[notahacker]

The idea that an active monetary policy [indirectly] boosts the earnings of the finance sector by trying to facilitate stability, providing a direct subsidy in the form of coupon payments on bonds, and managed steady inflation encouraging people to invest their savings through financial intermediaries rather than bury banknotes in the garden is pretty mainstream. And financiers certainly have more knowledge and lobbying power than the average organisation when it comes to calling for a particular monetary policy shift.

But I'm not convinced the idea promoted in the original article that the real objective is to persuade the masses to give up their free time to work 60hr weeks in finance (as opposed to because the masses prefer predictable payrises and not losing all their savings) has enough theoretical underpinnings to elaborate on.

If anything, the more controversial aspect of mainstream monetary policy is the opposite: that its theoretical underpinnings assume that there can be too high a proportion of the population in work...