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Maybe, but why wouldn't they find it convincing? Any one of the major banks literally controls at least an order of magnitude more money in the economy than Joh
by fractionalhare 6y ago
Maybe, but why wouldn't they find it convincing? Any one of the major banks literally controls at least an order of magnitude more money in the economy than Johnson and Johnson does. Market cap and valuation has nothing to do with capital that is controlled. The author doesn't do a good job of rebutting the idea that finance is incredibly powerful in society by focusing on what financial firms are technically worth if you discount their client liabilities.
- twic 6y agoI think your argument would be stronger if you unpacked "controlled and stewarded" a bit. What capital are you talking about, and in what sense do banks control it? How can and do banks use that capital to exert power?