Sunday, June 29, 2008

Hedge Funds are sociopathic and should be banned


Will Hutton doesn't set out to make a case for this, but I consider it to be the sensible option. He also castigates the Labour government for being shit, which it is. I'm not naive enough to imagine for one second that the Tories would be any better than Labour at reining in this apocalyptic ultra-capitalism, however. Like the multinational corporations which have higher turnovers than many Western governments, these institutions are simply too big to stop by conventional attempts to tweak legislation (don't even start with Brown's 'hands-off' approach to financial regulation whereby such organisations are asked, nicely, to moderate their own market rapine). Such entities can draw upon resources that are orders of magnitude better funded than the dribbling civil servants sat in Whitehall, running rings of financial wizardry around any weakly thought-out attempts to induce them to toe the line of social responsibility. Faced with this sort of threat there is no real option but to prohibit any further activity on their part for the sake of the rest of society.

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