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Financial systems set a high bar. The programmable economy needs infra that can meet it. Here's what we're building for businesses: - Predicable unit economies - Compliance engine - Configurable confidentiality - Faster settlement times - Priority gas auctions And more 👇

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Most people think capitalism means Wall Street. Stock tickers, quarterly earnings, asset prices on a screen. That picture is not just incomplete. It is actively misleading. Wall Street is not capitalism. Financial markets are not free markets. And stock traders do not trade capital in any meaningful sense. Capital, properly understood, is productive enterprise. The bakery, the machine shop, the software company that earns revenue by serving customers voluntarily. That is the heart of it. Financial markets can serve that system. At their best, they help businesses raise money, allocate savings, and expand. Money becomes capital. That is the correct direction. The problem is when finance reverses the arrow. When the question stops being how can finance help businesses produce more value, and becomes how can financial players generate returns from financial activity itself. A stock market boom does not mean the real economy is healthy. A rising index does not mean workers are more productive, businesses more competitive, or customers better served. And bailouts are not capitalism either. A system that privatizes gains and socializes losses is not a market system. It is a privilege system. Failure is not a bug in capitalism. It is a feature. Losses carry information. They force adaptation. They clear space for new ideas. The engine of capitalism is competition. The discipline is failure. The reward is innovation and rising living standards for everyone. That is what most people miss.

Jeffrey P. Snider

19,141 Aufrufe • vor 26 Tagen