I know a lot of people that work in financial regulation. Mostly, I know them because I have been on the other side of the table to them, and they’ve been making my life very difficult. I am very grateful to them for this. To a man and woman, they take their role very seriously, and are doing it (for less pay than they would get on the other side) because they believe in it. There are many different types of committee dealing with every type of product and risk, and, always, they think from the consumer’s perspective. They are there to make sure people can just take the stability of the whole system and their smooth experience for granted. And that’s what people do. Sure, the reason it is set up is because a stable financial system benefits capital. But the individuals working there devote their working lives to making sure that this stability exists. And you want to replace this army of people with what? An anonymous quango of mysterious motivation? No thanks.
Oh what heros!
Did we get to vote them in? I think you'll find that we didn't. Can we the people remove them? Is there an alternative to them?
Let's take the example of cryptocurrencies. For them to ban cryptocurrency derivatives, there is an argument for that. It's a valid position to hold because they can (and have) claimed that they want to protect people from leverage. That's fair enough. But they went way further than that. They banned every UK company in the land from offering and using any cryptocurrency product, including ETNs and ETFs. - with the exception of buying and selling physical crypto in which case the company has to be registered as a crytocurrency service provider with the FCA.
The latter part, registering with the FCA, I don't have a problem with, because if the FCA is to introduce good, fair crypto leglisation then that's the way to go. However, I doubt very much they will do that, because of a dracion ban on companies offering ETNs and ETFs, on mere speculation that the market is somehow manipulated (When all fucking markets are), is a sick joke.
That crowd have cost me a lot of money and I can think of no single danger greater than the FCA when it comes to my wealth.
The Chairman of the FCA as a private individual went and told anyone who would listen, including the media that he expects many SIPP pension providers to go bust over the coming years, because "they offer high risk instruments such as cryptocurrency products." - Hold on though, no one is allowed to buy any new ETNs or ETFs relating to crypto. Which means he's reffering to people still holding on their crypto ETNs and ETFs.
He is giving a wink wink nudge nudge to persuade SIPP pension providers to force the sale of their clients crypto assets. You can bet that if that were to be done, it would be at a time when the markets are down, with the usual fat pigs in the boys clubs picking up the assets on the cheap. Then when people complain to him, he can say he made an innocent prediction and it's a matter between pension firms and their clients, keeping his paws clean.
The regulators exist for one reason. Maintain the status quo. And the status quo is that the rich buy cheap and the fucking plebs are the bag holders that make the rich richer buy buying the shite that the rich got in early on.
The rich didn't get into crypto early so makes them fucking sick to the stomach that normal ordinary people who got in first would become "comfortable".
So instead, like all other markets, it's about getting those assets off the plebs and into the hands of the rich.
It's the same with land and property.
The plebs have too many houses, they will be regulated out of those houses, so that Blackrock and Blackstone will become the landlords.
Don't fucking sit there and tell me the regulators have the interests of normal people at heart they don't. They keep the order, they keep the status quo, the rich rich and the poor porr., that's what "financial stability" is all about. Pack it in kabbes, stop taking us for weak minded idiots with your patronising shite.
- No thanks, I'd rather be able to actually insure myself properly for a small amount of money. I've tried, but I can't get insurance in the conventional finace world that I could get in the DeFi world. There's no choice because they are corrupt lazy bastards. If it wasn't for crypto, banks would not have bothered with their "Open Banking" project.
