Comment by Michael Grove on February 10, 2013 at 9:22

We prevented a Great Depression ...

but people have a right to be angry

 

"Maths models should be aids to thinking, not substitutes for it"

Mervyn King is right. If the banks face no risk, we shall all go down

This article from Charles Moore IS an absolute must read, from the man who covers politics with the wisdom and insight that come from having edited The Daily Telegraph, The Sunday Telegraph and The Spectator.

 

Comment by Michael Grove on February 10, 2013 at 9:23

... and SURPRISE,  SURPRISE -

Mervyn King, the Governor of the Bank of England, has come under fire from  

leading economists after warning that Britain risks suffering another financial crisis

without reform of the country’s banks.

 

The article's 471 comments speak volumes of course - best encompassed by the following ...

 

"I think that Angela Knight has shown herself and her organisation, the British Bankers Association, to be stunningly disinterested in the very customers she claims the banks are so concerned about. She stated that certain past 'mistakes' (rip offs by the major banks) were no longer businesses the banks were in and they were now looking to the future (I paraphrase) - that 'this was the right thing to do'. No Angela Knight, it is not the 'right thing to do', not until all ripped off customers have been recompensed and that is quite simply not happening. Most customers of banks are treated with total and utter contempt - the banks seem to spend their days dreaming up ways to rip us off - getting caught out - refusing to deal with the customers complaints, indifferent to their customers and finding 'moving on' a more profitable solution.

I think the BBA should consider the havoc its members have wreaked, the thousands of hard working bank employees sacked while the 'money-go-round' people, responsible for bankrupting banks, take ridiculous bonuses. It is also not just the bank workers, it is all the other hard working people made redundant, through no fault of their own, as the result of the financial meltdown caused by the banks - whose money-go-round management have felt absolutely ZERO pain - at all.

How about starting with a small 5 letter word that starts with 'S' and ends in 'Y' - and then putting things right, not by casting responsibility aside and 'moving on' but by putting things right for customers and staff - instead of pocketing the ridiculous bonuses?"

 

As Charles Moore recently concluded ... "In some ways, our banking problem is even worse than our trade union one 30 years ago, because of the lure of money. Most powerful people in the country – especially in London – have a strong motive to suck up to the big banks. If you work in the arts, if you are a politician, or a retiring permanent secretary, or a senior army officer, if you run a university, a charity or a political party, you will want bankers as your friends, and so you will blanch at Mr King's frankness. Well, a lot of my best friends are bankers (though possibly rather fewer if they have got to the end of this article), but I'm glad someone is speaking up against a world where morality has simply turned upside down."

Comment by Michael Grove on February 10, 2013 at 9:24

You may be wondering by now if there is a way out of this gloomy scenario.  

I believe there is, but it is not only systems that must change.  

Humans will have to change their Values and their behaviours.  

The slide may now be inevitable, but our survival and the speed of our recovery

will depend on how quickly we can accomplish such a radical realignment.

Comment by Michael Grove on February 10, 2013 at 9:25

A US Senate Subcommittee has called on authorities to examine whether

Goldman Sachs mis-sold mortgage related securities and misled Congress,

as it released the findings of a two-year investigation into the financial crisis.

" When plunder becomes a way of life for a group of men living together in society - they create for themselves, in the course of time, a legal system that authorises it and a moral code that glorifies it "

                                                                                                                Frederik Bostiak

 

Comment by Michael Grove on July 1, 2013 at 7:33

The thinking that money alone can bring on human emergence was proven wrong.

If anything, money showed the pathologies and greed that are inherent in human nature. Europeans who’ve been known to belong to the EGALITARIAN/HUMANITARIAN  value system, descended to their past imperial/colonialist selves very quickly and became the pillagers of wealth. Americans running some of the world largest sovereign funds for Dubai embarked on buying worthless companies that were teetering on bankruptcy and collected enormous fees on both ends of the transactions. This was Disney World for Western business people where they saddled every business entity with enormous debt, filling their pocket with outrageous compensation without any of their activity ever being scrutinized by a proficient ORDER system that understood the nature of what was being done.  When all the dust cleared, the Westerners went home and the government of Dubai was left with hundreds of billions in liabilities.

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