Elizabeth Warren and others assert that the "failure" of FTX demonstrates a need for "regulation". I think that is nonsense. Our entire financial system, in which the tokens we exchange with each other are symbols "backed" by something, as well as all business transactions we make, is based on trust. Trust that those whose position gives them the power to do us harm have Honor and will not ever use that power.
The criminal who ran FTX and its many tentacles should be in jail awaiting trial for theft, fraud, misappropriation of massive amounts of others' property and no doubt other crimes. In an older world he would have already been tried and summarily sentenced to a suitable punishment for one who has caused as much pain as he has, such as public disembowelment.
That he is instead free demonstrates how useless regulation would be; he has not yet had even a slap on the hand, yet those who would regulate are those who should be cutting his hand *off* rather than solemnly talking about "regulation". You do not regulate criminals. You deter them by guaranteeing punishment to fit their crimes. Perhaps you do not do this if they have been conspicuously sucking up to you and giving you money they have stolen from others?
Then, further, who would be doing the regulating? Our central government, of course. That being the same government who has defrauded us by stealing a good fraction of our savings through government induced inflation. Remember? "Trust that those whose position gives them the power to do us harm have Honor and will not ever use that power." Those who would regulate have demonstrated that they have no Honor in this respect and are unworthy of our trust.
I believe it is long overdue that those who *are* our central government (the elected representatives, to a degree, but more so the *millions* of unaccountable, permanently employed bureaucrats who believe they run the country) should themselves be regulated and, where appropriate, given fitting punishments.
