Bitcoin Forum
March 27, 2017, 03:13:33 AM *
News: Latest stable version of Bitcoin Core: 0.14.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: Anybody who has not seen this movie should watch it tonight!  (Read 2286 times)
nostrum
Member
**
Offline Offline

Activity: 65


View Profile
July 30, 2011, 11:08:20 AM
 #21

Yes, the deregulation caused the problem.  The solution is not more regulation, though, but rather abolishing the monopoly on money.  Let banks run competing currencies, or least put the United States back on the gold standard. 

Wouldn't putting the USD back to the gold standard be more regulation?
And what makes you trust the banks under no regulations?

If you always think in categories you will miss the bigger picture.
--------------------------------------------------------------
Public GPG: 04351826
1490584413
Hero Member
*
Offline Offline

Posts: 1490584413

View Profile Personal Message (Offline)

Ignore
1490584413
Reply with quote  #2

1490584413
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
TheGer
Hero Member
*****
Offline Offline

Activity: 490



View Profile
July 30, 2011, 05:45:37 PM
 #22

You can't put the US back on the Gold Standard.  There's no Gold.  Fort Knox had most/all of its Gold removed decades ago.  There's not enough precious metals to back all the currency out there.  Kennedy tried but because of that and other reason he got whacked. 

The best solution for the US is to take money creation out of the Federal Reserve's hands completely, stop bankrupting our farmers who grow actual food instead of needless biofuels, open up our massive oil fields for use at home, stop regulating small businesses out of business with made up fees and bullshit that destroy all profit and are selectively enforced to kill American business owners employing American workers.

Down the road when the US reaches a stable economy again with our manufacturing base restored, and self sufficiency regained we can look at phasing in a new currency backed by (XXXX).  Until the nation is restored though that can't happen because no one will have faith in the new currency.

Yes, the deregulation caused the problem.  The solution is not more regulation, though, but rather abolishing the monopoly on money.  Let banks run competing currencies, or least put the United States back on the gold standard. 

Wouldn't putting the USD back to the gold standard be more regulation?
And what makes you trust the banks under no regulations?
protokol
Legendary
*
Offline Offline

Activity: 1092



View Profile
August 14, 2013, 05:51:31 PM
 #23

I just watched this and I think it answered a lot of questions I had about how and why this crisis actually happened. It is maybe a bit biased but does seem to concentrate mostly on the facts with sources etc, and is a well put together documentary. Very entertaining watching the big bankers squirm after being asked difficult (yet totally legit) questions. Cheesy

A lot of people are associating the government regulation talked about in this film (or the lack of which caused the crisis) with the government regulation that Bitcoin may soon be subject to.

Now I think they are two totally different forms of regulation. The film explains how the lack of government regulation allowed mortgage lenders to sell loans to investment banks, who then sold them on to investors in the form of highly leveraged derivatives. So the investment banks were basically selling money they didn't own to investors.

What's more, the investment banks were paying ratings agencies to evaluate the derivatives as AAA investments, making it look like they were sound investments when in fact there was little chance that many of the loans would be repaid.

Then when the boards of these investment banks realized that there was a huge bubble forming, many sold their stocks in their own companies, knowing full well that shit was about to hit the fan, and profiting even more as a result.

So it basically came down to massive fraud on an industrial scale, which the deregulation allowed to happen, making a very small amount of people at the top very rich.

This sort of regulation is totally different from what is happening with Bitcoin right now. For a start, this type of regulation is not needed in the Bitcoin economy as fractional reserve banking is basically pointless with Bitcoin - people can't lend out more than they have as people will always want actual Bitcoin, not IOUs. I think people are mistaking this type of deregulation (which makes corporate fraud much easier) than the regulation Bitcoin is subject to, namely: Reducing anonymity with legitimate business transactions to stop money laundering, and generally making sure people don't get Bitcoin stolen and that it is taxed appropriately.

Now I'm not saying that I agree with any sort of Bitcoin regulation (tbh I'm not sure about this, Bitcoin seems good the way it is, however some regulation might encourage more investment and Bitcoin-related businesses to flourish).

I'm just saying that they are two totally different beasts - if the rich investment banks had been properly regulated during the early 2000's this crisis would not have occurred - such a problem is irrelevant with Bitcoin as such a crisis cannot occur, by it's nature banks can't loan out more Bitcoin than they own.

Am I right?
knight22
Legendary
*
Offline Offline

Activity: 1358


--------------->¿?


View Profile
August 16, 2013, 06:00:47 PM
 #24

Good documentary indeed.
For those who want to learn more and didn't watched "money as debt" yet, take a look at those in my signature.

Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!