Say what you will about the current world economic crisis, dubbed ‘sluggish recovery’ by slimy politicians, but one thing comes out of it loud and clear: money men rule the world. Otherwise, how can you explain the ease with which they got away with causing all that gigantic mess in the first place, receiving hundreds of billions of taxpayers’ money from their respective governments to keep going, and are still at it: gambling vast amounts away on dodgy deals and paying themselves huge bonuses?
Need I tell you that they will receive more money next year? OK, I’m telling you here and now that bankers will be get more bail-out money from now on and on a regular basis. Because once they’ve got into the groove of taking public mammon, with no conditions attached, they won’t stop from doing it, again and again. It’s like sharks tasting blood – you can’t stop them from then on. And if you consider that bankers got away with murder during the financial crash, they would be causing more of these calamities to make a buck.
Let me tell you something about that financial crisis of 2007/08: I wasn’t at all surprised to see governments rushing to rescue the money men. What are governments if not the servants of the big banks and big business generally. Most elected politicians end up working for banks, one way or another, once they step down or are kicked out. Just look at that creep, Tony Blair: he gets a lot of his cash from the banks and I bet all his so-called ‘exciting public lectures’ are probably sponsored by the money men as well. I’ll never accept that anyone in his right mind will pay this creep $250,000, to listen to 90 minutes of his drivel. There’s nothing he can say that is worth even a hundredth of that amount – or any amount for that matter. I’ve read his memoirs, A Journey, so I know how shallow Blair is. He’s got nothing to say of any interest. He’s a chancer, a small time con-artist, who had weaselled his way into power and did everything to last long enough to secure his financial prospects. There was nothing else to him, nothing at all.
Sorry to get carried away like this, but every time Blair’s name comes up, I get all wound up. Just like it happens when I hear the name of George Bush, another big favourite of mine, or Bill Clinton, or Gordon Brown, or Silvio Berlusconi, or the whole Chinese communist leadership, or Fidel Castro.
Anyway, as I was saying, I wasn’t really surprised by the way politicians rushed to help out the bankers. And I wasn’t much surprised that the financial regulators were looking the other way, while the money men were doing their thing. I’ve never actually trusted the regulators. The way I saw it, they were all in cahoots with the banks. Why on earth would they put pressure on the bankers if most of these regulators either come from the banking industry or would end up in it at some point?
And as for the rating agencies, well, I suppose it’s a bit like asking the guard dog to bark at the handler who feeds it. Rating agencies are paid by their clients, the financial institutions, to give them good credit ratings, and that is what they do: give them good ratings. Not to mention that they are owned by big financiers, like Warren Buffett, who know a thing or two about how credit ratings work.
And once I’m listing the people who take care of the banks, so to speak, I might just as well throw in all those academics and economists and experts and independent financial advisors (nice title ‘independent financial advisor’, don’t you think?) and accountants and so on. And I might as well include the cops and the prosecutors and the law enforcement agencies generally, as they have all demonstrated their unwillingness to go after the crooked money men.
So, as you might have already gathered, I was not surprised by the politicians, the regulators, the credit rating agencies and the law enforcement boys making life easy for the money men. But I confess I was a bit taken aback by the way the press around the world succumbed to all that ‘charm’ that the money men radiate. I obviously knew that many big publishers were very friendly with the bankers, who provided their papers with a lot of advertising, but I never thought they were THAT friendly. Here was one of the biggest stories of the century: bankers messing up the world’s economy and gambling away, or stealing, hundreds of billions, and yet hacks didn’t make a big fuss about it. Pretty much kept quiet, I would say. Helped to cover up the sins of the banking industry, if you want it bluntly.
Give me one big name in banking that the press hounded down and brought to book. You wouldn’t be able to. Because there are none. The few bankers who got caught were either brought down by their own greed, or set up by their partners. The media had nothing to do with it. Hacks just mentioned occasionally that the whole banking industry caused problems for the world economy – without picking on any individuals. It’s always easy to blame the ‘industry’ rather than specific people in it.
Newspapers took the easy route of talking in general terms about the financial crisis. What’s even worse, many of the hacks downplayed the ferocity of the recession and are now writing, in all seriousness, about the boisterous recovery unfolding before our very eyes.
As a result we’ve got a crazy situation: companies go bankrupt, unemployment is covered up by dodgy statistics, millions of people are in debt to their eyeballs and are struggling to survive and yet, no one is revealing the real state of things. So is there any wonder that a new crash is coming, with more juicy bail-outs for the money men. Because that’s the way the current rotten system works: the big boys party while the rest watch, and then help them out once the good times come to an abrupt end.
It’s what the free market is supposed to be all about. Actually, it’s bloody communism for the bankers, if you ask me. So think about it when you next hear some banker or government official trying to convince you that banks need to be looked after in case they get into trouble.
And one last thing about bankers and their power: how about that Canadian citizen and former Goldman Sachs man, Mark Carney, getting appointed Bank of England Governor? How does that work in real life? The bank of England is about the national security of Britain and getting a foreigner to run it looks very odd. But did anyone object when George Osborbe, the man who calls himself Chancellor, put Carney’s name forward? Nope, total silence. And applause at Goldman Sachs, I presume, one of the financial institutions that was smack in the middle of the last financial crash. No comments are needed, I suppose.