We really do not live in the same world ... and it is from the system of "their mother's son" that we "saved" ... but rather read Philippe's comment
The author, Philippe Derruder has written several books on economics and finance, several with his friend AJ Holbecq: http://fr.wikipedia.org/wiki/Andr%C3%A9-Jacques_Holbecq
"I bring you a New Observer file this week on the current financial disaster:" Crisis: the wreckers. Investigation among the lords of finance. "
The 3 articles in the dossier paint the picture of international finance, in the light of the current doldrums: reactions and analyzes of actors in the field, portraits of great pundits. How do financiers see the financial debacle? I have hardly seen or heard them on the air. How do they feel, they who are on the front line, and who are expected to be disappointed, if not pitiful?
They are fine. What strikes me about these people is that selfishness and rapacity are so natural they barely discuss each other. The main thing is to be successful. If we point out to some, who have speculated on the downside, to have strongly pushed the crisis, the answer is: "I would be very stupid not to profit from it"; "with or without me the markets would have collapsed." This is how many are slashing champagne right now in Greenwich or Mayfair. Simon Cawkell, an independent London speculator, estimates that the crisis will net him 4,5 million euros.
The second point, it is impunity. There are of course some bankruptcies (Lehman Brothers) and layoffs, loss of wealth, but traders will receive their bonus this year, like other years. According to the Guardian, the 10 largest establishments on Wall Street plan to distribute $ 70 billion in bonuses (10% of the Paulson plan ...). Reflection of a trader: "I do not see why I would pay the broken pots! If I do not have my bonus this year, I would look elsewhere. Banks are forced to continue the game so as not to lose those who still make money. It's the law of the market. "
It’s another world. David Freud (grandson of ...), former business banker, confesses: "If people knew what we were winning, we would reestablish the guillotine and heads would waltz on pikes."
But finally, all that will change, won't it?
How could it be? The same people who ran the funds
speculative are appointed, fortune made, in national and international public bodies. The US Secretary of the Treasury, Henry Paulson, led Goldman Sachs for eight years (estimated fortune: 400 million euros). Goldman Sachs is the saint of speculation saints. The president of the World Bank is from there; or the Governor of the Bank of Italy.
If the political will was not lacking, the financial world would in any case not let it be. Reflection of a trader: "If Brown or the others want to get involved in bonus policy and toughen tax policy, no problem! Everyone will do like me and we'll go to Switzerland." What if Switzerland becomes less hospitable? "There will always be another place ..."
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Can we get out of the trap?
Yes; I remind you of the message that I sent you recently "the crisis, a chance not to be missed" which invited you to sign a petition and send a letter to your elected officials to challenge them on the power of monetary creation. All of the above would no longer be possible if the power of money creation were returned to the public. The politicians will do nothing (except to use public funds to support the banks and therefore to lose the system) unless the pressure of the people is strong.
So if you haven't done it yet go to www.dettepublique.org site that we have created so that this question can finally be exposed and so that the Nation can vote democratically.
I would point out that this action is also relayed by cyber @ actors - action 281.
(To be distributed without restraint)
Sincerely
Philippe Derudder "
In any case, we relayed it: https://www.econologie.com/forums/crise-banc ... t6360.html