The Ponzi analogy is one I've been using for a while. Given that the financial sector in the U.S. went from a small fraction of the economy to something near *half*, I don't know how anyone could look at that and not see a problem. It's like trying to create an economy out of rearranging the deck chairs on the Titanic.
I know some of what the financial sector does is worthwhile, but when so much energy and so many resources are diverted to an industry that basically moves money from one place to another . . . Well, in the long run, I don't think that can be sustained.
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dancing_serpent
Re: Ponzi schemes
Date: 2009-04-07 11:24 am (UTC)I know some of what the financial sector does is worthwhile, but when so much energy and so many resources are diverted to an industry that basically moves money from one place to another . . . Well, in the long run, I don't think that can be sustained.