The role of international finance….
“Foreign Merchant Class”
That sounds familiar.
Banking ought to be a way for productive businesses to more easily facilitate financial transactions. Simple financing of projects, a place to transact monetary exchanges, somewhere to keep your excess capital when not in use. The meat and potatoes of a local bank: checking and savings deposit accounts, business and personal loans. That sort of banking serves a useful utilitarian purpose in a civil society.
When the financial system is hijacked and serves as a means unto itself, rather than a medium for other economic activity, it becomes utterly corrupted.
Modern finance is a stateless, global enterprise with loyalty only to endlessly increasing profits. A great deal of financial economic activity is comprised of completely make-believe transactions that generate enormous paper profit while not actually creating anything or adding value. The financial chicanery is basically a money printer, one that almost no one has access to. I can easily explain what I did at the local banks I managed but what was going on in the glass towers in Manhattan? I don’t understand it and few people do because what they do is so divorced from what we understand as productive work that it takes on the character of voodoo, only with derivatives instead of relics and fetishes.
It has been a common thread for centuries and will continue to be so for the foreseeable future: a parasitic financial class that siphons profit from the productive and multiples it using tools and rules that they themselves have written and handed to the very people tasked with regulating them.