this post was submitted on 07 Mar 2024
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I'm pretty sure if you got rid of "the stock market" it would immediately be reinvented.
"Hey, I need money to start my CatChat app. If you invest, I'll give you part of the company"
"Cool."
"Hmm.. I bet I could sell parts of this to the public the same way"
Maybe the worst parts wouldn't be reinvented right away, but those are the things that need to actually go. High frequency trading, weird nonsense that's not actually creating value, etc
Maybe ban the derivative stuff like futures and bonds. No high speed trading, buying stock is like buying a handgun and has a waiting period.
Banking is a racket, make it public.
Insurance is a racket, make it public.
100% tax above 999,999,999 on any and all assets owned by a single entity.
Yeah, there would be a risk of that happening. But to prevent that, the existing concept of ownership in a company needs to change as well. All companies should be legally required to be 100% employee owned, no other form of ownership allowed.
The switch away from a stock market wouldn't be simple, and it would probably be quite painful. But absolutely worth it.