Do the people who work in the City of London add value?

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  • Опубліковано 25 січ 2025

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  • @532bluepeter1
    @532bluepeter1 Місяць тому +40

    We live in a post industrial dystopia where one is paid in inverse proportion to our utility to society.

    • @MB-xe8bb
      @MB-xe8bb Місяць тому

      Also athletes, movie stars.

    • @GetGwapThisYear
      @GetGwapThisYear Місяць тому +1

      I duno mate; contractors and tradesmen have been taking the piss for decades, which has helped inflate the property market. Often for shoddy work.
      Rampant uncontrolled inflation and poor governance has encouraged the greed centred in E14 and here we are.

    • @MsMarco6
      @MsMarco6 Місяць тому +1

      @@MB-xe8bb I would disagree with that.
      Athletes and movie stars generate huge sums for our country.
      For instance the Premier league is the biggest football league in the world, it's watched everywhere from the greatest American Metropolis to the smallest African village.
      It brings in enormous sums directly and is a big driver of tourism. It also supports a whole industry around it keeping countless people gainfully employed.
      Without those Athletes on the field none of that would be possible.
      People may laugh at the idea of playing a game for a living but there can be no doubt that in doing so they are generating vast spoils for our country.
      And so if we are to live in a fair society and we believe that a person is entitled to the fruits of their labour then those Athletes should are fairly entitled to their salaries.
      The real leeches are the team owners who in so many cases (the Glazers for example) take huge profits for themselves whilst doing very little & in many cases actively damaging the clubs.
      Gone are the days of owners being caretakers of an important pillar of the community, now far too many are merely parasites absconding with the wealth generated by others.
      And as far as Movie stars go I'll make this point. The film industry made its home in California, it soon after became the richest state in the union.
      Don't underestimate the soft power the industry creates. There's a reason every visionary, artist, tech billionaire etc wants to settle in LA. Hollywood apart from being profitable in it's own right, acts like propaganda for it's home town & brings vast riches to the area.
      Not understanding the enormous value of art to the wider economy & a nations standing in the world was one of the biggest mistakes recent governments have made.
      They've allowed our domestic entertainment industry to wither and therefore we miss out on it's countless benefits.

  • @paulperry7091
    @paulperry7091 Місяць тому +44

    As someone who left the financial industry (share analyst) in 1972, I couldn't agree more. I still feel that a major driving force behind Brexit was a fear of the London City based dodgy tax avoidance schemes would be closed down by the EU. Most of the "work" is expended on zero-sum trading games, artificial avoidance schemes, and chiseling undeserved fees from pension funds.

    • @henrybn14ar
      @henrybn14ar Місяць тому +2

      Tax avoidance would be reduced to vanishingly small levels if the tax system was fit for purpose.

    • @danskkr
      @danskkr Місяць тому +1

      One of the primary motivating factors behind my Brexit vote was to stick it to Canary wharf

    • @richardharding8438
      @richardharding8438 Місяць тому +2

      @@danskkr How's that working out for you?

    • @scotsam7590
      @scotsam7590 Місяць тому

      Yes, 'The Anti-Tax Avoidance Directive' drove the rich in the UK to push brexit. They lied and cheated to keep from paying proper taxes and they'd do it all over again.

    • @GetGwapThisYear
      @GetGwapThisYear Місяць тому +1

      @@danskkr oh dear

  • @panicbutton4380
    @panicbutton4380 Місяць тому +139

    From what I hear, most science, maths and engineering PhDs are being sucked into the financial sector as quants. It's not just that the salaries are eyewatering, but that there are so few other opportunities and academia sucks. We desperately need these people's skills to address real problems; instead their minds are entirely occupied making the rich richer

    • @downshift4503
      @downshift4503 Місяць тому +12

      I would agree, but the reason they are being "sucked" into it is because the rewards are higher. Given the chance to solve real world problems or being a quants, they'll go for quants (obviously there will be exceptions). They are acting out of self interest.

    • @HighWealder
      @HighWealder Місяць тому +13

      Whereas in China those engineers and scientists are employed working in their appropriate fields.

    • @doreensoutar5130
      @doreensoutar5130 Місяць тому +1

      The postgrads poached to the city of London was concurrent with the name "masters of the universe" being applied ...post-crash ironically....

    • @London-m4g
      @London-m4g Місяць тому +8

      Most City quants specifically target their higher degrees and doctorates for employability in the City or other financial centres. I suspect a sizable number would have put their efforts elsewhere (both subject and location) if there wasn't such a large carrot.

    • @moreplease998
      @moreplease998 Місяць тому +4

      As one of those PhD's who looked at the finance sector after realising how poor academia is as a career path if you're not one of the supremely gifted few, the salaries aren't all that great there. I went into engineering themed software dev instead.
      I have two friends from my PhD days who went into finance and with whom I socialise every Sunday. It's better than academia is for most post grads, at least

  • @murunbuch
    @murunbuch Місяць тому +62

    One word: Fees. The people in the City of London move money from A to B to C then back to A for no reason. Every time they move the money they charge a fee. Practically none of their investment strategies beats just putting the money in tracker funds and leaving it alone. But you can't blame intelligent young people from wanting to work in The City, when being a hard-working productive member of society is no longer enough to put a roof over your head.

    • @alexsmallwood9895
      @alexsmallwood9895 Місяць тому +11

      I think the pension system is making the situation so much worse. all workers get auto-enrolled to a pension scheme they haven't chosen. these funds are invariably are terrible - very high fees, low growth, managed badly, they don't have to been good as you don't choose it. they don't benefit you, they benefit the provider (and your ceo who gets treated to an absurd hospitality package/bribe (with your money) to sign everyone in the company onto the scheme).
      then for some stupid reason employers and employees have this idea that pension-matching where the company puts extra money into "your" pension if you put more in is good, instead of just paying you a bit more to do with as you wish, which obviously everyone takes as it's free money. this makes the market for shit investments with high fees absolutely massive.

    • @curmudgeon1933
      @curmudgeon1933 Місяць тому

      This is also the reason that many financial 'experts' are fine with instability and volatility in the geopolitical realm. If you like to gamble with other people's money, the rewards are always better when the odds are long. If it's your own money, you are likely to be more prudent, but if it's somebody else's money, it's easy to take risks.
      If you are big enough, even if you fail, the government i.e. the taxpayer can be counted on to bail you out.

