From City AM:
Often I talk to people who are efficiency experts for banks who will say they think there’s as many as 80 per cent of the people who work in a given bank probably don’t need to be there.
I think it’s partly because the system we have actually isn’t really capitalism. I would go that far. Capitalism is a system where you are hiring people to make stuff to sell people, or you’re just selling stuff and therefore obviously you want to spend as little as possible and make the most profit.
But increasingly the profits of large corporations are coming from finance, so basically moving money around, creating debt, seeking rents of one kind or another. That’s a whole different thing that’s much more like feudalism where you’re extracting money then redistributing it.
Debate Magazine
