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Finance is not about Money

I think one first step is to dis­tin­guish between tra­di­tion­al bank­ing, which sells mon­ey it has (or it can bor­row very quick­ly, what­ev­er) and finance, which sells some­thing it does not have. And in that sell­ing what it does not have lies its cre­ativ­i­ty. It has to invent instru­ments. And secondly—and they go together—it has to invade oth­er sec­tors. Because it itself does not have what it needs to pro­duce.

The Conversation #30 — Henry Louis Taylor Jr.

We don’t have a con­cept of bal­ance. Not only do we not have a con­cept of bal­ance, but we have a very dis­tort­ed sense of social jus­tice that has been reframed to jus­ti­fy a soci­ety that is fun­da­men­tal­ly anchored around the con­cept of imbal­ance. The resources of the world clus­ter toward a hand­ful of very very pow­er­ful coun­tries, one coun­try hav­ing an even greater share. In order to jus­ti­fy this greater share, it’s made them believe that this high­er con­cen­tra­tion of pow­er is nor­mal, and that any­body in all coun­tries can have it, and that all coun­tries should aspire for it.

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