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social contract for global finance

Residents of any geopolitical area are subject to the laws of leaders, but the leaders are responsible for the well being of the residents and if they cannot provide for the basic well being of all residents, the residents of that geopolitical area have the right to replace their leaders by all means necessary.

This is called "social contract theory" and exists in both the West and the East (which more often refers to this idea as the "mandate of heaven".

Each person, corporation and country relies upon the global financial industry to get paid, pay bills, savings and investments. Thus, the global financial industry has assume power over the geopolitical area known as Human Civilization on Earth. But where is the responsibility inherent with power? That is why I propose that due to the power assumed, the global financial industry is subject to a social contract similar to that imposed on governments.

It is a long road to implementation and enforcement, however I would propose using existing international extradition law as a foundation, as negligence, bad behavior and crimes committed by banks outside of their home countries should receive punishment in those countries and, with sufficient evidence, punishment at home.

And not just fines, which are currently nothing more than a mosquito bite. I am talking about temporary and possibly permanent suspensions of banking and other financial licenses for the violators.

With all power comes responsibility, except it seems for the financial industry. We need to change that. Of course, the financial industry is very adept at dragging in non-financial companies into believing that any regulation is equivalent to totalitarian communist socialism. This despite the damage to corporate investments and stock value during the worst of the Depression.

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