Howard Reed is a man who's judgement I trust. He's written on this blog this morning, in response to my comments on RBS almost certainly needing another bail out:
I think if there is another large-scale UK bank bail-out then a lot of the British people will just conclude that the whole system is kaput… we could well face demonstrates that will make Occupy Wall Street look like an afternoon tea party (if you'll pardon the expression).
I agree.
If the government does not realise that there must be a tipping point where people in this country are going to say enough is enough and that more bail outs for wealthy bankers working in a system that is both obviously failing and blatantly corrupt then their political antennae have failed.
The possibility of that arriving before Christmas is real. And Howard is right: this won't be a few hundred demonstrating. The prospect of massive coordinated protest is very high indeed. And it would be wholly appropriate if it happens because the government is continuing to refuse real reform by supporting a powerful and corrupt elite at cost to everyone else in this country, because that is what another bail out rather than nationalisation would mean.
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The government is part of that powerful and corrupt elite, that’s why 🙂
BB
Maybe we should justaccept the idea that we have been put on this earth to serve finance first, last and always.
Accept it.
We became free men so that we could be enslaved by bankers and politicians.
are the wall street protests actually having any effect though – Im in new york now, and its business as usual as far as I can see
If you think they’re intended to stop business you show you have not understood them
They change perceptions
That’s much more powerful
But untradeable, of course
Oh RM, I thought you believed in Democracy. Are you now advocating going to the Streets?
Peaceful protest must be part of democracy
If you think not you cannot be a democrat
What is needed is for governments to wise up the fact that they need to rebalance wealth distribution in the west and that unsustainable growth is not the answer. Governments must take money off the richest and give it to the least well off who can use it to alleviate the hardship caused by the crisis in a useful way, i.e. by spending, not hoarding.