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"I would say to them: the taxpayer's willing to provide support to you, but the terms are: 'thou shalt lend to the productive sector, not the speculative sector'".
As I argue in The Value of Everything, we should also consider how to reform the financial sector, which needs to find a clearer relationship with the real economy, to fuel capital investment and innovation rather than be a speculative sector obsessed with itself.
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In a global economy, with uncertain markets and changing conditions, the most advanced and speculative sectors need concentrations of resources -- talent, management, technological infrastructure and buildings.
Britain was mini-me to the US in the days of grand illusion before the crash, having its debt-fuelled party where growth was concentrated in the speculative sectors of housing and finance.
I would have no exposure to the speculative sectors of the market.
Grossly speculative sectors like airlines retreated because of the fear of a pincers connection between high fuel costs and lagging traffic growth.
The global market turmoil in the past few months triggered a 22percentt plunge in biotech stocks as investors sold off overvalued shares in speculative sectors.
Low-end services and speculative sectors such as real estate have been the backbone of recent economic growth, with multi-billion remittances from Overseas Filipino Workers (OFWs) fuelling domestic consumption.
Even so, the Big Board fared better than the smaller, more speculative market sectors.
The sector, speculative in the best of times, has been troubled recently by slumping metal prices and scandal.
But junk bonds are only 20% of total corporate debt, and only 20% of that is in the speculative dot-com sector.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com