This is a story about bullshit jobs...

In the east end of London, sandwiched inbetween Hackney and the area that used to be responsible for producing clothes and shoes, is the tiny oasis of Silicon Roundabout. The concrete mostronsities that sprung up in the postwar era, after the factories were bombed to shit, are now home to the darlings of the UK's tech industry.

TechHub, which is just a stone's throw away from the Old Street roundabout, prides itself on not having a proper ceiling to conceal its air conditioning ducts. The desks are battered and constructed from scaffolding. The urban decay of the whole area is part of the appeal. I mean, you can work in a disused underground train carriage for fuck's sake... some kind of hyper-trendy modern office.

And yet, this hipster village borders the City of London, where the world's investment banks and hedge funds headquarter themselves. Money is made hand-over-fist in London's financial districts, and all of the profits are enabled by smart tech people. There isn't a single cent that lines the pocket of a capitalist without some computer geek having written some software to make it possible.

There are two kinds of brain drain in operation.

Jaded City workers jack in the corporate humdrum of suits and 9 to 5, to head into the world of Hoxton, Shoreditch and Silicon Roundabout in order to grow a ridiculous beard and ride a bicycle with fixed gearing. Meanwhile, the very smartest are poached from the digital agencies and other parts of the thriving software community, in order to build the backbone of the financial system and re-architect the whole world economy.

Sadly, the main conduits for smart people still deliver the bulk of those graduating with first-class degrees and 2:1s from the best institutions, straight into the hands of bloodsucking parasites.

What was your degree in? Chemistry? Geography? Psychology? English? History? Epidemiology? Medieval iconography?

Who fucking cares?

If you're smart enough to have risen to the top of your classes, you're going to be hoovered up by the financial services sector, which dominates 80% of the British economy. Sooner or later, you're going to find yourself working in a towering phallus of glass and steel, which is a monument to the stupendous stupidity of man.

While red-braces wearing men fill their wheelbarrows with worthless paper, the rest of the world rumbles on, but is seen as unimportant compared with the "masters of the universe". It's obvious that you can't eat a futures contract, or a derivative, but yet the bulk of the 'money' in the world is derived from legal contracts that are almost impenentrably complex. Clever little cunts just coming up with clever schemes to scam the 'real' economy out of their labour and productive output.

How did it all begin?

Well, at the Royal Exchange, a farmer decided to sell his crop of wheat before it had been even harvested. This was the original futures contract. From this grew options, swaptions, interest rate derivatives, exotic credit derivatives and every flavour of cuntery inbetween. It's utter horse shit.

Now, you work all fucking day and your salary isn't even a rounding error on a balance sheet somewhere.

The amount of cash in circulation is nothing. It's meaningless. Financial services and the abolition of the gold standard means that the bankers are just adding extra zeros onto the end of everything just to prop up an utter horseshit system based on perpetual growth. As long as the masters of the universe are getting more zeros on their salaries and bonuses. That's the real reason why anybody has to suffer austerity.

Sorry about that.

Tags: #capitalism #banking