In today's Independent, regular economics columnist Hamish McRae considers whether Paul Tucker, Deputy Governor of the Bank of England told Bob Diamond of Barclays to lie about inter-bank lending. His conclusion? "Unthinkable".
We are faced with an extremely serious situation. The present global financial system has grown out of an early attempt to create mechanisms by which people could trade more easily.
By many small steps, we have journeyed far from our roots in a gift economy: through tokens, tablets, gold and finally to our present, disastrous fiat money system.
This system now functions in the service of a predatory elite: almost every major technological / political / legal / military / social step forward results in another click of the ratchet which transfers wealth from the public to a private few.
The system is supported by a set of false beliefs which are articulated by economists and academe, and promoted by the media. These beliefs are taken as given (economists understand human behaviour, markets are free, 'it is unthinkable that ...') and their memes frame most public debates.
While commentators such as Mr McRae genuinely believe such things - indeed are deeply convinced by them - the predators know better. But they operate behind the smoke and mirrors provided by those such as Mr McRae.
Whose reality will prevail? That of the idealised but apparently deluded Mr McRae? That of the greedy leaders of our large corporations, creating businesses with their own psychopathic world-view? Or something else?
We are all in a deep sleep - awakening from which will probably be traumatic.
Posted by Nicholas Moore 1:20 pm