The economy of a capitalist system is like a schizophrenic dog, tame for a moment but will always at some point become wild, true to its nature, love you one moment then bite you in your face. It is about making winners and making losers.
As bankers around the world have grabbed for their dummy, turning to their big Daddy, in the form of their relevant nations “reserves”, to come bail them out of the shit they managed to get themselves in, all we can do is sit and wait for this tsunami, for this wave of economic turd to rise to our necks, once again. Bankers will still get their huge bonuses, they will still drive their gas guzzling sports cars and live in oversized homes which will remain heated through out the winter months so that their pet shark, pickled in formaldehyde, doesn’t get cold, all this while they escape the turbulent winter season and financial crisis to holiday off the coast of Corfu on their big yachts with brethren filthy rich. If these bankers were of any other profession they would have been chastised for malpractice.
Gordon Brown, England’s Prime minister, ex-Chancellor of the exchequer, must be finger-tipping the sweat from off his brow with the fortunate circumstance that this situation is one that allows him to have a shot at looking good for once. Talk about “Brownie” points. Headlines cheered him from his corner like some regenerated superman with his economic recovery plan that will save the world from depression.
Gordon Browns plan ‘B’ is a simple, let’s try plan ‘A’ again. The government will be selling yet more bonds (IOU’s), raising our national debt to an even greater record high, to raise capital to re invest in our commercial banks so as to keep up the momentum of the capitalist wheel.
This is all fine. No one wants to see an economical world wide crash. Let’s keep bailing out the water but at the same time let us all remember that there is indeed a hole in our boat and it will sink.
Our financial system is built on credit and debt. We are swimming on a sea of speculations. Ten years ago the UK national debt stood at approximately £380 billion. Private and commercial debt in the UK stood at £780 billion. Combined, this left the total debt of the UK cruising around the £1160 billion mark. When you consider the total money stock of the time at £640 billion you can see the extent of the UK’s negative equity. And that was ten years ago. Right now, with this credit crunch and economic situation, I dread to think what the figures may be. I doubt there is any point in quoting figures for our present situation while they are still soaring.
The majority of us are not financiers, bankers, the heads of big business, economists or even politicians and therefore we are in no position to truly understand the workings of the financial world. There is such spin that we would indeed become dizzy from the outset and this is no accidental shroud that covers this sector of our society. It is a sinister world of deceit where the greed of man is the driving force.
The whole affair is tempered by the fact that the people involved wear suits and carry smart phones but we should never be fooled into believing that the world of finance is not a world of murder and violence of greed and selfish requisition. When it comes to money, men, in every sense of the matter, have lost their heads. What we have to realize here is that while these men are in control of our finances, while they have a foot in our economy, the flow of money and the benefits for us all that could come from such economic investment will remain with the minority. The unfortunate reality is that we all pay a price, not only financially; we pay with our standard of living and in the end the quality of life our children can expect.
“I am half inclined to think we are all ghosts, Mr. Manders. It is not only what we have inherited from our fathers and mothers that exists again in us, but all sorts of old dead ideas and all kinds of old dead beliefs and things of that kind. They are not actually alive in us; but there they are dormant, all the same, and we can never be rid of them. Whenever I take up a newspaper and read it, I fancy I see ghosts creeping between the lines. There must be ghosts all over the world. They must be as countless as the grains of the sands, it seems to me. And we are so miserably afraid of the light, all of us.”
An excerpt from Ghosts by Henrik Ibsen