Yesterday as everyone was rushing round like headless chickens, and despite Peter Mandelson’s reappearance dithering was the name of the game in the UK and Europe. Somewhere someone made a decision which had a dramatic effect on some Asian stock markets. It seems that it was because Australia decided to act decisively and cut the bank rate to encourage the return of confidence. This gave rise to the hope that others might follow.
It seems according to one commentator that the Australia government has also taken some control over all its banks which has also helped to steady nerves.
The fact remains though that the wealthy controllers of banking will continue to call the shots and the idea that the system that has caused the mayhem can put things right is a myth. Wealth distribution requires a fundamental and irreversible shift.
One of the identified perpetrators was put on the spot in Washington. The boss of Lehman Brothers was asked to account for himself. Although he affected some personal contrition describing the “sleepless nights” he had at one or other of his vast estates, he denied the role of his and other organisations in the financial disaster. Although his company went bankrupt and failed he himself can walk away with his fortune virtually unscathed. A good system, designed by the powerful to protect themselves win or lose. Not so good for the vast majority whose sweat and endeavour contribute to their corruption and avaracious habits.