14 December 2009

Tissue Paper Principles

When the banks wobbled in the financial crisis, it was unedifying to watch the way governments, regulators, commentators, sometimes it seemed everyone, dropped principles of financial ethics and justified it with--well, if the banks collapsed, it would be worse. It probably would have been. It's just that while tissue paper principles collapsed and blocked drainpipes around the world, bankers and other industry cowboys emerged drip dry and shiny to continue clawing up obscene amounts of personal income. And now here's an article from Boing Boing that suggests dirty money played a role in the banks' bailout and is even now swimming through the world financial system, as shiny new as the bankers.

If we really have a War on Drugs, isn't this like accepting guns from al-Quaeda when ours get rusty?

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