In the wake of two major bailouts, a decade apart, following on a crash in 200-2001 and overshadowed by the twin phenomena of de-industrialization and an enormous increase in wealth inequality that should be compared not to the U.S. in the twenties but to Ancien regime France in the 1730s, the question arises: why do we have stock markets? And, more broadly, why have we allowed, or even encouraged, the burgeoning of financial instruments in the post Bretton Woods period? The so called shadow markets, or the other kind as well, that advertise themselves as security for other financial instruments, but always not only fail in that responsibility, but always crash themselves, bringing about chain reaction crashes? Peter L. Bernstein, who was an investor, journalist and economist in one, observed that stock markets have increased in the post-war period from around 50 in 1948 to around 125 in 1998. This speaks to something attractive in the current period about the stock market.
“I’m so bored. I hate my life.” - Britney Spears
Das Langweilige ist interessant geworden, weil das Interessante angefangen hat langweilig zu werden. – Thomas Mann
"Never for money/always for love" - The Talking Heads