The Financial Industry is a Lot Bigger than a Giant Vampire Squid

Image by Alexander Grey.

The size of the financial industry bears no relation to the economy. Self-mythological panegyrics aside, the finance industry confiscates money; it doesn’t create it. How much? Get out your calculators, and maybe you’ll have to find a way to add a couple of digits to what your screen can hold.

Perhaps the total amount of money extracted by financiers (or, more to the point, speculators) is not quite as large as Douglas Adams’ description of space in the, yes, increasingly inaccurately named Hitchhikers’ Trilogy, as “Really big. You just won’t believe how vastly hugely mind-bogglingly big it is.” But it’s close.

To read this article, log in here or subscribe here.
If you are logged in but can't read CP+ articles, check the status of your access here
In order to read CP+ articles, your web browser must be set to accept cookies.

Pete Dolack writes the Systemic Disorder blog and has been an activist with several groups. His first book, It’s Not Over: Learning From the Socialist Experiment, is available from Zero Books and his second book, What Do We Need Bosses For?, is forthcoming from Autonomedia.

CounterPunch Magazine Archive

Read over 400 magazine and newsletter back issues here

Support CounterPunch

Make a tax-deductible monthly or one-time donation and enjoy access to CP+.  Donate Now

Support our evolving Subscribe Area and enjoy access to all Subscribers content.  Subscribe