Saturday, 11 October 2008

Richard Murphy Speaks for the Nation

Why? Because he said this, the most quotable bit of is as follows:

"I watched Digby Jones make a typical fool of himself on a news broadcast last night. He argued that he didn’t want to sit back.... and realise that all the financial services of world are in what from now on I will call the ‘Ais’: Shanghai, Dubai and Mumbai.

... he has not appreciated that the reason why these services have failed is simple: no one needs them. The activities that have caused the Crash are a giant Ponzi scheme that were, in the classical form of such schemes, dependent upon pyramid selling. That pyramid has now collapsed. No one will rebuild it: it has been proven to be without foundation.... he still does not realise that when these activities have brought our economy to our knees we should have no desire to recreate them. Isn’t that glaringly obvious?

Actually, I’ll suggest it’s so obvious that the Ais won’t want what we have created: they’ll realise that we created something wholly worthless in itself, but massively destructive to that which is of worth. And I’m going to credit them with the sense that they’ll not go near it with a bargepole.

.. Gordon Brown has kept him on his National Economic Council.

But this, ultimately, is moral revulsion, albeit well-informed moral revulsion. Surely there is a structural element to this: an inherent logic of capital?

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