Greece bankrupt. Portugal, Spain, Italy, Ireland still on the brink and the financial system is only functioning with government bailouts. And this is the good news, we’re told. It could be worse, we’re told. We could strangle the financial industry with regulation and kill our economies in the process, we’re told.
Here’s the really bad news:
The finance industry has effectively positioned itself outside of and independent from democracy itself. How else can they effect those bailouts and still avoid all effective regulation?
We, the people, don’t approve. They, our governments, don’t give a shit.
The banks, huge and bloated have reached a reputed importance for our economic system (read: capitalism) that would topple the whole economy if they themselves would fall. So they say.
Our politicians obey them and never ask questions.
Investment banks and rating agencies are playing with economies like cats with half-dead mice. To eventually kill or let go.
Complicit politicians are legally protected by immunity laws.
Small and medium enterprises are strangled by arbitrary lending and held at arm’s length, when job-creating investments need to be financed.
Government-owned banks look the other way and declare private lending isn’t their job.
Consumers are befuddled by easy credits to buy stuff from China (or elsewhere) which they didn’t, don’t and won’t ever need. We are made believe, that we are actually hurting the economy if we are saving.
Government-owned banks are then taking the credit default swaps and pay for them, so the private lenders won’t carry a risk and banks can reap some more.
I’m sure every one of you can think of more points.
Our governments are broken. My vote will never be for anybody again, but for those who are actively working for strict regulation of the financial industry. Or any industry. Lest they bankrupt us all – more than they already have.
I’m afraid I won’t get to vote much.
P -ortugal
