Thursday, August 13, 2009

Because You're Worth It

The recent scandals in banking and Parliament have shown quite clearly that those who pay themselves vast sums are not worth it, the sin of pride once more doing its evil work on a catastrophic scale in order to satisfy the egos of stupid men.
Such financial gluttony, such gorging of the self from the common table, is justified by economic theory. As time passes, one has come to believe that the quasi-religious pseudo-science of economics, the basis of which is self-interest, cannot co-exist with political systems based on the will of the majority. One or the other will have to go. Since the end of the Cold War, the aim of policy seems to have been to marginalise politics. History may show this to be have been a two decade long losing bet on a lame horse. If economics attempts to assert itself over politics, it will have a fight on its hands.
The banking failure was one of regulation. Regulation, the idea that economic actors are accountable to others for their actions, must justify what they do the scum, the herd, the little people, is a sin against economic theory. This is why it has been actively circumvented by defenders of plutocracy often up to behaviours which the reasonable man could reasonably describe as corruption. In an ideal world, those lawyers who engaged in 'regulatory capture' would lose their practicing certificates and be struck off the rolls wherever they are. The time for apologising for economics is long past. Time now for appearances before disciplinary tribunals and exemplary sentences.

2 Comments:

Blogger James Higham said...

Such financial gluttony, such gorging of the self from the common table, is justified by economic theory.

Which is why I've just run five posts attacking this and everyone has ignored these posts.

Therefore they ignore anyone else who says it too.

Therefore it continues and they act with impunity.

13 August, 2009 17:53  
Blogger Martin said...

James,

Keep talking about it.

Someone, some day, will get the message.

14 August, 2009 05:27  

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