I agree, with the exception that Manufacturing, agriculture, mining,
fisheries, and forest products are all productive. Anything that
takes some raw material and creates something of value is productive.
Printing something on paper and shuffling paper is not productive.
This has been my reasoned opinion for at least two decades. The
only activity that adds real value is manufacturing -- all the rest
rides on top.
Since we have chosen to eliminate manufacturing, we have eliminated
economic activity, and we are going to end up a third world country
pretty soon if we don't get it back.
Financial sector profits are extremely inflationary if they
represent more than a few percent of overall economic activity.
Peter
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