One of Ritchie\’s many problems is that he just never does look up from his prejudices to check out the real world. He\’s told us often enough that finance overtook the world some 30 years ago (he really means around 1980). And that this was a disaster. As he says here:
But what is clear is that without systemic change we cannot deliver the reform really needed to create a just, equitable and hunger free world.
And at centre of the problem is the world’s financial system that has created, perpetuated and benefited from the inequality Red Nose Day highlights.
When some of us have argued that banking, tax havens and their related activities (and banking and tax havens cannot be separated) cause poverty and even death we have always meant it. And we still do. The gross misallocation of recourse that banks have permitted, encouraged and excused are just part of that.
So, what has actually been happening to inequality, poverty and hunger since the banks did co-opt the world 30 years ago?
So, over this time when the banks have been gobbling everyones\’ money just for themselves we\’ve seen an extraordinary reduction in poverty in the world. Indeed, it\’s the largest reduction of poverty in the history of our species.
Even poor, benighted, sub-Saharan Africa has been benefitting: to the point that inequality there is actually falling. As, amazingly, is global inequality.
The really strange thing is that the system he hastens to condemn, the one he blames for all ills in the world, actually seems to have, at the very least coincided with if indeed not caused, the largest success ever in solving the problems he claims to want to address.
I want to beat global poverty. I hope you do too. And I\’m entirely relaxed about the idea that the banks gobble all our money is this is the end result, that global poverty is beaten.
What worries me about Murphy and the like is that he doesn\’t even seem to have noticed this. Let alone considered that he might be in error.