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Thread: A Nation State IS a Monopoly on Violence

  1. #91
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    Quote Originally Posted by Chris View Post
    Might makes right is a costly proposition. If I take by force your community, I am responsible for the well-being of those in that community. If I don't take that responsibility, I lose reputation, and without reputation few will trust and do business with me.
    Of course that only works in a world in which we depend on each other, where we know who help and are helped by, a world that used to exist, where society, in the time and place we lived, was the center of our world. The bigger, stronger, more centralized the government, intruding on our lives in every which way, that we help with tax thefts and it helps by redistribution, the it regulates from afar and we report to it crimes, the more it becomes the center of our world, an individualistic, isolated, impersonal world.

  2. #92
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    Quote Originally Posted by Chris View Post
    Well, no, it's not. I think you assume much opinion as fact.
    Please tell me what isn't true.

    The Glass-Steagall Act of 1932 mandated the separation of commercial and investment banking. It prevented securities firms and investment banks from taking deposits; commercial Federal Reserve member banks from dealing in non-governmental securities for customers; investing in non-investment grade securities for themselves; underwriting or distributing non-governmental securities or affiliating (or sharing employees) with companies involved in such activities.

    Even though there was an increasing tendency of the courts to overlook the marriages of Federal Reserve member banks to companies engaging in securities activities, the process was not easy. It became a whole lot easier in 1999 when Congress passed the Gramm–Leach–Bliley Act which repealed the affiliation provisions of Glass-Steagall and opened the door to wholesale mergers and acquisitions involving Federal Reserve member banks and all manner of investment banks and securities firms. The blending of those disparate corporate philosophies liberalized the previously rather conservative lending practices of the commercial banking sector resulting in a much less risk averse and IMO immoral approach to mortgage lending. It permitted high ratio mortgage lending at adjustable rates to less than qualified buyers i.e. those with a FICO score below 620. The fractional banking system was having a field day creating money out of thin air. These sub-prime mortgages were then pooled and unloaded on the secondary market as securities. Complicit ratings agencies put AAA ratings on these loans making them highly desirable to foreign investors and pension funds.

    Any errors thus far?

    This was all taking place against the background of an unsustainable housing bubble characterized by rising house prices initially triggered by the movement of money from the investment market to the real estate market during the 90's. By the new millennium, there was an insatiable appetite in the market to acquire said homes, including the development of house flipping as a new income strategy by entrepreneurial types, which only added to the rising house prices. The hot real estate market was in no small part fueled by the availability of cheap money thanks to a now liberalized mortgage market and lower interest rates. All parties were revelling in this hedonistic financial fantasy. From 2003 to 2007 the value of subprime loans had increased a whopping 292% from 332 billion to 1.3 trillion. However, the handwriting was on the wall by 2006 when the number of sub-prime mortgage defaults started exceeding the statistical norm and began showing signs of extreme deterioration, as the reality of those adjustable rate mortgages was coming back to bite the borrowers and lenders. By the summer of 2007, it was all over but the crying. The Willy Wonkas of the banking industry had transformed into Ebenezer Scrooges. Not only were there no more subprime loans but the cost of all loans became more expensive resulting in even more defaults and foreclosures as people were unable sell their houses, leading to a glut of foreclosures on the market and a collapse of prices.
    Last edited by Dr. Who; 05-07-2017 at 07:00 PM.
    In quoting my post, you affirm and agree that you have not been goaded, provoked, emotionally manipulated or otherwise coerced into responding.



    "The difference between what we do and what we are capable of doing would suffice to solve most of the world’s problems.”
    Mahatma Gandhi

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  4. #93
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    Quote Originally Posted by Dr. Who View Post
    Please tell me what isn't true.

    The Glass-Steagall Act of 1932 mandated the separation of commercial and investment banking. It prevented securities firms and investment banks from taking deposits; commercial Federal Reserve member banks from dealing in non-governmental securities for customers; investing in non-investment grade securities for themselves; underwriting or distributing non-governmental securities or affiliating (or sharing employees) with companies involved in such activities.

