A New World Economic Order ... ?
The global financial meltdown brought into focus for the wider public not associated with government and financial enterprises how vulnerable we all are to the vicissitudes of economies dependent on the capitalist system when financial entrepreneurs are entirely focused on making money at any cost. Including the cost of gambling with the possibilities inherent in worthless paper resembling promissory notes with no capital or fluidity behind them to give them value.Imbuing them nevertheless with an imagined value, and trading those official-looking, resistant-to-audit and -scrutiny papers on the world stage. And when it became apparent that these were truly worthless with nothing of substance to back them up, the collapse of the international financial system was predictable. It occurred, just as some knowledgeable experts in finance warned would occur; a massive financial collapse that took the world by storm.
That was capitalism without morals, with not a shred of social conscience; capitalism gone berserk. And to insult those people who suffered great losses, of property and hope for the future, of employment and dignity even further, the lofty captains of financial institutions, the elite executives at the helm of the institutions that caused the crash, still felt entitled to collect massive sums of money in reflection of their status at the top of the economic heap.
And a process which has always been prevalent simply began to accelerate; the division between the 'haves' and the 'have-nots' began to widen. People at the lower end of the social spectrum - and that's a fair majority - became poorer, while the top wage-earners became richer. People noticed, and their simmering aggravation became a soaring anger. And the "Occupy" movement took flight; beginning where the monetary fiasco was initiated and spreading throughout the world.
Responsible politicians and heads of industry took notice. And more or less deplored the protests, yawningly. But not all. The Governor of the Bank of Canada expressed his understanding and sympathy with those who protested at the growing inequity in society, the financial polarization, and he was not alone. And now, the very founder and organizer of the World Economic Forum, gathering annually in Davos, has expressed his considered opinion.
"Capitalism in its current form, has no place in the world around us. We have failed to learn the lessons of the financial crisis of 2009. A global transformation needs to take place urgently and it must begin by restoring a form of social responsibility", explained Klaus Schwab, speaking with reporters. "New models" must be developed, he stated.
And as the world's political and business elite meet in Switzerland to discuss the global financial situation during the five days of the meeting, prime ministers and presidents, finance ministers and treasury secretaries, and the new head of the International Monetary Fund, along with the European Central Bank president and World Trade Organization chief, we can only hope that responsible, enlightened reason prevails.
Labels: Economy, Political Realities
posted by Pieface @ Thursday, January 19, 2012
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