  • @SarahBaker-q9k
    @SarahBaker-q9k Місяць тому +31

    "Parasite" is the correct term. And it applies to ALL banks and financial services.

    • @ricf9592
      @ricf9592 Місяць тому +3

      Agree. One group I noted charged an upfront fee of 4% of the value of the money they were given to invest! I mean. They hadn't done a damned thing yet still expected to be paid. 4% of the money they made from the original money seems fair, but that's not the way the rules are written.

    • @pavelvodnar3206
      @pavelvodnar3206 12 днів тому

      back o USSR....

    • @ajnaughtin1
      @ajnaughtin1 11 днів тому

      Wow you know every single one of the 600,000 people who work in financial services. Perhaps you should be the dictator of Britain. Where did you meet them all?

  • @beggarslexicon7649
    @beggarslexicon7649 Місяць тому +91

    The problem, in my opinion, is that when people make money but do not produce anything, then there is a fundamental imbalance in the society's economy. In a healthy society, people make money by providing goods or services of equal value to the society or earn wages in return for labour or services provided. This is a natural balance. When they make money without providing anything of value in return, then they are, as you stated, a parasite.

    • @downshift4503
      @downshift4503 Місяць тому +11

      The entire system is parasitical. If you have a job, you will be producing excess output beyond those of your own needs. That excess output will typically be distributed upwards to others who get a far bigger share of it than you do. Whether you are caring for people or working in the city, the same happens.

    • @OhAwe
      @OhAwe Місяць тому +4

      I think it's naive to think that because someone doesn't play a factor in my life that they have no purpose though. Like I'm not interested in pottery, say. Doesn't mean some people aren't Some people might dedicate their lives to perfecting their perception of "the perfect" glaze. It adds nothing of value to me. But why does/should my assessment matter anyway?

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому +2

      So you mean like shop keepers?

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому +2

      @@OhAwe Agree! I would also add that just because we don't experience a benefit it doesn't mean there is no benefit. Much of the capitalism of the west has helped to lift people out of poverty elsewhere - and yes we did it initially to exploit low cost labour, but the labour costs have caught up now, as they inevitably were going to. We expedited the development of under developed economies, and I don't mind that I saw no benefit to me.

    • @OhAwe
      @OhAwe Місяць тому +1

      @@OneAndOnlyMe I disagree personally on capitalism. "Poverty" is an oddly arbitrary measure and considers people who are happy living in subsistence lifestyles to be in the same condition as homeless people in cities. When they're objectively not. And the west goes to great effort to undermine the development and progress of other countries to protect its profiteering.
      But I'm a dirty socialist so don't listen to me lol. I totally agree re the benefit not needing to be for me personally to be a benefit overall though, 100%.

  • @Barbarossa_67
    @Barbarossa_67 Місяць тому +10

    Lots of things have got lost over the past 50 years.
    My father worked in the city in the 1970s and early 80s. He worked for company that was a member of the Corn Exchange. The company that he worked for dealt in grass seed, so when Wimbledon, Lords, Upton Park, or the Highways Agency (for the M11, M25 embankments) needed grass seed, they would come to this company.
    At this time, the City, it made complete sense (way before the internet). The seed would usually be grown in Canada, or New Zealand, and the crop would need financing ('futures' on the Corn Exchange), it would need shipping - the Baltic Exchange (shipping) was a few streets away, so space could be bought on a ship that was doing that route at that time. It would need to be insured - so Lloyds was close by to get the insurance. It all made sense back then and was genuinely useful.
    Maybe there are tiny parts of The City that are genuinely useful. Probably not much though...

  • @kmac499
    @kmac499 Місяць тому +22

    Back in th 90's I was on the edge of this as an IT bod in a UK Bank.. The trading floor room terrified me because even then it was obvious it was a house of cards built on a shell game maintained by the arrogance and self confidence of the traders.. Then in 2008 the music stopped... for a while..

  • @patrickbarrett5650
    @patrickbarrett5650 Місяць тому +16

    Archaeologists considered an address on ‘London Wall’ as a matter of status. Many firms like to quote ‘with offices in New York, London and Paris’ they are probably Shell Companies with shell addresses.

  • @MsSpiffz
    @MsSpiffz Місяць тому +9

    I see the City as being the Wealthy's Betting Shop. Where the working class have always been looked down upon for betting on, say, dog-racing, the Wealthy put a lot of their wealth into betting on money itself.

  • @RichardBergson
    @RichardBergson Місяць тому +22

    There will always be people for whom making money is more important than any negative consequences of doing so for others. This is embodied in the narrow view of competition - I win, you lose, bad luck (sucker!). The trick is to keep this section in the minority and align the majority of profit-making with activities that add value to society. Unfortunately, the financialisation of markets set the trend for this parasitic mode of profit making which has been taken up by big internet businesses such as Amazon and UA-cam as well as individuals in the form of 'influencers' who all make a profit without producing anything and acquire in their sphere vast amounts of power.
    Power and money are a very old combination.

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому +2

      Businesses need to raise capital to grow. People are happy to fund it in exchange for shares in the business. Shares create a market. Nothing negative about it. If people are going to make and sell things to make a profit, then there will always be markets.

  • @SimonWallwork
    @SimonWallwork Місяць тому +57

    They are like fleas on a dog- and we are the dog.

    • @BigSunn0
      @BigSunn0 Місяць тому +2

      that sounds like the sorta thing the fleas would say

    • @ChrisLee-yr7tz
      @ChrisLee-yr7tz Місяць тому

      Not really. The City is the dog and the Lefties are the fleas.

    • @curmudgeon1933
      @curmudgeon1933 Місяць тому

      More like a cancerous growth...and they are killing the host.

  • @uncletom1971
    @uncletom1971 Місяць тому

    Well said. Thanks Richard.

  • @gordonholding5621
    @gordonholding5621 14 днів тому

    Spot on, well done. I wish more people would listen to you.

  • @downshift4503
    @downshift4503 Місяць тому +9

    It's just the nature of money itself, the system is a giant board game. We didn't evolve to live like this but we didn't evolve to have full time jobs either.

    • @HighWealder
      @HighWealder Місяць тому +1

      Yes, and as a game there are winners and loosers.

    • @downshift4503
      @downshift4503 Місяць тому +3

      @@HighWealder Indeed.... and its based on luck not fairness.

