Karl Sternberg: Marx Would Have Been Proud of BankersRoundup: Media's Take
The writer is a co-founder of Oxford Investment Partners.
If Karl Marx had been alive in 2007, he would have been working for a bank. Banks had reached a state of communist perfection. The workers took home everything; the capital holders were left with nothing. Shareholders of banks were raped by the staff, who paid themselves extravagant sums out of illusory profits. Labour had found a far more effective device than trade unions for destroying capitalists, by duping the shareholders that higher pay was essential to retain Talent. They were assisted by the accountants, who allowed them to declare profits before they received any cash. Marx would have been laughing all the way from the bank.
We should hardly be surprised that the beneficiaries of the communist banking system are squealing. There are many siren warnings of the consequences of more regulation. Don’t kill the golden goose, they say. Many in banking seem not to have noticed that they recently brought the world economy to its knees.
To be fair, the banks were not alone in their mistakes. Central banks set interest rates too low for too long; politicians believed they had abolished the business cycle and that a permanently higher level of public expenditure could be justified; too many citizens borrowed money they could never afford to repay. This type of mass self-delusion has characterised most booms in history. But it is the bankers who seem most reluctant to accept that change is necessary. They need rescuing from themselves. Counterintuitively, it is regulation that can reimpose a capitalist system on the banks...
comments powered by Disqus
- Rubio Surges Into Second In New Hampshire
- Branstad Says Cruz Ran ‘Unethical’ Campaign
- Christie Highlights Santorum’s Endorsement of Rubio
- Portman Comes Out Against Trade Deal
- Megyn Kelly Gets a Book Deal
- A Big List of the Bad Things Clinton Has Done
- An Unambiguous Sign Sanders Won Last Night’s Debate
- Still Friends at the End
- Quote of the Day
- Trump Still Leads as Clinton Slips
- Clinton Can’t Shake Image as Wall Street’s Friend
- Maddow Doesn’t See Sanders Winning
- Why Does the Media Still Shield Chelsea Clinton?
- Bush Jokes His Mother May Have Abused Him
- Rubio Closes the Gap in New Hampshire
- Transcribed Document: Soviet Politburo Discussed CIA Billion Dollar Spy Adolf Tolkachev
- Pentagon withholds Iraq War photos showing detainee abuse
- These Rebels Have Amassed A Library From Syria’s Ruins
- Was 1916 fire at Canadian Parliament set by German saboteur?
- United Nations Calls On U.S. To Pay African Americans Reparations For Slavery
- Juan Cole says America’s inclination to turn to the military started with Manifest Destiny
- History Jobs Drop
- Paul Krugman gives credence to Robert J. Gordon's pessimism about American economic growth
- Harvard President Drew Faust Condemns Free Tuition Proposal from Outsider Overseers Ticket
- Andrew Roberts says Trump is the Mussolini of America with double the vulgarity