Dude, who even knows.

24th October 2018

Post reblogged from Frankfurt School Dropout with 49 notes

frankfurtschooldropout:

One of the weirder ideas I’ve encountered on the libertarian right is that deposit insurance is evil. Not that it’s unsound or misleading, but that its goals are immoral. There are people who want depositors to be ruined if a bank fails, and that’s just what you get for not personally auditing your bank, sucker. The thought of someone getting money out of a failed bank makes them legit angry. Maybe because they put their own money into surivival gear and won’t get to use it? idk.

I’d say it’s related to the central role risk plays in the moral imaginary – where the ancients might look down on moneylending as immoral “money reproducing itself” without any effort on behalf of the lender, and socialists might say that “labor is the source of all wealth”, the libertarians hold that capitalists (incl. lenders, incl. those lending to banks as “depositors”) are doing something vital to morally deserve profit, and that’s bearing risk. And without that (it’s the same dynamic that recoils at bailouts and “crony capitalism”) you are the undeserving caricature being wrongly rewarded for nothing more than having money already.

  1. catreadmymind said: I cant read this
  2. quartza said: Libertarian Right is about INDIVIDUALISM not COLLECTIVISM, people look after their own self-interests not the group mainly. Besides it’s correct that our money is worthless and should be TRADED OFF with RARE METALS! Which can’t be printed endlessly compared to now, and people should make their own currencies as well. Heard of Crypto-Currencies, use the free-market investment skills and you will see why it’s already stupid to make economic planning.
  3. arcticdementor reblogged this from degenerate-cymae
  4. wordcubed reblogged this from kontextmaschine
  5. cymae-mesa said: @frankfurtschooldropout in political discussions that doesn’t seem like the purpose of it. As I understand the advocates of such schemes the aim is for ordinary savers to not be in danger if there is a crisis. I agree that such schemes don’t eliminate risk, but they do pretend to.
  6. degenerate-cymae reblogged this from kontextmaschine and added:
    There’s a bit more to it than just the moral revulsion at riskless investment. Telling everyone lies about how risky...
  7. collapsedsquid reblogged this from kontextmaschine and added:
    Also I think tied to the idea that fractional reserve banking is inherently fraudulent and damaging to the economy by...