Wrist slaps for rich, jail for the poor – suits you democracy

Five major banks have been fined £2bn for rigging foreign exchange markets. Photograph: Damir Sagolj/Reuters. Thanks Reuters.

Five major banks have been fined £2bn for rigging foreign exchange markets. Photograph: Damir Sagolj/Reuters. Thanks Reuters.

This is not a complicated post to write, nor need it be very long.

The basic premise is how the UK legal system treats criminal behaviour differently depending on who’s behaviour it is – somewhat at odds with Magna Carta notions of due process – an idea that dates from, err, just a tadge under 800 years ago – not to mention Ancient Greek principles of equality before the law – from 2,500 years ago.

Exhibit A – a powerfully argued Guardian Comment is Free post by columnist Aditya Chakrabortty. The author describes today’s Britain as a place where the poor are forced to steal or beg from food banks while MPs, some of whom fiddled thousands of pounds in expenses at little expense to themselves, create a system where the hungry go to jail.

I can’t disagree with his arguments.

Exhibits B and C – respectively referring to some piffling fines levied against HSBC, Royal Bank of Scotland, UBS, JP Morgan and Citigroup for cheating their customers and rigging foreign exchange markets, and the serial fraudlence-without-jail of too-big-to-jail poster child J P Morgan.

For all the breathless “record fines headlines” – the penalties levied are so much pocket change for these banks, expunged in a moment’s trading of their shares. And, more important still, no one goes to jail, I mean, how could they?

I will host a local screening of The Corporation this Friday – a film that describes the psychopathic behaviour of companies operating to the inexorable growth demands required under capitalism. Fuelling this machine necessitates the subordination of our systems of mock democracy – the latest US mid-term elections being the latest perfect storm. This promises to be an ongoing story as things stand.

The ancient Greeks nailed this problem too, describing it as oligarchy not democracy. The UK’s Russell Brand has a far keener grasp on this than do his detractors, even if he hasn’t yet identified much in the way of possible solutions. This site – participedia – seems closer to the mark with its listing of experiments in new forms of participatory politics and governance around the world.

And my, don’t we need those?

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Filed under democracy, journalism

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