Caos en el modelo financista.

‎Archaic seems the Bretton Woods agreement of 1944, which aspired to balance the budgets and the ratio of reserves in the creation of money (ratio between money supply dollar and gold) to make the exchange system multilateral (all currencies comparable through the dollar gold). The financial system (set of instruments, institutions and markets) collected the resources of the surplus units and allocated them to the loss-making units according to the business plans presented, and at a lower cost than in direct transactions; its rules were prudence, diversification, solvency and trust. The legal ratio was that of "economic development", and its corollary that the cost of the political system and the financial system over the total of an economy has an optimal (like the office of central services at the service of a large company, which is a cost, necessary but cost); this concept remains without funds for study, comparison and dissemination.‎

‎Since Nixon repealed the convertibility of the dollar into gold in 1971 and Kissinger began ping-pong diplomacy with China, the foundations of globalization have been laid. Thus, governments "keynesize" the management of the public sector and the economy as a whole, and central banks assume the management of the amount of money and credit available by economic units to influence investment and spending, both in order to achieve the highest growth and employment compatible with minimum inflation. The public is electoral spending, and harmonizing financial legislative development with remote directives; as the new reality is discretionary, legislate a lot, issue a lot of fiat money, issue a lot of public debt and hire many officials. The financial model is born, in which both instrumental sectors take over the discretionary control of the economy and its cost ceases to be optimal to tend to maximum (now it seems the company that is for the office of central services).‎

The process of international convergence of financial development reduces the classes of financial institutions to three main operating types (intermediation, mediation and management), and simplifies financial markets to three others (currencies, equities and fixed income, whose original function degenerates by motivating excessive leverage of derivatives to unbridled speculation). The legal ratio is the "protection of the investor", a euphemism that presides over a pricey and unrealistic regulation (example mifid) that frees financial institutions in their relationships (if you want to claim, go to court) although not of their controls, which seem not to be severely demanded since 1998, when the non-bankruptcy and scandalous salvation of the long term, that hedge fund of some Nobel prizes. Intermediation entities (banks and savings banks) split their activity into two areas: that of resource managers (external and own) where they locate their risk by receiving deposits and investing and speculating in the markets or granting productive and speculative credits; and that of collective investment managers (funds, sicavs, pension plans...) where they participate in disintermediation to displace risk from the financial system to investors, with debt from states, companies, and securitizations (mortgage loans, which then degenerate into subprimes) and the like later.‎