Okay, so hands up that I am one of the Spawn of Satan - a banker - or that is what the UK government would have you believe.
Fine, I can live with the name calling and whilst I believe that some folks in merry old banker land probably deserve to have certain parts of their anatomy chopped off for what they have been doing over the last ten years, I think they are in the vast minority. Most of us do a very long, hard days work in very very stressful conditions and hopefully make money for our company (and therefore its shareholders, which for most public companies are the pension funds, life insurance funds etc to which we all pay our dues and like to get good returns).
If bankers and senior company executives are expected to have their remuneration linked to their long term performance, then why should the Government be any different?
Okay, so I have little faith in the economic prowess of most government ministers, having met a fair few MPs in my time. I think most mean well but may not have the knowledge and background to really get to grips with what they are being told. However, the people of the country elected them, so they are in power and set the rules.
Fine. So if Mr Brown and Mr Darling think that pumping shed loads of money into the economy and devaluing Sterling is the right way to go, then surely they should put their money where their mouths are and share in the risk alongside everyone else?
Let me explain.
Mr Brown launched the biggest corporate robbery on pension funds, forcing many companies to close their final salary schemes as they became too expensive and onerous. So now we all are on defined contribution schemes where the value of our pension is subject only to the skills of the fund manager and the value of the fund on any given day. Imagine how you would have felt if your pension pot was valued in April this year when the FTSE-100 was at 3,500 or so, compared to over 5,000 now. Pretty crap and pretty poor for the rest of your life. Now, only one or two groups of people are isolated from this situation, including civil servants and by definition MPs, who are still on final salary pensions schemes funded by the taxpayer.
So, to put this in simple terms, the guys and girls who are setting economic policy for the country are not exposed to the consequences of their actions. If they screw up, Sterling plummets, national debt explodes, who cares since they retire and collect a big fat guaranteed pension at the tax payers expense.
Mmmm, seems a little out of kilter with what they are preaching to everyone else, and in particular the banks?
How would you feel if the chief executive and board of directors of your employer told you that they were cutting jobs, cutting pensions, cutting benefits for the workforce but the board was not going to lose any of its benefits? I think we would have a strike on our hands.
When will this government (or indeed any that is seeking to be elected) have the courage to stand up and say "we are all in this together - no one should be immune from the impact of their actions on their future income" and get rid of MPs final salary schemes?