The information of the Los Angeles Lakers, Shake Shack and different giant firms taking cash meant for small companies has outraged most Individuals. What’s extra, lawsuits have been filed claiming that the large banks moved huge firms to the top of the road.
Now these firms are dashing to “give the cash again.”
When you assume these firms are returning the cash as a result of they all of the sudden had a disaster of conscience, guess once more. They’re giving the cash again as they scramble to wash up the PR nightmare they’ve created. They gave again as a result of they received their hand caught within the cookie jar after shoving small companies out of the way in which.
Would these firms have acted the identical method in the event that they knew from the beginning their actions can be revealed? I suggest lots of them wouldn’t have behaved so poorly in the event that they have been ruled by one phrase: transparency.
In spite of everything, isn’t transparency what motivated their sudden rush to “do the best factor”? Transparency creates accountability. It’s no coincidence that fiscal conservatives all the time clamor for transparency concerning authorities spending whereas liberals all the time demand transparency concerning company salaries, bonuses and golden parachutes to line their executives’ non-public planes.
The free market is constructed round transparency – shoppers shopping for from sellers providing the perfect product for the perfect value and workers working for employers providing the perfect salaries with the perfect advantages. Info permits for the perfect choices. Look no additional than the evaluate pages of Yelp and Amazon to see this precept at work.
Amazon and Yelp present transparency by letting shoppers know if companies deal with their clients and observe good ethics. Shouldn’t we the folks know if banks and massive firms are doing the identical factor, particularly with taxpayer’s cash?
To be clear, I’m in no way against CEO and enterprise homeowners reaping the fruit of their simply rewards. They’re those who make investments all the cash and capital, risking monetary failure that many have already skilled. In the long run, the free market must be left to determine how a lot industries ought to pay workers and traders.
However relating to how taxpayer cash is used, I’m a stickler for transparency and clear accounting.
The taxes from on a regular basis Individuals aren’t a slush fund for crony capitalists to make use of at their warped discretion. What’s extra, I don’t assume we’re asking an excessive amount of to make sure we all know how taxpayer cash is used relating to banks and massive companies.
So the place can we go from right here? Is it attainable to carry a lot wanted transparency to the connection between banks and massive firms, particularly relating to authorities handouts and the way tax {dollars} are used?
I imagine it’s attainable. What’s extra, I imagine we are able to use an incredible know-how like blockchain to carry transparency and accountability to authorities and crony capitalists.
Blockchain is a quickly growing know-how that may present safe, but open document accounting. Whereas most individuals confuse blockchain as crypto foreign money like Bitcoin, blockchain is definitely the know-how that makes foreign money like Bitcoin work.
In easy phrases it’s an accounting ledger that may’t be altered and exhibits all transactions or actions between numerous entities.
Blockchain is already being utilized in industries like actual property, and it’s quickly increasing and bringing constructive disruption to each different trade due to the safety and accountability it gives.
So, whereas the advantages of blockchain profit an increasing number of industries, let’s be certain it’s additionally used to carry transparency and accountability to how our tax {dollars} are actually used.
As a result of whereas I’m very involved and hesitant in regards to the trillions in debt we took on to supply aid to the center class, I see the necessity and perceive it’s a matter of survival for a lot of households on this pandemic.
However I’m completely outraged on the concept of saddling my youngsters with a ballooning debt disaster in order that huge banks can kick small companies to the curb whereas secretly serving to their company buddies get a sweetheart mortgage to experience out this disaster in consolation.
Because the Bible says, “what’s executed within the darkness can be delivered to mild”, and transparency by way of know-how like blockchain is usually a fairly shiny mild.
Zachery Bryan is an actor, film/television producer and entrepreneur. He started his leisure profession early as a sequence common on the ABC hit sitcom, “Residence Enchancment.” He at the moment produces movie and tv through his manufacturing firm, Lost Lane Entertainment.
