haim, agree that the finance sector is way too big for societal good.
but as long as central banks are allowed to exist on the premise that inflation should be targeted, promise on long term low interest rate can be made, and cretins can mouth off about secret weapon printing press, the financial sector shall remain bigger than good, because per above, the finance sector becomes the economy.
the current 'occupy' movement (it hardly qualifies as a revolution, because revolution requires the sacrifice of much cleansing blood - we shall get to that stage, just not now and not yet) misses the mark when protesting on wall street as opposed to the capitol hill and the fed building.
the target of the occupiers, the 1%, is also a bad direction, because the 1% is made up of only so few financiers, and even if one bankrupts all of them, so what, barely a dent would be made to the genie coefficient, and a new cohort of financial class would rise from the ashes of old, because the fed would still be standing, and capitol hill would still require financing.
the wrong target of 1% is more clearly wrong in that unless the top 30% are wiped out, erased, downsized, or seriously adjusted, there would always be yet another 1% to be tee-up for reset. such 'moements' had never really ended well in the past.
cheers, tj |
