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Technical professionals giving up productive work to go into finance is not surprising when we financialize the economy as much as we have, with national household net worth at 6x of GDP.
Those who design and build stuff = GDP.
Those who wield shareholder capital to fund designers and builders, but more-so to financially engineer various financial arbitrage opportunities as traders, without building anything = Supposed Net Worth.
Those who wield shareholder capital to fund designers and builders, but more-so to financially engineer various financial arbitrage opportunities as traders, without building anything = Supposed Net Worth.
Imagine if we send this ratio back down to 4x or less, and actually put technical people back to building better goods and services rather than moving money around.
We'd need a more robust financial system to do this, though. Much pain, much transformation.
We'd need a more robust financial system to do this, though. Much pain, much transformation.
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Stephan Livera @stephanlivera
ยท
Aug 2, 2022
Great commentary by Lyn, so much of it comes back to the consequences of fiat money. Fiat money has swelled the size of the financial sector, allowing it to outbid other sectors. Stop inflationism, and give people free choice in money that isn't controlled by the government.