From the analysis in the first three parts of this series, the political bargain should have become clear. There are three major players – governments, centralbank\regulators and the mega-banks. As a result of the forces at work, as outlined in Parts 1-3, they have reached an agreement. This is all the more powerful for being unspoken. It does not need to be set out legally.
Governments get assured access to cheap funding, greater control over the financial system and plenty of excuses and escape routes. The mega-banks get to keep state protection and cheap funding, while becoming in effect wards of their client states. The puffed-up central bank/ regulators gain new powers, while giving hostages both to their governments and to the banks. To seal the deal, each party agrees that no meaningful reforms of the national or international monetary systems are necessary or desirable.
With the three major players in the grip of the instruments of darkness, we are, like Lady Macbeth, sleepwalking to our destruction.
As Macbeth realised at the end:
‘And all our yesterdays have lighted fools the way to dusty death’
The deal to kill reform
Conclusion of the series
From the analysis in the first three parts of this series, the political bargain should have become clear. There are three major players – governments, centralbank\regulators and the mega-banks. As a result of the forces at work, as outlined in Parts 1-3, they have reached an agreement. This is all the more powerful for being unspoken. It does not need to be set out legally.
Governments get assured access to cheap funding, greater control over the financial system and plenty of excuses and escape routes. The mega-banks get to keep state protection and cheap funding, while becoming in effect wards of their client states. The puffed-up central bank/ regulators gain new powers, while giving hostages both to their governments and to the banks. To seal the deal, each party agrees that no meaningful reforms of the national or international monetary systems are necessary or desirable.
With the three major players in the grip of the instruments of darkness, we are, like Lady Macbeth, sleepwalking to our destruction.
As Macbeth realised at the end:
‘And all our yesterdays have lighted fools the way to dusty death’
Written on June 20, 2013 at 2:41 pm, by robert
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