Comment by wraptile
9 hours ago
At this point insider trading issue has run away so hard I don't see how it can be tamed without revolutionary frameworks. If we look at crypto then I'm not sure we want to live in a world where insider trading is normalized either so we ought to start working on these new frameworks as soon as possible but nobody seems to care.
Just ban gambling. That solves good part of it.
Then ENFORCE EXISTING LAWS. That solves good part of it.
Talking about any other solutions will have to wait for govt that's not crooked. It doesn't need revolution, it needs to not have criminals at helm
I'm a little confused by your comment.
Insider trading is already illegal (this case proves it). If the problem is under-enforcement, then I agree that better enforcement is the fix.
Banning gambling is a completely separate intervention addressing a different activity, and clearly wasn't required to bring charges in this case.
The tendency of governments to create new laws instead of enforcing existing ones is how we end up with absurdly complex legal systems and the loopholes that come with them.
Ban gambling advertising. Ban online gambling. It will solve a lot of the issues without allowing criminals to profit from illegal gambling.
How would you define gambling? Would it make trading stocks illegal?
If it is based on chance, then it is gambling.
Until the Commodity Futures Modernization Act of 2000, Collateral Debt Obligations were regulated differently in different states. Some said it was insurance, and thus regulated it like insurance. Some said it was gambling and banned it outright. Instead, regulation was handed to a toothless new agency who got little funding for enforcement and the rest of the world got the 2008 financial crisis.
https://en.wikipedia.org/wiki/Commodity_Futures_Modernizatio...
Lots of countries have managed to legally define gambling and ban it without making stock trading illegal. Even the US. This isn't some gotcha.
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> without revolutionary frameworks
I’d argue that the level of corruption we’re seeing, not just in the USA but all over the Western world, hasn’t risen to a level that warrants revolutionary action.
> nobody seems to care
And it would seem that the masses tend to agree.
We are much much better off tolerating this level of corruption than we would be attempting a revolution.
Ultimately, it doesn’t matter how fat the fat cats are so long as the general population’s standard of living doesn't go backwards too far too fast.
> hasn’t risen to a level that warrants revolutionary action.
A certain amount of corruption is normal - as Doctorow pointed out, all complex ecosystems evolve parasites. It's much better to have a democracy with some corruption than a police state that enforces its laws perfectly.
Now, when people realise the current state of their democracy and how it reflects the needs of the people, then they'll start considering bringing out the guillotines.
The general population's standard of living HAS gone backwards too fast.
Just look at something like Office Space. Just twenty seven years ago, it was a satire of the indignities and disrespect of work life. Today, the movie's work environment would be incredibly cushy.
> I’d argue that the level of corruption we’re seeing, not just in the USA but all over the Western world, hasn’t risen to a level that warrants revolutionary action.
What level of corruption would warrant revolutionary action? How much more corrupt can you get than sending forces into combat in a war of choice that disrupts the global economy and kills thousands to win a bet on a crypto platform and shift the news cycle away from accusations of rampant pedophilia among the elite and the lack of prosecution thereof?
I doubt they did it for the purpose of crypto bets, that was just a side benefit. They did it because Israel owns our government, and this is the first time we've had a president far enough out of touch with reality to not push back.
Age limits (for Congress/Judiciary/Presidency) would be a much more targeted fix. Past ~75 you just don't have enough years left to be at risk of being affected by the things you're implementing. Dying in office of old age should be a deeply shameful way to go.
>We are much much better off tolerating this level of corruption than we would be attempting a revolution.
There is no we to prevent any revolution occurring once corruption or "mere" wealth distribution unsustainable discrepancy are passing some thresholds, after which it simply will feedbackloop exponentially.
Pauperization that allows some party to have chip exploitable labour too frightened to have strong collective claims is also building the social structure of bloody revolution as masses feel like rushing into brutality is the only viable left option.
Thresholds by themselves dont auto trigger some state change because the state is aware of them too.
