Monday, 16 February 2015

HSBC vs the ruling class

Galloping inequality is arguably a bad thing because it distances the rich from the rest of society at the same time as giving the disproportionately wealthy a disproportionate influence on the polity (think political party donations, post-ministerial investment bank careers etc.).

One powerful response to this is that as we all - eventually -  benefit from wealth creators thru things like the taxes they pay, inequality is justifiable. Then we found out about HSBC's private bank ………….. (and if you want to find out what having an ruling class that can dodge taxes with impunity does to an economy, just look at Greece)

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