Today’s newspapers headlines shriek in panic “UK warned of debt storm from Europe ”. Then tell us that nobody knows which banks, stock-exchanges, financial centres, countries and continents will be ruined by a few amiable hard-pressed Greeks and Spaniards not paying their rents and fuel bills on time.
How can the Chancellors, Treasuries, bankers, politicians, civil servants, economists and financial journalists not know who owes what to whom and when? It is their job to know. It is what we pay them vast salaries to know - and to control.
In other industries, executives know what their rivals are doing; what their contracts, risks and Balance Sheets are. They watch each other to spot strengths and weaknesses and to copy best-practice; except it seems in the easiest of all industries to track by computer – the money-economy.
One good quality laptop with Microsoft EXCEL could hold and publish all the daily Balance Sheets of all the world’s currencies, banks, dealers, wheelers and financiers. The global money-industry has hundreds of huge IBM mainframes – what do they use them for? Cannot these overfed, overpaid executive clowns count? It is only simple arithmetic, simple bookkeeping, not rocket science or brain-surgery. Don’t we pay these dummies enough multi-millions per year? Or are they so busy spending their “rewards” that they haven’t got time to go to work?
As Harold Bailey, who worked from age 12 in the dark-satanic-mills of Lancashire and from 1900 built an electric-switchgear business, would forcefully say “They’re bloody useless. Get without the lot of them!”
15 June 2012.
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