Hacker News new | ask | show | jobs
by logifail 1490 days ago
> The same way we can do by organizing bank runs. They’re illegal [..]

Source?

Imagine we're all back in early September 2008, and one of us were to post that Lehman Brothers was suffering unprecedented losses due to the subprime mortgage crisis.

Would you count that as organizing a bank run?

> in reality the system is just broken

Indeed. Yet another system which only reveals just how broken it is when you apply enough pressure.
2 comments
salawat 1490 days ago
Modern finance would argue it isn't broken and is working as designed. You're running perilously close to an Austrian school of thinking about currency for daring to suggest that everyone should in theory be able to get their money out at the same time!

Think of all the businesses you'd hamstring! All of the exec bonuses that wouldn't happen! Think of the traders, and speculators!

...I'll admit I do, and the ensuing chaos and having to come to terms and actually having to adjust the the economic vote of no confidence is a favorite pass time of mine.

link
logifail 1489 days ago
> You're running perilously close to an Austrian school of thinking about currency for daring to suggest that everyone should in theory be able to get their money out at the same time!

With the amount of financial stimulus that governments have done in the last two years, in the event of a bank run there are possibly finance ministers who would simply print the required money and drop it from helicopters on the mobs waiting outside the banks.

link
jbverschoor 1490 days ago
https://www.recht.nl/44735/oproep-tot-bank-run-strafbaar

4 years of jail

link
logifail 1489 days ago
I'm sorry I don't think I can access that content.

Is it along the lines of jurisdictions that have laws on the books to try to prevent rumor or malicious speech from causing runs on the banking system?

What if you're telling the truth when you say a bank (or some other financial institution or vehicle) is bankrupt and that investors should withdraw their money?

A bit like shouting fire in a crowded theatre, when the theatre actually is on fire... not a crime, more of a public duty.

link