The illusion of financial privacy (with banks) \ stacker news ~alter

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The illusion of financial privacy (with banks)reason.com/2024/05/30/the-illusion-of-financial-privacy/

11.4k sats \ 9 comments \ @Rsync25 2 Jun alter_native

From the article:

“.. we should first recognize that the optimal crime rate is not zero. While a world without crime might seem preferable, the costs of achieving that can be prohibitively high. We can't burn down the entire world just to stop somebody from stealing a pack of gum. There is a percentage of crime that is going to exist—it's not ideal, but it is optimal.“

0 sats \ 0 replies \ @Bell_curve 4 Jun

I think this is correct

64 sats \ 4 replies \ @JesseJames 2 Jun

There is no privacy with Banks, we all agreed to it. So why do we act surprised if it bites us in the butt....I wonder ? lol I truly think that on day our new generations will ask, GrandPa did you really let other people keep your money? and you paid for it? We did separation of Church and State, now we need the same for Money and State. OK, I will go back to my cave now and keep dreaming... :-)

21 sats \ 1 reply \ @Bell_curve 2 Jun

A Platonic cave? lol

13 sats \ 0 replies \ @JesseJames 2 Jun

...the shadows are real...lol

13 sats \ 1 reply \ @anon 2 Jun

There is no privacy with Banks, we all agreed to it.

Read the article. We did not all agree to it; privacy was taken away from us all in secret. Most Americans think they have a lot more privacy than they actually do due to the actions of a small number of politicians and bankers.

64 sats \ 0 replies \ @JesseJames 3 Jun

I did read it. It's the same old problem where our "representatives" as in elected officials vote on something we do not need or like. Everyone knew that Patriot Act was BS but we did nothing about it since it was for the "greater good". Who's greater good? Not mine or yours. At the same time the laws that suppose to protect us are being broken by JPMorgans and the likes, yet they are still allowed to pay fine and operate, to do it again. I'm glad we are at the point where we did "invent something, some round about way, that they can't control". Personally I'm trying to limit my dependence on Banks but its a slow process. There is no privacy and we allowed that to happen, now we need to abandon that ship, vote with your action, stop using it (if possible). The beast will die when you stop feeding it.

51 sats \ 0 replies \ @Bell_curve 2 Jun

The article "The Illusion of Financial Privacy" by Nicholas Anthony and J.D. Tuccille discusses how decades of legislation have eroded the financial privacy that Americans believe they still have. It highlights several key points:

The Bank Secrecy Act of 1970 required banks to report cash transactions over $10,000 to the government, paving the way for further financial surveillance.[1]
The Foreign Account Tax Compliance Act (FATCA) of 2010 forced foreign banks to share information about American account holders with the IRS or face steep penalties.[1]
The Corporate Transparency Act of 2019 compelled companies to disclose their true owners to the government, ostensibly to combat money laundering and terrorism financing.[1]
The CLOUD Act of 2018 allowed law enforcement to access data stored overseas by American tech companies without a warrant.[1]

The authors argue that these laws, enacted under the guise of fighting crime and tax evasion, have significantly diminished Americans' ability to keep their finances private from government scrutiny, contrary to the Fourth Amendment's protections against unreasonable searches.[1]

Sources [1] https://reason.com/2024/05/30/the-illusion-of-financial-privacy/ [2] Reason Magazine - Free Minds and Free Markets https://reason.com [3] Banking | Reason Archives https://reason.com/category/economics/banking/ [4] The Illusion of Financial Privacy - AOL.com https://www.aol.com/news/illusion-financial-privacy-120022081.html [5] Privacy | Reason Archives https://reason.com/category/civil-liberties/privacy/

13 sats \ 0 replies \ @SatsMate 2 Jun

My grandpa couldn't believe that the reserve requirement is still 0% haha.

Absolutely mind-blowing, and people wonder why bank runs are rampant!