September 13, 2012
Shouted the bankers and politicians as they stared and pointed into the grinding vortex of the financial crisis. Tuesday’s Mood Riff used Edgar Allen Poe’s quote, “the larger the bodies, the more rapid their descent,” to describe the near-death-spiral of big banks in 2009. But, according to yesterday’s New York Times, governments and their big-bank BFFs employed a classic survival strategy—they slowed their descent into the maelström by hogging the figurative lifeboats and jettisoning little people. “As Low Rates Depress Savers, Governments Reap Benefits.”
Even though social mood has rallied and the crisis has eased, governments and banks continue to prioritize themselves by trying to depress interest rates, a strategy economists refer to as “financial repression.” And now that steerage class (i.e., the Titanic passengers with the cheapest berths and lowest survival rate) has begun to recognize zero return on savings as the new normal, the NYT runs the story. But The Socionomist wrote about it in June 2011. (Click here to read.)
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