Please indulge me for a moment and watch this clip from BBC News…
Did it scare you? It certainly scared me.
I wasn’t really too surprised. It has been obvious that Governments have been living in fear of markets for years. The lack of regulation, especially after the global economic crisis in 2008, made that abundantly clear.
Money, and the acquisition of it, is the number one goal in our society and no-one has the ability to make (or indeed lose) money like the financial institutions. These are corporations making money in huge amounts. To the majority of us, who do not understand the instruments of this world, it can seem to be made out of thin air. As unbelievable as fairy-tales of golden geese or magical never-ending pots of gold.
What really really frightened me though was that an well-dressed intelligent man could be so wrapped up in his own wealth creation that he would, on BBC television, openly declare that he dreamed of a recession because of the money-making opportunities it would bring.
That he has no regard for lives ruined, jobs lost, houses repossessed, whole sectors of society destroyed just so he could have more money, and to what end? Buy a bigger car, watch, have an even more expensive holiday, destroy the environment some more jetting around the world. Acquire more material possessions?
Ed Balls said in his Labour Party Conference Speak yesterday “It wasn’t too many police officers or nurses or teachers here in Britain that bankrupted Lehman Brothers in New York.” But we are all paying the price, the very heavy price for it on our families, and will be for many years to come.
Not one banker or trader has been prosecuted for the global economic crisis on 2008. Don’t forget that was caused by financial institutions selling mortgages to people in America, who were not credit worthy and would default on loans they couldn’t afford in the first place. But these mortgages were actively mis-sold to the sub-prime market because, when packaged up into another form of bundled up debt they became even more lucrative to the markets. To my mind it is the financial equivalent of feeding cows’ brains back to cows. I am sure everyone reading this will remember the horrors of BSE. and how terrible that was for British farming and our beef trade with the rest of the world.
We can not let these bankers and traders put us into another recession just because they want to make money. We need to rise up, be united and say no, this is morally reprehensible. We have had enough. Only if we are all united will the government start to take notice and will seriously look at the issue of regulating the markets.
At the same time as this trader was speaking on BBC, protesters have been occupying Wall Street demanding that our current financial institutions change. Have you heard about it on the news? No there has been no coverage at all. This is a disgrace. Why is this story not being covered? The protesters have been there for two weeks now.
On the subject of what is really going on in the financial markets and who really has the control and the power of countries’ economies and how abhorrent it all really is, I can not recommend highly enough Sebastian Faulks’ One Week in December . We all need to wake up and reclaim our lives and our financial security back from these parasites. Before it is too late.