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Why should rich posh crooks (aka bankers) get away with it?

The banks: how am I here again? Standing outside RBS, Paul Mason asks why action is not taken against crooked bankers. They plead not to over-regulate them, not to imprison them or they won’t be able to recruit the talented people they need. Talented at what, you may ask. Ripping off their costomers? Certainly not providing the capital to invest in the growth we’re crying out for.

Video credit: Channel 4 News

One Comment

  1. The “capital” you are crying out for is a chimera. It does not grow on trees nor do banks “create” it. They either create credit, which is not capital or they lend you somebody else’s capital. Capital has to be created via wealth creation, it has to be a process (temporally!) prior to using it. You first need companies to turn a profit, then reinvest that profit, either by investing in their own expansion or by giving it to someone else because at the time that “someone else” has a higher rate of return. This process has mostly been undermined by fiat money and such things as “quantitative easing” which really at the latest began before the Internet bubble, because that one was ostensibly not based on capital but fiat “credit” that came literally “out of nowhere”. And there it went again. There is NO way a brilliant college grad cannot be corrupted in such a system. Any yes, putting a few of them behind bars instead of driving an Aaron Swartz to kill himself might work, but since the overseers are (for their “expertise” of course) recruited from that same bunch, that will never happen. So it’s probably pitchforks then.

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