Euro Crisis: “The [banking] system is based on bad maths and appalling computer models”

Whilst we are waiting for half the European world to implode amongst a whole heap of grumbles about the costs of Greek social entitlements (free buses in Athens for one), Bryan Appleyard’s perspective is worthy of note:

Actually, no kind of state will work if it hires banks to conceal its debts in order to qualify for euro-membership. They key words in that sentence are, of course, ‘hires banks’. The welfare state is expensive but not, ultimately, as pricey as the banks which have to be bailed out and propped up every time they lose all their money which they do repeatedly, throwing people out of work and costing us even more. The present structure of the banking system is only a couple of decades old and it doesn’t work.

If we are to survive this crisis, it will have to be made illegal. The system is based on bad maths and appalling computer models, on, in fact, machines and it is dependence on machines which is now threatening our ability to function at all.

Mick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty