A little bit of an exaggerated blanket statement there, from the Hubb's favourite banker...

Although that tosh was written a couple of weeks ago, I think it's fair to respond late, seeing as how nobody else has.


I think Mr Colebatch obviously spent too much time at school (Harrow? Eton?) studying economics, and not enough time studying history. I suspect the wealth of rich western states might in fact have something to do with the last 1000 years or so of history, and in particular from the industrial revolution onwards. That industrial development wouldn't have been possible without banking and stock markets, but that hardly equates to bankers being the creators of our wealth, rather than facilitators.

We need a banking system without a doubt, but I don't see why that system couldn't work perfectly well without an old boys club at the helm ensuring that they and all their toffee-nosed chums stuff their pockets to bursting point. That's what this recession is about, they've reached the bursting point, too much 'wealth' is in the hands of too few and they can't spend it fast enough to keep the economy as a whole ticking.


The 'average man on the street' isn't interested in politics really, as long as he can go down the pub on friday night and shag his missus once a week. That's why the system will continue as it does, not because it 'should' or because it works so perfectly as Mr Colebatch seems to think. The bankers aren't interested in reasons or consequences, only how much money they're stuffing into their already bulging pockets, and I don't think that's about to change any time soon. Trebles all round for Giles, Tarquin, and of course Walter!

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UK to Mongolia 2009, on a DR350