The monarchs of money have been exposed as arrogant fools. Now we are all paying the price for their hubris

For decades, we have worshipped at the shrine of gold. Prime ministers and presidents have bowed before its keepers. The monarchs of cash, arbiters of wealth, supposed founts of all wisdom, have bestridden Europe and the United States, humbling all in their path.
Investment bankers, hedge fund managers, private equity bosses have strutted in their huge townhouses, tossed away thousands at charity auctions, held court at polo matches and racecourses, launched fleets of yachts and squadrons of Lear jets in a fashion which many of history's dictators would have envied.
Today, we awaken to discover that like so many wizards of Oz, these supremely confident figures are in reality foolish old men - and some young ones - mouthing hollow incantations from behind curtains.
Their universe is crumbling. They rule from the summits of glass towers, but now many can scarcely afford the rents. Markets are tumbling, currencies trembling, great companies begging for lifelines.
The money men have made fools of us. In the years of their dominance, they insisted that the markets were the highest judges and must be left free to rule. Now that the markets signal their downfall, they are running sobbing to governments and taxpayers, begging for our money to save them from the poorhouse.

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