₿rMoon on Nostr: The U.S. central government and the Federal Reserve have repeatedly illustrated that ...

The U.S. central government and the Federal Reserve have repeatedly illustrated that massive financial corporations can engage in wild risk-taking while avoiding any downside. Politicians and Federal Reserve officials have given life to the “too big to fail” idea by repeatedly bailing out financial institutions that engage in risky behavior. The bailout rationale is always the same: we are so big, so intertwined in the global economy, so systemically interconnected into every facet of financial life, that not forcing taxpayers to pay for our mistakes will result in economic calamity and pain for not just us, but also for all the responsible people who did not take risks and who never stood to gain a penny from our recklessness.

Ammous, Saifedean. The Fiat Standard: The Debt Slavery Alternative to Human Civilization