"We’re very important," he says, abandoning self-flagellation. "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle." To drive home his point, he makes a remarkably bold claim. "We have a social purpose."
Social purpose? Those who have lost their jobs or seen their pay slashed thanks to bankers who flogged dodgy mortgages and dreamt up investments so complex not even they understood them, would gladly tell him where to stick his social purpose.'
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Ah, this was the Satan-worship piece that was advertised on TV.
ReplyDeleteDoing God's work. Which God is this?
And God said, 'Let there be money'
And there was money
God saw it and it was good.
That's the holy fractional reserve at work ;)