Capitalism Out Of Control: Keeping The Banking Bastards Honest Has Proved Impossible
The Banking Royal Commission has turned into an inquiry into the dark heart of Australian capitalism, writes Ben Eltham.
Can there be anyone in Australia who feels sorry for the banks right now? Australia’s big financial sector has rarely been popular, but the past fortnight has been something else again.
After more than a decade of banking impropriety, scandal and mismanagement, we all expected some dirty laundry to be aired in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. But recent revelations have shocked even seasoned observers.
The banking royal commission is quickly turning into one of the most significant events in Australian political economy in a decade. It heralds a sea-change in the way Australians understand the financial sector.
Banks occupy the commanding heights of the capitalist economy. They are a central protagonist of neoliberal theory. And they appear to be systemically corrupt.
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