Bitcoin
$11,749.06 2.72%
BTC · 4w

This article explains how neoliberalism was viewed as a good solution against extreme socialism during the cold war. It also explains how neoliberalism has failed. The solution given is "go back to how it was before" but Bitcoin fixes this and the author probably didn't even realise that.

Take the banking sector. For most of American history, banks were considered a public privilege with duties to promote the “best interest of the community.” If a bank wanted to merge or grow or offer new services, the regulators often denied the request either because a community could lose a bank branch or because the new product was too risky. During the neoliberal revolution of the 1980s and ’90s, Congress and bank regulators loosened the rules, allowing a handful of megabanks to swallow up thousands of small banks.

Today, five banks control nearly half of all bank assets. Fees paid by low-income Americans have increased, services have been curtailed and many low-income communities have lost their only bank. When federally subsidized banks left low-income communities, vulture-like fringe lenders — payday, title, tax-refund lenders — filled the void. As it turns out, private equity firms are invested in some of the largest payday lenders in the country.

Faith in market magic was so entrenched that even the 2008 financial crisis did not fully expose the myth: We witnessed the federal government pick up all the risks that markets could not manage and Congress and the Federal Reserve save the banking sector ostensibly on behalf of the people. Neoliberal deregulation was premised on the theory that the invisible hand of the market would discipline risky banks without the need for government oversight. Even a former Fed chairman, Alan Greenspan, the most committed free market fundamentalist of the era, admitted in the understatement of the century, that “I made a mistake.”

We can start fixing the big flaws propagated over the last half century by taxing the largest fortunes, breaking up large banks and imposing market rules that prohibit the predatory behaviors of private equity firms.

Public markets can take over the places that private markets have failed to adequately serve. Federal or state agencies can provide essential services li...

Continue on nytimes.com
Recent news
BTC +2.72% · maxbit.cc · 11h

Bitcoin is Becoming an Inflation Hedge.

Bitcoin’s status as a hard asset is growing clearer by the day. It has even resulted in the cryptocurrency forming a striking correlation to gold, silver, and other traditional “safe havens.” One bypr...
BTC +2.72% · blog.btcpayserver.org · 13h

BTCPay Server 1.0.5.4 has been released

Today, we released the new BTCPay Server – v1.0.5.4. This release introduces a new, default Bitcoin-only build, UX and UI improvements, fixes several bugs and two low-risk security vulnerabilities. 🆕...
BTC +2.72% · twitter.com · 14h

11 Lightning payments in a row in 2 mins and 20 secs

We made 11 #Lightning payments in a row in 2 mins and 20 secs (the max length of a Twitter video) ⚡️Can you beat Team @CoinCorner? 👊#Bitcoin #LightningNetwork pic.twitter.com/Nl5AbIocak— Molly Spiers...
BTC +2.72% · maxbit.cc · 19h

Young People Buy Bitcoin, Elderly Invest in Gold

The financial crisis prompted by the COVID-19 pandemic has highlighted the various investment approaches initiated across different age groups. According to a new JPMorgan analysis, elderly generation...
BTC +2.72% · blog.wasabiwallet.io · 22h

Wasabi Wallet 1.1.12 is out!

This release introduces several features, improvements and bug fixes. Among other improvements, this release is a preparation for the upcoming v4 Hard Fork.
BTC +2.72% · medium.com · 22h

BlueWallet releases LNurl-pay and Ground Control

Today we are releasing BlueWallet v5.5.2 and it brings 2 features that I would like to introduce and give a little walk through. To make push notifications possible we develop a new Free and Open…