Global Banking now - NI 482 - May 2015 - New Internationalist New Zealand

Global Banking now - NI 482 - May 2015

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Day of the zombies - banking laid bare

 I’m not sure why I was trying to clear cat fur from under a bed, but as I did so I came across a packet of postcards I sent to my parents as a very young man. Almost all of them referred to money – or, rather, my lack of it. Oh, the humiliations of youth! In this respect, I fear nothing much changed thereafter – the craft of making money, let alone making money out of money, has proved not to be one of my talents. Maybe it’s just as well that some people have such a talent, but experience suggests to me that they are in a very small minority – and I can’t for the life of me see why it qualifies them to rule the world. Given that it does, I’m not entirely surprised to find the cause of the great banking meltdown morphing into its cure, or professional politicians coming to surpass bankers in their unpopularity.

Ask yourself how people fined $300 billion for malpractice can also make $1 trillion in profits, and there you have the current state of banking laid bare. In their utter foolishness, bankers may even have come to relish the blood sport of banker-bashing because it serves merely to underline its own futility, like bleating on about climate change. But, to my mind, the conflict between money and democracy has only just begun in earnest and for real.

Lithuania doesn’t often get coverage in our pages, but this month Daiva Repec˘kaite˙ reports on the growing interest in militarism in a country that is closely monitoring the conflict in Ukraine. And regular cartoonist Polyp offers a witty but sobering one-page Big Bad World which will ring true for all, parents or not.

David Ransom for the New Internationalist co-operative

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