[BITList] HIGH FINANCE

[HUGH MCINTYRE]

I am but an ex-draughtsman and sometime marine engineer, but thoughts do sometimes enter my head.  Reading this morning about yet more trouble down at 't stock exchange, it occurred to me to ask, what in the name of god are these places for?  Why must the fate of the world be at the whim of ponces betting on whether share prices will go up or down in response to their betting?  If I woke up tomorrow the Grand Ruler of the universe, the first thing I'd do is ban stock exchanges, share price negotiations, and takeovers of firms.  Firms would operate within their own financial limits, expanding or contracting as appropriate - the selling of shares in firms would be subject to very strict rules, and shareholders would assume the risks inherent in owning shares.  Banks would look after their depositors' money and be happy with the profit made from the interest charged on carefully vetted loans - this would exclude Islamic banks which neither receive nor charge interest.  Speculators would be shot, and property developers would be sent to camps for re-education.  This is all I can think on at the moment.

Hugh.
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