Simply staggering to read the front page of the Daily Express yesterday (over someone's shoulder in Gare du Nord, Paris) saying that it was time to stop spivs in the City speculating. As they put it, it is this action, based solely on stupidity and greed that's bringing the economy to the brink of collapse.
For once I agree with the Express.
I also believe we can stop it.
But the solution is more radical than the Express might think.
But have no doubt: unless we do stop this greed driven speculation by those who think themselves beyond accountability our situation will just get worse.
The power of the City and of finance has to be stopped, forever.
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While I’m not disagreeing with your views on the power of the city, I found the spiv comments (which appeared in a few papers) deeply frustrating and for a number of reasons.
Firstly, to paraphrase James Buchan, ever since parliament permitted banking companies to use limited liability (1879) banks have become “institutional imbeciles that lose their capital once in every cycle of cheap and dear money”. The spiv comments originated with Alex Salmond (I believe), who was beating a nationalist chest over the demise of a bank that surely ceased to be a point of pride a long time ago. The banks cannot escape their culpability in all this.
Instead we have these anonymous, unnamed speculators who are supposed to be to blame. The Express (and others) run with this ludicrous and patronising canard. In reality, speculating that stock will fall is no different to speculating that stock will rise.
I believe the spiv story is just hypocritical propaganda. Instead of looking at the system itself, Salmond et al have conjured bogeymen from trading that the markets have considered legitimate since the City struck its first deal.
So I can’t believe you really agree with the Express in this instance, Richard. 😉
Rob
Actually, I do agree with the Express
I do think there is a process of speculative attacking going on
It is why radical reform of the City is required
I do not, for example, see a future for hedge funds. Society cannot afford them
Loan swaps, day trading and much else will have to go before society can actually even afford stock markets again
And do I think many of those doing these things (on the up side as well as the down side) are spivs. Yes, I do. I think it a remarkably accurate description of many in the City if by spiv we mean a well dressed dealer in dodgy items which are not what they seem
Richard