In the financial sphere it has long been the case that investors are more interested in making a fast buck than in long term investment to generate growth and streams of revenue in the future. Harold Wilson put it succinctly 50 years ago when he said; "It is easier in this county to make money rather than to earn it." That remains true today, except that the speculators have now demonstrated their ability to lose money quite dramatically, and then expect the much derided state to bail them out.
One banking reform we urgently need is some banks dedicated to providing funds at modest rates of interest for long term investment. I believe Germany has these and they have contributed greatly to Germany's pre-eminence in manufacturing. There is no mention of such a provision in yesterday's proposed reforms. Perhaps a future for RBS?
In the political sphere the same short-termism predominates: the vision of our politicians is limited to the next election and rarely beyond. We desperately need some "statesmen/women" with the capacity to see beyond the next few years and the courage and honesty to tell us the truth. The proposal discussed in yesterday's blog, of "recall" would, if adopted, make such far-sightedness even less likely.