Quote Of The Day: Head Of Bank Of England Says Bankers Must Reassess "Sense Of Self"

Tyler Durden's picture

Earlier today, the world's oligarchs held a conference titled "Inclusive Capitalism" (where common peasants were not allowed to get closer than 300 feet) where inclusive supposedly means "trickle down in an era of record cronyness", which among others was attended by Bill Clinton, Prince Charles and Madame Kill Bill herself.

Here is what some of the participants said via Reuters:

Christine Lagarde, the managing director of the International Monetary Fund, said ... that progress in completing banking reforms was being hampered by fierce industry lobbying.

You mean the industry which was bailed out by the same oligarchs holding court today (courtesy of taxpayer funds), and which even the Fed admits is still Too Big To Fail, and thus has no worries that any of its negative behavior would ever have negative consequences. That industry?

But the quotes of the day by far belonged to former Goldmanite and current Bank of England head Mark Carney. Here are some of his pearls of wisdom, via Reuters and Bloomberg:

"Just as any revolution eats its children, unchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself."

Well as long as he means social capital (not to be confused with government cash transfers in a world in which the welfare state has been bloated to epic proportions) because we know the real capital keeps evaporating: that "inevitable" capex rebound keeps getting pushed back year after year, while all the political capital, as Mario Draghi was so kind to lie to us, has been fully soaked up to keep Europe's artificial currency afloat.

Then there was this:

Carney said public trust had been damaged by the behaviour of banks both before and after the financial crisis. He cited allegations that the Libor interest rate benchmarks and prices on the foreign exchange market were tampered with. "An unstable dynamic of declining trust in the financial system and growing exclusivity of capitalism threatens."

Hold on: when Carney talks about examples of market rigging is he referring to the recent discovery that the "Bank Of England Encouraged Currency Manipulation By Banks"? Surely not: that would be too cute even for a former Goldmanite.

He goes on:

"In the Bank of England's view, changes to both the hard and soft infrastructure of markets will be required," he said.

True: unfair practices such as Virtu having one whole losing day in 4 years of frontrunning market orders should be permanently eradicated. Also the mere possibility that JPM may not report an entire year with zero trading losses, should be promptly struck from the collective mind: imagine how much more confident in markets the retail investors would be if they knew that neither HFT firms nor TBTF banks could ever lose money again!

Before we forget, here is another instance of "social capital" - perhaps Carney will elaborate just what he means:

"Unbridled faith in financial markets prior to the crisis and the recent demonstrations of corruption ... has eroded social capital,"

This is certain: anytime a banker almost, just barely avoids jail time for stealing billions courtesy of a corrupt and criminal legal system that panders to the banks and regulators whose only hope is to get a job with the banks they "supervise", something inside the social capital dies a little.

But the punchline is undoubtedly this, via Bloomberg:

Carney says capitalism must reassess bankers’ "sense of self."

Oh, so it was the impaired banker "sense of self" that was at fault for corrupting capitalism as we know it, or rather no longer can recognize it.... Well that explains everything. As for the cure: we have an idea. The central banks should just print up a few cool trillion more (you know, to boost the economy and lol) and assure that in 2014 bankers get a year of absolutely blockbuster bonuses. That will promptly fix all "sense of self" fears and lingering doubts, and with it, according to Carney, capitalism itself.

Q.E.D

* * *

And all of the above in Bank of England tweet form:

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disabledvet's picture

Bankers reply "Banks are all yours."

outamyeffinway's picture

There's too many "selfs" out there called bankers.

knukles's picture

Well, I for one feel bloody great about myself, said Jamie as he took the $20,000,000 check from the head of personnel.

Pure Evil's picture

So, does this mean that they'll ~

 

Have to Check Their White Oligarchical Pathological Banker Privilege?

NoDebt's picture

Why would they want a "sense of self"?  The few test subject bankers that tried it ended up doing a swan dive off the 25th floor or eating a nail gun.  The study was immediately discontinued.

Nail gun.  I just love saying nail gun and bankers in the same sentence.  I smile every single time.

Doña K's picture

Are you now feeling the heat?

Too late for kind words, the damage is done. Grandma is foreclosed. We are coming after you.

Next!

 

PS: "Nail gun" google search turned over 35 million hits. Nail gun sales going through the roof.

Pinto Currency's picture

 

We have complete capture of the monetary system, the markets and the regulators (including the central banks who are the largest regulators / primary central planners).

Perhaps this road-to-Damascus turn may be related to the public who, to quote Eddie Murphy, are about to "get Medieval on their asses".

topshelfstuff's picture


were tampered with ... tampered with

what, no TV tonight ... this tamper


The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives,

to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a violation of American law.

Since mortgages, student loans, financial derivatives, and other financial products often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide.

Libor manipulation had been common since at least 1991

 

Theosebes Goodfellow's picture

~"Head Of Bank Of England Says Bankers Must Reassess "Sense Of Self""~

Why do I envision hysterical, insane, maniacal laughter when I read this?

SAT 800's picture

I'd like to give 'em a sense of self with a Lousville Slugger that they would feel for a month.

caShOnlY's picture

This canadian dueche is a mere goldman puppet in london.

Murf_DaSurf's picture

 

 

 

If I could do anything I wanted and not go to jail like a bankster, I'd put out a kneecap on this puke... WTF with this guy?

 

fogettaboutit

Say What Again's picture

Mr. B.,

May I use your diagram in my next presentation on Team-Building?

JRobby's picture

Black hearted, morally corrupt sociopaths have a "sense of self" that is not compatible with the sense of self required to evolve positively as a species.

