Ricardo: “No wealth can be created by banking operations. Rather, they are an important device to bring about a better arrangement of productive forces”.
… If we create a system where bankers are expected and assumed to be mindless automatons solely in pursuit of profits, then our productive forces will reflect this assumption. This is what we have been seeing in our recent history with regards the (un)productive forces towards which massive amounts of our capital has been directed and consequently lost. If we cannot design a system whereby intelligence and purpose is introduced into banking, and into the directing of capital towards a real and sustainable productivity, then we are truly in trouble. Economic history shows that real recovery requires major structural changes in the economy. The evidence points towards this being in the character of one such major structural change needed.
Ricardo: “No wealth can be created by banking operations. Rather, they are an important device to bring about a better arrangement of productive forces”.
… If we create a system where bankers are expected and assumed to be mindless automatons solely in pursuit of profits, then our productive forces will reflect this assumption. This is what we have been seeing in our recent history with regards the (un)productive forces towards which massive amounts of our capital has been directed and consequently lost. If we cannot design a system whereby intelligence and purpose is introduced into banking, and into the directing of capital towards a real and sustainable productivity, then we are truly in trouble. Economic history shows that real recovery requires major structural changes in the economy. The evidence points towards this being in the character of one such major structural change needed.
Sorry – edit third line there from … If we create a system where…. to … If we support a system where….