NYSE - LSE
| RBGPF | 0% | 78.35 | $ | |
| CMSD | -0.3% | 23.25 | $ | |
| AZN | 0.17% | 90.18 | $ | |
| GSK | -0.33% | 48.41 | $ | |
| CMSC | -0.21% | 23.43 | $ | |
| NGG | -0.66% | 75.41 | $ | |
| RELX | -0.55% | 40.32 | $ | |
| SCS | -0.56% | 16.14 | $ | |
| BTI | -1.81% | 57.01 | $ | |
| BCC | -1.66% | 73.05 | $ | |
| RIO | -0.92% | 73.06 | $ | |
| VOD | -1.31% | 12.47 | $ | |
| BCE | 1.4% | 23.55 | $ | |
| BP | -3.91% | 35.83 | $ | |
| RYCEF | -0.34% | 14.62 | $ | |
| JRI | 0.29% | 13.79 | $ |
Finance’s Role in Economic Ruin
The finance industry, often hailed as the backbone of modern economies, has a darker side that increasingly threatens global stability. Since the 2008 financial crisis, triggered by reckless speculation in mortgage-backed securities, the sector’s unchecked growth has sown seeds of destruction. In the United States alone, the financial sector’s share of GDP rose from 2.8% in 1950 to 8.4% by 2020, yet it produced no tangible goods, instead profiting from debt and risk. Critics argue this shift diverts capital from productive industries like manufacturing—down from 27% to 11% of US GDP over the same period to speculative bubbles.
The 2023 collapse of Silicon Valley Bank, fuelled by over-leveraged bets on tech stocks, cost $20 billion in bailouts and sparked a domino effect across European markets. In the UK, the 2022 mini-budget crisis, exacerbated by hedge fund short-selling of gilts, pushed borrowing costs to record highs. Economist Ann Pettifor warns, “Finance thrives on instability it creates”. With global debt at $305 trillion—three times world GDP—experts fear the industry’s pursuit of profit through complex derivatives and high-frequency trading could precipitate another crash. Is finance an engine of growth or a wrecking ball?
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