Next big problem in the world...

[abaris]

A bit dramatic considering the fine display of socialism Venezuela is putting on. I'll take an imperfect system and the occasional recession over the guarantee of squalor promised by centrally controlled economies any day.

It's not dramatic, since hardly anyone would come up with Venezuela when talking about an obvious problem. Apart from the fact that the Venezuelan crisis has many reasons, not least of all low oil prices. But that's a different story.

Assuming that someone who's not content with the current system automatically strives for the opposite is a bit simplistic also. It's not the occasional recession creating the problem. It's the sense of impunity and the guarantee to be bailed out when things go downhill. On the "too big to fail" ticket, which makes for a story in itself. We all paid for the last crisis, the ones causing it didn't. Apart from Iceland, where the bankers were held responsible for their actions.

That's what Mathilda said, and it is socialising the losses and privatising the gains.

[Cato]

You're arguing points that have nothing to do with my reply. I was addressing the assumed alternative to privatized profits. If you want to discuss how to improve the imperfect system (as I stated) then let's have that discussion, but don't create positions I have not taken, including an assumed complacency. That conversation can't happen until we jettison the stupid notion of socialism as a workable alternative. You seem a little quixotic here.

[abaris]

You're arguing points that have nothing to do with my reply. I was addressing the assumed alternative to privatized profits.

Mathilda's argument, as I understand it, was never about privatising profits. It was about socialising losses.

[brewer]

I'm investing in tulip bulbs.

[Crossless2.0]

I'm investing in tulip bulbs.

What could possibly go wrong?

[Fidel_Castronaut]

This is the problem with privatizing profits and socializing losses ...

A bit dramatic considering the fine display of socialism Venezuela is putting on. I'll take an imperfect system and the occasional recession over the guarantee of squalor promised by centrally controlled economies any day.

QFT