At its congress in Seville in 2007, the European Trade Union Confederation resolved   to expose “casino capitalism” and short-termism and press for them to be fought by taxation, regulation and worker involvement. Now, as the subprime crisis unravels around the world, casino capitalism has exposed itself. Everyone is learning that a powerful financial sector has crowded out other industries and made the economy dependent on short-term, fast buck-making deals that are rarely in the interest of sustainable business or improved long-term growth.

Today’s dark economic reality has exposed the financial world’s claims to have increased world liquidity and reduced investment risk. Decision-making has centred on personal enrichment and even now, with honourable exceptions, most of those responsible have ensured that they will not be the ones to suffer the consequences.