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Would anyone actually care if we got rid of the stock market?
BillieTheBot
Posts: 8,721 Bot
After seeing all these anarcho-capitalist threads around, I got to think about money-making and capitalism. And the ultimate exponent of it, which is the Stock Exchange.
Is there a more useless, pointless, dehumanised and irrelevant trade in society than the Stock Market? I can't think of any. Stock trading does not contribute anything positive into society. It is a selfish and greedy environment that only seeks to make profit for speculators, stockbrokers and shareholders. A vicious circle in which outsiders have no place and obtain no benefit from.
Shares and shareholders are actually responsible for much of the problems facing public services, unemployment and poverty. By concentrating in returning the maximum amount of profits possible for its shareholders, companies will not think twice about cutting jobs, restricting the quality of service offered to the public, overlook safety issues, etc etc.
So what if found other ways for companies to release capital? What if got rid of this trade in which only parasites seem to thrive? Would anyone actually miss these City people who don't do anything useful whatsoever other than speculate on money? I for one would not miss it one bit. Like someone said, one stockbroker is one too many.
Is the prospect of a system based in a controlled, stock market-free capitalism so unconceivable?
Is there a more useless, pointless, dehumanised and irrelevant trade in society than the Stock Market? I can't think of any. Stock trading does not contribute anything positive into society. It is a selfish and greedy environment that only seeks to make profit for speculators, stockbrokers and shareholders. A vicious circle in which outsiders have no place and obtain no benefit from.
Shares and shareholders are actually responsible for much of the problems facing public services, unemployment and poverty. By concentrating in returning the maximum amount of profits possible for its shareholders, companies will not think twice about cutting jobs, restricting the quality of service offered to the public, overlook safety issues, etc etc.
So what if found other ways for companies to release capital? What if got rid of this trade in which only parasites seem to thrive? Would anyone actually miss these City people who don't do anything useful whatsoever other than speculate on money? I for one would not miss it one bit. Like someone said, one stockbroker is one too many.
Is the prospect of a system based in a controlled, stock market-free capitalism so unconceivable?
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Comments
Stockbrokers on the other hand trade in relative values of non-existent objects; speculate on this invented value and generate wealth only amongst those within the stock exchange system and gives nothing back to society. And all at the expense of the workers and consumers of the companies involved in the trading.
As for companies cutting jobs and reducing quality of service to maximise profits, these are problems inherent in capitalism, not simply caused by the stock market. To deal with them would probably require a radical overhaul of the entire way that Western economies work, and I have yet to see convincing evidence that any other system works better. To paraphrase Churchill, "Capitalism is the worst economic system known to man. Except for all the other ones."
Its not the actual stock market thats the problem, but the 'me me me' attitude that has grown up around it, certainly since the late 1970s. Greed is a problem in whichever system of commerce is used, not just the stock exchange.
After all, you mention the street sweeper, but if it wasnt for the stock exchange the street sweeper wouldnt have a job. Its not ideal, its not even a good system, but its more human greed rather than the actual method that is, and always will be, the problem.
Like Fred said the problems of the capitalist sytem would be present in any finance system, the stock exchange is merely one part of the system, it does not control or dictate it as some people think.....
The alternative I have heard of which seems reasonable is a govt investment bank, not sure of the details though.........
Hmm... an alternative which relies on the government being competent and honest. Not sure I like that much more than the current system.
Seriously, any system that can be suggested is likely to have just as many flaws as the current system, because most of the flaws seem to be caused by human nature (usually greed, stupidity or a combination of the two).