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RE: Steemit: Showing Why We Need To Get Rid Of Private Companies
I don't think you understand what no accountability means. I also doubt you understand where or how long graft and corruption have existed in business.
A common misconception. When you put your money in a bank, you are then an creditor, not a depositor.
Care to substantiate this with why, such as why are you a creditor, especially when the debtor is all but absent and what is the significance of being a creditor as opposed to a depositor.
It is not your money anymore.
There is no guarantees it will be there tomorrow (not even with government legislation and insurance.)
OK, now could you explain why it's not your money?
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Yes, I do. In a free market, accountability of a business(or no accountability) is expressed through the businesses surviving or not.
Simplistic? Yes. But it does work in a market with customers having full knowledge of the businesses they interact with.
(Gillette, anyone?)
Your doubt is unfounded, then.
I find it quite surprising that you don't understand the depositor banking financial system.(seriously I mean, I'm not being facetious)
...this is the first link I used - there are much better pieces/you tube presentations explaining it better..
It’s even worse knowing that once you deposit your money in a bank, it’s not really yours anymore. You have turned over your property to the bank in return for a debt claim. You become an unsecured creditor holding an IOU.
https://www.nestmann.com/two-big-reasons-not-to-keep-your-cash-in-the-bank
So you would have been OK with Thales monopolizing all olive presses and renting them back for 10x the cost. Good business model. As long as you survive, you're OK. That's not accountability. Even if the customers have full knowledge of the business what choice do they have but to empower the monopoly, who cares if they know they are getting bilked or not, the olives are gonna spoil.
Let me guess, I shouldn't doubt that fraud predates legislation by millennia, fraud and corruption in business started with government after all. Everything was fine before, when businesses were "accountable" to the customer.
You missed this part.
Care to substantiate this with why, such as why are you a creditor, especially when the debtor is all but absent and what is the significance of being a creditor as opposed to a depositor.
Obviously, there isn't a creditor debtor relationship. That article only asserted without substance that you effectively chose to convert your valuable not iou money into ious. You really believe that? Anyway, no need to explain anything obviously since you do not understand what you are saying, let alone why or why what you're saying is true or correct.