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That requires belief in a certain type of economic religion. Compare: - "God is good, and we do as He commands, because we are His people." - "Our wo
by logfromblammo 10y ago
That requires belief in a certain type of economic religion. Compare:
- "God is good, and we do as He commands, because
we are His people."
- "Our work is what enables civilization to exist,
and its economy to grow."
From my perspective, investment banks are less virtuous and necessary. They are like a hydroelectric dynamo. They appear to sell cheap renewable power to the surrounding communities. But no one seems to notice that is only because they dammed the entire river, such that no one downriver can provide their own (possibly cheaper?) power with their own waterwheel. They made themselves the only game in town, and then they made the game crooked. Anybody that doesn't have a lakefront mansion abutting the reservoir has to make do with the silty low-head trickle that comes down the spillway.
They, in conjunction with the rest of the global financial system, partially caused the problem that they appear to solve. The monetary system is engineered to concentrate capital at the top. It makes it easier to make money just by already having money than by efficiently executing a great new idea.
I am biased against banking by my personal experiences. So take the above with that in mind.