Western societies in which HFT happens also happen to have the best medicine, leisure (many different sports for example), education etc.

You think you could do better by having a planned economy, with your eminence deciding what's a waste and what is not? And why should I believe you it'd end up differently than North Korea or Cuba?

Or you'd somehow manage to take what you think are all the good parts of western societies while outlawing what's wasteful and we'd have an utopia?