A perfect distillation of the social uselessness of finance
a day ago
- #critique
- #economy
- #finance
- Finance sector's primary role is no longer capital allocation but gambling, with only 3% of bank activity involving lending to productive businesses.
- Example of mango trade illustrates how finance involves multiple speculative transactions that create no real economic value.
- Financial derivatives market is $667 trillion/year, dwarfing the real economy's $105 trillion/year, highlighting its social uselessness.
- Finance sector's activities are zero-sum, with every gain matched by a loss, producing nothing of value.
- Critique of finance sector's dominance and its negative impacts on policy, the internet, and the environment.