Bankers are basically like spoilt children. They’ve gotten used to having their sweeties. To admit any sense of perspective, even to themselves, would disrupt the flow of sweeties – and is therefore inconceivable. Patent absurdities are warmly welcomed as a supporting crutch. Almighty tantrum’s are threatened at every turn.
They can not be treated like adults. There is no point. They will use every conceivable (and many more ordinarily inconceivable) means of manipulation and deception to maintain their supply.
The short cut to breaking the pattern of spoilt indulgence with a child is the same for bankers. Call their bluff.
The trick to calling someone’s bluff – is being absolutely prepared to suffer through the threat being implemented. In this case, we should be prepared for the bankers and their taxes to walk.
It may very well turn out to be an invaluable gift. Someone will need to service the market, and with the competition all gone – some fresher, better alternatives may appear. Wouldn’t that be a fantastic result. We have to remember that bankers are a service provider – not the value creator. The businesses, individuals & funds who the bankers are parasitically attached to will remain.
However, that is not the main thrust of my argument. Which is this, just as with children – it is far better in the long run, in every case, to stick to a healthy pattern of behaviour than to give in to threats of a tantrum. It may feel dismal in the short term – but the end result is always far, far better.
Trying to fix our global economic system feels like a sisyphean task with no beginning or end. Forcing the bankers to moderate their income to merely incredible proportions is fair, immediate, achievable and establishes a healthy pattern of behaviour. The resulting tantrum may be very painful for the nation, but very much in the same way that a fever is a necessary part of healing.