It's not the economy, stupid!

If you've read my first novel, the thriller More Deaths Than One, you may remember the episode in which  Sheikh Abdulrahman Al-Sottar forecasts the end of capitalism, 'overnight, just as with communism' he tells Thomas Thornton. This was in fact no more than a slightly slanted reiteration of what an Arab Sheikh said to me as we strolled together along an Al-Khobar beach back in 1998.

Today as I read the financial news of the world I can't help feeling that such a sweeping statement might indeed be coming true if, by 'overnight', is meant a couple of years or so. The bankers who apparently lit the blue touchpaper have turned out to be about the only ones not damaged in the explosion. They were and still are the big winners. Capitalism depends upon individuals being able to reap what they have sown. These people sow nothing but are somehow now able to harvest - usurp - steal - the crops sown by honest men, unhindered by law nor government.

Thus we have seen the high temples of capitalism badly damaged by their own high priests. Greed indeed is good if you are a banker.  

Unwilling to see the bankers having all of it, yesterday I read about a few hundred non-bankers who expect to become millionaires / billionaires following the flotation of a very young, very private company. The name of the company is Glencore. The business of the company is 'dealing in commodities'. In other words these ladies and gentlemen toil not neither do they spin, but have made some spectacular monetary gains as their organisation corners certain commodity markets, prices of which commodities consequently are rising like crazy (surprise, surprise) to the further detriment of whole national economies.

'Everybody Hurts' according to R.E.M. True for the vast majority but not for bankers and not for those who can corner commodity markets. And not, it seems, for the governments that protect them all along the way.

No comments:

Post a Comment

Note: only a member of this blog may post a comment.