Stephen Kinsella on Banking culture

Stephen Kinsella on Banking culture

No doubt there are more scandals to come, largely consequence-free for the individuals found culpable. Banks, put simply, are crisis-generating institutions. No bank has been scandal-free. Trackers? They knew what they were doing. They did it anyway.

Workers’ incomes began stagnating 40 years ago. The slowdown happened in the US first, but quickly spread to the rest of the developed world. Incomes no longer kept pace with price rises for many people, especially the lower middle classes. You don’t need to consult statistical authorities for this, just listen to some early Bruce Springsteen and you’ll get the idea.

Unhappy workers translate very quickly into unhappy politicians. With inflation-adjusted incomes falling, there...

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