Fraud Has Cost You Your Financial Future
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- Опубліковано 15 гру 2022
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With the collapse of FTX, the conviction of Elizabeth Holmes and the widespread rejection of everything NFT all happening within the space of a month, financial fraud is once again big news, and it should be because it is costing you your financial future.
This is not your imagination either, incidents of identity theft, wire fraud, investment scams, pump and dumps, Ponzi schemes, phishing attacks, and sophisticated hacks are all at all time highs.
Fraud cost Americans a total of 5.8 BILLION dollars in 2021, and most trackers suggest that number will be even greater this year.
these stories can be easy to ignore because the victims of these crimes often had to, frankly, be pretty stupid and financially illiterate to get caught up in them.
Anybody who has been anywhere near the internet in the last 20 years should know by now you don’t send money to Nigerian princes with yahoo email accounts or corporate executives playing league of legends during an investor meeting.
It’s all pretty common-sense stuff, and you might then incorrectly assume that the rise in fraud is of no concern to you.
When you really think about it that 5.8 Billion dollar figure sounds bad, until you work out that that’s only $17.50 per American for an entire year, not to flex too hard but I have spent more on a Starbucks coffee before.
It’s hard to see how such a small cost could be doing something as severe as costing young Americans their financial futures, but it is.
So it’s time to learn How Money Works, to find out why you really need to start taking stories about fraud personally, even if you never think that you would be dumb enough to fall for these schemes yourself.
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#fraud #finance #business
Edited By: Andrew Gonzales
Music Courtesy of: Epidemic Sound
Select Footage Courtesy of: Getty Images
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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.
Click here bit.ly/HELLOMONEYDEC and get 65% off with my code HELLOMONEY if you’re in the US but wherever you’re watching from you will also get a very special discount as it’s valid internationally!
this video is partially bullshit and propaganda..... A huge part of the reason why student loans can no longer be reduced by bankruptcy in the US is plain and simple profit margin maximization at the expense off a group not likely to stand up for their rights.
The comment bots are merciless on the finance channels, can't leave a comment without being bombarded by crappy notifications
BOKO HARAM, MAI TATSINE AND CRIMINAL ASSOCIATION OF NIGERIA (C.A.N): THE BITTER TRUTH
“Marwa Maitatsine, was a Christian until his death!!
Back in 1954, there were series of meetings by the
highest body of Christian association in the northern Nigeria, in Jos, which I
happened to be the secretary, taking the minutes of that meeting (then, I was
an undergraduate student of Christian Theology). Part of the result of that
meeting was, to sponsor some people among
‘us’ to go to Arab countries as new Muslim converts, and learn Arabic and Islam.
Their mission is to come back to Nigeria as Muslims clerics, use their Islamic
knowledge to preach violence, distort original Islamic teachings and if
possible cause a riot in the North that will make northern Nigeria a history.
Five people were nominated for the job, and sent to Sudan to start their
mission. 3 of them refused to come back and execute their plan, but spent the
rest of their lives in Sudan as true Muslims. The remaining two; Muhammad Marwa
and Birema came back, Marwa was sent to Kano, and Birema was sent to Niamey
Niger Republic.”….Professor Dauda Ojobi
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Professor Dauda Ojobi, a former secretary of
Northern Christian Association of Nigeria (CAN), a retired Professor in Benue
State University faculty of Law, the 3rd Reverend Father from northern Nigeria,
after Paul Gindiri, and GG Ganaka, The first Nigerian overseer of Baptist
Church in Kaduna, and One time commissioner of Justice in Bauchi State.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Mai Tatsine the obsolete version of Boko Haram,
which began their reign in late 50’s in Kano and some other parts of Northern
Nigeria, their ideologies were similar to that of Boko Haram, they forbade what
Islam allowed, and allowed what Islam made haram. They claimed western
education is sin, they rejected anything brought by technology, they were
popular with saying, wearing a wrist watch is haram, using radios and
television is haram e.t.c. (considering the technological advancement of that
period). The spiritual leader of Maitatsine movement was Muhammad Marwa a.k.a
Mai Tatsine. The Emir of Kano Sanusi, once suspected Maitasine as fake Muslim
when he discovered Maitatsine received goods from Vatican Palace. After sarki confirmed
his findings, he expelled Maitatsine out of Kano, in early 60’s. Mai Tatsine
was later brought back to Kano by Gov. Rimi in 1979. Rimi believed that
Maitatsine would help him win his reelection through charm. After the
Maitatsine’s death, Shagari, the then President set a Anya Goru panel to
investigate the crises. Prof. Dauda has made his submission in that panel, but
when the President, saw the report, he said no, the white paper will not be
issued on this report, because it may result to crises, so the white paper was
not issued, till date.
Professor Dauda became Muslim in 1966, after he
came back from Rome, where he went to further his studies, in Christian
Theology. He is still alive and has become a Muslim preacher for over 40 years.
What I quoted above was from his lecture I attended in Bauchi, 2002.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
-Ever since, no any Christian scholar or CAN
executive denied this statement from Prof. Dauda . Are they waiting for his
death before they deny it?
-Security operatives that always claim they want
uproot the Boko Haram mayhem did not investigate in that angle, why?
-Why the relationship between Jerry Gana (CAN
chieftain) and Muhammad Yusuf, founder of Bokoharam? The former has bailed the
later from police custody several times.
-I see a double standard approach and hypocrisy by
the security personnel, in the investigation.
-I began to believe Boko Haram is the creation of
some enemies of Islam possibly CAN (not Christian), is never a creation of
Muslims.
-Remember, Hillary Clinton once said Taliban is
their creation, to fight Russians. /
@@aguysaid5457 I report them soon as they pop up and mute them. UA-cam is getting better at shutting them out but seems they're not quite creative enough to keep up with it yet.
Probably low on their list of priorities though. No, they'd rather push their Premium service at a price that nearly nobody will ever pay for. Possibly using reasoning that it would likely lower revenue from ads, but even so just seems pointless.
I can get Curiosity Stream for a year and Nebula with it too for the price of UA-cam per month, and be confident I'll get a good amount of decent documentaries plus stuff Too Hot For UA-cam, why bother exactly?
@@TheHorseshoePartyUK so you think curiosity stream is worth it? I haven't checked them out yet. I will now
I think people over state the "people are stupid" argument. You only need to get unlucky once. Most people will find themselves in a desparate, vulnerable state at some point in their lives, when they're not thinking clearly, or when they feel like there's no way out. Getting caught out at that one moment in time, making a bad mistake, and potentially changing the entire course of your life as a result, is something that I think is more likely than many people realise.
