Those who know me know that I have a lot of vitriol for bankers. As an industry, they have their “New World Order” in the palm of their hands….or if you look at it from the working man’s perspective…our democracies by the gonads!
Through hedge funds and lending to Ninja (no income no job no asset) borrowers, which is highly irresponsible, they managed to make their banks billions of dollars which gave each “successful” banker a million dollar bonus or more.
Banks have historically been in a great position. Countries compete for their services by promising them deregulation and tax cuts…or should I say “business welfare.” This push towards the far end of the neoliberal spectrum is taking its toll on the tax payer and it will eventually end in higher taxes and the selling of our countries as the banks need to be bailed out. In the UK we have socialized Northern Rock…a massive bank at a cost of £1800 ($3600) for every person in the UK. The UK is one of the most exposed countries to this crisis because of our record levels of debt.
We would never run our households this way…then why do our politicians allow it!!?? They know they have to have bankers on their side because they provide them with campaign funds…According to Carrol Quigley, bankers hold the power and have done since the days of Andrew Jackson. Jackson’s epitaph reads, “I killed the banks!” Ironic, isn’t it!
You can see my vitriol and anger! The rich will not be as affected by the financial mess as those who they have preyed upon. And it will be the responsible members of society who will have to bail out both the banks who are taking huge losses and the individuals who declare banckruptcy.
No other industry privatises the profits and socialises the losses as much as the banking industry
What we are seeing at the moment is socialism/fascism for the rich and free markets and coercion for the rest. Recent examples of this socio-fascism being; a centralised meeting last week between the G7 and world bankers, Gordon Brown having breakfast with Bankers, and Bernanke promising bankers that the US tax payer will take the bad loans off of their books. No other industry is socialized in such a way except maybe the “Defense industry”.
Greed and corruption are rampant in a sector that doesnt even produce anything except fiat currency!
Inspired men and Holy Books of the world might have some guidance on this subject.
Both Aristotle and Plato condemed Usury. 1 Timothy 6:9-10 reads:
People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.
Why is it then that the rich who fall into temptation by their greed and prey on the poor and needy are bailed out by others which negates the natural consequences that should come according to this scripture?
In a world where our temporal and spiritual lives are interlinked and our ultimate goal is to have a society such as Christ instituted in the New Testament and Book of Mormon, a society where all things were in common and there were no poor among them…why are we so far off and what should we do to move in this direction?
Wikipedia defines Moral Hazard as:
the prospect that a party insulated from risk may behave differently from the way it would behave if it were fully exposed to the risk.
The behaviour of banks over the last few years, which I am sure would change if they knew the government wouldnt bail them out everytime their greed got the better of them, has been “morally hazardous”. The government and the “private” banking industry are so tightly interconnected that I do not see our “democractically elected” (please sense my extreme sarcasm) politicans ever changing this relationship of convenience.
I wonder if the City of Enoch had similar challenges? 😉