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Steven Magee

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“That City of yours is a morbid excrescence. Wall Street is a morbid excrescence. Plainly it's a thing that has grown out upon the social body rather like -- what do you call it? -- an embolism, thrombosis, something of that sort. A sort of heart in the wrong place, isn't it? Anyhow -- there it is. Everything seems obliged to go through it now; it can hold up things, stimulate things, give the world fever or pain, and yet all the same -- is it necessary, Irwell? Is it inevitable? Couldn't we function economically quite as well without it? Has the world got to carry that kind of thing for ever? "What real strength is there in a secondary system of that sort? It's secondary, it's parasitic. It's only a sort of hypertrophied, uncontrolled counting-house which has become dominant by falsifying the entries and intercepting payment. It's a growth that eats us up and rots everything like cancer. Financiers make nothing, they are not a productive department. They control nothing. They might do so, but they don't. They don't even control Westminster and Washington. They just watch things in order to make speculative anticipations. They've got minds that lie in wait like spiders, until the fly flies wrong. Then comes the debt entanglement. Which you can break, like the cobweb it is, if only you insist on playing the wasp. I ask you again what real strength has Finance if you tackle Finance? You can tax it, regulate its operations, print money over it without limit, cancel its claims. You can make moratoriums and jubilees. The little chaps will dodge and cheat and run about, but they won't fight. It is an artificial system upheld by the law and those who make the laws. It's an aristocracy of pickpocket area-sneaks. The Money Power isn't a Power. It's respectable as long as you respect it, and not a moment longer. If it struggles you can strangle it if you have the grip...You and I worked that out long ago, Chiffan... "When we're through with our revolution, there will be no money in the world but pay. Obviously. We'll pay the young to learn, the grown-ups to function, everybody for holidays, and the old to make remarks, and we'll have a deuce of a lot to pay them with. We'll own every real thing; we, the common men. We'll have the whole of the human output in the market. Earn what you will and buy what you like, we'll say, but don't try to use money to get power over your fellow-creatures. No squeeze. The better the economic machine, the less finance it will need. Profit and interest are nasty ideas, artificial ideas, perversions, all mixed up with betting and playing games for money. We'll clean all that up..." "It's been going on a long time," said Irwell. "All the more reason for a change," said Rud.”

MoneyPowerCorruptionFinanceRegulationWall StreetThe City
Book:The Holy Terror
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“an official with the U.S. Securities and Exchange Commission learned I was writing about specialization and contacted me to make sure I knew that specialization had played a critical role in the 2008 global financial crisis. “Insurance regulators regulated insurance, bank regulators regulated banks, securities regulators regulated securities, and consumer regulators regulated consumers,” the official told me. “But the provision of credit goes across all those markets. So we specialized products, we specialized regulation, and the question is, ‘Who looks across those markets?’ The specialized approach to regulation missed systemic issues.”

RegulationFinancial CrisisSpecialization
Book:Range: Why Generalists Triumph in a Specialized World
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“I’m a firm a believer in the power of free enterprise to move the world forward. All that Soviet respect for science was no match for the American innovation machine once unleashed. The problem comes when the government is inhibiting innovation with overregulation and short-sighted policy. Trade wars and restrictive immigration regulations will limit America’s ability to attract the best and brightest minds, minds needed for this and every forthcoming Sputnik moment.”

InnovationRegulationFree Enterprise
Book:Deep Thinking: Where Machine Intelligence Ends and Human Creativity Begins
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“Recognizing that the boundaries of the market are ambiguous and cannot be determined in an objective way lets us realize that economics is not a science like physics or chemistry, but a political exercise... If the boundaries of what you are studying cannot be scientifically determined, what you are doing is not a science.”

ScienceCapitalismEconomicsBoundariesRegulationFree Markets
Book:23 Things They Don't Tell You About Capitalism
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“To appreciate how income taxation reduces prosperity form what it could be, imagine a 100 percent tax on incomes. We wouldn't expect much prosperity in such a society. People would have no incentive to earn money. They would devote resources to hiding the little they did earn. No investments would be made. No savings would exist to increase living standards. People's activities would be grossly influenced by the tax. If we lower the rate from 100 percent, the principle does not change. . . If you want less of something, tax it.”

LibertyEconomicsLibertarianRegulationIncome Tax
Book:Your Money or Your Life: Why We Must Abolish the Income Tax
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