How to Unf★ck Finance

[@falsificationism]

As far as incremental fixes go, this is really the gold standard. Public banks (see North Dakota's example) are a thing, and they work incredibly well while lowering costs for everyone. Postal banking is also great. State taxes funding infrastructure shouldn't ALSO be going to interest on state borrowing from private banks (to the tune of billions). And we should start decommodifying resources altogether. Libraries work well. Let's make more libraries for more things we don't use on a regular basis, creating a "public option" for almost every durable good. Consumerism is (or soon will be) superfluous to human flourishing.

[@yetiatlarge555]

Thank you for the hard work you do producing these videos not only is the topic spot on but I enjoy the manner in which you distill your observations into a midstream level of comprehension we could argue new ones in detail all day long but hearing your unfiltered observations of this I think are the critical component

[@yetiatlarge555]

Additionally as a new KZbin we're trying to learn a new skill to get outside of my comfort zone I am very impressed with your audio and video production quality you're not a giant channel within less resources but yet you put together a product that is quite tidy not to be glib or try you leave a good example for a button KZbin and I appreciate that thank you again

[@michaelparker3188]

So true. Greed is a sin. Sad and ashame. No common good. The rich own the government. Campaign finance reform now!😎

[@PoliticalEconomy101]

People in finance need to get a "real" job. The majority of them are either worthless arbitrage money movers, traders, speculators, or gamblers. They do nothing for the real economy.

[@usefulcoin]

good stuff.

[@pseudo_ra]

This is interesting and I’m not going to pretend like I agree with everything, however, I’m happy that these conversations are happening!

[@mokey345]

I put my phone in my pocket for one minute, and then this pops up.

[@JohannBBravo]

2 month out and 197 000 subscribers but only 342 views!?! what??

[@HillbillyHippyOG]

Will the new FedNow system that is coming next year fulfill Dr. Baker’s 4th suggestion?

[@yetiatlarge555]

It really would appear that the Kenzie and model is completely unraveling because if they actually followed it they couldn't alleviate a lot of this issue but it seems like they swerve and do and name things at the worst possible time not necessarily an accident

[@VincentTroia]

you mean the Keynesian model? Typo?

[@PoliticalEconomy101]

Dean is wrong. No we do not need a financial sector. At least not one based on equity and the high levels of debt under capitalism. The ONLY reason debt exists is because of private property rights and the hoarding of wealth. If the wealth of society is mostly held collectively by the public (gov) there would be little reason to create debt. Of course, there may be some need for debt on high risk projects, but the total amount of debt in a country would be drastically reduced. Although banks can create debt without any corresponding backed assets the profit motive is a perverse incentive to expand debt that create bubbles. Banks need to be publicly owned and debt is only need for risky projects and consumer credit. The rest can be financed by grants or concessional loans. Financial fragility is ALWAYS a problem in a free market system.

[@wartome3196]

Debt only exist because of private property? So you are saying under socialism or communism, debt doesn’t need to exist? No one can borrow anything to anyone 😂 When you get your free electric car dropped off at your house, you know free ride sharing; what happens when you don’t return the car 😂 they just don’t care? You are not in debt one car? Hahaha

[@Lambda25]

Tell that to Venezuela lol.

[@wartome3196]

@Wick debt exist just by existing, at who’s will are you allowed to live? A good father understands his debt to his parents because of all they did for him and he also knows his debt to his child to provide him the most he can. It’s just ironic they see debt as some number rather then the reality infront of them. When is the last time you seen a negative number irl?

[@VincentTroia]

The financial sector of the economy includes banks, along with investment houses, lenders, finance companies, real estate brokers, and insurance companies. They are the channels through which savers lend to borrowers. They are absolutely necessary to move capital around the economy. He literally says in the video that the government should provide bank and retirement accounts to either compete with private banks and equity funds, or to replace them outright.

[@amadeusguy1009]

I think a better title is "How to UnF@ck High Finance."

[@TheFunkadelicFan]

Does the financial sector really mediate between borrowers and savers? Don't banks create credit?

[@VincentTroia]

The financial sector of the economy includes banks, along with investment houses, lenders, finance companies, real estate brokers, and insurance companies. They are the channels through which savers lend to borrowers.

[@timecrook1003]

Its being done now! All markets & systemic risk are going on the blockchain via DLT.

[@stewartjones2173]

Hey Big Money they're beginning to breathe down your necks! Be afraid be very, be very afraid.

[@danielhutchinson6604]

More rules that propose changing the distribution of coins....... Why not simply abandon the use of Capitalism entirely? Simple safe and effective. Corruption, Greed, Wars, Oligarchs, all eliminated in one single blow...... Capital was created by Sumerians supposedly...... Why not simply agree to eliminate that use of artificial values?

[@suppermike777]

Club of rich white men don't see issue with economy

[@wartome3196]

Money is not a zero sum game; people can all win within this game... so you pointing out the most winners and saying “they don’t do enough to deserve that”.. who cares? What did they do wrong, what new laws you want created?

[@VincentTroia]

From the description below the video: "What's the fix? Dr. Baker recommends a financial transaction tax (FTT) to curb its reckless growth, improved competition in financial services, including government-provided retirement and bank accounts, better regulation of financial products, and ending the favorable tax treatment of hedge funds and private equity." These are his solutions. He talks about this in the video. Also, you're wrong, our economy definitely is currently set up as a zero sum game. That's why there are poor people, because they are starved of resources that are stolen by the bloated financial sector. He gives a few concrete examples by showing how the financial sector robs other sectors of funds, or how the banks tricked and essentially robbed home owners, which caused the housing market to collapse. Some people gained at the expense of others. This is definitionally zero sum. Ironical to your statement, he's saying it doesn't have to be.

[@jimsykes6843]

To you these people are "winners", to many of us they seem like "robbers".

[@wartome3196]

@@jimsykes6843 feel how you want but the math doesn’t lie. Again what new laws you want created so reality matches your feelings.

[@lutherblissett9070]

Actually it is a zero sum game. Rising inequality means the losers are getting poorer in real terms, and this can be seen by walking down any high street, or just talking to people on the lower end of the income distribution.