10/07/2012

Adam Smith Would Have Been Horrified By The Way Banks Operate These Days. But Then What Did He Know?

Adamsmithandjohnvonneumann-300x169

There is no invisible hand which regulates markets. A code of ethics is needed to ensure that a market economy can work in everyone’s interests.

Today we are taking a good old look at the banking sector. The first port of call is the history then we go straight to the latest juicy news about Bob Diamond. We also take a good old look at the Quakers and how they helped early on in the banking industry. Today's post takes a look inside the heads of those clever bankers and attempts to unearth what makes them so clever. We also have a good look at other clever people to find out how clever the whole worlds banking racket actually is. Plus a special bonus tip so you can have a big banker bonus; and where would we be without them and them Brucey bonuses?

Tags: DAM SMITH, BANKING CRISIS, BOB DIAMOND, JOHN VON NEUMANN

The Invisible Hand - Smith, Friedman

The Invisible Hand – Smith, Friedman (Photo credit: wiring71)

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