STOCK MARKET WATCH -- Wednesday, 23 May 2012

[Demeter]

8. A web of privilege supports this so-called meritocracy (UK, BUT US TOO)

http://www.guardian.co.uk/commentisfree/2012/may/06/leveson-murdoch-cameron-brooks-privilege

....Class privilege, and the power it confers, is often conveniently misunderstood by its beneficiaries as the product of their own genius rather than generations of advantage, stoutly defended and faithfully bequeathed. Evidence of such advantages is not freely available. It is not in the powerful's interest for the rest of us to know how their influence is attained or exercised. But every now and then a dam bursts and the facts come flooding forth....

Issues of alleged criminality will eventually be determined in the courts. But while illegality would be more damning, much of what we now know that is legal is no less corrosive. The evidence has laid bare the intimate, extensive and insidious web of social, familial and personal ties between the political, corporate and legal forces that govern a country: a patchwork of individual and institutional associations so tightly interwoven that to pick at one part is to watch the whole thing unravel. The "sit downs", pay-offs and class camaraderie on display owe more to a cross between Downton Abbey and the Sopranos than the functioning of a 21st-century democracy.

...Such is the incestuous nature of the British ruling class and the gene puddle from which it draws its stock. Such is their brazen venality, complicity, contempt and mendacity. Eton, Oxford, Bullingdon, Westminster – if you're looking for a tiny minority who are struggling to integrate, look no further than the cabinet.

Two things make this a matter of import as well as intrigue. The first is the lie it gives to the insistence on meritocracy at a time of acute economic crisis when benefits are slashed, the poor hammered. Cameron and his cabinet insist others pull themselves up by their bootstraps even as they themselves swan around in their parents' expensive pairs of loafers. Today almost 40% of MPs went to private school. In 1997 it was just 30%. In terms of social mobility, we are going backwards. The issue here is not class envy but class entrenchment. The fact that they were born rich is irrelevant. They had no choice in the matter. But the fact that they appear to want to give even more to those who already have a great deal while denying much to those who have little is unforgiveable...Rocked in the cradle of power from birth so that its rhythms become second nature, these people imbibe their sense of entitlement with their mother's milk. But the personal tutors, private schools, the most expensive universities do not, somehow, suffice. As though the benefits of wealth were not enough, they apparently feel the need to game the very system they already control.

Which brings us to the manner in which these interactions mock the very notion of democracy on which the nation's illusions are based. For the meetings, lunches and visits showcase a parallel, unaccountable universe where actual decisions are made and deals are done.

SPECIFICS AT LINK, UK AND US