Watching Newsnight tonight on the Bob Diamond/Barclay’s affair it just beggars believe. They started off acknowledging that The City of London has indeed descended to the level of Vince Cable’s moral cess pit, then went on to say that we must be careful of ‘banker bashing’ because Banking and the Financial Sector are the only industries at which we in Britain are truly world class. So good news folks, it seems we are world-class in moral cess pits!
I also guarantee that within days some City apologist will be telling us we must be careful of how we react to this scandal because the financial markets won’t like it if we overreact and it could wipe millions off the stick market. So it seems the very moral cess pit we are criticising will determine how we as a democratic nation are allowed to react to it’s criminal venality.
But what no one in the mainstream media is doing is putting all this together. In the Noughties we had a government lying to the electorate, to parliament and to the U.N. in order to wage an illegal war; a few years ago we had the MP’s expenses scandal; a few months ago we had the Murdoch phone-tapping scandal and the exposure of the intimate relationship between the Murdoch press and both Blair & Cameron; in The City we’ve had the ‘moral hazard’ scandal as privately-owned casino banks have been bailed out by tax payers, the PPI mis-selling scandal, the Fred Goodwin pension farrago and now the libor rate scandal.
What this exposes is that the entire ruling elite is morally rotten to the core and that the ethical underpinning of the concept of a representative democracy has been perhaps fatally subverted by the ‘greed is good’ ideology of Neoliberalism. The legal system, the regulatory system, the press, the politicians, senior business men, they are indeed ‘all in it together’ to coin Cameron’s phrase, and what they are ‘in’ is a cynical, corrupt cess pit of a system that has only one purpose – to protect the material interests of the ruling elite……. at any price.
The corruption that has been exposed in the last ten years shows clearly that the problem is not one of Rogue Traders or individual criminals, it is one of an entire class scrounging off the hard work of others and having complete disregard for the laws of the land and to any meaningful code of honour.
And it isn’t the ‘feral underclass’ of ‘Chavs’ and ‘Pikeys’ who the Daily Mail would have us believe are guilty of all this; it is a ruling elite who are already powerful and wealthy beyond most people’s imagining. It appears there is no end to their greed and corruption.