Oct 06 2008
Cowboy capitalism died today. At least in Germany. It might breathe a few weeks longer in the US and UK, but eventually it’ll kick the bucket there too. Thank heavens.
I’m talking about the banks. Their freedom made them dizzy. In the end it caused their deaths – and politics took control.
Today is also the first day of the birth of the new, sensible (if not social) capitalism under semi-control of “the people”. At least in Germany. Late last week I still found articles by US and UK experts desperately fighting the straightjacket Germany’s policymakers want to put on bankers in the new, sensible capitalist era. But, the writing is on the wall: and it was written by Continental Europeans, with Germany in the intellectual lead.
I look forward to the day when the world enjoys more than just cars “made in Germany”. In the banking world “made in Germany” grey men will be working in grey suits, with average salaries – as they did in the old days, before derivatives and other fancy financial instruments came around. They will earn average salaries, because their employers won’t be generating astronomic profits for fat salaries any longer. Mere mortals, like the rest of us.
I can’t wait.