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Sunday, February 24, 2013

What future?

Surely from bitter experience of the recession there isn't anyone who still is not aware that the economy does not operate in the interests of the vast numbers of everyday people. The rich and powerful have gained more wealth and power than ever and we just keep on losing ground. All the statistics prove it is so. This blog has repeatedly cited them. The criminal activities of the large banks and the lack of prosecutions have led to them being called "the untouchables" as they continue to reward themselves with bonuses while the economic calamity they were culpable of causing cost tens of millions of people around the globe their jobs, homes, life savings and all hope for a better future. The foolish and/or crooked running the banks were left in place.

 The job of economists is to rationalize, justify, and celebrate the system. Capitalists absolve themselves from personal responsibility by blaming the market for the things that they did and had to do. They inadvertently open a can of worms for themselves because it is another way of saying, "It's the economic system that to blame. Capitalism is at fault." Bankers do what this system goads them to do and are admitting that  "these are the things that will advance the interests of my bank. These are the problems I have to overcome. And that's what I try to do." They're following the rules. That's what they're hired to do as executives and do to the best of their ability. Regulation never delivered on its promise. The previous regulations didn't work and nor will the next. Either they will be undone, or they are evaded. And that's the history of every regulation. This system makes them do the very things that need regulation and then makes them evade or undo those regulations.

Yet why do people still cling to capitalism?  Because they are being taught that politics, debate, and struggle, is a dead end.  But capitalism is producing its own undoing. It is creating tensions and hostilities. People are going to find ways to protest against the system. In country after country going through this crisis, we're seeing more or less the same thing. A upsurge of opposition to what's happening in this capitalist system. People are raising questions such as , "What do we do?",  "Where do we go?" and "If regulation isn't the solution what then is the alternative?"

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