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.