Chancellor Alastair Darling is this morning reported as stoutly declaring his intention to limit bankers’ bonuses. Does he stoutly declare how he’s going to do that, I wonder? If the bankers want to pay themselves more money, they will. They won’t call it a bonus, it’ll simply be called a renumeration instrument, or some-such. Business as usual, then, for the banks, something else Darling is said to be declaring he’ll end. What nonsense! When the banks wanted to get round financial insurance legislation they took the insurance concept, added a bell and whistle or two and called it swaps. Same deal, just no regulation. Darling isn’t going to regulate these people; they’re cleverer than him!
More indication he’s superfluous, then. Anything really important and politicians can’t affect it or effect it. Who runs the place, then, elected politicians or unelected bankers? When it’s all going well you might kid yourself it’s the elected politicians and that you actually have any say in how things are run thorugh your vote. When push comes to shove, it gets pretty obvious you simply don’t, doesn’t it? And along with these stout declarations are other declarations, equally stout, about regulating the banking system so that the financial meltdown (supposedly averted but in reality merely postponed) can never happen again. These might have more weight were they not issuing from the smug motley crew of politicians and bankers who allowed this situation to ferment in the first place. Given they were the people who led us into this, it’s doubtful they’ll either wish or be able to lead us out. To whom can we turn now for leadership?