R.F.Wilson writes from the City of London: First, a word to all the mugs in Britain and beyond who’ve been ecstatic about former boss of the Royal Bank of Scotland, Fred Goodwin, losing his knighthood and current RBS chief exec, Stephen Hester, turning down his £1 million share bonus: you’ve been had, you fools! Don’t you understand that these two were selected as fall guys to protect hundreds and thousands of others, who should be not just stripped of their honours and denied their bonuses, but sacked, investigated and hopefully prosecuted for what they’ve done. Don’t you realise that politicians are as guilty as the money men, for bankrupting the nation in order to bail out their friends? Yeah, think about it when you next congratulate yourself for taking a high moral stand and adding your voice to the screaming mob that was going after Goodwin and Hester.
OK, with that off my chest, let’s deal with a broader subject about the way slimy bankers, shifty eyed politicians and all sorts of academics with fancy comb-overs and countless business analysts and commentators are plugging the big lie these days: that the reason why we have such a mess in the world economy is because capitalism turned out to be an ineffective system. And, what’s even more amazing, vast numbers of people actually fall for this rubbish, nodding their heads and repeating the idiotic statements of the loony lefties, who insist that their idol, Karl Marx, was right about the inefficiencies of the free market and the evil nature of private ownership.
Bankers, who have caused the current mess, due to their greed, incompetence and general stupidity, want people to think that it was not their fault and that the blame lies firmly with the system. It sounds a bit like the Soviet communists and German Nazis, who blamed the respective ‘systems’ and the ‘set of values’ they promoted for committing hideous atrocities but not their own behaviour. In fact, so gross is the arrogance of the crooked money men, who talk about the ‘pitfalls’ and ‘inefficiencies’ of capitalism, that you would think they didn’t deceive their investors, bend the rules and pay themselves a fortune for doing preciously little.
Make no mistake: capitalism in its proper original form, as described by Adam Smith, works perfectly, if the people involved in it don’t start succumbing to the temptation of getting rich at other people’s expense, ripping off their partners and customers and pretty much anyone who they bump into. The free market in its original concept was about people having an opportunity to start their own business and develop it and grow into a big one. It had nothing to do with shady dealings, backstabbing, bribing politicians to get government contracts and, most outrageously, ripping of the taxpayers like the banks have been doing for ages, until there was nothing more to steal from the public purse.
The only reason why the money men are trying desperately to convince everyone that capitalism is to blame for all the current economic woes is because they are terrified of losing their ill-gotten wealth and want to preserve the current status quo for as long as physically possible. And that is why the politicians on their payroll are coming up with all sorts of stupid bail-our schemes that are supposed to prop up the banking industry in its present form, even though it’s rotten, corrupt and doesn’t work properly anymore, favouring speculators who make money out of thin air. Politicians are in one boat with the money men on this, with the free media doing its best to cover up the whole disgraceful arrangement.
It won’t work though. You can print money for a while, but there would come a moment when this whole house of cards would simply crash burying underneath the rubble the very same people who have been trying to keep it standing. Meanwhile, it would be a good idea for people to at least not to repeat the drivel that this mafia is peddling. At least for the sake of not feeling like an idiot when this whole farce unravels.