True. The response to these kinds of scenarios are unfairly apathetic. They don't consider that maybe it's misfortune that got them here and not ignorance.
Low interest rates make people stupid and invest in dumb things, like crypto or Beanie Babies. Investors get desperate for yield and start looking the other way when their investment vehicle becomes sketchy.
Exactly. It's not ignorance, or stupidity, it's desperation, fear and greed. Fraudsters feed on people's fear and desires. It's not an accident that people fall for it when the grift is designed to entice them specifically.
People are stupid though. They disregard logical advice because they are overconfident. And then they get fucked on.
Never thought of it like that. I thought those who got caught in these fraud are dumb
How does fraud work?
1. Commit fraud.
2. Collect massive ill-gotten gains.
3. Get caught.
4. Agree to a settlement where you don't admit fault.
5. Pay less than 1/2 of your ill-gotten gains as a penalty/fine.
6. Restart at step 1.
If you're Logan Paul you skip steps 4 and 5.
Note on #2 - Make sure they're MASSIVE ill-gotten gains.
If you only commit small-time fraud, you're only going to end up doing jail time instead of being able to execute #4 properly.
@@kristianjensen5877 Yep
You forgot. Step 0. Be handsome/beautiful and white
You forgot “get out of jail and become a finance bro public speaker”
I'm dealing with a contractor who walked away from the job after overcharging us a bunch of money. It will take months or years to get a settlement against him, and realistically we'll never get any money back from him. He makes sure he owns nothing (rents everything), spends everything he earns immediately, and goes bankrupt every few years and starts a new company under another family member's name to shed all the claims against him. Scam artists know how to play the game too well, and the justice system is too slow to catch up.
He's still out there actively scamming people. There isn't a prison cell dark enough.
The irony of a post about being scammed by a bot that wants to scam you. The jokes write themselves.
@@f3wbs Yea that bot jumped on my post like a dog on a leg :D
You ever heard of something called due diligence
@@carolrees3664 Yea and we thought we did it. We had to hire a private investigator to figure out they guy operated a bunch of companies and just abandoned them and pivoted to another business when the reviews got bad or the law caught up. He and his cult-family have it figured out. If you've never faced this sort of scammer before, then you just don't know. My lawyer and I have been trying to figure out how to go after him, even just to stop him from scamming more poeple, but the legal system in our state is really lousy at pinning people like this down.
Due diligence only gets you so far.
@@danielhale1 unfortunately that’s a scenario where Wild West frontier “justice” was very effective.
I got my MBA in accounting back in 2011. Had to do case studies on all the huge fraud cases throughout the history of capitalism. The ftx story and larger crypto ecosystem would've been the wet dream of all my instructors.
What do you think makes people gullible all the time?
@@1wun1 these were high net worth individuals and institutions, not people
You guys skipped all the fraud cases in the history of all the other economic systems?
@@1wun1 Greed
There are literally two scammers in the replies and you can’t even reply to them.
So in short,
fraud gets out of hand -> bureaucratic regulation introduced to manage fraud -> increased costs to end consumer due to newly introduced inefficiencies (market and operational)
It is a cylindrical cycle. As time goes on, we forget why regulation happened, so we cut back on regulations to cut inefficiencies. Of course, this leads to bad actors taking advantage of relaxed regulations, and then we start the cycle all over again with new regulations to address the re-emerging fraud.
@@badluck5647 as time goes on we forget the regulations are the problem, as we forget about the original “problem”.
@@JoJoJoker dude, crypto has failed spectacularly and resulted in billions lost BECAUSE there is no regulation there.
@@taffinjones8641 wrong. Regulation caused ftx to collasped . Crypto did not fail
@@phazon100 What "regulation" caused them to collapse? they were discovered to have basically 0 assets, and didn't even keep proper financial records of any of their dealings??
The thing is, scams can happen to anyone. All it takes is a moment of weakness, be it elderly, stress, disease, etc and boom it's over. The idea people who scammed are just stupid causes people to not want to admit they were scammed because people just auto-assume they were duped due to low IQ instead of whatever else it could have been.
The only real defense against fraud is friendship. Many today find that sentiment cheesy but it is a truth known by scammers since the beginning of time.
The number 1 thing scammers pay attention to when searching for potential suckers is the amount of friends they have and how close they are to them. If someone has several very close friends that they have a healthy relationship with then that person is pretty much always passed on from.
That's because scamming someone who has multiple close friends is essentially deceiving all those people at once and it's much harder to deceive 5 people than 1. Not only that but someone with strong social ties is much more likely to have a healthy mentality which means they are less easily bamboozled or drawn in and less desperate even if they aren't financially rich.
That's not to say it's a full proof armor, it's not but it's the best thing we have and it's actually proven to be far more important than education. Make sure you surround yourself with friends who have your best interests at heart and if you have someone offer you an "opportunity" discuss it with those friends.
That is another major reason for the massive increase in fraud that's often not talked about. Loneliness has increased massively in recent decades and social structures have weakened greatly. This not only gives people less personal feedback but also reduces social literacy. I think there is no better example of this than MLM's which combine fraud with cults to take advantage of people's loneliness.
@@MrMarinus18 I think that's probably the smartest conclusion I have heard. If only it was easy to make solid friends--being born in a good family helps immensely but not everyone has that, and good (non-family) friends who are mentors is incredibly challenging.
@@TheSteveprojects Unfortunately that's true.
If it was easy then fraudsters like this wouldn't have a bussiness.
On an ideal world, we could enter on a store and buy any stuff by putting money on an unsupervised box, and that would cut security and selling costs.
Dishonesty will always cost us a lot. And as I learned on one book I read a long time ago: it takes only one fraudster to kick off our injustice enragement that will result in new costly checks and balances to be put in place.
Agree. While it sucks that some people are dishonest fraudsters, that is not something that is going to change any time soon. The alternative to rules, regulation and due diligence, is to simply hope than no one will try and rip you off - not a great strategy. I guess the purpose of this video though wasn't to complain about the cost of regulatory compliance, but to make us aware of the harm that fraudsters do, so that we aren't tempted to let them off easy, or to give them the benefit of doubt when they do finally get caught.
Japan has some honesty stalls in the countryside. It's literally just a stall of fruits and a box to put the payment in. No one's even there. It's a great system but terrible in a society full of dishonest people.
