Blog 08
2008-September-19
Comment sent to the BBC World News Viewer Panel
I think too great an emphasis is made on all your business programs on the financial sector. The term 'Business'includes all production companies as well as the financial companies. In fact it should be the other way round since it is only the production companies who create all the real wealth in the world. The financial companies simply manipulate the wealth created by the companies that produce all the goods.
An eminent economist said on one of your programs several weeks ago that he thought the financial markets could be thinned down by around 10%, in fact if they were thinned down by considerably more than that many of the world’s financial woes would disappear. The production sector is straining at the knees supporting such a large financial sector. It’s about time someone made a program about the creation of the credit society by the banks making it necessary for the people who create the goods to borrow from the banks in order to buy the very things they made in the first place.
Fortunately the 'thinning down' of the financial sector is happening by default because of their greed and ineptitude, unfortunately it is unlikely to thin down enough to stop the same thing happening again in the future without worldwide banking and financial markets reform. Suspending 'Short Selling' is just the first step but by no means enough. It is about time Governments took full responsibility for the issue of paper and plastic currency instead of the worlds banks.
Hearing on the program about an unfortunate 'sacked banker/ financial services employee setting up a wine bar in London was music to my ears, pity he didn't go the whole way and start a business that actually produces real things and creates real wealth. The whole financial system has been around so long almost everyone takes it for granted, very few people question where all the money that the financial institutions play around with comes from. It is a fundamentally flawed system that is long overdue an overhaul, it's only the power that the worlds bankers have over the major Governments of the world that keeps the whole sorry state of affairs going. I have taken a particular interest in World Business Report over the years and must again say that your reporting of Business news is heavily biased towards the financial sector which in its present guise is no more than a giant casino.
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