Henry Porter

OK, I know, journos don\’t write the headlines but:

The City\’s greatest lie was to convince us we were all rich.

But by any real standard, compared either to other humans across history, or to other humans in other parts of the world, we are all stinking rich.

To be alive in the early 21 st century in any of the OECD countries, most especially in any of the more advanced, is to be richer than 99 % of humanity was only 50 years ago and than 99.999% of humanity was 100 years ago.

It\’s no lie to tell us we\’re rich, for we are.

8 thoughts on “Henry Porter”

  1. With the US Government practically bailing out Wall Street to the tune of $1 trillion, as well as owning 80% of AIG, its not looking too good for libertarian free markets is it?

    The fact is that you are correct. The big lie is not that we are not wealthy. The big lie is that the prosperity machine does not go into reverse and destroy wealth from time to time.

  2. Good to see the author harp on about the “little guy hurt in bust, little guy did not participate in boom” nonsense.

    A question as to the intellectual roots of this other routine (and its variants) which is always around:

    “The financial markets transfer wealth from the many to the few”

    Anyone have an idea as to the mechanism behind how this is supposed to happen?

  3. “its [sic] not looking too good for libertarian free markets is it?”

    It never was. It can’t be a true free market with central banks dictating interest rates according to political goals. Would a free market have lent money at 2% with inflation at above 5%?

  4. Let’s also not forget that 150 years ago the husband of the most powerful woman in the world died of a bacterial infection and there was nothing that nobody could do about it. A course of antibiotics would have saved Prince Albert’s life.

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