Monday 26 October 2009

How much is a good merchant banker worth?

Immigration enables farmers (and other industries) to employ cheap labour. That is cheaper than they would have to pay a local. The local lose their job and the immigrant get it.

The farmer gets his crops picked cheaper and is able to make a bigger profit, or pass the saving on to the supermarket and maybe the consumer (that has lost his job) see some saving. The logic goes that if you won’t work for the pay then we’ll give the job to someone that will.

OK move up the skill scale to a plumber. Think about it… Yep the logic holds and so the creation plumber is good. What about a nurse or a doctor – yep seems to be OK but suddenly the medical council is there (a trade union by a different name) and they insiste on standards, and pay, well at least for the “consultants”

Move back down the skill level (how many years do you spend in merchant banker school) to the humble banker. One of those who if they weren’t in charge in 2008 they were pretty close to the top. They should have been able to see what was going on (especially as they are so highly skilled) but chose to do nothing about it.

Cut their pay and low and behold they would leave the country to get a job. Where are all these vacancies for bankers? I seem to remember being told that this is a Global recession. I don’t think Germany, France the USA or anyone else is crying out for banking skill. Like the millennium bug and the kings new suit IT’S A CON’. Call their bluff let them take ther kids and sell their mansion (ooh wait a minute not a good time to sell..) and bugger off. The displaced doctor, nurse or farm worker could take it on or at very least the Estonian banker would do the job for less and a lot more graciously…

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