City workers have rewarded themselves this year with bonuses worth £14billion, leading to many UK politicians, trade unions and charities criticizing the sheer greed of our financial institutions.
Following soaring stock markets and many takeovers, it seems our new brand of super-capitalism is doing so well that traders can pay themselves so far over the odds that non-millionaires are being viewed as paupers.
Of course, the reality of the success of today’s capitalism lies elsewhere. It lies in the ability of big business to con the ordinary person that he needs inflated pensions funds and high mortgages.
For rather than trade fuelling the success of today’s capitalism, it is the average man in the street, his hard earned salary propping up a system that would collapse over night without him.
There should be shame in the city. Not inflated bonuses. And, of course, an admission that the entire system is a con.
© Anthony North, September 2007
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