Tuesday 6 December 2016

David McWilliams: Banks that think they're casinos put us all at risk

Published 10/08/2011 | 18:00

Anyone who worked in financial markets will know that -- at its most base -- the "market" is in fact only a coked up, whoring 28-year-old from Basildon on hyper-wages, with a Porsche and a Chelsea season ticket.

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This is hardly the type of far-sighted leader that we should be depending on, nor the opinion we should be worried about. Has he become the arbiter of economic policy in the early 21st Century? Is this where we have got to? The young lad in London who is "shorting" the European bond market mightn't easily find Florence on a map and his geopolitical interests might not go further than the price of a footballer's transfer fees in the closed season and who won 'The X Factor'.

When the papers tell us that the "market" is nervous, or jittery or whatever, all this says is that Brett from Basildon is unable to figure out what is happening. Who cares? Yet in response to his actions over the past few days, the ECB is buying Italian and Spanish bonds and in so doing creating a market for him to bet against. This emboldens him.

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