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Nothing To Fear But…? April 5, 2013

Posted by markswill in About me, Media, Politics, Schmolitics.
19 comments

Not that it really matters, but the unusually long hiatus in my bloggery – by recent standards, anyway – is down to the fact that just as I was putting the finishing curlicues to a searing expose of how politicians and commercial interests employ fear to get their way in the world, my friend Dick Pountain did a much better job than I’d just attempted in his newly posted blog, which I commend you to read here 

Admiring though I am of his insight and intellect – and I really do advise you sign up to his regular musings – it left me with a metaphoric hole to fill which happily was remedied by a visit to the Royal Court to see The Low Road, written by Bruce Norris. You may’ve been luck enough to see his last play performed there, Clybourne Park, a brisk, darkly humorous excoriation of racism and property speculation in Chicago, with über-Hobbit Martin Freeman especially impressive. The Low Road fills an even broader canvas, namely the entire history of modern America woven into a neat and devastating parable on the venality of its financial system, with a noxious side-order of religious bigotry and racism. It’s a sprawling, three hour work wryly narrated by a non-judgemental Adam Smith, and it would’ve had even more wallop had it been edited down by 30 minutes, but it had the desired effect of leaving me both highly entertained and very angry.

Coincidentally, novelist Sebastian Faulks vented similar anger in a recent Evening Standard article. As in Norris’s play, he observed that the economic woes caused by a breed of bankers who profited from the naïve trust of their investors hasn’t resulted in a single banker, hedge fund manager or other financial huckster being imprisoned for the misery they’ve caused. He wrote:

“The FSA (Financial Services Authority) which was meant to police the system was too weak to do its job. The ratings agencies misunderstood the products they were rating. The ‘big four’ accountancy firms signed off things they should never have let pass. The ‘magic circle’ law firms helped financial houses construct (their) lethal instruments. Crazed by greed, the traders told us they had spread the risk so thin that it could never come home to roost.”

Well we now know how wrong they were, with almost everyone who isn’t earning a proverbial mint in the City suffering from the consequences. In a week when the Chancellor substantially shrunk the social welfare safety net to the extent that millions of the poorest will lose out, whilst simultaneously he reduced the tax rates for the richest, we are required to accept that such policies are necessary to ensure the future comfort and prosperity for all.

Then we had Danny Alexander, the Chief Secretary to the Treasury and like his master George Osborne and most of the coalition cabinet, a sleekly-padded upper-class millionaire, telling R4 listeners that lowering the tax rate for high earners would encourage more of them to move to Britain and spend money that would provide employments for others – the same ‘trickle down’ theory that Mrs Thatcher’s last government manifestly proved not to work. On other occasions, Alexander and his cohorts have also defended the apparently obscene bonuses given to executives of the banks that we bailed out and in several cases now largely own, as being essential to preserving Britain, or more particularly London, as a global financial hub vital to the economy. An economy which, although he didn’t mention it, successive Tory (and recent Labour) governments would otherwise have destroyed by letting our manufacturing and energy industries go hang or become owned by foreigners who don’t pay much if any UK tax.

And whilst I don’t want to turn this into a tedious analysis of why this is balderdash, I will say that I just don’t get it.

Personally of course, I’m lucky. I may not earn much, but I don’t pay rent or a mortgage and have no kids to support, but my relentlessly rising cost of living is such that I have to watch very carefully what I spend on utilities, clothing, transport etc. My heart therefore goes out to those less fortunate than me and I believe that all of us would perhaps, possibly, just conceivably be more willing to submit to the strictures of millionaire politicians who understand not a jot what it’s like out in the real world of broken Britain if they brought some of the bankers to book.

It isn’t even ironic that the ‘papers are full of stories about unemployed people who’ve been thrown into jail for defrauding the benefits system of a few thousand pounds when those who brought the economy to its knees, and caused further cuts to that system, go scot-free.

Indeed after a nod to the now dormant Occupy movement, as Faulks also noted, “ It is difficult to understand why there are not peaceful protests every day outside RBS, Credit Suisse, Goldman Sachs, Morgan Stanley and all the other places where a few men conspired to gamble with money that did not belong to them – and got away with it.”

My own theory is that Osborne, Alexander, Cameron and their fat-cat pals in the City have cunningly and deliberately made it obvious that any mass protest or show of indignation would risk the financial security, pathetically limited though it may be, of those who did the protesting.

In other words we are obliged to be afraid, very afraid, of rocking the boat.

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