Quote Originally Posted by Ash View Post
"When private debt is twice the size of the real economy, when traders no longer understand the products they're trading, and banks are funding their own speculation rather than productive investment, something has gone grossly and badly wrong."

He has a point there tbf.

And if the finance sector is the 'lifeblood of the economy' then that economy certainly is out of balance. This is the same sector whose drunken excesses crashed the world economy ten years ago since when it has been bumping along the bottom. I know you blame the debtors rather the banks but the banks are supposed to be the clever chaps who should know better and are, apparently, the 'lifeblood' of our economy. It's enough to make your blood run cold.
I wouldn't disagree that the economy is unbalanced, but it's a peculiarly socialist idea that the way you rebalance it is by smashing the successful bit so it's a similar size to the less successful bit. Most people would suggest trying to boost the less successful bit so it gets nearer parity.

And please don't let's talk about 'the real economy'. It doesn't exist. It's not a thing. Anything that makes money is 'the economy'.