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[...] The subtext is: there is no need to wonder about the future because brilliant minds are working on it, and it will be nice. Everything you could wish for is being taken care of.

The power-shift towards finance became self-reinforcing. Financial institutions deployed their increased lobbying power successfully against the legal barriers between speculative and retail banking [...] This drew creative effort and investment into the monetary system itself, and away from the pr…

[...] the publication in 1973 of Fischer Black and Myron Scholes's algorithm for the pricing of options.

Before Black and Scholes's work, derivatives had been a small fraction of all investments, essentially the contracts known as 'futures,' [...] Black and Scholes's algorithm allowed almost eve…