Continuing my series on making sense of chaos, I want to draw some threads together. If you haven’t read the previous two parts, now would be a good time.
Since childhood I’ve loved the Wile E. Coyote vs Roadrunner cartoons. What has
always amused me is the way the Coyote runs off a cliff and carries on running on thin air. All is fine – until he looks down. At which point gravity takes over: kersplat!
It seems to me that what is happening right now is the global coyote has just looked down. There is no solid ground underfoot.
So how did it happen? Who do we point the finger at?
One of the main causes of the current problems is that money is not real. If you look at an English £20 banknote you’ll see the legend “I promise to pay the bearer on demand the sum of twenty pounds.” Once upon a time (which is how all good fairy stories begin) this was true: you could go to the Bank of England and exchange your £20 note for twenty-poundsworth of gold. But no more. A banknote is 2 grams of paper, with zero intrinsic value. It is an IOU; but where once it was an IOU for something, now it is an IOU for nothing. We only use it because we believe it has value. What we have is technically termed a ‘fiat money system’ – a system not backed up by a specific commodity. Another term might be ‘collective fantasy.’
It only works if we all believe in it, as long as nobody rocks the boat.
It seems to me that the financial institutions have behaved like infants who have not yet grasped the principle of delayed gratification. “MORE MONEY! WANT IT NOW!!!” This might have been manageable, were it not for the fact that the financial industry employs some of the keenest minds around. To those of us who don’t possess their kind of knowledge and skills, some of the schemes they have devised and some of the creative accounting are staggeringly incomprehensible.
Bankers – gotcha!
It is, I think, unarguable that the financial services industry has been out of control. It is, of course, the job of government to regulate the industry so it would seem that they have failed to do their job. Politicians thrive on popularity. So while the financial services industry was apparently delivering more and more wealth that enabled the politicians to finance their plans, they had little incentive to rock the boat, to kill the golden goose. They clearly failed in their responsibility to ensure economic stability and well-being.
Politicians – gotcha!
But then we are left with the question – whose job is to regulate the politicians? These very politicians who failed to regulate the bankers and conspicuously failed to regulate themselves – as the expenses scandal demonstrated. And who is in charge of the politicians?
Well, that would be me. And you. And all those who have the vote. Us.
Ouch.
We may think that we live in a democracy, but that is patently untrue. What we have is actually elected dictatorship. Every 5 years we elect a group of people who have absolute power over decision-making. Pre-election pledges are sometimes kept, but are broken more often than not. There is no substantial consultation. Did you want a choice over the Iraq war? Tough. Want a referendum on the EU? Don’t hold your breath.
The root of the term ‘democracy’ is Greek: people power.
But we give a group of people absolute power. We hand over our individual power and retain none for ourselves. And every 5 years we are asked – pretty please – to sign it away yet again; we happily comply with a simple ‘X’.
So for me trying to make sense of this global chaos, there is a simple conclusion. Much as I want to blame the bankers and the politicians, to blame the greed of others or unfettered capitalism, I am left with a self-reflective question:
What do I do with my power?

I haven’t blogged for a few months or so, to the evident disappointment of many (well, there’s been one request on Facebook!) I have actually started writing on several occasions but there has been so much going on in the world that every time I began it seemed that my words got overtaken by events; I felt I needed to expand what I was saying – and it all started to look rather like a book rather than a blog entry.





A woman has attacked the painting Two Tahitian Women by Paul Gauguin at the National Gallery in Washington DC. Susan Burns from Virginia tried to rip the painting from the wall, but it was protected by a sheet of plexiglass and fortunately was undamaged. [
Last night I went to bed tired out; my head touched the pillow, I started drifting off, and bam! My brain decided it wasn’t ready for sleep. In spite of the rest of my body being more than ready to slip into dreams, some part of my mind wanted to think.”You gotta be joking – I’m tired!” I complained to the inconsiderate me, “Please just go to sleep.”