This is how I buy veggies in NJ and PA from farmers sometimes.
@chinatruck when a fraudster bot comments on a fraud video
Or as the people say in my country "You will all pay for the wrong doing of others"
Tried to get a small 20k loan back in about 2012 for something and the bank refused saying they don't even do loans like that anymore. This wasn't Bank of America or Chase, this was still a local 4 branch bank. Shameful stuff.
Yeah, only businesses get big loans. Regular middle/lower middle class folk aren’t as reliable for returns for a number of reasons. It’s still possible, but you’ll likely need to find a bigger bank.
@@thebreadtable4880 i think the problem was that the loan was too small, as in "not worth the time"
@@paaatreeeck so you're advice is to get an even biger loan haha stf up yeah chances are biger of him geting an loan but returning it is even more painfull only take the amount you NEED
@@ceosgamer016_5
Well if they’ll write you a 40K loan but you only need twenty then you can wait a month and pay 20K out of the loan back to the bank
@@eriknervik9003 thats yust more money you need to return to the bank even if you return the 20k you dont need you still have interest and lets say its 2% youre aktualy returning 19.600 which means more money you own to the bank and thats the best case scenario if the rate of interest doesnt change
How has Hello Fresh improved their single use of plastics in their packages? I wanted to give it a go last year but I did some research and found that they kill any benefits gained through food waste with all that plastic they put in the packages.
With inflation currently at about 10%, my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy asap.
There are loads of ways to make a killing right now, but such high-volume near impeccable trades can only be carried out by real-time experts.
Listen sell puts on lower price for a stock you want to buy. For example current price of ms is 240 you want to own it at 200 so sell put on 200 dollar. If price hit you get your share at your desired price and also get premium of puts if it doesn't hit you still get put premium. If you still didn't understand watch everything money video. I learned it from there.
With the inflation, the stock isn't going to be raking in huge gains. It wouldn't be a bad time to BUY it, just don't expect big gains from it for a while. I'll buy once things start looking up in all those trouble areas..until then, too much turbulence for me.
I'm sure the idea of a portfolio-managers might sound controversial to a few, but a new study by investopedia found out that demand for Portfolio-Managers sky-rocketed by over 41.8 percent since the pandemic and based on firsthand encounter I can say for certain their skillsets are topnotch. I've raised over $300k within 14months from an initially stagnant portfolio worth of 100K which was devoid of dividend stocks. These are the high-volume traders.
@@kendrickdonor2017 That's awesome, do you mind hooking me up with your Financial coach?
"This is why we can't have nice things."
@ighofetaejiroFilthy scammer human waste.
At the end of the day, the sooner people learn "if it seem too good to be true, it probably is" the better
@chinatruck can you send me the ps5 first tho? 😂
@@sapphiron21
You should meet my friend in Nigeria, the guy just overthrew the government and is handing out the gold he found.
@ighofetaejiro gimme my ps5 first bro
I love that this video dropped one day after Trump announced his NFT collection. No surprise that Trump is getting in on another grift, but it's hilarious that he's getting in about a year too late!
Wait he’s actually dropping a nft project???💀
@@gmo8381 yeah it's terrible.
There's always that one guy who shows up to the party after the cops bust it up.
Trump had a MLM, a fake university, and a NFT. He only needs a crypto coin to get the Grand Slam of Fraud.
Good point! Lol
Crypto: digital gift certificates.
NFT: digital real estate.
Basically, people are being tricked into exchanging their real assets for dogsh*t in a fancy package.
Every real world asset is already digital
I find crypto interesting personally and potentially useful, but yeah NFT really is the most absurd thing I've ever seen in my admittedly total noob level of finance / economics
No lies told!
@@phazon100 No. Just no.
@@TheHorseshoePartyUK I know nothing about finance and could have guaranteed nfts were a scam. If you're a real person your gut alone should tell you that lmao
Investing in various sources of income that are independent of the government should be the most essential thing on everyone's mind right now. especially in light of the global economic crisis at the moment. The time is still right to invest in stocks, precious metals, such as gold and silver, as well as virtual money.
Big moving stochastics are not the secret to high returns. It involves controlling risk in relation to reward. Putting on the proper size and spinning your edge as many times as required to achieve your objective. That is valid for both day trading and long-term investments. More importantly it's better off to Get an account manager who can guide you through and aid you in decision making.
@@EvanQuiel4 I've been considering taking that path. I've kept a lot of stocks, but they're starting to depreciate, and I'm not sure if I should stick onto them or sell them. I believe restructuring my portfolio would be facilitated by engaging your investing coach
@@worldclass097 Yes, you can use a search engine to hunt for Susan Lorraine Curry. However, I'm not certain that I can bring this up. In 2020, she attracted a lot of attention. She manages my portfolio and serves as my mentor.
Thank you for your feedback,for more information on how to be successful in trading,☝️📊
Gold & Silver! Love it. Platinum also super interesting right now. Russian supply is cut off
The problem with student loans is that we shouldn't really have them in the first place. Most other countries finance those who qualify. We instead grind those who can afford it least and saddle them with a never-ending debt cycle. The bankruptcy tactic was just a response to the changes that reduced financing for education...sure, it's legally "fraud", but the way education is financed in this country is fraud in its own way, it's just "legal".
I definitely don't think it's true that 'most other countries finance those who qualify'. I live in Norway, which from a US perspective is regarded as a socialist society and where we have literally free universities, yet here too students accumulate debt that takes years to pay back. Why? Because you will always have living expenses, and when you are a student you don't make enough money to support yourself. In Norway you get a loan and a stipend from the state which is in total barely enough to live on, but you still accumulate a loan. And again, that's with free universities.
I will add that the loan is not crippling in the same way it is in the US due to it having lower than marked interest rate, but that is not what you were saying.
@@theWebWizrd Indeed. I like Norway from what little I know, but even I know things are more complex than many realise with their opinions based on emotions more than facts. The Sovereign Wealth Fund you have is a great idea and I wish Britain had done something similar... Yet for the sake of debate, let's say our share of the North Sea Oil is approximately half each, well you've got a much smaller population to divide that wealth between. I find PPP per capita a more useful measure of a nation's wealth than GDP personally.
