Comment on A Systems Approach to Financial Reform
Well done John.
I heartily support what Walter said about redundancy.
In a sense, redundancy is the opposite of “economic efficiency”, and yet it is required.
The drive to economic efficiency is removing redundancy at many levels, yet that redundancy is required at all levels to enable us to survive unexpected and serious shocks.
Yet another level where the systemic interests of money/finance are at odds with the systemic interests of human survival.
There are so many such – the systemic incentives encapsulated within money/finance are now clearly the greatest threat to human survival.
Again, what you suggest are steps which correct the worst excesses of the system, but they do not alter the underlying systemic incentives.