Magic words

Simon Nixon, writing in the Wall Street Jourmal about Banking reform, says "George Osborne's [UK Chancellor of the Exchequer = Finance Minister] priority must be the recovery." Sounds right, doesn't it - the recovery? Someone's ill - let's hope they recover.

But the rcovery being talked about here is purely a financial one. Wall Street is just a great big casino and bankers gamblers, who when they lose their bets tap their friends in government for a sub. This is all disguised in code and jargon, as we know.

In the article in 'The Week' magazine that I'm basing this post on, I read that "UK bamks trade on lower multiples than many of their eurozone peers." I think this means that they lend proportionately less money that they have created out of thin air. We also learn that the "ring-fence [of retail banking from investment bamking] could cost banks some £14bn a year." This means that banks will be able to create £14bn less money per year out of thin air with which to gamble or with which to create interest bearing loans that have to be paid back with money also created by and lent by the same banks.

This argument is basically "please don't stop me gambling as then I won't be able to gamble." There is no physical referent in what the banks do, and no life ground. It is a big, destructive, game. We can and should destroy our own eco system in order that this game can continue and expand, according to the lunatics that run this world.

In fact it is obvious that if we damage and destroy our eco system(s), it/they will damage and destroy us. Therefore, obviously (to the sane person) we should strive not to damage or destroy our eco system. What is the test or output of this? Well, the survival and flourishing of the human species. How can we meet human need sustainably (ie withnin the limits of eco system resources). That is the question facing us, not how we can get more money for bankers.