Feeds:
Posts
Comments

Posts Tagged ‘Papademos’

Hatred of bankers is one of the world’s oldest and most dangerous prejudices
Abbreviated from the Economist – January 7th 2012 | from the print edition

HURLING brickbats at bankers is a popular pastime. The “Occupy Wall Street” movement and its various offshoots complain that a malign 1%, many of them bankers, are ripping off the virtuous 99%. Hollywood has vilified financiers in “Wall Street”, “Wall Street 2”, “Too Big to Fail” and “Margin Call”. Mountains of books make the same point without using Michael Douglas.

Anger is understandable. The financial crisis of 2007-08 has produced the deepest recession since the 1930s. Most of the financiers at the heart of it have got off scot-free. The biggest banks are bigger than ever. Bonuses are flowing once again. The old saw about bankers—that they believe in capitalism when it comes to pocketing the profits and socialism when it comes to paying for the losses—is too true for comfort.
But is the backlash in danger of going too far? Could fair criticism warp into ugly prejudice? And could ugly prejudice produce prosperity-destroying policies? A glance at history suggests that we should be nervous.
( …………….. )
For centuries the hatred of moneylending—of money begetting more money—went hand in hand with a hatred of rootlessness. Cosmopolitan moneylenders were harder to tax than immobile landowners, governments grumbled. In a diatribe against the Rothschilds, Heinrich Heine, a German poet, fumed that money “is more fluid than water and less steady than air.”
( ……………….. )
(more…)

Advertisements

Read Full Post »