Capitalism in Crisis Amid Slow Growth and Growing Inequality – SPIEGEL ONLINE

English: A chart demonstrating increases in th...

English: A chart demonstrating increases in the annual income of the top 1% of wealthy persons in the U.S. before economic crises. (Photo credit: Wikipedia)

Lehman Brothers Rockefeller centre

Lehman Brothers Rockefeller centre (Photo credit: Wikipedia)

This series of articles by Spiegel is well worth a read. Check it out!

via Capitalism in Crisis Amid Slow Growth and Growing Inequality – SPIEGEL ONLINE.

Let me try to get to the heart of the matter. The wealthy and privileged have seen their incomes and wealth increase substantially since the financial crash of 2008. Unfortunately, middle and working class people have received a smaller and smaller slice of the cake. I agree with Spiegel that the the crux of the problem is the banks which are not working effectively.

Let me ask a few open questions:

  1. Following the financial crisis of 2008, how many dodgy bankers have ended up in jail?
  2. Also why have the big banks not been broken up to increase competition?
  3. Surely, it would have been prudent to reintroduce the Glass Stiegel Act in the US, separating retail and investment banking.

Thoughts?

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National emblem of the People's Republic of China

National emblem of the People’s Republic of China (Photo credit: Wikipedia)

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