    Even though there was an increasing tendency of the courts to overlook the marriages of Federal Reserve member banks to companies engaging in securities activities, the process was not easy. It became a whole lot easier in 1999 when Congress passed the Gramm–Leach–Bliley Act which repealed the affiliation provisions of Glass-Steagall and opened the door to wholesale mergers and acquisitions involving Federal Reserve member banks and all manner of investment banks and securities firms. The blending of those disparate corporate philosophies liberalized the previously rather conservative lending practices of the commercial banking sector resulting in a much less risk averse and IMO immoral approach to mortgage lending. It permitted high ratio mortgage lending at adjustable rates to less than qualified buyers i.e. those with a FICO score below 620. The fractional banking system was having a field day creating money out of thin air. These sub-prime mortgages were then pooled and unloaded on the secondary market as securities. Complicit ratings agencies put AAA ratings on these loans making them highly desirable to foreign investors and pension funds.

    Any errors thus far?

    This was all taking place against the background of an unsustainable housing bubble characterized by rising house prices initially triggered by the movement of money from the investment market to the real estate market during the 90's. By the new millennium, there was an insatiable appetite in the market to acquire said homes, including the development of house flipping as a new income strategy by entrepreneurial types, which only added to the rising house prices. The hot real estate market was in no small part fueled by the availability of cheap money thanks to a now liberalized mortgage market and lower interest rates. All parties were revelling in this hedonistic financial fantasy. From 2003 to 2007 the value of subprime loans had increased a whopping 292% from 332 billion to 1.3 trillion. However, the handwriting was on the wall by 2006 when the number of sub-prime mortgage defaults started exceeding the statistical norm and began showing signs of extreme deterioration, as the reality of those adjustable rate mortgages was coming back to bite the borrowers and lenders. By the summer of 2007, it was all over but the crying. The Willy Wonkas of the banking industry had transformed into Ebenezer Scrooges. Not only were there no more subprime loans but the cost of all loans became more expensive resulting in even more defaults and foreclosures as people were unable sell their houses, leading to a glut of foreclosures on the market and a collapse of prices.
    Read the link I supplied. Not interested in that distraction from the topic.

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    Quote Originally Posted by Chris View Post
    Read the link I supplied. Not interested in that distraction from the topic.
    I read your link before I posted. I shall in future avoid posting in your threads. That should solve the problem.
    In quoting my post, you affirm and agree that you have not been goaded, provoked, emotionally manipulated or otherwise coerced into responding.



    "The difference between what we do and what we are capable of doing would suffice to solve most of the world’s problems.”
    Mahatma Gandhi

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  7. #95
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    Quote Originally Posted by Dr. Who View Post
    I read your link before I posted. I shall in future avoid posting in your threads. That should solve the problem.

    It's easy enough to connect your off-topic distraction back to the topic. Say we go with the opinion you've gleaned from nameless others that the government deregulated banking. What you arrive at were that true is nothing but the fact that the government is incompetent. Kling, an economist, who has worked in related areas, says, on the contrary, the banking regulations that led to the great recession were still in place, that the problem was the government trusted them to be effective, and they weren't. But we rearrive at the same conclusion, that the government is incompetent. How else can an incompetent government remain in power but by maintaining a monopoly on force?

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    Quote Originally Posted by Chris View Post
    It's easy enough to connect your off-topic distraction back to the topic. Say we go with the opinion you've gleaned from nameless others that the government deregulated banking. What you arrive at were that true is nothing but the fact that the government is incompetent. Kling, an economist, who has worked in related areas, says, on the contrary, the banking regulations that led to the great recession were still in place, that the problem was the government trusted them to be effective, and they weren't. But we rearrive at the same conclusion, that the government is incompetent. How else can an incompetent government remain in power but by maintaining a monopoly on force?
    This is me not being a distraction........
    In quoting my post, you affirm and agree that you have not been goaded, provoked, emotionally manipulated or otherwise coerced into responding.



    "The difference between what we do and what we are capable of doing would suffice to solve most of the world’s problems.”
    Mahatma Gandhi

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  10. #97
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    Yes, government is a special sort of player in society; its coercions differ than those of criminals. Its coercions are overt, institutionalized, openly rationalized, even supported by a large portion of the public. They are called intervention or restriction or regulation or taxation, rather than extortion, assault, theft, or trespass. But, say libertarians, they are still initiations of coercion.
    @ https://fee.org/articles/libertarian...-introduction/

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