Quote:
Originally Posted by Icky Thump
So Old Money is better than New Money.
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I will say this for old money. They knew to keep the investment banks as partnerships. They understood that if you allow the crass, merchant mentality to swallow all other considerations, you get financialization. Which then in turn brings us the global financial mess we have today.
Not long ago, they executed naked speculators when those speculators caused crises. I think this lesson held among the old money partners of yore. Today, we worship those speculators, none of whom create anything.
I don’t want to go back to a rigid class system that protected old money. I like competition and think allowing the non-moneyed in the game enhances growth. I’m just not sure it’s a growth worth enhancing. And I’m pretty sure it’s a coarsening, and uncomfortably fragile growth.
Our world of tacky middlemen and financial alchemists hasn’t exactly turned out to be any grand utopia.