  • @bhasb9067
    @bhasb9067 Місяць тому +64

    The late great Davin Graeber wrote a book called Bullsh!t jobs. He asked "if you stopped doing your job, how long before people noticed?"
    I suspect it'd be a very long time before we noticed people in the city stopped working.

    • @julianshepherd2038
      @julianshepherd2038 Місяць тому +2

      Take a while if all farmers stopped.

    • @bhasb9067
      @bhasb9067 Місяць тому +5

      @julianshepherd2038
      Milk?

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому +1

      Considering the City trades commodities and energy, if those traders stopped, alarm bells would go off around the world. We would know pretty sharpish.

    • @MargaretDeakin-d6m
      @MargaretDeakin-d6m Місяць тому +1

      Until our political leaders take London back from the bankers and speculaters....at least tax them properly for the hijacking of our major historical city. Put all those highly paid lawyers out of jobs, change the laws that they are able to exploit in their bosses favour. That wealth produced does not trickle down.

    • @JaneAustenAteMyCat
      @JaneAustenAteMyCat Місяць тому +4

      It wouldn't take long if all the cleaners stopped!

  • @philwoodfordjjj8928
    @philwoodfordjjj8928 Місяць тому +14

    I read Gary Stephen's book "the trading game" which lifts the lid on the City, and it's scary stuff.
    There was also a several years back, a commodities trader who decided to "corner the market" in grain.
    He actually caused riots in the near, middle and far East, because the price of flour and bread rocketed in price to the point that the poor could not afford these staples; all that missery to polish a terd.

  • @dorcusmallorcus6450
    @dorcusmallorcus6450 Місяць тому +1

    Brilliant. Thank goodness someone so qualified is saying this out loud.

  • @Ivan-pr7ku
    @Ivan-pr7ku Місяць тому +4

    After WW2, The City restored its status as a world finance center mostly because of liquidity owed to the people of the subcontinent (Pakistan, India) that was never made available in convertible currency as promised.

  • @redguitar6062
    @redguitar6062 Місяць тому +4

    What do they do? Through their investment choices Scope 3 GHG emissions of the UK’s financial industries are pumping out 805 million tons of CO2e/year minimum. This is 1.8 times the annual net emissions of the UK and up there with Germany.

  • @gordonwilson1631
    @gordonwilson1631 Місяць тому +26

    Another excellent video.
    The City of London is a state within a state. Look up who gets to vote in their Corporation elections. The head of the UK State must be “welcomed” into the City; ie allowed in.
    The City is the original Londinium Roman settlement, within the Roman City walls.
    This whole situation is weird and not a force for good.

    • @matthewprince9705
      @matthewprince9705 Місяць тому +6

      The City of London operates like the Vatican in my opinion. It's earliest origin was the 800s AD and officially established around 1030-50 AD. It has never been conquered or invaded because it has always negotiated and bargained with kings, queens, vikings and other would be rulers and conquerors. It has outlasted centuries of governments.

    • @tictoc5443
      @tictoc5443 Місяць тому

      IMHO youre being naive and or one sided in your view
      The city provides capital for investment in firms that employ people all of whome pay taxes to the largest monopoly aka government
      Cut the investment and IMO the whole society goes down the toilet

  • @Chemdawg0360
    @Chemdawg0360 Місяць тому +19

    Another great video, Professor! Much love from Canada 🇨🇦

  • @lancefenton5254
    @lancefenton5254 Місяць тому +17

    Here in Australian we call it the rise of middle management they do not add to a countrys productivity they just push paper around and help government to stay at arms length

    • @JaneAustenAteMyCat
      @JaneAustenAteMyCat Місяць тому +1

      That's not the same thing. The City is where you find stock exchanges, financial services and shipping exchanges. Middle management is widespread and yes, questionable, though not if they're competent

    • @tlangdon12
      @tlangdon12 Місяць тому +1

      To call the workers in the City that are superflous "middle management" is to completely misunderstand both "middle management" and these superflous roles in the city. Middle Management is a productive job - work needs to be organised and planned. Some of the superflous roles in the city will be middle management, but most will not be. Most will be ordinary workers who report to middle management.

    • @ajnaughtin1
      @ajnaughtin1 11 днів тому

      Yes but most of our bankers left for the USA and now we are richer than ever.

  • @Alex-cw3rz
    @Alex-cw3rz Місяць тому +4

    Love to see the face on the people who are saying we don't have enough workers because of the number out of work and you pointed out you have 700,000 in a single city alone that could easily do all these jobs as managing money requires a lot less management than we have at the moment

  • @corvus1238
    @corvus1238 Місяць тому +6

    So informative. Thank you.

  • @alanrumble7238
    @alanrumble7238 Місяць тому +10

    I couldn't agree more. These people earn many times more than, say, refuse collectors or care workers but provide a far less valuable service to society.

    • @downshift4503
      @downshift4503 Місяць тому +1

      Sure but refuse collectors and care workers would probably resign and take up a high paid city job given the chance (though there will be exceptions). They aren't typically emptying bins etc because they want to spend their lives doing so.

    • @Thisisahandle701
      @Thisisahandle701 Місяць тому +3

      Do we want people emptying the bins? Do we want that more than we want greenwashing consultancy firms or speculators of foreign currency?

    • @downshift4503
      @downshift4503 Місяць тому

      @@Thisisahandle701 What is "we"? It's a group of individuals who don't want to empty bins themselves, but expect others to do it for them... then give themselves a pat on the back about those coerced into it doing a "valuable service to society". The person doing the emptying would likely jump at the chance working in forex.

    • @Thisisahandle701
      @Thisisahandle701 Місяць тому +3

      @@downshift4503 "we" means "people who suffer when it doesn't happen" or "people who produce rubbish" more simply "households"

    • @Thisisahandle701
      @Thisisahandle701 Місяць тому

      @@downshift4503 What are the barriers to working at forex?

  • @lonevoice
    @lonevoice Місяць тому +6

    I am inclined to agree. Resolving it however is another story particularly as the management of the UK economy has been and continues to be a real sh*t show.

  • @DragonWorksOfficial
    @DragonWorksOfficial Місяць тому +37

    I guess that's how other nations felt during the British Empire days providing back-breaking labor and getting their resources stripped for the sole benefit of an island far, far away. Now it's the island that gets exploited for the sake of a more metaphorical island, far, far away, in the center of London. History doesn't repeat itself, but sometimes it poetically rhymes.

