Valery Fadeev: 98% of financial transactions are useless to ordinary people

05.02.2018, Moscow.

Most of the world’s financial transactions are speculations, said Valery Fadeyev, Secretary of the Civic Chamber of the Russian Federation, on February 5 at the Chamber’s “Social Inequality and How to Deal With It” international conference, a Rossa Primavera news agency correspondent reports.

Discussing the issue of financial inequality in the world, Fadeyev said that “98% of transactions at financial markets are speculations.”

“This is money that does not produce anything. It does not do anything for the people,” he explained.

According to him, this problem is current in Russia, because “we also got sucked into the vortex of financial capital. We faced this as soon as capitalism replaced communism.”

Increasingly often, experts say that the world’s financial system produces almost nothing. Most of the world’s capital is seeking to multiply itself. As Giulietto Chiesa, an Italian journalist and public activist, stated on November 6, 2017, at the Sofia Club open meeting: “Capitalism used to produce goods.  Today, goods, in fact, are barely one-twentieth of the “goods” produced. Money is being produced – artificial money, infinite money”.

Source: Rossa Primavera News Agency

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