That’s one thing settled at least. The ideology of the free market is a dead dog.The future’s down to social altruism and common sense. And if Britain can gamble a third of its GNP to save a banking industry which still might collapse, it can devote as much energy into creating a society in which toilet cleaners are treated with as much respect as merchant bankers used to be. We need to look for new definitions of respect, success, and happiness. Granting status according to wealth was never going to work.
£16,000 / person
33% of GNP
Total including Northern Rock & Bradford & Bingley
= £640 billion.
The parallels with the 1930’s keep emerging. The Special Investment Vehicles of today mirroring the submerged parallel banking system which collapsed in the runs of 1930 and 1931. Then, banks were simply allowed to fail, as Lehman ‘s was.
It remains to be seen whether the expensive remedies since then mean we have learned the lessons of history.