The sport of banker-bashing

Nothing is more tempting, writes Dalrymple,

than to blame the financier, merchant, or banker—in short, the scheming middlemen—for the woes of the world. They are parasites, goes the cry, mere bloodsuckers; they create nothing, but take advantage of everything and everybody. They make profits on the way up as well as on the way down, in abundance and in scarcity, no matter how others suffer in the process.

Such ideas, he points out,

are the stuff of propaganda, both Bolshevik and Nazi. For such propaganda, only the producers of simple tangible goods—the shirtsleeved proletarian in his forge pouring pig iron, say, or the happy flaxen-haired peasant hoeing the land to produce turnips—make a real contribution to wealth, everything else being but a form of hidden confiscation of what the sweat of their brow has produced.

Those who have believed this,

or at any rate acted as if they believed this, have been responsible for a great deal of misery in the world.

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