NYSE - LSE
| CMSC | 0% | 22.43 | $ | |
| GSK | -1.63% | 37.615 | $ | |
| SCS | -0.1% | 10.5 | $ | |
| NGG | -0.57% | 71.82 | $ | |
| RIO | -1.3% | 63.01 | $ | |
| AZN | -1.77% | 72.4 | $ | |
| BTI | -0.68% | 52.265 | $ | |
| BP | -0.47% | 31.98 | $ | |
| RYCEF | -2.58% | 13.16 | $ | |
| RBGPF | 9.33% | 75 | $ | |
| RELX | -1.65% | 52.84 | $ | |
| SCU | 0% | 12.72 | $ | |
| VOD | -1.45% | 11.355 | $ | |
| BCC | 0.4% | 86.78 | $ | |
| BCE | -1.92% | 23.97 | $ | |
| CMSD | -0.11% | 22.824 | $ | |
| JRI | -0.54% | 13.08 | $ |
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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