"We have not solved the causes of the 2008 crash: it is only a matter of time before another crisis happens "
Joris Luyendijk, journalist partner with 'The Guardian', took part in the congress 'Global Finance and the Moving Image' of the Institute for Culture and Society
"We have not solved the causes of the 2008 crash and we have not changed our attitude; it is only a matter of time before another crisis happens". So said Joris Luyendijk, journalist partner of the British newspaper The Guardian during the congress 'Global Finance and the Moving Image'. The activity was organized by the Institute for Culture and SocietySchool of Communication, the Social Trends Institute and the University of St. Gallen (Switzerland). It was supported by partnership of Zurich Seguros, Obra Social 'La Caixa' and Fundación Bancaria Caja Navarra.
Luyendijk shared with the audience his experience in the financial world after infiltrating the City of London and conducting more than 200 interviews with financial workers. The journalist has a pessimistic outlook: "Many bankers have learned from the crisis that they can get away with it, as none have gone to jail or lost money".
However, for Luyendijk the real problem is not the people, but the incentive system and the behavioral subject that rewards. "Bankers who risk money or reputation and come out on top make big profits and, if it goes wrong, someone else pays the price," he says.
On the other hand, the journalist warns that we could fall back into another crisis if we do not change our financial habits. For him, "we are creating a new real estate bubble because we refused to accept that those prices were not realistic".
Successful bookDuring his discussion paper, entitled 'Greed is good: how bankers imitate Hollywood bad guys', he presented his book Entre tiburones. A season in the hell of finance, the result of his journalistic research in London, which has sold more than 500,000 copies.
The journalist started this project as a blog in which he tried to shed light on the world of finance from the perspective of a citizen without specific knowledge in that field area. The success of his texts motivated him to bring the stories together in one volume.