Today’s news reports included mention of how RBS will get around the limit on bonuses (of 100% of an already over-good salary) to try and reward their “best banker” employees with larger sums of money.
Despite the best efforts of Occupy and many other intelligent voices, not just on the left, we still seem to allow the idea of the banking bubble in our economic thinking as being a good thing.
The idea seems to go like this.
The banking industry is one of the key drivers of the UK economy, so… attracting the best people here, with ever larger sums of money that any decent human being would find almost impossible to spend, means we should all roll over and let them play this international amorality game.
The idea that this is harmful to the entire western world now has an eloquent spokesman who has garnered a mass of evidence that even American capitalist think tanks are taking seriously. I am all for the Labour party taking this seriously too (as suggested in that article) …but what do I see the Labour party doing? Seeking American expertise to get Miliband elected. What is it with our obsessive idea that America is a success story?
Banking – fail,
Green policies – fail,
Religion – fail
Education – fail,
Military spending sense – fail
Their economy suffers from the biggest national debt in the world and we still want to emulate them?
How about we try some vague and gentle socialism?… what’s that you say?! not a Labour party policy? Instead of learning from those in Scandinavia who have succeeded in economic and social terms we should copy the failing and flailing beast that is the USA?
This is insanity.
Anyway my idea for the banking industry is as follows –
All the evidence shows that far from being the irreplaceable geniuses that we need to make banking work for us all – the vast majority of bankers are mediocre thinkers at best and utter failures at worst. These are the people who helped create the world economic mess, have no magic skill with numbers and are far from irreplaceable.
So let’s take all their bonus pots – (Shareholders: listen, learn and follow this rule) and invest it in the best “moral banking” teaching for our unemployed graduates who show ability and understanding. Train these people up and within 3 years we will have brilliant bankers happy to do a better job for just a decent living wage – say 1ooth of that taken by the fattest cats. If I can live off £30K a year they can easily live well on £100K – no one needs to earn more than that in reality.
But no – we will stumble meekly on allowing these and other fat cat greed merchants to dictate the terms of employment, punish the poor and reward the rich until a people’s revolution, possibly prompted by major catastrophic climate events, ends the system to everyone’s detriment.