Barclay’s scandal is the tip of an iceberg….

The scandal engulfing Barclay’s bank should hardly come as a surprise; nor is it surprising that the Financial Services Authority has other banks ‘in its sights’. The finance sector has long ceased being merely another facet of the economy and has, for a long time, been a cartel of vested interests which only cares about its own interests. Both Labour and Conservative politicians have fallen over each other to each blame the other for this but neither Party can admit the simple truth; both main political parties have connived in this carve-up of our economy and the Liberal Democrats are now in a  government which is the bankers best friend.

Barclay’s has cruelly exposed the free market myth; that a ‘free’ market delivers opportunity for all. In fact, it does the exact opposite, it entrenches the power of the wealthy few to use the wider economy as their plaything because the only power potent enough to challenge the corporate behemoth is the state. Furthermore, the state is more likely to do this because at some stage it requires the consent of the people to govern. Freedom delivered through market mechanisms is a cruel lie, an ideological sleight of hand to conceal the real agenda of its proponents.

Economics aside, the outrage over the actions of Barclay’s shows us the democratic deficit inherent in corporate control of the economy, people are alienated even from control of even their own money, the money they work so hard for. The political class, too long in the thrall of this control, needs to grow a backbone and stand up for the interests of the people who they are ultimately accountable too. We have seen a lot of harsh words today but what we really need is action, a firm stance from politicians against the cartel of controlling interests and a determination to break that control using what they have at their disposal, above all, the banks, the City spivs, need to be reminded that in a democracy they are the horse and not the rider, only then will we be able to save the economy and society from the death-spiral their greed has locked us all into.

 

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2 responses to “Barclay’s scandal is the tip of an iceberg….”

  1. representingthemambo says :

    Reblogged this on Representing the Mambo and commented:
    Very good piece on the Barclays situation. Less than 18 months ago Bob Diamond told us that the ‘remorse and apology’ period had to end in the banking sector (arrogant dickhead, isn’t he…..) I wonder if he’ll be making the same arguments any time soon………
    As Darrell points out, the whole political class is in the dock over this. Right now Ed Miliband may be making hay but there are plenty in the Labour Party with plenty to answer for over what has happened over the last few years. Of course the Tories would have been no different, and possibly worse, if they had been in office during the period in question. We all knew whose interests the Conservative Party represents. But that doesn’t Labour off the hook.
    Darrell’s also right to point out that in reality there is no such thing as a genuinely free market. Huge concentrations of wealth lead to huge concentrations of power, with inevitable consequences.
    This blog also highlights another thing; that it’s a damn shame that Darrell didn’t win a seat on Labour’s NEC.

  2. Robert says :

    Interesting that we are hearing Blair and Brown would like to make it back onto front line Politics, this should put this to rest for those two, although I suspect Blair will be saying it was not me it was the other one.

    But listening to day on TV a reporter said the Libor problem is just not the end of it, he said I think in the coming months what will come out will make the Libor look like child’s play.

    I suspect the public will shrug shoulders and possibly not bother voting at the next election because Miliband not going do anything, he’s spinning all over the place, telling Unions about not striking then remembering where his money comes from.

    I really cannot get excited about labour.

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