Monday, June 09, 2008

The Gods That Failed

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"Democratically elected governments have, over the past three decades, willingly ceded control of the world economy to... the New Olympians...

"Growth... has relied excessively on speculation in two forms: that in the City and that by home-owners.

"Economically, the legacy is a debt-sodden, lopsided and unequal country in which the pay of those at the top rises at 10 times the rate of those at the bottom...

"The modern era has been characterised by:

"slower growth in average real incomes,

"higher levels of debt to maintain living standards,

"greater job insecurity

"and financial crises that have become more frequent and more far-reaching.

"The only class that has benefited unambiguously from the new world order has been that of the New Olympians...

"Despite the lip-service paid to democracy, western societies are in effect run by moneyed oligarchies
, who have as little time for their wage slaves as did the ruling elite of ancient Athens."

- Extracted from The Gods That Failed: How Blind Faith in Markets Has Cost Us Our Future by Larry Elliott and Dan Atkinson, to be published by The Bodley Head

- Larry Elliott and Dan Atkinson on how reckless speculation of a ...

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