Comment by ericd
2 days ago
It’s an important function, but the guys making these bets frequently pull down $10-$100M per year, each. That’s a huge toll to extract from the productive economy for playing this game.
And then there are the guys managing things like pensions, skimming a percentage every year, just because they happen to be locked into that position, meanwhile underperforming a basket of index funds. Just happily eating away at the retirement savings of thousands-millions.
There's no such thing as money being squandered. Money isn't a resource. It's not food, or energy, or even an allotment of work.
If you try to seize or reduce, what you perceive as excess, wasted money supply, that money supply will simply cease to exist.
It is when it gets spent - duh!
This endless money-spinning & the larger monetary system is a big scam to steal from actual productive work. How is it fair to normal people that the whole system is rigged such that if they DON'T indulge in all this gambling (ignore the fact that most retail traders are on the sucker-end of the trade), they lose whatever wealth they've stored to inflation ?
Maybe I've drank the kool-aid, but I don't understand inflation to be an effect of a 'rigged system'. I think anyway you look at it, it's natural
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It’s squandered from the perspective of the laborers and savers, because they don’t have it anymore.
I didn’t say anything about excess money supply, though, were you responding to a different comment?
Money just isn't viewable with this paradigm. It's not a thing which has shortages, a fixed value, excess.
Ypur original comment spoke of, what might be best thought of as leeches on society.
But just as a leech sucks blood, so too is that blood easily replenished. Money is literally unlimited, compared to blood replenishment.
You could literally destroy 100 trillion of "money", and various US banks would just make more.
I get what you're saying, and the view of individuals in the system, but it's meaningless on larger scale.
Anyhow. Enjoy the weekend.