From an interview with Michael Mackenzie, by Nelson Luscombe, shortly after Mackenzie’s appointment as Canada’s first Superintendent of Financial Institutions. As published in “When two plus two equals three”, Editorial, CA Magazine, March, 1987:
…I have this uneasy feeling that so much of our brainpower and so much of our investment has gone into this “overhead” world, rather than into the true, economic world. I suspect if you could measure the amount of credit, money movement velocity and financial products, and assign a number to the amount of those available, and another to the real economic world, you’d find that the former world is getting bigger in relation to the underlying real world.
Lots of money and money products, without comparable economic growth.
Thirty years on