A huge part of the problem is where modern finance goes, i.e. what it finances, and why. The traditional definition of a bank as a middleman between savers and

A huge part of the problem is where modern finance goes, i.e. what it finances, and why. The traditional definition of a bank as a middleman between savers and businesses is very, very wrong. Almost all bank financing is directed at existing assets, mainly real estate, and that financing is unconstrained by deposits. Therefore it is mainly speculative and parasitic, rather than investment-oriented and productive. It is also self-reinforcing in that finance drives up prices which become collateral for more finance... and so on. Hence... inequality, stagnation, and the rest. Adair Turner gives a good overview here: https://www.youtube.com/watch?v=UVQdeb0EdWA https://www.youtube.com/watch?v=UVQdeb0EdWA