Post AZPsBRfOWNR4L2hDbk by IDIC@mastodon.social
 (DIR) More posts by IDIC@mastodon.social
 (DIR) Post #AZPsBMBQuLUxKfdiiG by futurebird@sauropods.win
       2023-08-30T22:48:29Z
       
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       @RWerpachowski There will always be people willing to lend and borrow money at various rates. This creates a tempting opportunity to borrow money so that you can lend more out. But, now you've entangled the interests of large numbers of people and if some of them can't pay it's a big problem. The "regulations" are about preventing this. That's all I was saying.
       
 (DIR) Post #AZPsBNDx2T6gYlpFHE by RWerpachowski@mastodon.green
       2023-08-30T22:50:33Z
       
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       @futurebird yes, I agree. I think I need to go to sleep :)
       
 (DIR) Post #AZPsBOKMw5pnyxpsv2 by futurebird@sauropods.win
       2023-08-30T22:56:24Z
       
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       @RWerpachowski No worries. It was confusing to try and summarizes 1000s of years of the history of markets in a few sentences. Leveraged lending is an early "capitalist" feature since it "puts capital to work"-- I don't think simple loans are quite there yet. I just want a little more consideration of the difference between markets and capitalism.
       
 (DIR) Post #AZPsBP3kDO8AFh47e4 by RWerpachowski@mastodon.green
       2023-08-30T23:06:04Z
       
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       @futurebird imo what held back capitalism prior to modern times was mostly the fact that any time you accumulated some capital, your king could simply take it away from you. The moment we had enough rule of law and respect for private ownership of capital, things took off.Most of the "financial innovation" is pretty simple and could have been done by medieval merchants.
       
 (DIR) Post #AZPsBPotO5qQbv7m8O by futurebird@sauropods.win
       2023-08-31T20:00:00Z
       
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       @RWerpachowski "The moment we had enough rule of law and respect for private ownership of capital, things took off."The property of royalty was well protected by rule of law, when the ability to hold property expanded to a merchant class things took off for that class-- which has expanded in theory to cover nearly everyone. Though, in practice?For the poor property is hardly protected at all. Example: Cash and valuables can be randomly sized by police. (without any charges filed)
       
 (DIR) Post #AZPsBQeIIyxfBLApFo by rbos@mastodon.novylen.net
       2023-08-31T20:37:39Z
       
       1 likes, 0 repeats
       
       @futurebird @RWerpachowski What's more, for the *very* poor, property is often structurally forbidden. If you don't have a place to keep your stuff, you're, eg, not allowed to bring it with you into a shelter, and you're not just prone to having it confiscated by police, but extremely likely to get whatever property you have accumulated swept up into dumpsters on a regular basis, or stolen because you had to sleep in the open.
       
 (DIR) Post #AZPsBRfOWNR4L2hDbk by IDIC@mastodon.social
       2023-08-31T21:52:03Z
       
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       @rbos @futurebird @RWerpachowski yeah and look at what’s goin on in LA