[ExI] Bank of England

[Stefano Vaj]

On Sun, Jun 21, 2009 at 3:51 AM, Rafal Smigrodzki<rafal.smigrodzki at gmail.com>
wrote:
> ### I mean a specific cut of the total value of the economy, i.e. all
> the fungible material and immaterial assets. The amount of such assets
> is the direct expression of performance of the economy, whether
> related to the financial system or not.

As the theory goes, given its current structure and working, the financial
sector would be bound to drain progressively resources from real economy
until of course it kills the goose with the golden eggs (you cannot eat
money). See http://video.google.com/videoplay?docid=-2550156453790090544.

Of course, what may be more directly relevant to this list, is that it
drains resources from research and technological innovation, and by doing so
it drains talents from them through a lowering of comparative social status
and remunerations of techno-scientific or education jobs. One may choose
today to be a rocket scientist if he doubts to be intelligent enough to
succeed as a mercant banker...

> And of course, we shouldn't have a central bank in the first place.

Agreed.

-- 
Stefano Vaj
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