“Describing the financial system as reckless, out of control and ‘very dangerous,’ Admati says that ‘not much has changed’ since the crash. She says we can only have a better system if we the people demand one, ‘and that’s why I need you to help me scream.’
Anat Admati
The reign of the Banks was reintroduced on the back of, and is sustained by, a major campaign of corruption of the political processes and the public discourse. The decisive moment was the repeal of Glass-Steagall, and the further withdrawal of the watchers on the wall by both political parties who have gone along to get along.
The difference in the analogy offered in this talk is that the monied interests are not some semi-benign doddering old emperor who has fallen victim to the flattery of courtiers and the schemes of conmen. They are a monstrous construction of reckless pride and greed who will work their schemes until the exhaustion and collapse of their prey.
One is foolish to expect them to be ruled by self-control and appeals to reason, given the nature of their pathology. These are the very types that cause people to organize themselves for their protection. This is the highest responsibility of government: the promotion of justice, and the defense of all people, including the foolish and the weak, for the common good against thieves, conmen, bandit, foreign armies, and domestic predators.
“There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing.”
Andrew Jackson, Veto of the Second Bank of the United States
The Banks and their associated Corporations continue to extract usurious fees, misprice risk, rig markets, and engage in a variety of soft bribery and extortion. And it will not end well. I would like to be more optimistic, but it is discouraging to see how easily the financially powerful have co-opted some sincere reform movements into their willing tools, spouting utopian nonsense. The shepherds have been struck down, by the bullet and the bribe, and the sheep have been scattered.
The Anglo-American financial system is an accident waiting to happen. And you can be sure that they are expecting, once again, to dip their beaks deeply into the public pockets when they do. Â
