“In its report, the NAO ruled that the “unprecedented” £850bn of support for the banks was “justified” to head off the potential damage of one or more of them going bust, and preserving people’s savings and confidence in the financial system.” £850bn: official cost of the bank bailout, Friday, 4 December 2009
If that’s true (I’m not convinced that this is all simply not criminal fraud) then these “Capitalists” are quite a piece of work. They will happily let businesses fail and send in the bailiffs. Banks will cruelly pursue high and often illegal account charges for the poor. But when it comes to something like the banks the “free market” is suddenly made into a fixed game by these self proclaimed “Capitalists”.
Their claim to be “preserving people’s savings and confidence in the financial system” is false because they are simply shifting the locus of failure from the banks to people who will suffer as a result of the current “cuts”. They are not cuts. They are a shift of failure away from what should have been allowed to crash to something claimed to be “preserving people’s savings and confidence in the financial system”. But you can’t make something out of nothing. The “cuts” are doing anyway what the ministers and the city tried to avoid happening if certain banks had been allowed to fail. Emptying people’s savings as a result of the cuts will … not preserve people’s savings. The cuts will anyway erode people’s confidence in the financial system; the locus of failure has simply been shifted.
“The admission of error”, he explains, ”is thought to diminish the authority of the organisation (or the person) making that admission, it dents the integrity of command. The consequence is that the organisation, particularly if it is an organisation of government for which ‘authority’ (or power) is all important, will go to almost any lengths to rubbish anything that might erode what it sees as its credibility and effectiveness.” Information Tribunal (MI5) appeal, TONY GOSLING –v– SECRETARY OF STATE FOR THE HOME DEPARTMENT
What this is really is a massive failure of Capitalism and the financial system. This extends right along to the denial of the very people who need to wake up. At the moment they are squirming around just trying to avoid the obvious. If they have some faith in themselves and the human race then they will let things FAIL rather than being terrified of loss of “credibility and effectiveness”. Systems Science, Nature, and Human Nature tends to adapt in novel ways. Outdated systems fail in order to let new one’s take their place.