"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."

good @pluralistic short piece on the social uselessness of #finance, quoting a recent books review by John Lanchester (link below).

https://pluralistic.net/2025/12/18/self-licking-ice-cream-cone/

https://www.lrb.co.uk/the-paper/v46/n17/john-lanchester/for-every-winner-a-loser