The Chairman of the Treasury Select Committee John McFall MP had the whole pile of emails before him. Some of them were read to ask the Chancellor, the Governor of the Bank of England or of the Financial Services Authority.
The good news:
- everybody is doing their job as best as they can (good salary, good pension, at the FSA also bonuses).
The bad news:
- globalisation is in full swing in the financial economy. Nobody acts on behalf of the real economy in this country. Everything is tied into the Financial Stability Forum, i.e. the Basel Bank for International Settlement. That’s bad news, for it falls into the category of institutions and governments that have let us down and are letting us down in the assessment of Dr. Yunus.
- governments become shareholders in financial companies and states are made bankrupt. So the sovereignty of nation states is out of the window. Governments are just being used for the purpose of gaining more and more financial control: controlling “real economies” with currencies and institutions with money.
- if any of the Committee members or witnesses were self-employed, ran their own business or traded their own money in the famous markets, they would not possibly argue the way they do. But that’s the difference between institutional culture and the entrepreneurial spirit…
- belief in “regulation” when the web is the perfect medium for publishing accounts so that transparency could reign. But that would require integrity of the information and the willingness to make it publicly visible. Fortunately, there is The Open Knowledge Foundation that is making such requests.