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A dysfunctional system run by crooks Written by Ken Fuller T

Tuesday, July 17, 2012

A dysfunctional system run by crooks


Decades ago, those of us who attended political economy classes were told that the problem with the capitalist system was not that it was run by a bunch of crooks but that its internal contradictions were a recipe for crisis.

Although that still sounds about right, it’s becoming increasingly difficult to ignore the fact that the system is, indeed, run by crooks. The latest scandal arises from the fact that Barclays Bank has been forced to cough up $450 million for having participated in a scheme to fix the London interbank offered rate (Libor — the rate at which banks lend to each other).

Barclays’ boss Bob Diamond has now fallen on his sword, having tendered his resignation and waved goodbye to deferred bonuses and other goodies worth as much as £20 million. He will, however, receive a farewell package worth around £2 million. A criminal investigation has been launched, and financial institutions in the USA and Japan are also expected to come under scrutiny.

The first appearance of capitalism in its developed form in Britain owed much to the institution of slavery, as profits from the slave trade provided a large part of the capital accumulation which fueled the industrial revolution..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/index.php/commentary/item/1621-a-dysfunctional-system-run-by-crooks

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