Meanwhile the USA, the world's richest in GDP by far, seems determined to crush it's poorest in the name of an unsustainable quest to hold GDP #1 forever, whilst their workforce is massively outnumbered by China and India *each* who are both increasingly becoming more skilled at hi-tech manufacturing. To me it would be more sensible to take this imaginary 'loss of prestige', for 10 to 50 years, invest heavily in their own people, more sensible healthcare options like perhaps Japan's National Health Insurance system, and give themselves more chance to reclaim #1 in future, rather than the way they currently go about things. They *will* drop to GDP #3 or perhaps #2 else and stay there, it's only a matter of time.
Alternative take: it's not the financing that's a fraud it's the education. Everyone pays tax. Why should somebody who has never and will never go to university have to pay the bills for someone who does?
The interest rates charged on student loans wouldn't be quite so crazy if getting your degree meant you'd get a good income.
I can see an argument that purely academic disciplines like mathematics and physics should receive state funding proportionate to their estimated contribution to the upliftment of society as a whole due to their research outputs.
But vocational degrees, like commerce and law and engineering, people who study these subjects overwhelmingly do not plan to do research but rather to get the degree and then go make a lot of money. Why should the state fund that? Obviously if people do go masters/PHd in these subjects then that can get funding. But for everyone else who's just there for 3/4 years as a means to increase their own earning potential, the scam is the fact that the degrees are not increasing their earning potential as much as they're supposed to. They've become worth a lot less.
@@neildutoit5177 I read your first paragraph and immediately decided to focus on that and not even read the rest. Literally everyone benefits from a society that has a good amount of academic people, even those who either cannot or will not ever seek academia.
Engineers and mechanics rely on understandings of physics dreamt up by misty-eyed boffins. Everyone will need healthcare at some point. Everyone relies on ditch diggers and road diggers and garbage men. It's just how a functional society works. etc.
Related: "The Nation that makes a huge distinction between its scholars and its warriors will have its thinking done by cowards and its fighting done by fools.” - Thucydides of Ancient Greece.
@@neildutoit5177 Holy shit that is such a daft point. No wonder you hyper focus on profits. You can have a society with subsidized public transport, education, health, etc. and all of it will either directly or indirectly benefit you for a VERY minor expenditure on taxes. If you're from the US you already waste about half of your taxes on the army fucking around, which actually doesn't directly benefit you in the slightest.
The criminal element has always existed, the only difference is the expansion of population and technology, therefore an increasing ratio of criminals. It's important to be aware of fraudulent activity, and take ownership about your own personal cybersecurity and physical security. Figure out how you can protect yourself from fraudulent activity, such as having strong passwords, minimal publicity, front doorbell cameras etc... It's not a matter of being intelligent, but being informed and taking initiative.
Great video. Only one issue I have, regarding student loans and bankruptcy...and I had to google this before commenting: FROM WHAT I GATHER, the terms for discharging student debt weren't narrowed because people WERE using bankruptcy en masse, but because a few highly influential lawmakers THOUGHT they would.
This, added to an unfortunate line in the 1998 Higher Education Act, all but outright barring discharge through bankruptcy, has been argued to be the linchpin of the student debt crisis we face today. Why students were seen as more dishonest than literally any other type of consumer/borrower is beyond me...and many current politicians.
Keep on keepin' on. 👍
The real intention was to enslave the educated with a mountain of debt to ensure they would never be financially independent and put them in need of evermore government intervention. Today’s students are had by the balls.
The lynchpin of the student debt issue is the fact that the federal government will loan money to anyone with a pulse regardless of their prospects. Bankruptcy is not the problem.
Real banks do fraud as well, they just have it less.
the reason is simple. Most colleges used to be free and white. When black people also wanted to attend this was changed. The fee was and is intendet to be an obstacle so it is only natural that every possible loophole is removed. Hope that clears things up for you ^^.
@@BTrain-is8ch the fees themself are the problem actually... just look up why and at what time colleges had to start demanding them.
When I became a fraud victim after believing that I helped a man feed his newborn daughter a police officer actually laughed at me. I think that a lot of people don't go to the police because of how they'll treat you.
You have to assume everyone is a scammer. I got a call from World Food Program ones coz I had a regular donations setup. The guy wanted me to give an emergency donation and was acting all irratic and suspicious and asked for my card details so I told him he sounds like a scammer and I will complain about him. After the complaint I learnt that he was really from WFP. But he handled the situation very poorly and should have done a better job specially with all these scams going around.
Sorry to hear that. Good karma will surely come your way 🙏
Oof. I would laugh too, it's just a fact nothing against you. If you tell anyone enough of your banking numbers and the opportunity exists to scam you for even a single second, it'll almost always happen. It's really a fascinating phenomenon. Like If I posted my checking account number and routing etc or just the front and back of a credit card online it might be an hour before dozens of fraudulent charge attempts would come through.
Fraud didn't cause massive student debt though, if we had addressed the reasons why tuition is so expensive (keeping it low-cost and/or free) then large student debt would never be a concern, fraud or not.
Ronald regan did it
@@menjolno cause poc also wanted to attend and we can´t have that, can we?
Thank goodness my financial future is already ruined so that I don't have to stress about this.
😂 Funny but if you don't even attempt to learn marketable and profitable skills, then all extraneous factors are irrelevant, and you will only ever logically be able to blame yourself for not even *trying* . My life has been a complete mess but now I'm older with my head more screwed on, I'm going down a path of above min wage income even if not loaded, whilst learning finance and economics, amonst my several other interests such as mental health / psychology in general, philosophy, political and economic hypotheses, and more. Good day.
@@TheHorseshoePartyUK Y-yeah
@@TheHorseshoePartyUK Well I'm glad you're fulfilled. Keep fighting!
@@ryugurena3327 Hah thanks! I've been told by people both trying and failing to upset me and also those who liked me, that I'm one of the most unusual characters on socials. I've had quite a wild ride in this life and now I'm going to turn most of what happened into profit, if only a moderate amount :)
@@TheHorseshoePartyUK Count me in Bro ! I love your mindset !
Cheers from the other side of the Channel.
Always with the informative videos. I look forward to your uploads!
It's good the perspective of you're video is empathetic. It's important to see the wider net of effects of others behaviors on us and help us evaluate our actions. Victim blaming tends to hurt us more than we realize and it becomes apparent when it happens to you than anyone else. That explains why many stay silent when they have been scammed.
Also we like to blame the direct cause of our issues rather than the actual bad actors. We shouldn't be blaming the banks for making certain things difficult. We should be blaming the frautsters that force them to do so.
Now to be clear banks are not perfect or even moral institutions by any stretch and they have plenty of objectionable and criminal activity themselves that should be taken ire with. However we should make sure we distinquish between bad actions on their side and things done to protect us.
