Quote of the Day

One of the reasons why Russia can credibly meet or beat the US in terms military-related technological superiority is that top mathematical and physics grads have been going into finance since the mid 1980s.

—Yves Smith

It's interesting how, when people complain about crowding out from government deficits, it never seems to extend to how a parasitic financial industry is diverting intellectual capital to unproductive uses.

In fact, if you read trade magazines like Aviation Week, it becomes clear that a major hurdle for high tech operations is the fact that there is no one is stepping up to replace the current (near retirement)  cadre of technical employees.

These folks know how to count, and so are going to finance where it is more remunerative.