Martin Wolf on The Cycle of Corruption in America

“Regulation will be eroded, both overtly and covertly, under the remorseless pressure and unfailing imagination of a huge, well-organized and highly motivated industry. This is not about fraud narrowly defined. It is more about the corruption of a political process in which organized interests outweigh the public interest.”

via Athanasios Orphanides | The Political Roots of the Financial Crisis.

2 thoughts on “Martin Wolf on The Cycle of Corruption in America

  1. Government and Banking’s primary focus is on mutual survival. It has always been so. And when the political element of the partnership fails, the financial partner moves on to more accommodating environments. The history of the world is the history of attempts to control one or the other and rarely, both at the same time. The answer to John’s question is to control the banking system. Very few people (families) have been powerful enough to do that. Otherwise, everyone else’s job is to produce, turn the hindmost over to the Government for them to deploy in your “best interests” then give back what little is left to the financial interests in the form of “deposits” or purchases of stocks & bonds. The latter is a mechanism that promotes the illusion that “regular people” can participate in the process. At least the casino owners let you win once in a while. But if you keep playing, the end result is always the same; The House (Bankers) Win!

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