Jimmy Cayne is the disgraced banker who brought down Bear Stearns in 2008, a forerunner of the global markets crash. What has David Cameron have in common with the pot smoking Cayne?
Rewind the film of history to 1998, to the crash of the debacle of Long term Capital Management which almost brought down finance capitalism. The big bracket banks, under the pressure of the Clinton administration, met to rescue the markets by shelling out of deep pockets of theirs LTCM. Jimmy Cayne was the sole exception: he is famously heard to say his hands did not reach to his pockets.
The mighty wizards of American financial capitalism never forgot Cayne’s arrogance. So in 2008 when Bear Stearns’ head was on the block, Hank Paulson & co. let the rough and tumble brokerage die an ignoble death.
Fastforward to the meeting of the 27 European countries in Brussels. David Cameron like Cayne refused to go along to rescue the Euro and stabilise the shaking pillars of finance capitalism. He held out for special privileges for the City in London which played its shameful part in provoking the 2008 global recession, and on which Cameron as prime minister continues to support and rely on, whilst his government’s programmes are driving the UK to wreak and ruin.
Continental Europe will not forget Cameron’s perfidy. And soon the day will come, as it surely will, when he is going to come hat and hand for a bailout. And then, continental Europe will judge him severely and humiliation. The UK owing to Cameron’s petty mindedness will sink to the rank of a fifth class power and feast on salted crow!