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I'd much rather pool our money into a commission that does this for the population than spend every waking moment personally auditing companies for breaking the rules. Oh, and I have to set them too. No thanks.
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I'd much rather pool our money into a commission that does this for the population than spend every waking moment personally auditing companies for breaking the rules. Oh, and I have to set them too. No thanks.
If heroin is legal, nobody forces you to buy it. If generic insulin is illegal, you're in trouble.
No government is lawlessness, which is MUCH worse than a mediocre government.
I'd argue that up to a point, lawlessness is worse than even a bad government.
And nothing can beat a good to great government.
If you don't want regulations, sure, Somalia is that way --->
How do "we" fix it? You can vote for two Senators and one Congressperson and even assuming that your vote in particular was the deciding vote and one of your choices on the ballot was someone actually inclined to do something, you now have a legislature in which the bad laws pass with a margin of 33 Senators and 174 members of Congress instead of 35 and 175.
The only way to fix it would be to fix the structural incentives in place, i.e. institute more checks and balances to prevent regulatory capture. But this is the chicken and egg problem -- to change the rules you have to be in power, but if you're already in power then you like the existing rules because they're the things that put you in power.
Or in times of populism, you use your power to remove the rules that were meant to constrain opportunities for corruption because they're inconvenient to your agenda, and then those constraints stay gone because they're inconvenient to the next administration's agenda too. So how do you get them back, or introduce new ones?
> And nothing can beat a good to great government.
The best form of government is a benevolent dictator. The worst form of government is a malevolent dictator. But the only difference is who is in charge, which changes over time.
> If you don't want regulations, sure, Somalia is that way
Is there some way we can get past the thing where people are unable to distinguish between the government prohibiting acts of violence and the government prohibiting informed consensual interactions between adults and imposing competition-destroying bureaucratic rules at the behest of incumbent megacorps?
Accepting that fact is hard, but it's reality.
There are two ways to deal with the fact that some people make poor decisions. The first is to teach people to make better decisions. This is obviously the correct answer, because it needs to be done anyway, because the second is insane. The second is to make all of their decisions for them.
And there is no "them" -- they're us. The people making the laws are just as human as anyone else. All you're doing is punting the decision to a different fallible entity which has less information because they're choosing in the abstract without the benefit of context. And causing errors to be universal rather than individual, resulting in systemic risk and lethal monoculture.
It's far better to have 20% of people make the wrong choice than 100%.
If your food is poison, you don't have the opportunity to learn from your mistake and stop doing business with that company, because you die. If you don't eat any food, you still die.
But Coca Cola is fully FDA-approved -- even though it's bad for you. Because it doesn't immediately kill you, which gives you the opportunity to make your own choices and learn from your mistakes.
Which is how investments work. Some of them are better than others. The role of the government isn't to make the decision for you, it's to punish the people who deceive you. And since bad investments don't cause anaphylaxis or liver damage, the case for heavy-handed rules or pre-registration is missing.
If someone is running a ponzi or committing fraud, you arrest them, the same as you do if they're selling counterfeit electronics. If someone is just buying and selling cryptocurrency on the internet, which is the thing you purposely intended to exchange for your money, and they do nothing more than faithfully convey to you the thing you knowingly requested, what does the government need to regulate about it? Nothing nefarious is occurring.
> Bayer marketed diacetylmorphine as an over-the-counter drug under the trademark name Heroin.[91] It was developed chiefly as a morphine substitute for cough suppressants
Whereas if you have cancer and cannabis can prevent your nausea but the federal government maintains a prohibition on it for three generations, what are your options?
Part of the ban on cannabis, psychedelics, etc has been to ban research on their effects as well. I think there's some clear lines that can be drawn on good laws vs bad laws here.
I feel like the problem we have is that we've utterly failed at informed consent.
You go to the doctor for a minor surgery and come home with a prescription for opioids. You take them even if you're not in any real discomfort, because your doctor prescribed them. Or maybe you could have done with half as much, but then there's a chance it wouldn't have been enough, and having the patient rely on their own judgment is discouraged. So now you're addicted to opioids.
Then we get a backlash where the people who are actually in severe pain can't get their medication because doctors used to over-prescribe it.
