We need your help to keep providing free videos! Support the Majority Report's video content by going to In this Majority Report clip, Nicholas Shaxson on his book, "The Finance Curse."
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"Shaxson argues the financial sector has become so big that its gravitational field has distorted everything around it. Instead of serving the real economy, it now preys on it. I would have liked to have seen the working behind his claim that the City has cost Britain £4.5tn since 1990, but the grand analysis is utterly convincing: we are hooked on the City and the hot money it brings in, just like the Kremlin was addicted to flogging spirits to its own taxpayers.
The book starts at the micro level, with the purchase of a ticket on the Trainline app – something most people do without giving it much thought – and then follows the 75p booking fee’s journey after it leaves the buyer’s bank account. The money bounces through accounts in the UK, Jersey, the UK again, Jersey again, Luxembourg and the Cayman Islands, before ending up in the US."*
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