    • @archvaldor
      @archvaldor Місяць тому +11

      There's not really any change there. Populations as a whole never benefited from imperialism carried out by their country.

    • @felixarbable
      @felixarbable Місяць тому

      Capitalism is designed to be extractive and was designed and honed as a tool for empire l

    • @indricotherium4802
      @indricotherium4802 Місяць тому +6

      Over time as empire-building nations find themselves running out of options overseas, the only colonial population left to govern is the domestic one. Imo, this hangover explains the attitude and behaviour that emanates from Whitehall, SW1 and all the institutions within and around (and brexit makes it worse).

    • @felixarbable
      @felixarbable Місяць тому +5

      ​@@archvaldormany did, especially port cities and so on. But many were also exploited in workhouses and terrible working conditions

    • @felixarbable
      @felixarbable Місяць тому

      @@indricotherium4802 there was a good article by the NYT about howany of the modern manegement practises we see today were really designed in the cotton fields of the American south. Extreme personal targets and so on

  • @archvaldor
    @archvaldor Місяць тому +17

    I wonder if they do the same thing in Nigeria "Our faux princes scamming people are the lifeblood of the economy!".

  • @JaneAustenAteMyCat
    @JaneAustenAteMyCat Місяць тому +24

    The City is the Mecca of capitalism. Fascinating video. I have learnt so much from you in the week since I've discovered your videos! My dad worked in the City when I was a child. He even worked in the Lloyds building for a little while. He actually worked in research, so not quite one of the parasites (he always said he didn't have the personality for it, which is very telling). One thing he used to say was that the vast majority of the people he worked with were from wealthy families. It was not really a case of talent and skill as much as your background and who you know. That can't be good for anyone.

  • @stuvu2
    @stuvu2 Місяць тому +8

    The City of London is not part of the UK.

  • @robertdyson4216
    @robertdyson4216 Місяць тому +2

    An expert confirms my own view. Thank you. How do we achieve this transformation when clearly that 'City' funds our politics, and via a revolving door gives its friendly ex-politicians have a comfy spot to retire to?

  • @ThePlanetzyz
    @ThePlanetzyz Місяць тому

    Thank you, I’ve been wondering about this for years. It was when you said ‘other countries don’t have such a thing’ that the light switched on for me. I’m growing more and more convinced that fabulously wealthy people have stealthily stolen our assets and have made us poor. They have no right to that money by any set of values, and it should be taken from them and these financial systems they use should be criminalised.

  • @06howea1
    @06howea1 Місяць тому +2

    Without them who would buy the overpriced coffee, croissants, beer and public transport?

  • @danciagar
    @danciagar Місяць тому +2

    As an EU citizen working in the City on tech for an international corp, let me tell you that many companies have their European HQ in the City, even if they are not directly linked to financial services or support roles, just for prestige reasons.

  • @HomerSparkle
    @HomerSparkle Місяць тому +1

    The City of London is basically just a glorified casino.
    And you know what they say about casinos: the house always wins.

  • @cobbler40
    @cobbler40 Місяць тому +112

    We all know what happens when they get too greedy. The system collapses and we bail them out to the tune of £897 billion.

    • @webMonkey_
      @webMonkey_ Місяць тому +15

      From which we have never recovered

    • @VinceLammas
      @VinceLammas Місяць тому +7

      That's the most important issue ... society has to regulate all industries to ensure the excessive harms thay can do are understood, effectively managed and "great harms" prevented.

    • @tlangdon12
      @tlangdon12 Місяць тому +3

      @@VinceLammas I agree with you. And so that society can understand, manage and prevent the great harms that indistries can inflict, we need experts in those industries to be working within the regulators. Much as the tax authorities are always chasing to close the loopholes that allow tax evasion, regulators need to be able to keep up with the new ways that industries invent to do more harms.

    • @cianog
      @cianog Місяць тому +1

      That was the U.S financial system.

    • @EvoraGT430
      @EvoraGT430 Місяць тому +3

      @@cianog UK bailouts were huge as well.

  • @Andrew-rc3vh
    @Andrew-rc3vh Місяць тому +2

    Very well explained. I'd just like to extend one of your last points by saying because the salaries are so high, this parasite culture sucks up the most talented minds. Taking that talent out of productive industry causes productive industry to stop being productive.

  • @txm9441
    @txm9441 Місяць тому +9

    Excellent, Henry George and Rent Seeking - always thought we should treat business differently - e.g. protect those who create and support society from the financial economy V Rent Seeksers.

  • @gorseyleas
    @gorseyleas Місяць тому +2

    The implication of this video is that the socially useful bits of the financial services activities occurring in the City could be performed with far fewer people at a much lower cost. The real question is then why isn’t any one doing this? It would surely represent a big opportunity since lower fees associated with the lower costs would mop up all the business. This needs answering. Also the video comes close to contradicting itself as it states that the GDP of the City is tiny compared to the UK as a whole, which is true but implies that the supposedly socially useless activities in the City are not that great either. Further when you consider that the City is acting as a global, rather then simply UK - centric financial centre, you can see that the wealth extraction that is supposedly happening is even smaller. There are surely elements of truth in this video but I think it much less than is being implied. Furthermore I think that international sport and leisure such as football & popular entertainment (eg music and film) are far more insidious than finance, since huge amounts of money are extracted from ordinary people in order to pay a select few stars eyewatering amounts of money. Football was just as good, if not better in the old days when players were paid far less. This never gets discussed.

  • @jonothonlaycock5456
    @jonothonlaycock5456 Місяць тому +19

    The city of London corporation should be reformed so it is turned into a normal local authority elected by residents, rather than the feudal hangover where corporations and guilds get to elect the local authority.

    • @sirmeowthelibrarycat
      @sirmeowthelibrarycat Місяць тому +2

      😧 BUT what about the Lord Mayor’s Show, with horses and carriages and fancy costumes and marching bands and dancing girls . . . 🥴?

    • @VinceLammas
      @VinceLammas Місяць тому

      A normal council for 7000 residents?

    • @tlangdon12
      @tlangdon12 Місяць тому

      I'm happy to have some diversity as to how local government is arranged.

