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[W:583] Political Compass Thread

WHAT'S WRONG WITH FEDERAL OVERSIGHT OF SOME INVESTMENT EXCHANGES?

Here's what's wrong: FTX crash illustrates Congress’s weakness on tech. Here’s a solution

Excerpt:

Last week, both the American electorate and the cryosphere were on edge. As votes were cast and returns reported, the popular FTX crypto marketplace fell apart amid a shocking accounting scandal. These coinciding events are prescient of the challenges facing the incoming congress. Between the pandemic and President Biden’s campaign agenda, tech issues have been deprioritized. FTX’s collapse, however, demonstrates that they cannot be ignored.

Beyond crypto, artificial intelligence is upending commercial art, cyberthreats plague businesses, quantum computing disruption looms and social media is spinning out of control. All the while China seeks internet hegemony and Russia traps its people behind a digital Iron Curtain. At some point, tech must have its legislative day.

Today, Congress finds itself unequipped. The last Congress included a meager 12 professionals with STEM (science, technology, engineering, math) backgrounds, a number unlikely to grow. Yet the immense tech challenges we face may consume this Congress, if not the next. To lay the groundwork for success, Congress should re-establish the Office of Technology Assessment (OTA).

Definition: FTX is a centralized cryptocurrency exchange specializing in derivatives and leveraged products. It supports most commonly traded cryptocurrencies. FTX's key product offerings include futures, leveraged tokens, options, MOVE contracts, and spot markets.

Don't become overly amazed at that definition. The reader is not the only one who has never ever seen that definition. Which says a lot about the way Finance is run in America today.

FTX (a company) failed as explained here by Investopedia:

How Did FTX Fail? FTX filed for bankruptcy on Nov. 11 after a surge of customer withdrawals earlier in the month. CEO Sam Bankman-Fried admitted that the company did not have sufficient assets in reserve to meet customer demand.

More about what actually happened from Investopedia here. The Collapse of FTX: What Went Wrong With The Crypto Exchange?

Excerpt:

Cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection on Nov. 11, 2022 after a swift fall from grace. The company's valuation plunged from $32 billion to bankruptcy in a matter of days, dragging down founder and CEO Sam Bankman-Fried's $16 billion net worth to near-zero.

FTX's collapse shook the volatile crypto market, which lost billions in value, dropping below $1 trillion.3 The consequences of FTX's rapid decline and collapse will likely impact cryptocurrencies well into the future and could even drag down broader markets.

On November 16, a class-action lawsuit was filed in a Florida federal court, alleging that Sam Bankman-Fried created a fraudulent cryptocurrency scheme designed to take advantage of unsophisticated investors from across the country. Other celebrities named in the lawsuit include Steph Curry, Shaquille O'Neal, Shohei Ohtani, Naomi Osaka, Larry David, and Kevin O'Leary who allegedly helped Bankman-Fried facilitate the plan.4

The U.S. House Financial Services Committee said it will hold a hearing in December 2022 on the FTX collapse. Below, we explore what went wrong with FTX.

I leave the rest to your adept fingers ... what happened should not have happened. That is, the policing of a stock-exchange is practicably non-existent in some instances. That is, there is no overall body that oversees the exchange and what it is doing. So, it is very much like a gambling on-line trading-platform.

Meaning, "
be carefull or you'll lose your shirt" ...
 
JUST A WEE BIT ABOUT "SOCIALISM"

I find it interesting that Socialist people in this country are very against authority yet, they are socialist. Tell me that makes sense.....

You almost made it too that left bottom corner. Keep trying!

First of all, let's start here: How many Socialists are in the United States?

Excerpt:

As of November 2020, the organization claimed over 85,000 members, and according to its financial report before its 2021 convention, the DSA now claims 94,915 members, with at least a dozen DSA members in every congressional district.

Eighty-five thousand members! Wow!-Wow!-Wow! And not all in the same state!

Try this on for size: - from the Progressive Alliance

How popular is socialism in the United States?

One 2021 poll reported 41% of American adults had a positive view of socialism and 57% had a positive view of capitalism.

Well, 41% is better than nothing! But, the problem is that the word "socialism" has a negative context in the US. Most Americans do not know why it is "an awful socialist doctrine". They were told it was bad and they believed it was, at least, "not good".

You wont get that same understanding in Europe, where the Socialist-parties have even elected heads-of-state. Germany, for instance, is one of them today. And, as a result, Europe has far more legislation that protects workers than the US will ever have (under present conditions). In Europe, such attitudes are called "Social-Protection" because they are intended to be widely "societal" in a country.

