08-02-2009, 01:27 PM
There is a lot to be said for either nationalizing banks or otherwise having (and using) extremely tough regulatory measures to make them honest and prudent. But to achieve either there has to be political will and that is in short supply.
In London, the City accounts for such a large percentage (relatively speaking) of national income that the authorities quite openly decline to use their existing regulatory powers because of the fear instilled in them over the last few decades that the banking community will up sticks and move to another centre, thereby making that location the new global banking centre.
Governments and regulators tremble at this blackmail.
Hence the recent events of Obama and Brown "advising" that they want to see bankers cap their salaries. One might as well ask an alcoholic who has a key to the local supermarket drinks cabinet not to use it.
Of course Obama and Brown are smart enough to know their advice will be ignored, but it makes them look "fair" and forceful in the public mind, which is all they are interested in.
What I would argue is that rather than nationalizing banks, we must first of all nationalize the political class, making them entirely subservient to the public will -- rather than corporate largesse and one world dogma -- and to
entirely adhere to public will, rather than ignore or spin it.
In London, the City accounts for such a large percentage (relatively speaking) of national income that the authorities quite openly decline to use their existing regulatory powers because of the fear instilled in them over the last few decades that the banking community will up sticks and move to another centre, thereby making that location the new global banking centre.
Governments and regulators tremble at this blackmail.
Hence the recent events of Obama and Brown "advising" that they want to see bankers cap their salaries. One might as well ask an alcoholic who has a key to the local supermarket drinks cabinet not to use it.
Of course Obama and Brown are smart enough to know their advice will be ignored, but it makes them look "fair" and forceful in the public mind, which is all they are interested in.
What I would argue is that rather than nationalizing banks, we must first of all nationalize the political class, making them entirely subservient to the public will -- rather than corporate largesse and one world dogma -- and to
entirely adhere to public will, rather than ignore or spin it.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14