    • @jonothonlaycock5456
      @jonothonlaycock5456 Місяць тому

      @@VinceLammas why not the Isles of Scilly is the smallest local authority in England with 2100 electors as of 2021 census.

    • @jonothonlaycock5456
      @jonothonlaycock5456 Місяць тому +1

      @tlangdon12 as long as it is democratic and corporations don't have votes, nowhere else in England and Wales allow it.

  • @lisaabbwtt6118
    @lisaabbwtt6118 Місяць тому +18

    Look up Blackrock, they've got their fingers in every pie that exists!

    • @ParcBlondel
      @ParcBlondel Місяць тому +1

      AS Richard described their kind of business in another viseo, they are asset strippers.

    • @SuperLeica1
      @SuperLeica1 Місяць тому +1

      Check Vanguard and State Street as well, the 3 are cross-owned by each others. Creating a Monopoly richer than most countries. And "owning" central politicians in most Parliaments of western countries.

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому +4

      They are fund managers so of course they would have have. They manage portfolios of equities that underpin funds that in turn underpin people's retirement plans.
      I have my pension fund with Blackrock as they are the best at what they do, and because I wanted my pension fund to grow at its fastest rate possible. I'm not concerned about ESG or ethical investing.

    • @scottyfive4319
      @scottyfive4319 Місяць тому

      @@OneAndOnlyMe SO everything is YOUR fault.

  • @wildberrygarden
    @wildberrygarden Місяць тому +4

    Surely many of these jobs could be done remotely or in a hydrid set up? If so, what's keeping them there and why the need to pay them London salaries?

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому

      Because the physical exchanges and their data centres are in London. Doing the job remotely means network latency.

    • @tlangdon12
      @tlangdon12 Місяць тому +3

      As someone who has worked in the City in a hybrid set-up, I can confirm that working in an office with your colleagues is very much more productive when engaged in project work.

  • @Darlenegay-du7ke
    @Darlenegay-du7ke Місяць тому +240

    I'm 51yrs old. $40,000 weekly and *I'm retired, this video have inspired me greatly in many ways that I remember my past of how I struggled with many things in life to be where I am today!!!!* ❤️

    • @SebastianElton
      @SebastianElton Місяць тому

      It's Maria Frances Hanlon doing, she's changed my life.

    • @Javierandres-l1y
      @Javierandres-l1y Місяць тому

      Same here
      waking up every 14th of each
      Same here
      waking up every 14th of each
      month to 210,000 dollars it's a blessing to l and my family... I can now retire knowing that I have a steady income❤️Big gratitude to
      Maria Frances Hanlon
      Maria Frances Hanlon

    • @Christophercarrington-j6t
      @Christophercarrington-j6t Місяць тому

      I do know Ms. Maria Frances Hanlon, I also have even become successful....

    • @WilliamsNoah
      @WilliamsNoah Місяць тому

      Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Ms. Maria Frances Hanlon.

    • @ChrisIsaac-w7l
      @ChrisIsaac-w7l Місяць тому

      After I raised up to 325k trading with her I bought a new House and a car here in the states
      also paid for my son's surgery
      (Oscar). Glory to God.shalom.

  • @neilbowler7866
    @neilbowler7866 Місяць тому +4

    What are they employed for....to make money for the corporation, clients and hide the proceeds for both in tax havens.

  • @marcusmoonstein242
    @marcusmoonstein242 Місяць тому +18

    Whether or not a specific job "adds value" is very much in the eye of the beholder/payer, so it's not really for you to say. The economic value of a service is determined by what a willing buyer will pay a willing seller for that service. By definition, the fat salaries CoL finance wonks make must "add value" to the people who pay those salaries or else they wouldn't pay them.
    For example, I personally think that professional soccer is pointless and that the salaries paid to professional soccer players is ludicrously high compared to the value that they provide to society. But my opinion doesn't matter to the team owners who pay those salaries because those salaries are worth it TO THEM. And they, not me, are the ones paying those salaries.
    What looks like economic parasitism to one person can look like economic value to another.

    • @Thisisahandle701
      @Thisisahandle701 Місяць тому +5

      @@marcusmoonstein242 I think the only material difference is whether the activity can be classified as "rent seeking" or not. I.e profiteering from regulatory capture, lobbying, or taxes.

    • @physiocrat7143
      @physiocrat7143 Місяць тому +2

      The big money is economic rent ie a value created by other people. The collection of rent is coercive.

    • @markwelch3564
      @markwelch3564 Місяць тому +1

      ​@@Thisisahandle701indeed! You're not "adding value for customers" if you're just monopolising a scarce resource

    • @physiocrat7143
      @physiocrat7143 Місяць тому

      @@markwelch3564
      Mostly the income is economic rent of land, captured through the mortgage mechanism. Much of the rest is monopoly profit accrued by utility suppliers such as energy and network services.

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому

      @@physiocrat7143 Not really, because even if you chose to view through that lens, trades flow in both directions, so the 'rent' is not coercive.

  • @physiocrat7143
    @physiocrat7143 Місяць тому +4

    Very good as far as it goes, but Murphy needs to cut to the chase. The city is collecting and speculating in Economic Rent - a surplus value.
    This will continue until the reforms advocated by Henry George are applied. Unfortunately, Murphy has always regarded advocates of the ideas of Henry George as swivel-eyed loons.

  • @Dunskaroo
    @Dunskaroo Місяць тому

    When I was a teenager skateboarding around the capital of my US state. I thought it was insane how many people occupy those buildings doing nothing but shifting bits around. 25 years later I’m an accountant but in a factory at least.

  • @taipizzalord4463
    @taipizzalord4463 Місяць тому +11

    UK would have a lower GDP than Spain if not for financialisation!
    They are better at manufacturing, have high speed rail and a bigger tourism industry.

  • @alexandermoody1946
    @alexandermoody1946 Місяць тому

    The key truth is that the City of London was a very important piece of our history. If we look at how the Welsh would travel East with their flocks for sale and arrange for a system of payment that did not require the risk of carrying gold back home the City served a great purpose in history. The problem now is that the great dragon is very old and no longer nimble enough to be anything other than a guardian of some lonely mountain. This is evident when we look at the loss of transaction fees from some payment methods found in the East with applications like Wechat. So the City and the symbolic dragon either dies or becomes infused with something other that does add value for the lives of people that do not wish to see the City die.

  • @jimf671
    @jimf671 Місяць тому +4

    Parasites! Spot on Richard!

