The old consensus must end

Posted on

I have to admit I found the Sunday papers pretty depressing today. Long on history. Long on analysis of what has been. Remarkably short of vision.

This is the best, indeed just about the only vision I could find, from an Observer editorial:

The whole culture of City opacity - the tax havens, the seclusion of liabilities off-balance sheet, the offshore investment vehicles - must be subjected to the harsh glare of public scrutiny. For a generation, the City and Wall Street have assumed an inalienable right to make as much money as possible, in whatever way they saw fit, while paying as little tax as possible. Policy-makers accepted that such unchallenged greed served the greater good. That consensus must end. A free market in financial services can still be a powerful engine of wealth-creation, but not if the financiers serve only themselves.

That's good. But it's sheer isolation worries me: where is the capacity for change when people have no vision of an alternative?