I don’t think it’s dumb enough…but vulnerable enough
What gets me is how politicians and big investors fall for this without doing through research, yet when people who actually have products/ideas, credibility, and good intentions try to get financial support they get tons of questions only to get turned down.
I can't help but be reminded of the line from Wall Street "Quick buck artists come and go with every bull market, but the real winners are the ones who survive the bear markets".
I'd love to see more information on the solutions to these sorts of problems if they're even possible, or at least what it would take to solve them.
No one likes the answer but it's to accept some losses. We're spending more on prevention than the fraud costs, and - in the case of government - it opens opportunities for abuse by authorities, where agencies are allowed to seize money and property without even proving a crime.
Defi
Always interesting, thank you.
Even if you think 'Im not dumb this doesnt matter' some of the victims were important people wasting billions of other people's money without their knowledge (ie politicians, bankers, investment fund managers, your boss, etc)
One of the reasons I opted for a self managed account. No one to blame if things go wrong but my self.
I work at a local Credit Union. We track the dollar figure of fraud costs prevented, and money lost due to fraud. The amount is staggering.
7:55 They are not decentralized.. crypto exchanges like FTX are centralized.. Bitcoin is decentralized (or anything you have in your cold storage wallet)
most normal people that aren't into crypto don't understand the difference between centralized exchanges and keeping your crypto in your own wallet. I bet sooner or later that there will be regulation to ban cold wallets becouse they can't be regulated.
Don't forget about the toll gate problem.
Tale as old as time. You want a new road, so you set it up as a toll road "until it's paid for." Trouble is, you paid for the road already, and now the tolls are just free money. Why would you ever honor that initial promise?
You also have another problem with a toll gate which is that it often reduces overall money. By having free roads you get more people trading and you can tax the people directly.
In some instances it's better to actually have something be free to use by it's consumers.
Dartford Crossing in the UK is an actual real example of this exact scenario 😂
I love your videos so much that I watched some of them 2-3 times by now, and that's something that I don't do very often! I would love to se a video about different types of investments and their risk and returns or maybe something like "Can you make money picking stocks?".
Dude, your stuff is so classy! The League bit had me laughing!
That Michael Scott pyramid scheme scene fits just perfectly 🤌
Exactly! I wish more fellow "entrepreneurs" would realise that the $50 collectively loss of the average American is $50 less worth of giftcards rightfully owed to me for my burgeoning video game discount code site or my informal pharmacy trade on the side. Don't be fooled my friends, we are all losing money here!
I think being an "entrepreneur" is also highly overrated. I think having a job that's beneficial to society in some modest way and pays a modest but reliable way is an ideal way to live. It's not flashy but it's what will actually be able to make you happy in the long term.
I have been unemployed for almost a decade from 2011-2021 and one big thing I noticed is that I lost nearly all my hobbies and everything that made me happy.
Having a job that you hate makes your hobbies fun. Humans think in relative terms, something is "fun" because it's more enjoyable than the average of how you spend your time.
I'm surprised you didn't mention the advantages of joining a credit union......usually no monthly fees.
Even a regular checking account with a Big Bank will let you skip the fees if you have direct deposit coming in above a certain amount. At that point, the risk to the bank has gone down considerably since you're more likely to carry a balance and become a victim of a bounced check written by a sketchy employer.
@chinatruck will find you, scammer. You will never be safe until you leave scamming forever.
What's interesting with the student loan example is that it a great example of the problems of how we choose to do regulation. We see an example of a problem, we find out what would have prevented that problem from occurring, and then we don't think about what could have motivated doing that fraud. And so since we haven't dealt with cutting off the motive, humans being the creative folks we are, find a new way around the rules. And then we just add a new rule.
With student loans the answer is obvious: we don't have the problem of fraudulent loan activity from former students for loans they took out to go to pre-school through high school. Because no one takes out loans for that since the schooling is paid for via taxes. If that was the case for higher education then the same would occur, no problem of loan fraud and no problem of terrible finances. Some countries (like Germany or Cuba) already do this. And in education this especially makes sense since the whole point of price is to limit demand, and schools already limit demand by their entry requirements (and sufficiently strict entry requirements are a part of school reputation which is the primary selling point of the schools). So there is no strong argument to be made that demand limitation via a price is worthwhile in that case.
How we could similarly address the problem of fraud for securities is likely much tougher to change, but also a better approach in the long run. The key being that it isn't fraud per se that is causing such problems with our financial futures, but the specific ways in which we address it by only dealing with the proximate causes and not the underlying issues motivating it.
The underlying issues motivating most fraud is the very human desire to have more money. How do you deal with that? You could make higher education free (and you should), but then the people who were committing fraud to get out of student debt will commit fraud to get a bigger car or live in a better house. It's human nature to want more than we have.
@@zetaforever4953 Anthropology and history say that the desire to acquire more has very little to do with human nature and more to do with specific cultural trends that have reached their broadest extent under capitalism. Note that some cultures and some sub-cultures within wider cultures have been acquisitive pre-capitalism, but the broadness of that desire to encompass nearly everyone is a much more limited phenomena. Which means it can also be de-emphasized. How to fully do that requires looking into specific examples (like the education one) and is surely too complex for UA-cam comments. But having that as a guiding principle we use when thinking about these questions changes how we answer them.
For instance, with securities we could question whether it really is still worthwhile to have privatized capital. Certainly there are examples of it working well and examples of public capital working well too, and bad examples with both. But as we enter a world in which more and more burdensome rules have to be adopted to prevent the fraud that really undermines the usefulness of capital markets, surely at some point they stop being more valuable than they are a burden. The live question that arises is where that point is.
@@zetaforever4953 I think perhaps you're maybe falling for the Perfectionist / Perfect-Solution Fallacy there. It's about constantly trying to improve how much we can minimise damage from the most sneaky devious types. It won't ever go away, but if we don't even try, then modern society will fall apart due to the misdeeds of a tiny fraction of all humanity.
I'm less certain about making higher education completely free, but how about perhaps having the most important jobs for society paid for by the state, STEM, busines, digital skills, more, in competition with the private sector, and perhaps even things like arts schools completely reliant on charity, considering we live in the digital age now? Not like we need to travel to the Conservatories of Europe to learn how to sing now or whatever.
