Saturday, January 24, 2009

British Capitalism - the Worm Ouroboros

The other day I happened to hear an interview on the BBC with a US investor who had some pretty awful things to say about the UK economy, and why he wouldn’t invest a red cent in this country.

To paraphrase, ‘you don’t manufacture anything, your banks, from which you make most of your wealth, are bankrupt, and all your North Sea Oil has gone, so what do you have to offer an investor?’

The BBC interviewer, in a futile attempt to head him off at the pass, accused him of creating a panic to which he replied, ‘I don’t have any investments in the UK so I have nothing to gain’, in other words it’s not his problem, nor his fault that the UK economy is broke. What it reveals to me is a decrepit and worn-out capitalism, one whose ruling class have lived off interest for far too long.


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