Sometimes I want to give the people who run our government, banks and largest companies a shake.
Yesterday at a meeting of the MDHub in Brighton I listened to a fascinating presentation by Jeremy Beckwith of Kleinwort Benson about the state of our global economy. It was a story of how all governments since the last World War, aided and abetted by the banks and large corporations, have systematically grown our public debt to a point where our economy is in such a state that no one will lend us any money. Where we can’t borrow to spend our way out of our troubles. Where things are going to get a lot worse before they get better.
- nearly every country in the world is in dire financial state
- there are many further backed-up economic problems to come
- some countries will almost inevitably drop out of the Euro, causing untold disruption
- 40 million Americans are receiving food stamps
- if you’re relying on a state pension, you better make alternative plans
- large private corporations are making record profits – based on population growth and a resulting unskilled global labour price of $2 a day
- economic policy is out of control: we are entering a twilight zone of currency wars and other unknowns.
Oh, and the good news? Gold is at a record high. If you want to live somewhere with a reasonable economy, well you could move to New Zealand, Australia or Sweden. If they’ll have you.
So why do I want to shake them? These people who run our government, banks and largest companies? Because my first reaction is that they seem to be asleep. Asleep as they wave their children off to their private schools. As they play with their Blackberries and laptops. As they tramp from their cars and trains to their glass sky-scrapers.
Obviously these aren’t theoretical problems, in some economic text book. There are real people out there, millions and millions of them, suffering the indignity of relying on a government for benefit, having to leave home and hearth to chase that $2 a day, suffering the uncertainty of losing their home, their job, their income.
But the strange thing is I also know that many government leaders, and bankers, and the leaders of large corporations are, like all of us, trying to do the right thing. They want the best for themselves and their families, yes. But they also want the best for the rest of us too. Just as I do. Just as you do.
Of course, if asked, they’d also say that we sleep-walked too – the rest of us. And, I agree, it would be failing to acknowledge our share of the responsibility to suggest that we didn’t enjoy the good years. Why didn’t we ask those difficult questions – like how does the economy work, or why are we building up all that debt – when there was still time? Do we have so little self-responsibility we’ll just blame them for our current situation?
And I guess, if I think about it for a moment, that it hurts those government leaders, and bankers, and CEOs too – and especially it hurts them to know that all their brains and money and power and effort didn’t help them make things better.
To know that they failed.
So maybe what I really want to do is give them a hug.