The Global Casino. How Wall Street Gambles with People and the Planet

The global financial landscape, characterized by the elusive offshore 'shadow' banking system, manages an astounding $217 trillion in assets, largely evading national taxation authorities. In this intricate web, asset managers, private equity firms, and various funds handle the world’s investments without accountability to government bodies or the public that elects them. Ann Pettifor, through her insightful and understandable exploration of this opaque world of global finance, connects these distant, fluid financial markets to pressing issues like the cost-of-living and climate emergencies. In what can be described as a high-stakes global casino, bankers are wagering with the future, leaving many clueless about the repercussions, save for a handful of economists. This leads to erratic and uncontrollable speculation across sectors like commodities, pensions, energy, and housing. Pettifor posits that societies and governments have previously regained control over global finance and suggests that doing so again is not just possible but essential. Addressing this is crucial for combating the significant threats posed by climate change and environmental degradation.