Magazine article New Internationalist

Banking Laid Bare

Magazine article New Internationalist

Banking Laid Bare

Article excerpt

I'm not sure why I was trying to clear cat fur from under a bed, but as I did so I came across a packet of postcards I sent to my parents as a very young man. A lmost all of them referred to money - or, rather, my lack of it. Oh, the humiliations of youth! In this respect, I fear nothing much changed thereafter - the craft of making money, let alone making money out of money, has proved not to be one of my talents. Maybe it's just as well that some people have such a talent, but experience suggests to me that they are in a very small minority - and I can't for the life of me see why it qualifies them to rule the world. Given that it does, I'm not entirely surprised to find the cause of the great banking meltdown morphing into its cure, or professional politicians coming to surpass bankers in their unpopularity.

Ask yourself how people fined $300 billion for malpractice can also make $1 trillion in profits, and there you have the current state of banking laid bare. …

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