Sabotage by Anastasia Nesvetailova and Ronen Palan review – the business of finance
Is financial malpractice an aberration or built into the system? This is enraging, essential reading
A decade ago the global economy was emerging from the biggest financial crisis in decades. Major financial institutions only survived thanks to a torrent of liquid capital, government deficits ballooned as they tried to manage the fallout, millions of jobs were lost and billions of pounds’ worth of value vanished from global asset prices. It was an epochal disaster, comparable only to its predecessor in 1929, and its effects are still with us. The political convulsions of Donald Trump, Brexit, Viktor Orbán and the gilets jaunes, among other phenomena, can all be seen as aftershocks of this great earthquake, and we are very much not done yet.
We might have expected some serious soul-searching in politics, finance, economics and among the electorate about how this could have come about but, in Britain anyway, precisely the opposite has happened. A good example was one of – for me – the lowlights of last year’s general election campaign, when the chancellor of the exchequer, Sajid Javid, blamed the Labour party for the economic crisis and resulting rise in homelessness. Continue reading...
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