“… here at CRESC [Centre for Research on Socio-Cultural Change], where we have been tracking the financial crisis since 2007, we have been arguing for some time that there are fundamental defects in our financial system”
Gosh, really? Since 2007? That long, eh? Some of us here at the Uncentre for Real Life, such as Christopher Fildes, Jeff Randall, and Peter Schiff (not to mention CCIZ’s own Paul Marks), have been “tracking” this crisis since 2001 or before. But then, of course, until 2007 “nobody saw it coming”, did they? I’m reminded of the Marxist idea of truth: it’s not what is factually correct, but what’s politically useful; what advances the agenda. These guys accurately warned of what was about to happen, and why, but that wasn’t helpful to the political class at the time, when boom-and-bust had been abolished. That was the Brownian “truth”; the doomsayers were lying about the impending disaster. Now that disaster can no longer be denied, the “why” is still unhelpful to the cause of Big Politics, so it will be people like Moran, who talk of “the illusion that a casino is the best way to organise the financial system for a modern economy” and claim that the City has nothing to do with “the real economy” who will be listened to, because their prescriptions of (even) greater political control are more “useful”.
But there’s a funny thing about that casino cliché: I’ve never heard of a casino telling someone who loses money he doesn’t have - after attempting to rig the game - not to mind, handing him a wad of cash, then urging him to get back to the tables tout de suite before anyone notices. If only our financial system was modelled on the robust attitude to profit and loss displayed by the gambling industry, we might be a sight better off.