"... while we think of the role of the finance sector as "capital allocation" – that is, using investors' money to fund new businesses and expansions for existing business – that hasn't been important to finance for quite some time. Today, only 3% of bank activity consists of 'lending to firms and individuals engaged in the production of goods and services.'
"The other 97% of finance is *gambling.*"
—
@pluralisticCory Doctorow
https://pluralistic.net/2025/12/18/self-licking-ice-cream-cone/