@@TheScourge007 if this was the case then communist countries would have no fraud or theft. They have some of the highest instances. The most basic knowledge of communist societies would tell you that no one does black markets quite like the communists. Socialist countries also have fraud and theft. As did pre-industrial feudal societies. And even the least 'acquisitive' classes within wider societies (both modern and premodern) have spawned fraudsters and thieves. So if there has never been any large-scale society that has survived for any length of time without a particular feature, then I would consider that feature to be inherent to human nature. Acquisitiveness is one such feature. Altruism, violence, and superstition are some others. Regardless of efforts to suppress them, they've always existed in all human societies, regardless of how it was set up. Some societies may have slightly lesser of one feature and more of another, but every society will inevitably have every single one.
@@zetaforever4953 Do you have any evidence for that contention about communist countries having the HIGHEST fraud/theft? That tends to go quite against the fact that folks who live through transitions to capitalism in those countries note that corruption, theft, and fraud all exploded in those countries. For example the Russian Mafia was pretty well contained in southern Russia doing small time smuggling pre-fall of the USSR. After the fall they were basically running every city in the country and went international. Vladislav Zubok's book Collapse: Fall of the Soviet Union talks about this in a few points. Black markets existed/exist though that's not the same thing as fraud or theft and black markets are also extremely common in capitalist nations (drug dealing being the biggest example in the US).
But, when we're talking about differences in rates in these traits it can be quite extreme to the point that the "human nature" part is a red herring. So even if literally there are exceptions (for instance maybe a few people have student loans from private pre-college), they become so rare as to be negligible and not something that society has to put continually expanding rules to combat. Thinking of something that is highly variable in human societies as a fixed quantity is not helpful.
So why are they introducing a bill to ban self custody crypto wallets, when your crypto is safe on YOUR wallet rather than an exchange like FTX? Thats like banning cash, saying it must be on a digital bank account
Because they can't get away with just shutting down crypto, which would be the right move. Crypto's only utility as a currency has been outmoded by the closures of Silk Road and Alpha Bay and now only exists as an unregulated speculative asset - and "unregulated speculative asset" will become "absolute and total scam" every time.
Because one thing many people don't seem to realize is that crypto is a big negative to the economy by becoming a vehicle for hoarding wealth.
Hoarding wealth is a big example of something that's beneficial to the individual but harmful to the economy at large. Governments don't want people to hoard large amounts of personal money. They want them to invest money or to spend it to consume. They want money circulating in the economy. Not collecting dust in personal wallets. Money that's put in a wallet is money taken out of the economy.
That's why despite all their problems loans and especially morgages are a big net positive for the economy because they allow money to be in two places at once. With a mortgage you can have your house and still spend the value of that house. However while banks can increase the amount of money available they can also do the opposite and reduce it which is what Crypto is doing right now. By having people put money in them and then going bust, making that money just vanish.
@MrMarinus18 thats a really good point, and i learned a lot from your comment. But still, banning cold storage wallets is just like banning paper cash
The irony of a video about scams having the comment section bulk-spammed by scammers.
I can’t wait for all the apologies after the massive hello fresh scandal. 😅😅😂
???
Aren’t they using primate labor or something?
What scandal?
LegalEagle was saying Established Titles is a scam, whilst others say it's foolish to take that wheeze at face value. Either way if you want trees planting, there's many charities at it including Eden Reforestation. I also play the windows weather game to get one planted every week or two. For Europeans I'd recommend looking into Ecosia too. Uses Bing as the back-engine for it.
It’s a joke.
Top video, congrats 👍👍👍
Could you please share the link to the statistics on KYC/AML being effective for only 100 cases in 2020?
Picture SBF in prison
"Hey you wanna make some real money ; you ever heard of NFTs"?
NFTs aren’t a fraud/ scam… ppl might use them for scams but inherently they are not. In the same way emails are used for fraud but aren’t themselves frauds…
What logical purpose does an NFT, which is basically a poorly drawn JPG linked to blockchain, have for any sane person interested in Finance / Economics? I'm not just being harsh, I'm truly puzzled as to why anyone would think paying millions for an easily screenshotted cartoon image is a sound investment.
@@TheHorseshoePartyUK It's probably because the entirety of crypto comes down to asset speculation and over the past few years the speculators had been successful. It's not fraud but crypto in general has never made fundamental sense.
@@BTrain-is8ch I like the idea of a currency that is an alternative to these ones embedded in our society and potentially ripe for abuse from Nepotism by a well coordinated finance sector mafia at incomprehensible scales... but yeah very chicken and egg situation. Won't stabilise until accepted by mainstrea, Won't go mainstream until it stabilises.
Not really though because NFT's don't really have much of a purpose outside of fraud. Maybe they could in the future but that hasn't happened.
It's mostly because they are so infected with fraud that any serious use of NFT's either will be shot down or collapse into fraud so fast that nobody wants to touch it anymore.
When NFT's were new they actually did try to find some legit uses for it but that didn't last more than a couple of weeks before it became almost solely a vehicle for fraud and theft. E-mails have a legitimate function and are used all the time outside of fraud. NFT's are almost never used without the intention of fraud.
@@TheHorseshoePartyUK my guy/ gal NFTs are not only art. Art and PFPs are sold as NFTs but it isn’t the sole purpose of the technology, did your bias get in the way of you understanding that part of my comment? If I take a pic of the Mona Lisa it doesn’t mean I own it. I would love to hear your take on the trad. art industry or commercial photography… also you’ll be happier if you don’t let what OTHER ppl do with THEIR money bother you so much.
0:53 was hilarious. This is how stressed I feel hearing about all of these schemes
Bruh...im telling you. I feel the same way. I've lost money in Crypto lol it's upsetting
You should stop watching these videos.
You're being robbed of your peace of mind.
That college loan part really hurt 😔
The fact is that a lot of the 'wealth erased' by main stream crypto was generated by main stream crypto.
More like wealth printed by the Federal Reserve lmao. Atleast that's a good thing, wiping out this much liquidity in the markets goes a long way in combating covid-flation 🤣🤣
When fraudsters are running amok, doing business becomes harder for everyone.
Sorry for being late, but here I am
Ok
Me too. Lol
Minor correction at 4:44 but that doesn't say NFTs lost 97% of their value, it says trading volumes dropped 97%.
A good deal of that is probably related to the price drops that have happened, but a lot of that is also related to a shift in the actual number of transactions taking place.
In other words, that number probably does indicate a drop in value, but it's impossible to tell from that number alone how much the actual prices have fallen.
Everyone thinks they're too smart to get scammed, until they get scammed.
