly a trillion dollars to bail out some unelected bankers who made some bad decisions and were "too big to fail (true)". Watching them spend that money on bonuses for their execs, while none of them went to jail. Watching the social response to that (occupy) and then watching a coordinated federal crackdown of those protests across the country. And then watching bailouts happen again and again since then. Meanwhile in Iceland, they overthrew their government over it. The global financial system has deeply rooted flaws, and bailouts are an inevitability in it. We will inevitably, every so often, make another huge wealth transfer like that because so longs as lending exists, particularly private lending, and all banks are interconnected so that if one fails they all fail, there will always be bank runs and bailouts. Even the most well-intentioned bank cannot hedge against all risks and market shocks. And the government will just turn on the money printer every time it happens while you watch your hard-earned money lose its value.