@vzcx
That is like claiming that the world is better off with heroin. The discovery and manufacture of that drug were a chemical curiosity. Unfortunately, it short circuits the pleasure receptors and people develop all sorts of maladaptive behaviors just to obtain more of that drug. Their behaviors are maladaptive because they are focussed on ONLY obtaining the drug. That drug is no longer useful medically but it continues to be a significant market all on its own. The traditional way of stimulating the pleasure receptors of the brain (which involves work of some kind and usually involves other people and thus imbues those 'other people' with value) is bypassed.
In like fashion, the volume of currency trading has diverted massive amounts of a resource (money) simply into making more money. Those 'priests' managing this activity reward themselves with a trivial fraction (slice off the top) but the amounts are so gargantuan, that these few people become an unattainable anomaly that the 'rest of us' gawk at, and many 'have nots' envy with despair. This inequality is the side effect that people are looking at and writing about, but it is not the real failing of our system. The fundamental flaw is the colossal hoarding of resources (that could otherwise be put to 'good' use - investment in stuff that people need to make and use).
In addition, the measurement and observation of this hoard of money is distorting our perception. When we talk about productivity and GDP, our numbers look passable because we only talk about the dollar amounts. Increasingly, the production and measurement of value is reflecting the 'effort' and 'success' of money multiplying itself. Yet unemployment, average wage, and educational achievement for the 'average American' are falling dismally. How can it be that wages for teachers are so low? How can it be that tuitions are so high? Simple observations like these are the song of Nero heard while Rome burned.
In like fashion, the volume of currency trading has diverted massive amounts of a resource (money) simply into making more money. Those 'priests' managing this activity reward themselves with a trivial fraction (slice off the top) but the amounts are so gargantuan, that these few people become an unattainable anomaly that the 'rest of us' gawk at, and many 'have nots' envy with despair. This inequality is the side effect that people are looking at and writing about, but it is not the real failing of our system. The fundamental flaw is the colossal hoarding of resources (that could otherwise be put to 'good' use - investment in stuff that people need to make and use).
In addition, the measurement and observation of this hoard of money is distorting our perception. When we talk about productivity and GDP, our numbers look passable because we only talk about the dollar amounts. Increasingly, the production and measurement of value is reflecting the 'effort' and 'success' of money multiplying itself. Yet unemployment, average wage, and educational achievement for the 'average American' are falling dismally. How can it be that wages for teachers are so low? How can it be that tuitions are so high? Simple observations like these are the song of Nero heard while Rome burned.