The Fruits of Civilization (26-12-3) Banking continued


The prevailing business culture in the banking industry favours dishonest behavior and undermines the honesty norm. ~ Swiss economist Alain Cohn et al

Fraud is no irregularity in the modern banking system. Instead, swindling is what financial institutions do as a matter of practice.

In 2015, 4 global banks – JP Morgan Chase, Citicorp, Barclays and Royal Bank of Scotland – pled guilty to conspiracy to manipulate world currencies. This was just one of innumerable instances where banks placed profitability above decency. However stringent government regulations and oversight may be, they are invariably shown to be insufficient.

The only plausible conclusion is that capitalism is inherently dysfunctional by the very greed that propels it. There is another heaping of proof of that shortly. But first, a survey of the fantastic notions propounded by economists.