  • @alanbudgen2672
    @alanbudgen2672 Місяць тому

    Thanks Richard, a very interesting video. A good question to ask is what does the City of London do for it's residents? It is the last of the rotten boroughs, where residents have virtually no voice and are considered an inconvenience. But without a residential presence, the CoL would cease to exist and be absorbed into other boroughs. I worked in financial services for some years (in between my more interesting career in the arts), and my question was always - what do we produce? The only answer I got was, concepts. Glad I'm out of it. There are many creatives in the City... a tiny voice.

  • @davidmcculloch8490
    @davidmcculloch8490 Місяць тому +7

    The further problem of financialisation adds to this imbalance. When leading companies, such as Apple and Pfizer, spend more on share buy backs than on R&D we see the value of financial services to society being little more than a casino. Yet politicians talk about productivity...

  • @doroteasilva
    @doroteasilva Місяць тому +122

    $450k Returns the Lord is my saviour in times of my need!!!

    • @Andrewp226
      @Andrewp226 Місяць тому

      wow this awesome 👏 I'm 37 and have been looking for ways to be successful, please how??

    • @doroteasilva
      @doroteasilva Місяць тому

      It's Ms. Susan Jane Christy doing, she's changed my life.

    • @janetfreeman2300
      @janetfreeman2300 Місяць тому

      After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.

    • @AndreWilliams131
      @AndreWilliams131 Місяць тому

      Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Ms. Susan Jane Christy.

    • @bernardallen9058
      @bernardallen9058 Місяць тому

      Can't imagine earning $85,000 biweekly, God bless Ms. Susan Jane Christy, God bless America 🇺🇸♥️

  • @tictoc5443
    @tictoc5443 Місяць тому

    Thanks for sharing your keynsian opinion
    Others might argue that speculators provide liquidity to markets and that not only can they make huge profits bit also big losses too

  • @rb4421
    @rb4421 Місяць тому

    GREAT CONTENT. You're right on the money! Subscribed

  • @jdeaddog
    @jdeaddog Місяць тому

    “Have you ever asked what is the root of money? Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them." --Francisco d'Anconia fromAtlas Shrugged.
    Ayn Rand

  • @Burbituate
    @Burbituate Місяць тому

    The bankers always take their cut/fee from the capital invested in a fund before the capital is even invested, a rule change saying their fee is a percentage of the value accrued by their "skilful" management of the capital after each year would get them working for us, but don't hold your breath.

  • @ptseti
    @ptseti Місяць тому +3

    Another excellent video. Sadly the message will be lost on MANY ppl who have no idea of the gravity of your statements.

  • @rogerbartlet5720
    @rogerbartlet5720 Місяць тому +1

    I know! Lauder money for foreigners!

    • @kdmarrison8845
      @kdmarrison8845 Місяць тому

      Yes, the City of London provides premier financial laundering services for incoming foreign money
      it is rumoured to be the world’s biggest off shore tax haven

  • @doreensoutar5130
    @doreensoutar5130 Місяць тому +11

    Actually, my mind goes to Douglas Adams rather than Keynes.
    Three spaceships leave the earth when it is demolished. The people on board were divided by employment. One spaceship goes missing and no-one bothers.
    I will leave the speculation on who would be on the missing spaceship as an untold spoiler, but I bet the guesses are not far off.

    • @jbenn43457
      @jbenn43457 Місяць тому +2

      Be careful of dirty telephones

    • @serenth8310
      @serenth8310 Місяць тому

      Except three spaceships didn't leave... they just promised the first that two would follow along later. Also the golgafrinchams landed on earth rather than left.

  • @guerillagardener2237
    @guerillagardener2237 Місяць тому +1

    I knew this most my life, they don't listen.

  • @RichardArthurBaker
    @RichardArthurBaker Місяць тому +59

    Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in September 2024.,..

    • @RichardArthurBaker
      @RichardArthurBaker Місяць тому

      I will be forever thankful to you, you changed my life and I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver

    • @HollyGarwell
      @HollyGarwell Місяць тому

      As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
      Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.

    • @GregFunnell-q9f
      @GregFunnell-q9f Місяць тому

      His guidance allowed me to restructure my retirement plan, resulting in an estimated $700,000 more by the time I retire.

    • @PaulJackson-x8e
      @PaulJackson-x8e Місяць тому

      You are so correct! Save, invest and spend for necessities and a few small luxuries relatives to one's total assets ratio

    • @JasonHain-z8t
      @JasonHain-z8t Місяць тому

      Please is there any way I can get in touch with him please?

  • @peterjol
    @peterjol Місяць тому

    Almost all societal problems could be solved by making it financially worthwhile for people to SHARE the jobs we would almost all agree we NEED to have done and work much less...putting an end to all the pointless jobs, the useless jobs, the bulls**t jobs.... when we go to work, we would know it is to do something USEFUL ... something we NEED as a society.

  • @Doerakker
    @Doerakker Місяць тому +13

    Looking through a microscope at the financial system you will see nothing but leeches and teeks

  • @frogandspanner
    @frogandspanner 29 днів тому

    1:50 When I worked in banking in the early '80s, and was head of distributed systems (including the City dealing room at our Lombard Street office) I had many lunchtime sessions with our dealers. They would get in to work at 10am, at 12am go to a nearby pub for a dog roll and four pints, then back at 2pm to lay off multi-millions on the overnights before pissing off home at 4pm. Four hours a day and they earned millions (mind you, I wasn't far behind, then when the Big Bang was imminent I opted for relative penury as a university academic).
    I hated being a parasite, one of the wunch of bankers (I rowed as bart of the NatWest crew, and our shirts proclaimed "The Weary Bankers").

  • @geolocations
    @geolocations Місяць тому +8

    So if we were to disband the LSE there would still be Wall street, Tokyo. The LSE is somewhere in the middle considering time zones. Tokyo opens first and when it closes LSE opens and when LSE closes then wall street opens. This is so global investors can trade 24hrs from Monday to Friday. If you took out LSE there would be a gap and this gap would move to Paris. The LSE serves a purpose in that it generates wealth through taxes on trading fees. Without this revenue the City of London would go broke and have no purpose a bit like Hull in the NE of England.

