Destabilising an Unstable Economy

If insanity is doing the same thing over and over again and expecting different results
Then calamity is clearly what these guys are all about
It doesn’t make you a Luddite to say
“Well, with hindsight, our confidence in the ratings agencies was totally misplaced”
Does anyone else remember the way that they acted yesterday?
They said to put your mind at ease with a few of these mortgage-backed securities
Good enough for Lloyds TSB
Endowment funds at universities
And public sector retirees
Whose pension funds are intentionally designed not to invest in anything under a couple of B’s

And then, low on gumption, they made the false assumption
That all European debt is equally fit for consumption
Served on a plate with a scotch at a luncheon
Just AAA it
It doesn’t matter of what it consists
Or what it means for our parents and kids
Capital flows distort supply and demand
The price of the wheat and the price of the land
Banks act like they can increase their profits without increasing their risk
But leverage drowns in risk like crustaceans in bisque
A little whiff of Fitch saying “Greece is this way… and you’re late”
“It’s a fine time to play, the countries in the Eurozone have one blanket interest rate”
But the reality on the ground was different in different states
Acting as bait for straggling hedges
Club Med debt shorted to induce default
I guess it probably wasn’t AAA in the first place…
But it certainly isn’t now

They haven’t even faced a fine
3 bedrooms in Liechtenstein
And one or two in Rome cost a dime
But no quarter for Italy
For me, it just beggars belief that people continue to take their nonsense literally
From John O’Groats to the Aegean Sea
People pay for this service, it isn’t free
And now NHS hospitals will be rated apparently
I thought I saw them say it on TV, and I corroborated it on the PC
Just type it in, you’ll find it easily
In both the Telegraph and the Guardian, 2012, January 19
It was a Thursday, I believe
But clearly this is no rhyming matter
The only reason any of these guys should go anywhere near a public hospital
Is to receive medical treatment
(Or, to be at the side of someone close to them)

Hospitals should not be incentivised to compete
They should cooperate to cure disease
That’s what it’s there for
Not to make back door profits for Group 4 Securicor
And if I didn’t know not to assume
I would assume that they will profit in some way from the new NHS
They certainly had no reluctance
To inhibit competition by hiring former public servants from the Ministry of Justice

I fail to see a P.O.V.
From which these sleazy agencies
Have any credibility
They see nothing but cash in the Louvre
And among the gold in the tomb of Tutankhamen
Their methods can’t be disputed
Because they’ll assess your criticisms with the same, spurious cost-benefit analysis
That has perverted the incentive structures in our public and private sectors

They represent the epitome of the falsehood
That we should act the same in a social or political situation
As we would in a commercial situation
That’s a key facet of financialisation

Also published by Social Justice First:


One Response to Destabilising an Unstable Economy

  1. Pingback: A Political Poem: Destabilising an Unstable Economy « socialjusticefirst

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