The police and intelligence are well paid to keep an eye on all kinds of signals. Unless the situation reaches a point they cant pay the cops any voilence will be shut down fast, because over time they have become quite good at it. Just like we have become good at running gigantic boilers without them exploding. Even poor states are good at it. Because anyone running a farm, factory, depending on banks, telcos, ports, power grid etc are all very dependent on the state to keep the lights on. More efficent they get the more dependent they are on external structures staying in tact to stay afloat.
The world today is a much more complicated place, full of interdependcies(as covid showed us), than what it was when revolutions were seen as the solution to anything.
So Organizing and Voting still remains the easier way to cause change as tempratures rise. Thats the control and feedback mech.
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Sad that you have given up
Sad that you want a return to the Reign of Terror.
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So a slow decline is OK?
Nah, life would be better if a cleptocrat couldn’t find his way into power.
It was slow for 30 years, the last couple of years have been insane.
I'd say that either way the population will not rebel. If the government is smart they'll just pay for the populations Netflix, burgers and beer. It's enough to keep people passive.
Slow?
> We are much much better off tolerating this level of corruption than we would be attempting a revolution.
We, today, are better not attempting revolution because revolutions are painful. But we are also on a downward slope which will eventually reach below a threshold where 2 things happen: their* life will be much worse off than any revolution, but also they will no longer be able to mount a revolution.
I've lived through a violent revolution. Not knowing what's happening, not knowing what tomorrow brings, while getting shot at are all terrifying. I can genuinely say that most of what came after was better. A few paid a high price for the several generations that came after to mostly have it better.
I am not advocating revolution, just doing what it takes to change course. Even voting appropriately could do it.
*I say they because it might not happen in our lifetime. But we are selling our kids' futures for our current comfort. They'll be the ones really paying our debt.
> Ultimately, it doesn’t matter how fat the fat cats are so long as the general population’s standard of living doesn't go backwards too far too fast.
Worker's compensation in real terms has been almost flat for the last 50 years, 50 years which have seen the largest increase in productivity in recorded history by far. I'm surprised this is still not enough to you.
> Ultimately, it doesn’t matter how fat the fat cats are so long as the general population’s standard of living doesn't go backwards too far too fast.
Well, given that people are behaving more and more violently towards said fat cats I think it's clear we're starting to reach a breaking point and people are caring. It wasn't too long ago that I saw people cheering on LinkedIn when that healthcare CEO got got, so if people are willing to put their professional profiles at risk you have to imagine it's far worse behind closed doors.
Personally I really dislike living in interesting times and greatly prefer advocating against corruption rather than letting things slide until they get a lot worse.
I think they meant revolutionary as in new and novel
That’s until food and energy price increases become unbearable for the masses. While the first test is already here with gas prices, we’ll have the second test soon in the form of 50% price increases on food in developed Western countries.
Where is the evidence that petrol prices are unbearable, by the metric you’re proposing.
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How is inside training outside of US s thing? Please give dpurces
> but nobody seems to care.
Very few people feel impacted by that. If you consider bombing Iran was going to happen anyway because distractions are needed, the money made by the whale that consistently predicts the movements of the current administration is a relatively small thing compared to starting a war for no good reason.
One possible solution is to make all trades public and traceable to the person who made the decision and the people who benefit from that.
Interestingly enough, trading and gambling are things that a blockchain is a pretty good fit for. There is a public ledger and trace of ownership for the trades / lays. And depending on how it is set up, payout is autonomous, as long as no one party controls the network.
It can be solved by enforcing the laws already on the books. Insider trading is illegal.
If the laws are not enforced or selectively enforced you live in a nascent fascist state, not a democracy, what you need is a return to the rule of law, not the abolition of it.
I don't think anyone who has been paying attention over the last year could conclude that laws are not being selectively enforced. So I guess the next question is what options provide a realistic way of restoring justice.
Speculation has historically been solved by a workers vanguard party.
You're wrong.
It's just that the problem is not the trading or betting side, the problem is the information producing side.
E.g. imagine he placed a bet that Maduro would get shot in is left eye and die.
Same goes for the congress. Them making money is by far a smaller issue compared to the havoc they can cause trying to make a few bucks on their crazy bets.