Monday, October 18, 2010

Not Paying Their Way

So, here we are on the cusp of the 'great cuts'. Every normal person in this country is being asked to make huge sacrifices for the £120 billion that the bankers took in bonuses and profits, which all of us who earn, build and run companies, invest and pay tax subsidized.

Now, of course, our country is run by the sons of wealthy bankers, so the voters of Britain truly left the lunatics in charge of the asylum. That's been fine, but this week we are going to see our country/countries go back to the dark ages on the back of keeping the bankers rich.

Well, otherwise, they'll go to Switzerland or Shanghai won't they ? Well, if they'd done that a few years ago most of us would be an awful lot wealthier next year than we will be. We should now tax them out of existence. Indeed, perhaps we should even regulate them ? What a novel thought.

I have an endowment that lost 20% of its value last year in a bull market. If I'd done the same job for my clients, I would know the consequences, but this company still charged me a royal commission. What an important role the City plays !

The financial markets have no real competition, since regulation works against this. The fact that I know tens of companies looking for funding and tens of people looking for better returns for their money shows that there is no efficient market for investment.

Just as has happened in the media, the government prefers to court a favoured few to the huge detriment of ordinary people. The old joke about the Competition Commission being a monopoly is so relevant...

The cult of the powerful and the influential was a facet of life for so long that Britain seems to have institutionalised it and our current blue blooded leaders seem enthusiastic about entrenching the exact opposite of what they espouse.

Fairness is getting our £120 billion back.

The City no longer plays an useful role in providing investments, pensions nor in funding business anymore, it it just a self fulfilling cesspit that we are all going to have to spend the rest of our lives paying for.

So, now, show me fair...