We’re all being scammed with regards to our wages. Human labor is the most undervalued resource in the economy. While corporations continue to see huge profits year over year they never raise the wages for the most important resource that contributes to those profits. The owners of these corporations need to go to rehab and get a hold of their addictions to money and the perceived power they think they have by holding lots of it. It’s shameful and quite ugly.
Maybe, instead of regulating 5 times the student loans, the legislator could spend some time keeping at bay the instruction business....
Death and taxes
I still can't get over the fact that you guys have to pay such a ridiculous prices for your collage. Daamn I wonder why there were so many "frauds" not wanting to live in dept just for being educated...
Awesome work!! Can I ask where you got that figure of $2 trillion of wealth destroyed? That’s fascinating!
How much fraud could be avoided if the IRS would explicitly notify Americans exactly how much they owe in taxes? They already know the amount, why the need to complicate? So they can fine you in penalties if you guess wrong and pay less than what is expected.
I can’t believe stupidity is so ubiquitous that it translates to job security for someone else.😂
You really popped off with this vid 5/5
Banks in the US charge for having an account? They don’t in the UK for the most part.
I find it ironic that we spend money on every customer checking for fraud.
Whats the percentage rate? how much would have fraud taken versus that cost we spend? we are talking about 8 billion people now. Maybe it would be cheaper to just give away money.
If everyone commits fraud, it's not fraud. If you can't beat em, join em.
Jake Tran’s alt spotted
@@zandaroos553
THIS IS JUST EVIL...
that would be a neat movie, where everyone is a scammer and its basically net zero at most times
9:08 dude starting a business without a loan is exactly what I'm doing, you have to be smarter with your money, and work harder.
I have never fell for any of these scams, mostly because I am too poor to ever invest in them
I think you missed another reason for the legislation some of the KYC obligations, that is for reducing tax evasion (eg under FATCA, the KYC obligations made the determination of US citizens much more attainable)
1:50 this is the opposite of a flex
Lol leave this man’s caffeine addictions alone
The only fraud I have fallen for was having my strange kill streak medigun getting stolen :(
No cap, scam is like a normal thing in Nigeria, almost all teenagers go into fraud and destroy their lives
I knew early on that O’Leary didn’t know shit about Crypto.
10:58 wait a minute.....this felt like an institutional greed issue more than a fraud issue.
Giving loans without taking into consideration if students could pay.
Increasing tuition fees due to higher loans given doesn't sound right
Yes banks don't make enough money to offer free accounts and also pay for regulatory requirements to prevent fraud. It's just too burdonsom for the poor mistreated banks.
Yeah... poor banks! LOL
WTF??!?!?
student loans should not be a thing at all. its criminal you have to pay so much for education
Exactly. Since the society has an interest in a constant replenishment of well-educated individuals---because those are the ones developing the technologies of the future increasing overall prosperity---it is totally justified for education to be completely provided for via combined societal funds, a.k.a. tax money.
@@lonestarr1490 yes and no, in my opinion. Schools should not be for profit, they should be paid for by tax from industries benefiting from graduates. The students themselves should be able to pay their way if they can/want but those who can prove themselves worthy would receive free education and possibly free accommodation (free education by previous achievements, like good grades, free accommodation if familial situation warrants, living far and poor family)
Coincidentally I had both of those (in Hungary) and still fucked it up royally, but that was on me and it's just the risk in any investment that not 100% will win
@@CMDRunematti "but those who can prove themselves worthy"
I'm not a big fan of that, out of personal experience as a late bloomer. Back in high school (or, to be more precise, the German equivalent of it) I was below average in mathematics. Now I have a Ph.D. in it.
For many reasons, most school systems are not that well suited to access who's "worthy" of higher education. I, for instance, would've never received a scholarship. And since my family is not exactly wealthy, that would have been the end of it hadn't University not been basically free for me.
@@lonestarr1490 but you have to have a system to distribute the support because even tax dollars aren't endless. Specifically in Hungary you have 5 tests, in different subjects that are the same for everyone nationwide and written at the same time by all students. Then they decide by the results you get on those if you can get into the University you want. Well... That was 15 years ago in my time. You may say it's not a perfect system, but leagues ahead of for profit education
@@CMDRunematti Tax dollars don't need to be endless, since there are always more adults than youngsters. And there are the filthy rich. Tax them appropriately, and you'd never have to worry about the feasibility of free education ever again.
Of course, that one has to fulfill certain requirements in order to enter a University goes without saying. One should definitely graduate from high school. If that's what you meant by "proving oneself worthy", then it was a misunderstanding on my part. I thought you meant scholarships for the best 10% of their year or something like that.
You're dead wrong about the student loan part lmao. A lot of places in the world has free education for citizens and not this problem. We also get to loan money instead of having a salary and this does not impact our financial futures in anyway. The American system is fucked for other reasons, and if bankruptcy had an impact its because of the flaws in the system, not because of fraud.
That free education around the world is not free since they are taxed higher than here in the US. If you don’t mind giving another slice of your paycheck to the government to provide “free education“, then by all means go ahead.
Can't cost me a future I never had a chance of having anyway.
Remember people spending thousands of dollars to buy real estate in the digital world
I never understood that since anyone could created their own world.
Who knows it might make you rich
2:49 Tapping out: came for financial news, suddenly i'm watching someone make pizza. thanks!
So basically what citadel LLC does
Good video.
"Our systems are designed around being idiot proof" - unironically poses the greatest threat with multiple its multiple cutting edges.
The same people who are complaining about their financial future being destroyed are enthusiastically supporting and electing the people who enable and do the destroying.
That's not really fair. There is no one to elect that won't prioritize the wealthy over the poor. Every institutions/entity needs money to function. If you vote left, they raise taxes to fund their programs. They pretend they are taxing only the rich but in reality they include almost everyone outside of poor and lower working class within "rich". But even if they did only tax the rich, that just means the rich almost completely fund the government. If you paid a security guard to guard your neighborhood, they are definitely going to prioritize your house first over the ones not paying them. So voting left literally just makes the government dependent on rich people and creates a huge power imbalance.
Voting right just empowers the rich through less gov oversight and gives the rich more money through lower taxes and regulations. They lies like the left as try to pretend like this will trickle down upon the voters. It kind of does but you have to give up a lot in return like your environment, health and labor rights.
So all in all, people are fucked either way regardless of who they vote for in this regard. Blaming the other side of the isle is actually apart of the propaganda spread to secure your vote. Political parties have discovered that it is a lot easier to get people to vote for them by making their opponent seem like the devil than it is to get people to vote for them because of their merit.