This entire system is asinine. The problem is not that people have access to opioids. Anybody can get them by going to a doctor and lying about their symptoms, therefore anybody should be able to just get them from the pharmacy. Stop rewarding mendacity. But the process of getting them from the pharmacy should require being informed of the risks so you can be responsible -- not being handed a bottle with a bunch of papers you're not going to read and then taking them whether you really need them or not.
We need to stop banning everything and start better informing people so they can make reasonable choices.
Purdue and our system of insurance created monetary incentives for doctors to overprescribe and misled them about the side effects. Normal people died even when they followed instructions because of the cycle of withdrawal symptoms.
History has repeated waves of addictive drugs because there's alway someone with an incentive to sell them. This is not a place where market outcomes work.
Just because the FDA is not perfect does not mean that it's a net negative.
The first way to take advantage there is to outsource the cost of dangerous experiments to (sometimes) desperate people and then to society at large for picking up the pieces.
[0] https://www.fdareview.org/issues/theory-evidence-and-example...
Private regulation can exist inside of a free market. Consumers and producers of food or financial products can voluntarily participate with private ratings agencies. These standards can be higher or lower, based upon market preferences. The existence of a state backed monopoly is widely recognized as prohibitive to competition. State monopolies create issues around corruption, gatekeeping and more. Too many to expand upon here.
If you don't like free markets, that's fine. There's no need to misconstrue the options. The anti-market sentiment is somewhat surprising to see here.
https://mises.org/power-market/fda-approval-monopolists-sche...
https://www.greenchoicenow.com/v/food-pyramid-usda-dietary-g...
https://www.salon.com/2015/04/12/the_fdas_phony_nutrition_sc...
With maybe an exemption if you manage to be totally isolated (but then at least private property is a weird concept anyway).
Even so, I doubt we'll be able to see eye to eye given your starting premises about collectivism. I'd venture that the individual does own himself and that the liberal tradition starts from this point.
A consequentialist might venture that some of the darkest events in history flow from the collectivist ideologies. The opposing deontological view would be that the individual does own himself and private property does exist. We would struggle to define fraud and theft without these premises. Indeed, objecting to fraud and theft becomes problematic when you are simultaneously arguing that private property, individuals and free exchange are impossible.
However, practically, we find out time and time again that these ideals are not enough to sustain themselves and that in the defense of those ideals there are trade offs to be made that compromise them to some extent. Realising some idealised version would require different humans and I don't subscribe to ideas of realities that need those (in the same way that that speaks against idealist versions of collectivism).
The real debate is then what trade offs to make and there we might not agree but that is totally fine and part of the process.
It is similar to the argument against utopia. It is true that we probably will not achieve the anarchocapitalist ideal within our lifetime. Any steps towards a freer and more prosperous society are still laudable. Those incremental steps would most likely involve pragmatic compromises.
Asserting that free-markets don't exist, because they have never lived up to the utopian ideal is a stretch. More so in the context of the discussion. There are already private financial ratings agencies, auditors and more. If people don't like cryptocurrencies or Kraken, they can simply choose not to participate.
The human condition will always contain challenges. This is what gives us the opportunity to improve. When we speak of laissez-faire, the claim is not that it will bring about a utopia or that living within a perfect ideal is a possibility for imperfect humans. The claim is that moves towards the ideal will offer an incremental improvement. History has illustrated this well.
In a similar vein, I don't think free markets exists because of how humans are, not because they don't live up to some utopia. We might move towards certain ideals, but there might be a limit how close we get and beyond that there is no net improvement.
Also, no, people cannot just not participate: if cryptocurrencies cause some wider issue then everyone will have to pick up the tab one way or another.
If you'd prefer a centrally planned and regulated economy, that is a different discussion. From my side, I believe you should enjoy your views and the living situation which accompanies it.
Not interested in arguing the virtues of either approach here. Taking exception with the inaccurate characterizations is as far as I go. If you believe an economy driven by central bank policy is a free-market, I'm not sure there's much more we can say here.
Even the US economy is a capitalist system with government intervention.
It did. People learned that there were a lot of scams and now the market for suckers is drying up. This is a typical pattern: Problem occurs, market responds to problem and results in improvement, government simultaneously responds to problem and has no effect or makes it worse, people point to improvement and credit new government regulations or lack of improvement and demand even more government regulations. Then we get stuck with a bunch of burdensome new rules because Something Had To Be Done.
Notice also that all of the stuff you're listing is fraudulent and already illegal. If regulations work then why didn't they work?