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Today’s banks - and businesses in general - seem to eternally select the most venal, shallow, criminal, cruel, soulless, and stupid among us.
How do we fix that problem of adverse mega-selection?
Simple: mirror bonuses with disincentives: the obligation to pay society and people back when value turns out to have been an illusion.
Why is a once prosperous economy turning into a shambling, shuffling zombieconomy?
Because industrial era thinking was too often lame, evil, and brain-dead.
A killer example is the idea that massive bonuses for great performance were enough to power shared prosperity.
Of course, they aren’t.
Massive bonuses for great performance should be mirrored with reverse payments for damage and harm.
