RBGPF | -4.75% | 74.03 | $ | |
SCU | 0% | 12.72 | $ | |
CMSD | -0.26% | 23.06 | $ | |
SCS | -1.74% | 10.33 | $ | |
RELX | -0.27% | 51.78 | $ | |
NGG | -0.47% | 70.19 | $ | |
CMSC | -0.04% | 22.6 | $ | |
GSK | 3.34% | 38.97 | $ | |
BP | -2.2% | 32.25 | $ | |
BTI | 0.73% | 53.16 | $ | |
RIO | -4.67% | 59.49 | $ | |
AZN | 3.41% | 76.59 | $ | |
BCC | -1.47% | 84.89 | $ | |
JRI | 0.38% | 13.11 | $ | |
BCE | -0.55% | 23.53 | $ | |
RYCEF | -2.14% | 13.1 | $ | |
VOD | -0.45% | 11.06 | $ |
Finance’s Role in Economic Ruin
The finance industry, often hailed as the backbone of modern economies, has a darker side that increasingly threatens global stability. Since the 2008 financial crisis, triggered by reckless speculation in mortgage-backed securities, the sector’s unchecked growth has sown seeds of destruction. In the United States alone, the financial sector’s share of GDP rose from 2.8% in 1950 to 8.4% by 2020, yet it produced no tangible goods, instead profiting from debt and risk. Critics argue this shift diverts capital from productive industries like manufacturing—down from 27% to 11% of US GDP over the same period to speculative bubbles.
The 2023 collapse of Silicon Valley Bank, fuelled by over-leveraged bets on tech stocks, cost $20 billion in bailouts and sparked a domino effect across European markets. In the UK, the 2022 mini-budget crisis, exacerbated by hedge fund short-selling of gilts, pushed borrowing costs to record highs. Economist Ann Pettifor warns, “Finance thrives on instability it creates”. With global debt at $305 trillion—three times world GDP—experts fear the industry’s pursuit of profit through complex derivatives and high-frequency trading could precipitate another crash. Is finance an engine of growth or a wrecking ball?

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