- Published on Tuesday, 15 April 2014 10:36
We can decry individuals be they bankers, politicians or regulators. We can lock them up and take away their ill-gotten gains but until we dismantle the system which produces selfish, abusive behaviour, it's not going to stop. The system is powerful and self-protecting.
The enormous power and destructive influence of financial markets became apparent after the global economic collapse of 2008. This event revealed a need for bringing the sector under democratic public ownership; failing that, stronger regulations for financial markets at the very least. But political will has been lacking on both counts. The sector enjoys massive financial resources and successfully translates them into political influence.
Be in no doubt, the corruption is endemic and the system is beyond redemption.
The Global Banking Game Is Rigged, and the FDIC Is Suing By Ellen Brown
All the talk of reform and cultural change means nought. Our political and economic systems led us here and six years on from the 2008 crisis, little has changed other than banks are even bigger, inequality wider and the world is more unstable. It is time for a system reset.