Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
There is nothing wrong with capitalism, it's the whole financial system of casino capitalism that's at fault, as rdf explained

This is not real wealth creation as we understand it in the real world. It posits an entire hyperspace of fantasy money, the pyramid balanced on its point where the only interction with our daily life is with the money we deposit; all other sums only exist in theory.

so increasingly the bandits trade in the fantasy money and award themselves credit in the giant casino of Second Life. Last year the city of london alone traded something like £300 trillion, which is an awful lot more than the net commodity worth of the entire planet. Yet somehow nobody asks if this makes any sense. Yet somehow they seek to persuade us that this is real money and they deserve to take our deoposits and reward themselves with them. and so long as the wheel keeps turning they can continue until suddenly there wasn't enough mney left in the real economy to justify what they were doing and bang, it all decouples and we realise the money was never there in the first place, it was all in their imagination.

We have woken up from the capitalist dream and have created a very real nightmare.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Sun Sep 28th, 2008 at 09:33:10 AM EST

Others have rated this comment as follows:


Occasional Series