The Observer leader tells us:
And with unemployment rising at the fastest rate in a generation, the argument that City financiers are \”wealth-creators\” has surely been demolished.
Apparently no value is added then.
Finance is necessary to channel cash to enterprising individuals who can put it to good use and allow consumers to spread expenditure through their working lives.
Is that not adding value? If you think not, try living in a society that doesn\’t have such a mechanism.
Believe me, you won\’t like it and you will be vastly poorer than you are now.
Is there froth on the financial system? Sure. But to use that to demonise the whole system is simply absurd.