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому

      It's not that simple. These days parts of all exchanges operate 24/7, offering out of hours trading depending on the platforms and the equities involved in the trades. The LSE is a business itself, if anyone tried to shut it down, the business would simply move to another place and still continue as the LSE (it's just a name). NYSE wanted to buy LSE at one time, that would have made it US business still doing what it does in London.

  • @closeencountersoftheweirdkind
    @closeencountersoftheweirdkind Місяць тому

    Great stuff!

  • @SPardini01
    @SPardini01 Місяць тому +1

    Richard, would be interesting to hear what you know and think about this company Blackrock Invesrments.

  • @jackgreene5663
    @jackgreene5663 Місяць тому

    Spot-on, your best video yet!

  • @leehumphries7696
    @leehumphries7696 Місяць тому +9

    Goods are made/produced and distributed globally by working class people. It doesn't need City traders to make bets/deals on those goods being made/produced/distributed - it happens without them - so the City is surplus to requirements. The UK has let the City grow to big for all the good it does. The City adds no intrinsic value, it just extracts it.

    • @physiocrat7143
      @physiocrat7143 Місяць тому +2

      The city extracts and speculates in the stream of revenue known as economic rent - a surplus value.

    • @VinceLammas
      @VinceLammas Місяць тому +1

      If the City is "too big" that is because of a failure to invest and grow the other sectors of the UK economy.
      A friend of mine once took her cat to the vet, worried it's head was "too small". The vet said the cat was "too fat" and suggested a diet. True story!

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому

      Incorrect. You're assuming every producer wants to operate their own market place, they don't, because their business is the production of a thing. They use the market makers to get the best price for their product.

  • @davedave8277
    @davedave8277 Місяць тому

    The City is like castors on a chair. You only notice when they are broke! When did you last have an electronic financial transaction fail? Probably never. That's because 678k people get up every morning to make sure all the money is in the right place at the right time so when you turn up at the supermarket the bread is on the shelf and you can pay for it at the till; along with every other product and service that people buy and sell. Granted some of the salaries seem high for what they do, and at the very top it's who you know, not what you know but at least the government takes half in tax.

  • @piotergod
    @piotergod Місяць тому

    I thought that a long time ago but when I tried to say this I was told I was an idiot because markets are the key of economy bla bla bla... Is it possible that one of main generators of inflation are financial services? They make money by shuffling money here and there and by buying and selling same thing for dozen times without producing anything. Have anybody looked at this issue?

  • @gcvrsa
    @gcvrsa Місяць тому

    I don't think people in the UK grasp to extent to which people outside the UK do not understand what "The City of London" is, and how and why it differs from the city we colloquially refer to as "London". I think it might be worth producing a video specifically on what "The City of London" actually is, because even for people outside the UK, The City of London wields disproportionate influence over the global economy. UA-camr J Draper has a video on the topic, but I for one would like to see more.

  • @ianbigsand7
    @ianbigsand7 Місяць тому +8

    Thanks for saying what I've been thinking for a very long time, not that anyone pays any attention to my musings 😢

  • @DavidHembrow
    @DavidHembrow Місяць тому +7

    What do they do? Cream off quite a lot of money from everyone else and put it in their own pockets, as well as those of the rich people they work for. Nothing of any real value is produced there.

    • @OffordDarcy
      @OffordDarcy Місяць тому

      Sounds like you're definitely in the know 😂

    • @physiocrat7143
      @physiocrat7143 Місяць тому +1

      They are not altogether parasitic but the "work" is substantially a mechanism for the collection of economic rent - ie wealth created by everyone else.

    • @OneAndOnlyMe
      @OneAndOnlyMe Місяць тому +1

      They provides services that other people are willing to pay for. The value is whatever the payer is willing to pay for it. These services wouldn't exist if there was not value to them.

    • @tlangdon12
      @tlangdon12 Місяць тому

      @@OneAndOnlyMe I think this is Richard's fundamental point - there is value to some people in the activity of the city, but there is part of this activity that is not valuable to society. I think he is implicitly asking the question "Should we allow this activity to continue, or should we regulate so that it does not?" To my mind, any discussion has to engage the people who 'require' the services - if society doesn't persuade them that they should not 'require' these services, if they cannot buy them in London, they will buy them in New York, or Frankfurt or Tokyo.

  • @robinmartini7968
    @robinmartini7968 Місяць тому +2

    As you say, it's an extraordinary waste of valuable resources. Smart people want to get into the financial world as it pays so well - in cash terms - so many other avenues should be made more attractive to their talents.

  • @colinthompson3111
    @colinthompson3111 Місяць тому

    Agree with Mr. Murphy. But I wonder how he views venture capital and start ups. The City doesn't appear to do much of those financial activities.

  • @RichardBrook-kq8dm
    @RichardBrook-kq8dm Місяць тому

    What do they do? Not a difficult question to answer: they take us all for a ride!

  • @SydBaron
    @SydBaron Місяць тому

    Apart from what you say about Keynes, am in near total agreement. You should read Tony Levene's book THE SHARES GAME. Also, look up that South Korean experiment with the parrot. That tells you all you need to know about "investing".

  • @nickjcresswell
    @nickjcresswell Місяць тому

    I remember the mass sell-off of building societies to big banks in the 1990s. What followed was a period where these assets were traded and gambled like chips in a casino. Investment and retail banking became blurred. No one cared and then the credtd crisis of 2008 happened. We're still paying the price for all the money printing that followed that. In the 1980s you could put your money in a building society and earn a rate of interest higher than inflation. Now, you can't!

  • @mikecdammit1990
    @mikecdammit1990 Місяць тому +2

    All the money is in London, doesn’t mean that’s a good thing…

  • @G_C340
    @G_C340 Місяць тому +1

    The Money Changers in the Temple!

  • @x0xDarthWyylokx0x
    @x0xDarthWyylokx0x Місяць тому

    I am one of those employed in the city. I live in a northern City and work remotely. It's been 3 years and now I feel like a husk, like I have sold my soul to eternal damnation. I have been part of a machine that contributes to a net negative to society. It is a parasitic place that encourages the worst of human behaviour and greed adorned with decadent, ostentatious buildings yet there are many homeless who line the streets. I had this conversation with my manager and I will be leaving in the new year.

