"... in any given year, maybe one per cent of the financial economy has anything to do with the production of real, nonfinancial goods and services.
The rest? It consists of ways to make money from money. That seems innocuous enough, until you remember what money actually is. Money is not wealth; it’s a system of abstract, culturally contrived tokens that we use to manage the distribution of real goods and services. A money system can simplify the process of putting energy, raw materials, labor, and other goods and services to work in productive ways; that’s the reason we have money, or rather the reason most of us are prepared to discuss in public. That’s not what the other 99% of the world’s financial assets are doing, though. They are there to ensure that the people who own them have disproportionate, unearned access to real, nonfinancial goods and services."
John Michael Greer's brilliant analysis of the current financial crisis with some very valid lessons and predictions for the Eurozone. Must-read.