In fact Social Protection in Europe simply means these two political advantages:
*A National Healthcare System by which the costs of medical-attention are around one-fifth of that in the US. (Which, as you know, is not entirely private but mostly private doctors.)
*National Education Services that cost ridiculously low annual post-secondary schooling annual costs.

From off the Internet and as an example of fees: University tuition fees in France
For Bachelor's programmes, the average tuition fees are around 170 EUR per year. Engineering degrees have higher tuition fees of around 620 EUR per academic year. The average tuition fees for Medicine studies can reach up to 450 EUR per year. (Jan 13, 2022) [Note that one euro is today about the same as one-dollar.]
 
Higher-education spending US vs the World dated 2016, Core (dark blue) & R&D spending (light blue) :

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From Forbes here.
 
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You are a center-right moderate social libertarian.
Right: 1.53, Libertarian: 2.56

Fiscal conservative...social moderate sounds about right
 
Idiot Joe's cognitive decline documented:

 
Idiot Joe's cognitive decline documented:


what a bunch of biased BS

If you are going to promote this garbage, why don't you also key on the other option (which is Trump), who is not necessarily getting senile but is just plain dumb and incompetent.

 
Moderator's Warning:
This is a pinned Political Compass thread, and as such should only discuss the test, results from the test, and subjects related to the test. It is absolutely no place for asides, or other political arguments best left to their own thread. So keep it on topic, or face thread banning or other moderator action.
 
Vacationing House Republicans continue to side with Russia as our President fights back. The forum's Republicans continue their silence and their apparent loyalty towards Russia as well.
Because of Republican loyalty towards Russia, we are losing our European friends.

America is losing its preeminence in the world.

Thank you, Donald Trump. Thanks, Republicans.

NBC reports, "Europe is already trying to Trump-proof itself, officials on the continent have told NBC News, fearing what a second term for the Republican might mean for America’s closest allies.

"During his first four years, former President Donald Trump shocked the Europeans by upending the transatlantic balance on which the postwar Western world was built. Their main concern is that a re-elected Trump would double down — halting aid to Ukraine and reneging on Washington’s promise to defend its NATO partners — to leave them more vulnerable to attack by Russia.

“If Trump were re-elected, we would face a situation in Europe that has not occurred since the end of the Second World War,” said Norbert Röttgen, a veteran German lawmaker.

"Many here believe that Trump would be economically protectionist and perhaps even launch new trade wars against Europe. But by far their main concern is about defense — namely against Russia.

Of concern is "Trump’s blunt ultimatum to NATO — pay more or we would not protect you."
 
Because of Republican loyalty towards Russia, we are losing our European friends.

America is losing its preeminence in the world.

Thank you, Donald Trump. Thanks, Republicans.

NBC reports, "Europe is already trying to Trump-proof itself, officials on the continent have told NBC News, fearing what a second term for the Republican might mean for America’s closest allies.

"During his first four years, former President Donald Trump shocked the Europeans by upending the transatlantic balance on which the postwar Western world was built. Their main concern is that a re-elected Trump would double down — halting aid to Ukraine and reneging on Washington’s promise to defend its NATO partners — to leave them more vulnerable to attack by Russia.

“If Trump were re-elected, we would face a situation in Europe that has not occurred since the end of the Second World War,” said Norbert Röttgen, a veteran German lawmaker.

"Many here believe that Trump would be economically protectionist and perhaps even launch new trade wars against Europe. But by far their main concern is about defense — namely against Russia.

Of concern is "Trump’s blunt ultimatum to NATO — pay more or we would not protect you."

What does this have to do with a political compass?

It just looks like you vomiting out your usual hatred for the last legitimate president.
 
Advocates for Self-Government, the people behind The World's Smallest Political Quiz, are running into an interesting problem and I have to wonder how much it's affecting other quizzes. They base their quiz on the theory that Conservatives are low on Personal Freedom and high on Economic Freedom, Liberals are the reverse, Libertarians are high on both, and Authoritations are low on both. Their problem is that they like to update the questions on the quiz to keep them relevant, and over the past few years they are finding it harder and harder to find five issues involving Personal Freedom where the Left values freedom, while the Conservatives are sounding more and more like FDR when it comes to economics. The result, of course, is an increase in Authoritarians from both the Left and the Right.
 
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