Everybody Stay Calm, It’s Just The End Of The World

So, another financial institution has fallen to pieces. American investment bank Lehman Brothers has filed for bankruptcy, and staff in the UK office at Canary Wharf are (probably) being made redundant.

“It is terrible. Death. It’s like a massive earthquake,” says (former) employee Kirsty on the BBC’s website. No. It really isn’t like death. Or at all like an earthquake.

It’s like a load of people who just shuffled figures around on computer screens have stopped. Buckminster Fuller said the definition of real wealth is whatever “nurtures and accommodates human life.” Lehman Brothers didn’t create wealth. Capitalism will carry on without you. Sorry, chaps, you were just cannon fodder.

Although it does raise an interesting question. “I was sure … the Fed would help,” says another employee, Edouard. And of course, we’ve already seen a failing UK bank nationalised and others bailed out by a helpful Labour government.

But – if the capitalist financial system has to be bailed out by the public purse, surely it’s not really capitalism at all? Shouldn’t capitalism allow failing businesses to fail?

Kirsty, meanwhile, has said “I’ll now try to move into another industry.” I wonder which one?


One thought on “Everybody Stay Calm, It’s Just The End Of The World

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s