Markets are Confident Again
As 'confidence' returns to markets, a quote from Tony Benn in 1981:
" ... the restoration of 'confidence' is described as if it had some objective reality, whereas in truth 'confidence' is nothing more than a political prize awarded by world bankers when they are satisfied that governments are pursuing policies acceptable to the international financial community."
(Tony Benn, Arguments for Democracy, p.11, 1981)
He was talking then about the IMF, but I think it's a comment relevant today. The so-called 'partial nationalisation' of the banks has got very little, if anything, to do with the sort of green-inspired public ownership, direction and local accountability that is needed, and that we need to make happen. It is a New Labour / neo-liberal solution, from politicians who have been pursuing creeping privatisation ever since 1997, and really believe in nothing else.
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The bankers have been placing large bets with other people's money: if the bets were won, the banks gave the profits to their shareholders and senior management. When they lost too many bets, the bankers went to the Government and said 'bail us out'. Suddenly politicians that claim it is 'too expensive' to take real action to save the world from the consequences of climate change can find however much money the banks say they need.
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