essay sunday oct 19
October 20, 2008 § Leave a comment
The question really is, can the financial industry,which has sucked money and possibility out of the rest of the economy, be constrained to a narrower and less cash flowing role? The needed reform is not within finance, but for finance itself as a part of society.. The “financial industry” – all the salaries and bonuses and marble buildings, is like Rome in relation to Luther’s Germany, from whish Rome took the money and built St.Peter’s. Beautiful – for some – but impoverishing for many.
Much writing right now is on the edge of this issue. The Economist’s View is full of articles that remind us of how the issue has been seen – and ignored. Same with the articles of Krugman and Brad DeLong. Note I say close to,because not many want to go over the edge into real change, and the potential for violence and real destruction..Indeed most of the commentators are concern to restore the wholeness of he financial community. Big salaries? New regulators regulating their own past decisions – an future prospects. Well, say some, we have to because “finance is the oil that makes the machine go.” Very expensive. No one would say that oil makes the machine go. it is a lubricant but not an energizer.
Organizing capital, status and technology, using the state. This led to Fascism, Stalinism, both of which failed.,but we still have the same problem. What next?
I find that many people in business and university assume that conflict will occur as environmental problems overwhelm civilizational ones. The breakdown of finance is sen s part of that breakdown.
Is it bad people, or the simple dynamics of large numbers, increasing, of people?
These support big government, big law, big systems. The centralization agenda. The upcoming ministers conference on rethinking the economy.