It's true

Banksters Gone Wild

Vox Day on no-limit deposit guarantee:

Now the protection level has been made de facto limitless, which means that the next series of failures will threaten the collapse of the entire system. This is the fundamental problem with centralization, as it removes the protective limits of decentralization in a foolish, and inevitably futile, attempt to avoid the consequences of limited failure.

Yup. Banks have zero incentive to be prudent going forwards. They'll take even more risks. If they succeed, then they'll get praise and wealth via high stock prices. If they fail, then they'll keep their bonuses and the Fed will bail them out.


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