"... 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
pluralistic.net/2025/12/18/sel

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