Bloomberg writes that Bankers in Davos are partying as ‘they’ overcome the crisis.
There are no panel discussions on banking regulation nor on reform .
They think they have it in the bag. Central Banks print money, they lap it up and the price that bond-traders insist on is deficit reduction …… in the public sector with job cuts ….. which deflate the economy…… but not for the top echelons of society.
Bankers aren’t stupid. They are sure they face no opposition from the main political parties who have bought into the globalisation story.
The best we have is to eulogise Gordon Brown’s sidekick – Ed Balls – and paint him as some left wing firebrand who will stand up to the banks. Exit Guardian and Independent from the land of the living.
Ditto Spain and Greece…. where left-wing governments are cutting the deepest.
Tunisia, Cairo, Athens and London have shown that the new politics isn’t the Nick-Clegg-Lib-Dem kind but that of the street bypassing Parliaments and Senates and social networks bypassing mainstream media.
This is a decade long story….. the bankers in Davos have uncorked the champagne bottles much too early.
The silver lining is that their crass behaviour helps cement public unity among the classes. Much of the middle class is ‘hurting’ too, not just below, but the point Ed is that they need something different, not more of the same that you offer at a slightly reduced pace.