In fairness to the libertarians (yuck, just threw up in my mouth a little.... j/k lol).
Seriously, in fairness to them, in their world, none of these hedge funds or corporations would have become big enough to control the markets and amass trillions, and therefore, none of them would have become too massive to challenge. In that world, you really could solve the problem by making your own trading platform and increasing competition. The problem with that is that human nature doesn't really work that way. Competition is not an arbiter of equality, it's a method to determine winners and losers. Yes, corruption allowed the government and the already powerful to pick the winners who are now and have always been exploiting their influence, but in absence of that "help", a select few are still going to rise and exploit their influence. The only difference is who is doing it and through what means they rise to power. It's still probably going to be some rich guys because they'll have a head start.
Perhaps we need some sort of economic bill of rights that protects the minority in terms of economic influence.
Libertarians have generally the right idea, where they fail miserably is that they want to get there from where we are instead of realizing at best you can slowly move in that direction.
Sure, in a world where costumers understood their own power and personal responsibility was a thing it would make sense to have way less regulation. But to pretend we are at that point and that whatever shit this companies pull can be justified because they are private companies is absurdly naive. They can't be allowed to abuse the system, rig everything and then play the free market card so they can get away with anything.
Seriously, in fairness to them, in their world, none of these hedge funds or corporations would have become big enough to control the markets and amass trillions
I'd argue that premise, hard.
I sympathize with the philosophy. I really was a hard-core libertarian for almost 2 decades. But it's honestly just cringe and dumb. Never thought I'd be saying it but I am. It's just an immature, pacifist philosophy and, of course, look at WHO created it and it starts to make sense.
In fairness to the libertarians (yuck, just threw up in my mouth a little.... j/k lol).
Seriously, in fairness to them, in their world, none of these hedge funds or corporations would have become big enough to control the markets and amass trillions, and therefore, none of them would have become too massive to challenge. In that world, you really could solve the problem by making your own trading platform and increasing competition. The problem with that is that human nature doesn't really work that way. Competition is not an arbiter of equality, it's a method to determine winners and losers. Yes, corruption allowed the government and the already powerful to pick the winners who are now and have always been exploiting their influence, but in absence of that "help", a select few are still going to rise and exploit their influence. The only difference is who is doing it and through what means they rise to power. It's still probably going to be some rich guys because they'll have a head start.
Perhaps we need some sort of economic bill of rights that protects the minority in terms of economic influence.
Libertarians have generally the right idea, where they fail miserably is that they want to get there from where we are instead of realizing at best you can slowly move in that direction.
Sure, in a world where costumers understood their own power and personal responsibility was a thing it would make sense to have way less regulation. But to pretend we are at that point and that whatever shit this companies pull can be justified because they are private companies is absurdly naive. They can't be allowed to abuse the system, rig everything and then play the free market card so they can get away with anything.
I agree, that's why I'm here and not some libertarian site
I'd argue that premise, hard.
I sympathize with the philosophy. I really was a hard-core libertarian for almost 2 decades. But it's honestly just cringe and dumb. Never thought I'd be saying it but I am. It's just an immature, pacifist philosophy and, of course, look at WHO created it and it starts to make sense.