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Flume, Nom de's avatar

> If all bank deposits are backed up by the full faith and credit of the U.S. government, banks in their capacity as depositories and payment processors are essentially public institutions.

That's the key insight. Why not cut out the middleman?

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Joshua Hughes's avatar

Ah, yes, the unprecedented "wealth generation" of VCs. Just perfect. No mention of the Fed juicing the market with ZIRP easy money for over a decade and (like you said) VCs inserting their rent-seeking in every existing social contract built up over the last few centuries. What geniuses! (How do we slap an ad on this? What multi-billion dollar losses can we book with a new app?) Where would we be without them? Maybe not facing the bursting of the biggest super-bubble ever which will, of course, invariably affect the poor and working classes more than anyone else. And they are so goddamned smart they don't even know the most basic risk management.

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