Told You So

I wrote the following letter to the Guardian in August 2007, and they published a bowdlerised version which attracted no attention whatsoever:

"Let’s get this quite straight.

This crisis in the world’s financial markets is being caused by the behaviour of a very small number (a few hundred thousand?) of highly paid, hyped up, often drug-driven individuals, acting upon unreliable information and psychopathic reaction, in the rarefied atmosphere of a global electronic virtual gambling den, their motivation almost entirely misguided bonus-driven self-interest.

If you dispute that, just ask yourself, well, is it me?

The bad news is, they’re really bad at it! According to the media, panic is the largest determinant of the behaviour of the players in these so-called markets. In their obsessive pursuit of obscene financial gain, via electronics they don’t understand at all, driven only by fear and panic and incomprehension, these few arseholes are accidentally contriving to tear our vulnerable playhouse down – as if we needed their help – because they’re a bit nervous.
The rest of us don’t need this stuff. Panic isn’t a good mechanism to run and save a planet. I say enough. That system has had enough chances. Close down all these so-called markets. Confiscate the financial trading barrow-boys’ bonuses. A few gentle Stalinist measures, Gordon?"

Hmm.