The Rotten Fruits of Labour
On September 11th 2001, Al Qaeda sort to bring turmoil to the western world and the economic system. Despite the massive loss of life and the permenent alteration of New York’s sky line, the effects were actually fairly minimal and short-lived. Little did any one realise that the seeds of a much bigger, more effective threat to the global economy were already sown and germinating. About seven years after the attacks in New York, the years of greed-based banking and investment policies, left to grow unchecked by anything even approaching adequate governmental regulation, produced its toxic fruit. Trillions of dollars, that’s with 12 zeros, disappeared almost overnight.
The loss of life caused by the banking failures may not be as dramatic and immediate as that caused by the actions of 9/11, but how many people will commit suicide because of their losses? How many individuals might die from illnesses that could have been cured, but now lack the health care following redundancy? How many other lives have been ruined? How many people have worked hard all their lives, saving responsibly for their old age, but now face retirement with savings that pay little or no interest and/or share portfolios that are worth less than their original purchase price?
The reward for Al Qaeda, following its attacks, has been a sustained onslaught from the combined military of a multitude of nations. The rights and wrongs of these actions and the overall strategy in Afghanistan are not the issue here. The point is that western Governments have readily embarked on a multi-billion pound military action to pursue those who tried, but failed, to bring down the West. The apparent rewards for the cheiftans behind the banking and finance industries are multi-million pound bonuses, severance packages and pension pots, with no action being taken against any of those responsible and many actually finding cozy, well-paid positions nessled up nice and close to the Government. Only today (17th March), we learn that Sir Fred Goodwin is entitled to ANOTHER £3,000,000 on top of his already ludicrous pension pot. How come these enormous amounts of money are only now becoming known? Has no one in our inept and useless Government thought to check ALL the figures yet?
Perhaps it’s time that those who caused and allowed the banking system to become so bloated with festering assets and attitudes should be treated with a similar degree of “extreme prejudice” as Al Qaeda. To allow these people to have and continue to benefit from their poor judgement, excessive greed and inept leadership is ludicrous in the extreme and insults the vast majority of individuals who will inevitably bear the final costs.
