the beginning of the end

In MSC, words on October 16, 2008 at 11:31

Well, the tour with Jeremy’s almost over. Took this just before we started the drive back to London from York.

There has been a lot of discussion on this tour about why the world is the way it is. One of us had quite a lot of money in an Icelandic bank, money which basically doesn’t exist now but which Brown and Darling promise to conjure up again.

It’s interesting that even when you have someone with such an immediate interest in the ‘Global Finanicial Crisis’, the idea of tens of thousands of pounds evaporating can only really be engaged with in abstract terms.

There’s a Jonathan Coe book Jeremy has been reading called ‘What A Carve-Up’. In it, he notes that during the 1980s $580bn was traded globally every day. Of that $580bn, only about 10% was derived from the tangible exchange of goods. The rest was generated within the financial sector itself.

Obviously this is a simplification, but it IS kind of rich that the current mess we’re in was created by the financial sector that taxpayers now have to bail out with more money than has ever been put to such humane uses as, I don’t know, ending hunger.

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