"An economy based increasingly on rent extraction by the few and debt buildup by the many is, in essence, the feudal model applied in a sophisticated financial system."
The financial services sector adds value to society by providing mechanisms to diversify risk, price assets, and make capital available for productive uses.
These mechanisms are valuable, but are gamed to extract economic rents greater than their value to society. Extract too much, and you kill the underlying economy.
The financial services sector adds value to society by providing mechanisms to diversify risk, price assets, and make capital available for productive uses.
These mechanisms are valuable, but are gamed to extract economic rents greater than their value to society. Extract too much, and you kill the underlying economy.