"Is finance like crude oil? Countries rich in minerals are often poverty-stricken, corrupt and violent. A relatively small rent-seeking elite captures vast wealth while the dominant sector crowds out the rest of the economy. The parallels with countries ‘blessed’ with large and powerful financial sectors are becoming too obvious to ignore ... One might reasonably also make a comparison between owning an oil well and having - as the banking system does - the ability to create money. Yet there is a difference too: rising credit creation - and the growing private debts that accompany it - generate fees for the financial sector that are extracted not from under the ground, as with oil, but from debtors, taxpayers and others: from the population itself."
Zum Artikel von Nicholas Shaxson, erschienen auf openDemocracy (23 September 2013) »
Zum Artikel von Nicholas Shaxson, erschienen auf openDemocracy (23 September 2013) »
