FT.com – Why our masters insist on breaking the rules

Unlike the kings of yore, modern politicians cannot toss you in prison on a whim. But they can still impose debts on you. And, as with the kings of yore, their arbitrary powers are rarely used to benefit the little guy. In recent years, American, British and other European politicians have transferred the cost of poor financial decisions, amounting to trillions of dollars, from the influential people who made those mistakes to taxpayers who did not. If you refuse to cover the losses of those who lent to RBS, the Irish government and all the other failed but favoured enterprises, you will be imprisoned.

Given the press coverage of Steven Hester’s evidence to the Treasury Committee yesterday, it should be clear that the classical rule of law matters to everyone and that law should apply equally to all, irrespective of power or position.