 

yrbmegr's picture

Capitalism is suffering the fate of feudalism before it (see Santayana, "Those who cannot remember the past are condemned to repeat it").  The owners of capital are slowly structuring global systems of capitalism to prevent creation of any capital that is not owned by them.  This is essentially the same as owning all the land in a feudal system.

intotheblack's picture

Jah, effendi. Neo-feudalism or rentier economy the logical result when central planners abolished bankruptcy at the top. Capital is no longer released from misinvestment in inefficient enterprise to fund innovation. So capital turns into its opposite: an instrument of oppression. 

Spastica Rex's picture

Everything old is new again.

Perhaps it's all built into human nature.

DaddyO's picture

Those from Detroit have a more pronounced Krugman lobe!

DaddyO

SAT 800's picture

Oh yeah. You really did it this time. I need that one hanging on my wall. I've already got a print-out of the Market Watch front page from Oct.6, 2008; banner headline WORLDWIDE WRECKAGE. Don't see these those too often on sell-side market shill sites. Sometimes the truth pinches.

I Write Code's picture

It's hot!

... though I'd say "bankster".

bunnyswanson's picture

Sense of self?  SENSE OF SELF?  The bankers are brats.  They are immature, selfish, murdering thieves who will let nothing stop from from getting richer than any man needs to be, AT ANY COST.  That is a character flaw.  And because character flaws rule the day, the entire WORLD will pay for your shortsighted little boy and girl dreams to rule the world, own the people and decide who eats and who starves.  You fuckers belong in prison.

August's picture

...You fuckers belong in prison.

The fuckers belong in boiling excrement.  Judaically speaking.

Ghordius's picture

a wonderful example of how brattish they can be can be found in the phone calls of the bankers that steered the Anglo Irish Bank scandal. remember that?

http://www.independent.ie/business/irish/inside-anglo-the-secret-recordi...

"The astonishing tapes show senior manager John Bowe, who had been involved in negotiations with the Central Bank, laughing and joking as he tells another senior manager, Peter Fitzgerald, how Anglo was luring the State into giving it billions of euro.


TAPE RECORDINGS from inside doomed Anglo Irish Bank reveal for the first time how the bank's top executives lied to the Government about the true extent of losses at the institution. 


Mr Fitzgerald had not been involved in the negotiations with the Central Bank and has confirmed he was unaware of any strategy or intention to mislead the authorities. Mr Bowe, in a statement last night, categorically denied that he had misled the Central Bank.

The audio recordings are from the bank's own internal telephone system and date from the heart of the financial crisis that brought the State to its knees in September 2008.

Anglo itself was within days of complete meltdown – and in the years ahead would eat up €30bn of taxpayer money. Mr Bowe speaks about how the State had been asked for €7bn to bail out Anglo – but Anglo's negotiators knew all along this was not enough to save the bank.

The plan was that once the State began the flow of money, it would be unable to stop.


Mr Bowe is asked by Mr Fitzgerald how they had come up with the figure of €7bn. He laughs as he is taped saying: "Just, as Drummer (then-CEO David Drumm) would say, 'picked it out of my arse'."

joego1's picture

If they really did that we should all duck for cover because it will be raining bankers on us.

SAT 800's picture

"Let it Rain, Let it Rain, Let it Rain,---"   Doris Day? not sure. old musical.

Pure Evil's picture

You might want to change that Trophies category, (not that I don't like the primitive etching), its just that I thought the oligarchical elite were into pedophilia.

DaddyO's picture

Easy there, this is supposed to be a site that is SFW, the bureaucrats, bankers and trader scum are the only ones who can get away with NSFW viewing at work and not risk the gendarmes smashing down the door and seizing your computer.

DaddyO

SAT 800's picture

Dude, aren't you being a little "harsh" on them ?

knukles's picture

The id (sometimes referred to as the ego) is simplistically comprised of two elements; false pride and self-esteem.
Those on "the Street" revel in an abundance of the former, a definite shortage of the latter.
The condition is oft a significant trait in psyco and soiciopaths.
Egomania with an inferiority complex.

some 'o you folks might hear something familiar with that latter statement.... LOL

Callz d Ballz's picture

You forgot the nail.

kurt's picture

Carney's quotes remind me of that Arab Bazaar Bearded guy strapped to a post with hooked chains about to have his flesh ripped apart in "Hell Raisers" where he asks, "What is your pleasure?"

We are WAY beyond bizarre now. These freaks really do see themselves as some kind of leader-lord-kings. They are OUT of their minds. Especially that bitch LaGarde. Watch her interviews, her face. She really thinks she is the Red Queen. Fuckin' monsters.

 

FieldingMellish's picture

Another $1/2b of unrigged gold market dumping please, Mr. Chairman.

Rainman's picture

Maybe if they start giving away toasters again the debt serfs will grow to love them long time.

SAT 800's picture

Me love you too long time, GI; you get toaster ?

SAT 800's picture

It's worth a try; they aren't all that bright.

GIABO's picture

" Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world"

Callz d Ballz's picture

Give a banker a nail gun and he can be suicided.

OC Sure's picture

 

 

"Inclusive Capitalism"

Balderdash!

Inclusive Capitalism means, "Producers, we the thieves need you to keep producing so we can keep stealing!"

The tyranny of economics is rife with contradictions, deceptions, and lies as the means for those who produce nothing to steal from those who produce anything.

 

alien-IQ's picture

KILL. THEM. ALL.

orangegeek's picture

The real story is knowing when is Carney going to jump?  Or when he is going to get pushed.

Kaiser Sousa's picture

DEATH TO THE MONEYCHANGERS.

Joebloinvestor's picture

What a bunch of double speak shit.

No wonder they are hated.

Colonel Klink's picture

Head of the bank of England is just as much a cunt as all the other Central bankers.  Kill'em all!!!

SAT 800's picture

NSA please note; Colonel Klink is just kidding; and he's going to start taking his pills again tomorrow; so take it easy, okay?