“Wall Street, in theory, is at the centre of the financial system which provides for the capital needs of the nation. But Wall Street is in fact a speculation centre organised for the purpose of enabling a self-selected minority of men of boundless greed and ambition to become millionaires and billionaires. Whatever Wall Street does to provide for the capital needs of the nation is incidental to, and misshaped and distorted by, what it in fact is.”
- Ralph Borsodi, pioneer green campaigner.
In something of a break with tradition, this week’s commentary is given over to a guest piece by fellow MoneyWeek scribe, author and renaissance man, Dominic Frisby..
I subscribe to George Orwell’s view that “On the whole human beings want to be good, but not too good, and not quite all the time.” But if man is “mostly good”, I ask myself, why is it so easy to look around at the world and find so much to be troubled by? Wars, waste, famine in one part of the world, obesity in another, excess consumption, a financial system that's out of control - and so on. My particular bête noire is the unequal distribution of wealth. There are all sorts of manifestations.
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