I just got this published it took ages for the Huffington Post to publish it I think they are busy because of the olympics. Anyway I won't be writing my usual weekly article there till the games are over because I want to give them some space to deal with that. I will concentrate on other work over that period. Perhaps some more academic papers. Anyway here is my latest article. I think I have Banjo to thank for the lead story on the BIS. Thanks for the link. http://morganisteconomics.blogspot.co.uk/
Those high level bankers are very insulated from the economy. They can afford to be the last ones to figure out the situation. Further, it appears that bankers are far from being visionaries. Visionaries invent things and build companies like Apple, they don't polish their shoes like bankers do! Not terribly surprising, the idea that they fixed their immediate problem and haven't realized there might be more bad stuff steaming over the horizon and coming right at them. We might be looking at a perfect storm of inflation caused by public sector overindulgence in credit and interest rates designed to curb inflation. Rising interest rates will put a further kaibosh on real estate and real estate is necessary to employ lower end workers. There is no expansion of the US economy without RE expansion and there is no expansion with only the higher end people spending.
Yeah the general idea I got was they are all graduates from certain universities and feel they deserve a job earning x amount of money and don't care if they provide the service or lose the money as long as they get it. I think it will return to the old family banks that have a long term vested interest in it. For me banking or economics or finance is my art it is not about the money it is about the service and the art in itself.