Thursday, April 07, 2011

Bank makes money: in other news, dog bites man

Major US bank launders billions of dollars of Mexican drug money.

That big banks generally make stratospheric profits means they are also the target of much suspicion and criticism, a fair bit of which is justified, as the above story illustrates. If you haven't already seen it, watch Inside Job. The problem is not a few bad apples, but a rotten system. Contemporary banking practices are the embodiment of hypercapitalism's myopic obsessions.

"It is easier for a camel to pass through the eye of a needle than for someone who is rich to enter the kingdom of God."

- Mark 10.25 (NRSV).


byron smith said...

Not all banks are equal, of course, and I'm not currently persuaded that there is something wrong with the idea of banking per se.