@@EF-wy3di I believe you are correct in all you stated.
@@EF-wy3di good points but what's the solution according to you?
@@1wun1 Well that's the thing. I am not sure there is one really. There will always be people at the top that hold way more sway than everyone else. This even happens outside of politics. Just look at social media and the rise of the influencer class in the past 10 years. A celebrity online or not has an extreme amount of social power compared to a regular person. If Kim Kardashian linked someone's Instagram and said that this person is an asshole, that persons life is ruined and they would be subjected to insane harassment regardless of the truth for example. I don't think there are actual solutions for most of the problems we notice in society, there are just ways to to reach points of functionality or acceptable levels of fuckery. Focus on securing rights protections, and transparency over trying to make the situation ideal. There are certain things like super PACs and undisclosed donors/ lobbyist we can make illegal. We can also do like a full audit of government spending every 10 years or so. Essentially the gov and the elite are going to fuck us, but we have to make it to where they can only fuck us if we let them rather than now where they can fuck us without us even knowing or having the ability to stop them from doing it.
@@1wun1 The solution is that you cannot depend on the government to lift you out of your circumstances. You either figure out how to do it on your own or you get comfortable with where you are.
I only put very little money in crypto/NFTs. It's highly likely that my money there will be stolen at some point since the thieves can run away easily and be impossible to trace. All it takes is guessing the passphrase, and a bot can easily force-open a passphrase with attrition/guessing.
Hello fresh is a cool idea but they only send ground beef and ground pork unless you pay extra per serving. So grocery shopping it is for me.
Is there any estimate on how much economic groth or money we lose or gain, from all the laws on frauds and such, vs if envirements where laws are not as demanding on being anti fraud certefied?
I can imagine a bunch of arguments going both ways
I think the arguments are perhaps more political than purely economic. If there is no attempt to even try fight fraud and corruption, well one destination a country could very, very easily end up can only be described using the following words: Extreme Libertarian, Market Fundamentalist, Billionaire Anarcho-Capitalist, Charter City, Hybrid Regime, Neo-Feudalism, Fascist-Corporatism which is like a more sneaky and subtle version of Dictatorship, slowly psychologically abused over time into thinking it's just fine to pay the richest people for your essentials, rent on your housing, no more mortgages because the 'owners' won't give away an easy revenue stream, no more true meritocracy, and nepotism at Idi Amin levels.
The problem though is that the world is so interconnected a comparison like that is hard to make. Because nations with underregulated banks often have lots of people use foreign banks as well.
But in things like this money is not the only thing that matters. Money should serve society and you can have the GDP of an economy grow while the average wealth goes down.
So, given how debilitating of an effect financially fraudulent activities have on literally everyone...maybe the criminal justice system should sanction them appropriately? I honestly don't really have an issue with someone like SBF spending most of the rest of his life in prison, because you can make a reasonable argument that he caused more total harm to society than perhaps even a murderer.
"stocks lost about a fifth of its value during 2022, in what Bloomberg calls an “$18tn rout”. That's the worst performance in 14 years, since the global financial crisis wiped 40% off stock values in 2008."
-The Guardian
$18T
T= trillion
You were saying?
Banger opening
How do more loans increase the price of college other than wanting to make more money per student by raising the price. Where are real costs that increase the price? I've never heard anyone talk about this.
This. The argument that if you give people more money, everyone will charge them more money for everything. Wtf
Student loan debt should be dischargeable in bankruptcy. If colleges don't like it then they should lower their cost.
This guy's channel is really underated.
Falling for fraud was like falling for marriage. Broke my heart when she left and not thinking clearly on Christmas Eve got me a DUI. Ruined my life for awhile but dug outta that hole. Glad it didn't cost me as much as these poor souls with these predatory scammers. Se La Vi.
Wow, not be rude but you really butchered that expression. It's written as "C'est la vie."
@@martins.2502 Thanks for the Grammer check I don't know Latin or Spanish too well.
@@nerdingout322 No worries, I hope my message didn't come off as rude. It's French btw
Sounds like not the frauds are the biggest problem, but the regulatory response
The student loan angle surprised me. This isn't widely known or discussed. Clearly belongs on Reason's Great moments in unintended consequences
Any thoughts on this 65 trillion of missing bank debt?
An average South Korean in 2010 took longer to finish an e-commerce transaction than Denzel Washington took to carry out a nuclear launch drill in Crimson Tide. The reason is that South Korean companies had so many security breaches that nobody could confirm an authentic transaction with the most personal identification information possible.
Edit: After all of the new technological innovations and encryptions the inportance of multi-factor authentification is still on a totally different level than the rest of the world.
Actually raising the barrier to entry on transactions is a positive thing. It means people are less likely to waste money on things they don't want. If it takes a while for you to buy something it's much more likely you'll think it over and decide against it because you don't need it or don't want it.
A big reason why so many corporations love internet shopping is because you can bamboozle someone with aggressive advertisement and they can buy it straight away out of excitement. If they have to go to the store then it's quite likely by the time they arrive the excitement has worn off.
oh, if only human beings were not human beings... fraud is an integral part of every system, simply by the fact that fraud is part of human behavior from time immemorial. the amount of fraud happening is directly linked to the amount of money in the system. rising interest rate, less money, less fraud, so I guess that problem is quite close to its current conclusion until the next time we have the urge to print money as if it's 2020
Printing money isn't always a bad thing. If an economy grows more money is needed and the value of money is really just a number. The Japanese Yen is quite low value but the Japanese economy is doing just fine. That's because they made it when their economy was still really small and they never adjusted it. It just kept inflating overtime in a gentle fashion to where it is today.
What destroys an economy is an unstable currency, not an inflated one.
@@MrMarinus18 I believe you are right, it is just that a stable currency of which people have LOTS, will experience higher levels of fraud (there should be a measure for this, maybe money lost to fraud / population adjusted to USD values?) than that same stable currency of which people have less.it is a byproduct of something the might be good as you pointed out, it would be stupid to say "I will not print money just because it causes more fraud"
@@koontekinte0 You are not wrong but I don't think that's an argument.
It's like saying there will be more theft if more people have valuable possessions. That's true so you need more policing to stop that.
Everyone is getting more dishonest.
Can you please do a video about. The narcissist/ psychopaths ceo phenomenon.
Or instead of passing costs along as a lobbying process… they could just make less profit.
Profit is a business expense.