The Senior Lecturer at Islington Technical College is greatly exercised by the manner in which Deutsche Bank has laid off 18,000 people and, essentially, withdrawn from investment banking. The concern is misplaced, this is just how capitalism works. Which he’d know if he’d ever bothered to read – and understand, that slightly more difficult task – his Adam Smith.
We have some new thing. Doesn’t matter what it is, summat spiffing. It makes excess profits – above the normal rate of return upon capital – because it’s new and spiffin’.…See More