The fraying of the U.S. global currency reserve system

Re:The fraying of the U.S. global currency reserve system by readams on Sunday December 13, 2020 @05:04PM (#25410805)

The problem here -- and perhaps the main problem in all our politics -- is that large swaths of the electorate do not understand the concept of second order effects. Regulations are always good because they consider only the first order effect. That is, the goal of the regulation is usually a laudable one that everyone would support. But you have to look at the costs and unintended consequences of the regulation to really know whether it's a good idea.

This is something that eludes most people, especially among progressives.

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Re:The fraying of the U.S. global currency reserve system by dv_dt on Sunday December 13, 2020 @05:20PM (#25410967)

The long term studies say our political leadership largely ignores the desires of the electorate. This make the problem more likely that our political leadership likely understands the second order effects, but ignores the long term effects chasing short term gain.

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Re:The fraying of the U.S. global currency reserve system by phkahler on Sunday December 13, 2020 @05:15PM (#25410913)

They think you can legislate outcomes. The reality is they need to design a system to produce that outcome.

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Re:The fraying of the U.S. global currency reserve system by Lammy on Sunday December 13, 2020 @06:03PM (#25411352)

I think many more people understand second-order effects than you imply, but I think they understand that those second-order effects hurt certain groups of Americans more than others.

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