NYSE - LSE
| BTI | 0.27% | 52.52 | $ | |
| RYCEF | -1.29% | 15.55 | $ | |
| SCS | -0.42% | 16.61 | $ | |
| RELX | -0.26% | 46.25 | $ | |
| RBGPF | 1.49% | 76.43 | $ | |
| BCC | -1.25% | 76.77 | $ | |
| CMSC | -0.33% | 24 | $ | |
| GSK | -1.29% | 39.67 | $ | |
| VOD | 0.22% | 11.355 | $ | |
| NGG | -0.4% | 70.87 | $ | |
| BP | 0.18% | 35.275 | $ | |
| RIO | 2.69% | 65.635 | $ | |
| JRI | -0.78% | 13.931 | $ | |
| CMSD | -0.13% | 24.319 | $ | |
| BCE | -0.17% | 23.08 | $ | |
| AZN | -2.37% | 73.616 | $ |
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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