These all seem to be gross simplifications that dont really help the argument. While we could certainly make a case that no value is generated in trading certain derivatives,commodity futures and options are very imporant in regulating price/ supply supply shocks in the global market.
Favorite quotation: »If you work a job where you do something useful, you are on the losing side of this economy. All the real money is in this socially useless, no-value-creating, hypertrophied, metastasized finance sector. Every gain in finance is matched by a loss. It all amounts to – literally – nothing.«
Let's say a VC finances a company that successfully makes cost effective fusion, would it be offset for a loss in such a way that if they had financed one that when on to try and fail the same thing it would work out the same for society?
Lots of finance stuff, like index/underlying latency arbitrage, is really zero or negative sum, but there are parts that aren't.
These all seem to be gross simplifications that dont really help the argument. While we could certainly make a case that no value is generated in trading certain derivatives,commodity futures and options are very imporant in regulating price/ supply supply shocks in the global market.
Favorite quotation: »If you work a job where you do something useful, you are on the losing side of this economy. All the real money is in this socially useless, no-value-creating, hypertrophied, metastasized finance sector. Every gain in finance is matched by a loss. It all amounts to – literally – nothing.«
Let's say a VC finances a company that successfully makes cost effective fusion, would it be offset for a loss in such a way that if they had financed one that when on to try and fail the same thing it would work out the same for society?
Lots of finance stuff, like index/underlying latency arbitrage, is really zero or negative sum, but there are parts that aren't.
https://www.lrb.co.uk/the-paper/v46/n17/john-lanchester/for-...