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Agenda for a New Economy, 2nd Edition by David C. Korten

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CHAPTER 2MODERN ALCHEMISTS AND THE SPORT OF MONEYMAKING

Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation.

JOHN MAYNARD KEYNES

The capitalist ideal is to create money out of nothing, without the need to produce anything of real value in return. Wall Street has turned this ideal into a high-stakes competitive sport. Money is the means of scoring, and Forbes magazine is the unofficial scorekeeper issuing periodic reports on the “richest people,” ranked in the order of their financial assets. The player with the most assets wins. Because the scoring is competitive, no player has enough money so long as another player in the game has ...

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