Quote from: Die_empty on Today at 08:25:30 AM

Quote from: Accardo on Today at 06:32:22 AM

What do you think about economists, who study the theories of economics and brag about being vast in the study of economics, yet doesn't help or contribute sufficiently to control or stop world economic meltdown?

The world is complex and ever-dynamic. I agree that some of these old economic theories can be applied to solve some present economic problems but cannot handle all of them. New challenges should be handled creatively and innovatively based on the peculiarity of such problems. The problem with economists is that they want to apply the same economic principle to a new problem expecting a positive result.

If you check the history of most of these economic meltdowns that have occurred over the years you will discover that greed is behind more of them. Some of these major banks went bankrupt because of the financial recklessness of the managers. Some of them issued unsecured loans to businesses they have a personal interest in. An example is the economic problem in China which is caused by the slump of the real estate industry. The problem started when banks were giving loans recklessly to real estate companies without considering the consequences. I will be right if I say economists are the problem and they also claim to be the solution. This is why they will always reject Bitcoin because it will reduce the extent of their influence and malpractice.

Like the story, you'll notice how Wriston trusted the people he lent money and didn't worry about the possibility of loan defaults. Time and problems are different, similarly, solutions should be unique according to the current problem. Optimizing the old theories to fit their personal greed, is a waste of resources, which effect affects the society. The less privilege will suffer more and companies will see losses because the allocated loans are not utilized proficiently to yield returns to the bank. The intriguing aspect of it, is that these economists occupy the top of financial institutions. And all these happen at their watch, yet they can't solve the problem they create. Contrarily, similar things happen in cryptocurrency projects, exchanges and some defi projects lend huge amount to different start ups whose management isn't capable or eligible to meet up the standard of replenishing the borrowed funds. Thereby causing a crash on the lending project, and affecting other customers and businesses linked to the Lending project.