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Friday, February 11. 2011

The beginning of the end of Wall Street

Capital collection, distribution, and creation is a global industry now, and it doesn't really require buildings in New York anymore. Bad for New York City in the long run, but it's great for the world. Capital is the world's most important commodity and even the most powerful governments must now bow at the altar of free market capital.


Wall Street is now a global, virtual, electronic street which is now, in many ways, run by computers.  Decline and Fall, at NYM.

Posted by The Barrister at 16:26 | Comments (3) | Trackbacks (0)

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We have only just begun to see what change the internet is going to bring. High speed communcations networks will allow for markets to organize in ways we can't yet imagine. I have discussions here at Directional U with those that think we are immune from the these changes. Maybe the NYSE shutting down will make them rethink their position.
#1 Mike (Link) on 2011-02-11 17:51 (Reply)
This has other ramifications beyond shutting down the NYSE. Think about all those conversions of currencies as stocks are traded; isn't a single unified marker more advantageous?

What does that do for the USD as the World's currency then? More importantly, what is the value of all that paper the Fed printed in QE1 & 2?
#2 Peccable (Link) on 2011-02-12 11:28 (Reply)
Now the capitalists will experience "outsourcing" of THEIR jobs.

Goody Goody!
#3 Ben David on 2011-02-12 12:35 (Reply)

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