Buttonwood: Inside job

Posted: May 30, 2014 in economy
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UK Only Article: 
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Bucked off

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Criticism of the financial sector from an unexpected source

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HO made these remarks in a recent speech? “Inclusive capitalism is fundamentally about delivering a basic social contract comprised of relative equality of outcomes.” Or: “Capitalism loses its sense of moderation when the belief in the power of the market enters the realm of faith.” Or this: “Market fundamentalism…contributed directly to the financial crisis and the associated erosion of social capital.” Was it François Hollande? Ed Miliband? Thomas Piketty?
No, all these leftish-sounding quotes came from Mark Carney, the governor of the Bank of England, at a conference* on inclusive capitalism on May 27th. Nor did Mr Carney’s apparent heresy stop there. He also remarked that banks operated “in a privileged heads-I-win-tails-you-lose bubble” and observed that “there was widespread rigging of benchmarks for personal gain.” …

via Economic Crisis http://ift.tt/1mNk5od


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