Re:Why Italy Could Be the Epicenter of the Next Financial Cr...
by patrickg_zill on Sunday October 14, 2018 @08:07AM
(#18212514)
There were plenty of banks that were solvent and solid.
But the politically connected big banks were not. They could have been reorganized but they were not. In fact not even 1 of the senior management were punished.
> At least they're not saving pointless banks
That would be the same pointless banks who allow people to take out pointless mortgages to live in pointless houses, or to finance pointless businesses who pay pointless salaries.
I did not like the way the world got out of the 2008 crisis (I would have nationalised the shit out of the EU/US banking sector, it was a golden opportunity to make history), but letting huge banks fail would have been world-ending.
> Universal Basic Income is deemed necessary [...] citizenship income won't work the same way
Then why do you mention it to justify a Blair-style "workfare" law that has nothing to do with UBI (for one thing, it won't be universal, which is kinda the point)? Beyond the propaganda, there will be no UBI - it's just a reshaping of unemployment benefits to make certain areas of the country electorally beholden to a certain party, like it happened in the "good old days".
Quoting a holy text, "you were supposed to bring balance to the Force, not leave it in darkness".
> I don't trust the markets, the finance sector or the economic system to change that
On that I agree, but the realities of the XXI century are that the system is bigger than any single country, and solutions must be co-operative or won't be. I trust demagogues even less than bankers.