[nezumi]

I'd love to make a small change to the English language. When speaking of speculation and rent-seeking activities, don't say "make money", say "obtain money". Reserve the term "making money" for activities which create value.

Just try it: how successful and glamorous does your rich banker friend seem when you describe him as an obtainer, rather than as a creator of wealth?

[breischl]

Speculation actually does deliver value. Whoever sold to the speculator gained value - they got rid of some risk, and gained enough cash to make it worthwhile. The speculator might also deliver value to whoever they sell to, particularly if the speculator lost money on the deal. Plus they provided liquidity, which sounds like BS until you need that liquidity (eg, try selling a house in a slow market)

Banks deliver value too, unless you prefer to do all your transactions in cash that you pull from under your bed and you never need a loan for anything.

Rent-seeking is indefensible pretty much by definition, although I think people tend to perceive many things to be rent-seeking that actually aren't.

[rileymat2]

Speculation can create value by injecting capital into the right projects/resources that otherwise would not be funded.

[zodiac]

Not all banking is rent-seeking; some of it creates some value