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Finance makes the world go round
by linkmotif 8y ago
Finance makes the world go round
- rvense 8y agoNo, other things makes the world go round. Finance is responsible for the downward momentum in this death spiral...
- makotech222 8y agoLabor makes the world go round. Finance is a parasite.
- MR4D 8y agoThat’s what the gears in an engine say about the oil....until someone removes the oil.
- tokai 8y agoThe oil is laboring as well, even though its labor isn't directly productive. It is doing work that supports production of engine power. Finance is an unsavory backseat passenger that demands to be cooled by a fan taking a huge amount of HP from the engine, claiming that the car wouldn't move anywhere without him/her and the parasitic fan.
- kzrdude 8y agoFinance is a service industry, it should create value for its customers. For example, making means available for creating a company. Always measure their utility Vs how well they serve everything outside of finance.
- arghwhat 8y agoFinance provides slight convenience and a few useful products (like mortgages). The vast majority of the financial sector does nothing significant to the outside world, and often just cause negative side-effects. A good story to tell here is the total bank strike in Ireland that lasted a year, where everything operated just fine without the banks.
- gaius 8y agoThe vast majority of the financial sector does nothing significant to the outside world, and often just cause negative side-effects. So... like Silicon Valley then?
- safgasCVS 8y agoShun the non-believer! (I guess we're both getting downvoted today huh)
- HONEST_ANNIE 8y ago> few useful products (like mortgages). ... and personal loans, commercial loans, transactions and transfers, overdraft agreements, insurance brokerage, underwriting, and reinsurance. Ireland was poor and undeveloped economy during 1966–76 bank strikes. Irish pound had one-to-one link to pound sterling, so Ireland didn't even have monetary policy. Companies were able to operate with their accounts in UK banks. Today it would be total chaos.
- arghwhat 8y agoCommercial loans or investments are necessary. For personal use, mortgages is the only normally needed product. Non-mortgage personal loans and overdraft agreements are not necessities (and seems to invite poor financial management). The rest are insurance products, which are also on the nice-to-have list. However, loans and insurance are a tiny fraction of what the financial sector does. The vast majority of other products would go mostly unnoticed if gone. > Today it would be total chaos. Briefly, yes. Some things without real value would collapse. But I strongly believe that it would stabilize within the first year.
- tonyedgecombe 8y agohttps://en.wikipedia.org/wiki/Financialization https://en.wikipedia.org/wiki/Financialization