NYSE - LSE
| CMSC | 0% | 22.47 | $ | |
| SCS | 0.8% | 10.56 | $ | |
| NGG | -1.91% | 72.89 | $ | |
| GSK | 0.58% | 37.235 | $ | |
| AZN | 2.26% | 72.113 | $ | |
| RIO | 3.89% | 64.56 | $ | |
| BCE | 0.23% | 24.435 | $ | |
| RYCEF | -0.9% | 13.3 | $ | |
| RBGPF | 2.13% | 67.03 | $ | |
| CMSD | 0% | 22.92 | $ | |
| SCU | 0% | 12.72 | $ | |
| BCC | 0.84% | 87.887 | $ | |
| BTI | -1.02% | 51.695 | $ | |
| JRI | 0.34% | 13.265 | $ | |
| RELX | 0.21% | 52.79 | $ | |
| VOD | -1.03% | 11.205 | $ | |
| BP | 1.31% | 32.95 | $ |
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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