When I see advertising on English television for companies offering “payday loans”, I wonder if the target audience is stupid people or desperate people...or both.
Then again, if I walk the streets of London and observe the increasing gulf separating rich and poor, I conclude that desperate people need cash to carry them over from one payday to the next. They do not care about the future, which includes the threat of having to pay annual APR of up to 5000%, as long as they can meet immediate needs...which might include feeding children or paying to keep a roof over their heads or to heat a room. Life is tough for people at the bottom of the totem pole...and there are plenty of bastards waiting to take advantage of their suffering.
The amazing thing is that these despicable characters can advertise their crime, uh, I mean product/service on national television. The only requirement is that they publish the APR for potential victims to see. If one is drowning, one does not question the “savior’s” methods. Sadly.
If one considers history, centuries of frequent war between countries in Europe has been altered by the economic intermingling brought on by the European Union. The same has happened between Russia and Europe: economic ties are extensive.
I heard an interesting phrase on a news panel show: banks before tanks. As repulsive as banks are found to be by many, making money seems to be averting armed conflict. This is good (although not for arms manufacturers). Perhaps, bankers are more rational than the fools in foreign ministries, who love to posture and spout platitudes. Diplomats love to be hypocrites; bankers just want to make money.
As always, Simon Jenkins, the smartest man in London, points out the obvious and notices the same thing mentioned above.
Calling a spade a spade and a "banker" a gambler. Someone else noticed, even if most don't get it...