Tuesday, November 10, 2009

Goldman Sachs’s Brian Griffiths Says Inequality Helps All : Not

Goldman Sachs’s Griffiths Says Inequality Helps All (Update1) - Bloomberg.com: "Oct. 21 (Bloomberg) -- A Goldman Sachs International adviser defended compensation in the finance industry as his company plans a near-record year for pay, saying the spending will help boost the economy.

“We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” Brian Griffiths,"

No we do not. Brian is touting the discredited "trickle down" theory, which is demonstrably untrue. Neo-liberalism, especially in the Anglo world, causes divergence - the rich get richer and the poor get poorer, through a variety of means, initially from the way new money is made by creating loans at compound interest.

Redistributive taxation and benefits are a weak and ineffective way of correcting this divergent tendency.

I used to know Brian Griffths at the beginning of his career in Bristol. He was, and probably still is, an evangelical Christian. He may be in for a bit of a shock when he dies. (Matthew 25:41-6)

No comments: