[memefrog]

Competition relies on the ability for new players to enter the market. That's very difficult in highly regulated industries like banking. Some of those regulations exist for good reasons. Many of them are not. For example, there is no evidence that the US-pushed anti-money-laundering rules that every country has been essentially forced to adopt have resulted in any reduction of criminal activity, anywhere, ever. I'm not exaggerating when I say that. Nobody has ever demonstrated their effectiveness in stopping crime, which was what we were told they would do. And they're a huge compliance cost for banks, worldwide.

It's not really fair for the state to impose huge regulatory hurdles that make competition impossible and then for leftists to go 'hurr but what about the invisible hand meme now???', when that obviously relies on FREE MARKETS, which we increasingly do not have.