The archive is catalogued by 'Economics', 'Politics', 'Mockingbird', 'And in other news' and 'Thoughts on other things' 

MarkGB 

"Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world" - Henry Kissinger

and yet...

"Sooner or later everyone sits down to a banquet of consequences" – Robert Louis Stevenson

The GFC legacy is darker than the FT cares to admit

In response to an FT View on 11th August 2017, entitled ‘Ten years on, the crisis leaves a dark legacy’

https://www.ft.com/content/b17e197e-7e08-11e7-9108-edda0bcbc928?desktop=true&conceptId=9823c7de-0ed0-3538-a804-996b268a776f&segmentId=d8d3e364-5197-20eb-17cf-2437841d178a

“The legitimacy of capitalism was undercut, and is unsteady still” - FT View

- Making the rules to suit a cartel of primary dealer banks is not capitalism…it’s cronyism

- Rating ‘sh1t dressed as chocolate’ as AAA because if you don’t, the well connected crook sitting in front of you will go down the road to someone who will…is not capitalism, it is good old-fashioned cowardice

- Bailing out banks with tax payer money in the name of ‘rescuing the economy’, conducting ten years of ZIRP/QE in the name of ‘increasing lending to the real economy', sitting back whilst most of the resulting ‘money’ goes into leveraged front-running, high-end assets, & huge bonuses…is not capitalism, it’s socialism for the rich

- Building up the largest prison population of any country on the planet, handing out fines to 8 year-old kids selling lemonade to make pocket money…whilst turning a blind eye to financial fraud because the criminal works on Wall Street…is not capitalism under a rule of law, it’s a better scam than the Gambino crime family ever pulled off

“The pre-crisis failures of leadership, prescience, and stewardship were real. All the same, open capitalism is the only way forward and it requires leadership that acknowledges hard choices, rather than selling easy outrage” - FT View

The failures were indeed real, as is the fact that the same bunch of clueless fools are running central banks - still using the same ridiculous models such as the Phillips curve; the same useless ex-policymakers and ‘economists’ are still making excuses about their role in the crisis, and still peddling their Teflon coated garbage in papers like this one and the NYT.

As for ‘easy outrage’ – outrage is not easy – if it were then dozens of insiders who kept quiet whilst their colleagues off-loaded junk on ‘muppets’, would have been suitably outraged. Papers like this one would have made more noise about bribes masquerading as ‘fines' if it wasn’t people in your address book, e.g. people at Davos and Bilderberg, who were guilty of the malfeasance and/or keeping quiet about it. Outrage isn’t ‘easy’ Mr Editor – it takes courage.

“The financial crisis is over”- FT View

The financial crisis is not over. It’s been papered over. The pension crisis has started in Illinois and is waiting to erupt, the European banks are not still not fixed, the jobs figures are baloney etc. etc.

“The crisis of legitimacy goes on”- FT View

Yes it does – in banks, in government…and in the mainstream media.

The end of the indispensable empire

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