In 2010, a
London broker crashed the American stock market, causing the industry to crash
by 1000 points. It caused a loss of hundreds of billions of dollars. With
electronic banking and economics, it can be hard to know who you're dealing
with. For example, this man "in his underwear" was able to crash the
stock market from his bedroom. With that ability for anyone who is
knowledgeable about electronics, it can make it hard to trust anyone on the
internet (especially if you are on the deep web!) With all of these eBay
or Craigslist scams, how can you trust anyone?
As Al Mohler said, "That goes back to Adam Smith with just those two
individuals; those two individuals cannot have a thriving economic relationship
if they do not trust one another. And back in the day when most economic
transactions were face-to-face, we can pretty much judge whether or not the
individual with whom we presume to do business was going to be trustworthy or
not. We are now living in a global economy and that trust is now extended not
only to billions of people far flung across the planet, that trust is now also
extended to digital technology that evidently has massive
vulnerabilities."
So, the world today just isn’t what it used to be. “Old” people are
known for saying “Back in my day…” and then a whole bunch of nonsense about how
things used to be. Adam Smith is saying that things used to be much simpler:
Transactions used to be one on one, from small business to consumer. But now,
there is so much more in the way, and there’s so much that can go wrong because
of that. However, that’s to be expected with anything nowadays! With the
internet, the deep web, and all of these hackers, anything can be changed.
Hopefully new technology has been developed to stop these hackers from
infiltrating things so key to our economy like the stock market. However, if
there isn’t, maybe things just ought to be simpler, like they used to be in the
good old days.
No comments:
Post a Comment