  • @rhysjaggar4677
    @rhysjaggar4677 Місяць тому

    The original aims of stock exchanges were to provide ease of entry and exit from investments, in contrast to e.g. private equity investments that are very difficult to exit in comparison to ringing up a stockbroker with an order to sell certain shares at a certain trigger price. Now, they are dominated by pump n dump merchants who aim to create volatility via propaganda, rather than actually being genuinely accurate pricing of publicly listed assets.
    There's actually very little benefit for many companies in being listed these days - even 20 years ago, many people were talking about privately owned companies being far more honest vehicles for actually creating value through hard work.

  • @Jaymark-gk4li
    @Jaymark-gk4li Місяць тому +7

    The 'City' holds a unique and interesting place in history and law. Worth looking up tbh

    • @sirmeowthelibrarycat
      @sirmeowthelibrarycat Місяць тому +2

      😠 As does Nottingham Castle . . . but without the Sheriff.

  • @getmurked6859
    @getmurked6859 Місяць тому

    Love this channel sir keep it up.

    • @getmurked6859
      @getmurked6859 Місяць тому

      You’re like a loyal adam tooze

  • @marcionphilologos5367
    @marcionphilologos5367 Місяць тому +1

    INDIVIDUAL SPECULATION SHOULD BE PROHIBITED, INSURANCE COLLECTIVELY HANDLED, TAXATION AUTOMATED (ONLY SALES TAX), FOREIGN CAPITAL BLOCKED, AND EVERYBODY SHOULD GO DRINK THEIR COFFEE AT HOME......

  • @TonyMarren-o8m
    @TonyMarren-o8m Місяць тому

    Even the size of the huge, eyewatering salaries must have a distorting effect on the real economy experienced by most of us everywhere else, much to our disadvantage.

  • @williamblackburn6615
    @williamblackburn6615 Місяць тому

    My sentiments precisely

  • @relobmit
    @relobmit Місяць тому

    Outlaw charging interest and this problem goes away. Rasing money should be by saving and equity financing only.

  • @peterh7842
    @peterh7842 15 днів тому

    97bn - finally someone else points out the relatively small size of the financial services sector which has repeatedly been given financial/other preferences and bail outs from the rest of the UK

  • @saraj.lineberry199
    @saraj.lineberry199 Місяць тому +109

    Glory!!! After so much struggles I now own a new house with an influx of $155,000.00 every month God has kept to his words, my family is happy again everything is finally falling into place. God bless America.

    • @stephanm.johnson3170
      @stephanm.johnson3170 Місяць тому +1

      I'm feeling really motivated.
      Could you share some details about the biweekly topic you brought up?

    • @LoveDay-uz6pi
      @LoveDay-uz6pi Місяць тому

      Yeah sounds impossible, yet with Christina Ann Tucker, I've come to the conclusion that financially anything is possible. I got my self my dream car 🚗 just last weekend and a whooping $320k in savings already, My journey with her started after my best friend came back from New York and saw me suffering in debt then told me about her and how to change my life through her. Christina A.
      Tucker is the kind of person one needs in his or her life! I got a home, a good wife, and a beautiful daughter. Note!:: this is not a promotion but me trying to make a point that no matter what happens, always have faith and keep living!!

    • @DoctorMarius-qr3cy
      @DoctorMarius-qr3cy Місяць тому

      I got started with a miserly $1500. The results have been mind blowing I must say TBH!!

    • @beverlyj.newman2480
      @beverlyj.newman2480 Місяць тому

      What is the best way to get connection to that woman y'all mentioning and speaking bout?

    • @saraj.lineberry199
      @saraj.lineberry199 Місяць тому +1

      There is her line!!! under this comment!!!👍🏻👍🏻👍🏻
      Just put the digits together.

  • @xornxenophon3652
    @xornxenophon3652 Місяць тому

    Germany had 30,000 lawyers in 1960. Today, Germany has 210,000 lawyers. And it is not like Germany in 1960 was a country characterized by anarchy...

  • @carnmarth1100
    @carnmarth1100 Місяць тому

    Excellent video 👍

  • @Hickalum
    @Hickalum Місяць тому +2

    There are even more pointless jobs … Like fitting indicators to BMWs for example.

  • @twogsds
    @twogsds Місяць тому

    I understand that there is a phrase "The love of money is the root of all evil".

  • @rhysjaggar4677
    @rhysjaggar4677 Місяць тому

    Prof Murphy might like to discuss the relationship between Parliament and the City of London Corporation. I'm sure very few people are aware that the laws passed by Parliament are put under scrutiny by a CLC agent and that the CLC does not answer to Parliament either.
    That in effect states that the City of London Corporation is an independent legal entity, which should say that the UK Government should not consider the City as part of its strategy for governance.
    In fact, there's an absolutely enormous argument that all those who wish to invest in the UK economy (as opposed to manage funds via global investment) should not be allowed to do so from a City of London address, since they are not subject to UK law.
    The UK investment environment would be far, far better if a totally independent UK investment strategy were organised around financial investment networks totally divorced from the City of London.

  • @PeterLihou
    @PeterLihou Місяць тому +4

    It's mostly a casino.

    • @ChrisLee-yr7tz
      @ChrisLee-yr7tz Місяць тому

      It really isn't. Most of it is far from that.

    • @PeterLihou
      @PeterLihou Місяць тому +2

      @@ChrisLee-yr7tz It is, gambling on Stockmarket and currency movements is precisely the same behaviour as gambling in a casino - just with other people's money.

    • @ChrisLee-yr7tz
      @ChrisLee-yr7tz Місяць тому

      @PeterLihou Since 08/09 there's significantly less risking taking in investment banks. Even to the extent that they struggle to make markets in some areas. The change is monumental.
      You're speculating more than they do and don't know what you're talking about.

    • @PeterLihou
      @PeterLihou Місяць тому

      @@ChrisLee-yr7tz Less risk is still risk, and taking risks is gambling. You're deluding yourself.

    • @ChrisLee-yr7tz
      @ChrisLee-yr7tz Місяць тому

      @PeterLihou It's not possible to have any financial transaction without some element of risk. The banks job is to maximise return whilst minimising risk.
      I'm not deluding myself. I was a prop trader throughout the crisis and beyond and worked on risk reduction of legacy portfolios for years. I think I'm well qualified to know. What's your experience?

  • @DavidRose-m8s
    @DavidRose-m8s Місяць тому +2

    I call such financial speculation in debt as a wealth proxy happening in these hubs ( Shoulder to shoulder with politicians) an - Auction House Economy -