When a financial trader admits live on TV that he looks forward to a recession because he can make a lot of money it makes a lot of people feel uncomfortable. It makes many of us angry that there are some people who look forward to a time that can cause untold misery to many but it also upsets those people who are involved in the business of making money off the backs of others.
When Alessio Rastani went on the BBC News Channel for a live interview and said that, “For most traders, we don’t really care that much how they’re going to fix the economy, how they’re going to fix the whole situation – our job is to make money from it.” a lot of feathers were ruffled. He went on to say, “Personally I’ve been dreaming of this moment for three years. I have a confession, which is I go to bed every night, I dream of another recession.”
In a democratic country that is supposed to be managed by its government to improve the lives of everybody this selfish attitude raises uncomfortable questions about what motivates some of the most powerful wheeler dealers in the country. The City and many of the financial institutions based there are not there for our benefit. They are there to make money for themselves. They carry a lot of weight and authority within government circles and we are constantly told how important the City is for the future prospects of the nation.
Mr Rastani then went on to say that, “The governments don’t rule the world. Goldman Sachs rules the world. Goldman Sachs does not care about this rescue package, neither does the big funds.”
I think we already knew that but nobody ever dares to admit to such things. The power of companies such as Goldman Sachs is scary and their motivation is always profits and greed rather than improvement of the lives of the population at large. They are a business and their whole purpose in life is to do the best for the company and their shareholders. The effects of their actions on the lives of ordinary people problem never get any consideration whatsoever.
These financial companies have their purpose in life and they do, what they do, very well. What we should question is whether this is a good thing and if such businesses have a place in a democratic society that is supposed to be working for the benefit of all. We should also ask why they have so much power over governments and economies and what can and should be done about it.
The evidence of what is going on in Europe and particularly Greece should be warning enough that we have a system that is failing. It wasn’t the ordinary people of Greece who got their country into so much debt they cannot afford the bill yet they are the ones who are suffering. Fellow European nations are going to extraordinary lengths to ensure that the financiers who lent Greece so much money should be repaid and enjoy the luxuries their profits will bring while the Greek population is expected to go without some of the most basic services and lose their jobs left, right and centre.
Many people stepped forward to rubbish the comments of Mr Rastani and it was even suggested he was an impostor and not the financial trader he claimed to be. The BBC insist they have checked his credentials and they seem quite sure he is who he claims to be. We can hardly be surprised that they would say that as he exposed the truth that is not normally spoken. The money men do not care what the effects of their actions are. They only want to make money regardless of the consequences.
The only real surprise is that Mr Rastani told it like it is. We have become so used to politicians and businessmen giving us their pre-prepared and polished public displays that hide the truth and support their own point of view that we are shocked when honesty rears its head.
The previously unspoken truth that the world of money is all about making money and cares little if you starve so long as they can afford their yachts should come as little surprise to anyone. It is the honesty we saw that is so surprising.
The speculators and the financial wheeler dealers make a lot of money, and sometimes lose a lot too, but win or lose, the final cost is always borne by the consumer. We all pay the extra ‘tax’ of speculation and profits made from the raft of middlemen between the mineral or seed in the ground and the final product we buy in the shops.
It has always been this way but the age of computers and instant communication has allowed there to be a lot more trades made at every stage of development and production of goods and services. Every trade made adds to the profits of the dealers and adds to the cost for the consumer. This is the way business works and whatever its faults it does, sort of, work. Products get made and the goods get to consumers.
The true cost is difficult to appreciate or understand. Everything is financed by debt and everything works quite well until the levels of debt are challenged in some way. That was the problem in 2008 and that is the problem now in Greece and several other countries. There is not enough money to pay all the debt that exists in the world so if the music stops everyone wants to grab their share back before everyone else can get their share. It is a dog eat dog world and the dog with the biggest teeth is likely to win.
We should all appreciate the honesty shown by the financial trader on the TV interview. It is a shame more public figures feel unable to be as open and honest about their motivations and intentions. Perhaps we should try to persuade Mr Rastani to stand for Parliament. A bit more honesty in both government and business might be uncomfortable but it would be a breathe of fresh air that would probably be good for us all in the long run.
You can watch the interview and read some views about what was said on this page at the BBC Website.
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