Finally, it seems, people are starting to wake up.
I have done several posts in the past giving my view that, if you want to really prtect your sheep from the foxes, you don’t put the foxes in charge of looking after the sheep.
Nor do you put some sheep in charge. They are, after all, frightened of the foxes.
And, yet …….
And yet, that is exactly what we have done.
The steps go like this:
1. Liberalise everything so you cannot check what the banks are up to.
2. The banks learn how to make more money by “playing” the systems (see recent news about LIBOR manipulation).
3. Everything goes tits up.
4. Blame the sheep for using the fields that the banks have lent them.
5. The sheep in charge, being frightened of the banks (wolves) ask what they can do to fix the situation.
6. The wolves reply that, since the sheep were to blame in the first place and, unless you want to lose the fields, you need to cough up some dosh.
7. Even better was when the wolves managed to get one of their own (e.g. Monti – an ex-Goldman Sachs player) in a position of power.
8. All head sheep say we need austerity, having been told that by the wolves.
9. Austerity means the sheep don’t get fat and so can’t be sold at market. No money coming in.
10. The wolves are laughing all the way to the bank.
Sooner or later this nonsense will stop.
In the meantime, gives a much more business-like take on what I’ve said above.
Thanks to Alex from Italy Chronicles for the heads-up.