The ‘overPRICED’ stock markets continue to sell off around the globe as the hopelessly corrupt financial system finally springs out of the proverbial bag
I say incurable. This is the diagnosis of an irreversible disease. The corruption and collapse of the rule of law, in the financial sphere, is basically irreparable. It’s not just that restoring trust takes a long time. It’s that under the new technological order in this field, it can not be done. The technologies are designed to sow and foster distrust and that is the consequence of using them. The recent experience proves this, it seems to me. And therefore there can be no return to the way things were before. In other words, we are at the end of the illusion of a market place in the financial sphere.
Well, how about it good citizen, can you say FUBAR? (Fucked Up Beyond All Repair)
Dunno if I read a different version of this speech yesterday but I recall Mr. Galbraith (or maybe it was someone else’s commentary) concluding with the opinion that things were so far gone the only option remaining to us was to start over again from scratch.
Or was that just me reading my own beliefs into the statement?
No, it wasn’t me.
(The version I read last night was posted on ‘naked capitalism’, this link leads to ‘firedoglake’.)
And the two ‘copies’ ARE different…for reasons unknown.
Anyway, it’s one thing for a nobody like myself to opine that the global financial system is hopelessly corrupt but quite another to have ‘people of note’ parrot the same viewpoint.
The question, naturally, is what does this improbable development mean?
It certainly, as Mr. Galbraith points out, not news so why admit it now?
Perhaps it is me who is missing the point, Mr. G has taken on the mantle of ‘contrarian’ and ‘truthsayer’ so the Corporate media may well just ignore his assertions.
I suspect the real ‘revelation’ here is that the ‘economics community’ is now on record as admitting they teach bullshit in exchange for a paycheck.
At least in Mr. Galbraith’s opinion…
Until someone like Mr. Bernanke comes out an accuses the financial community of fraud, Mr. Galbraith’s opinion will remain just that, an opinion.
The fact that the ‘rest of the world’ agrees with him will be of no consequence.
Until the hangings start, then all of a sudden it will be ‘everybody knew and nobody bitched then!’
Which is to point out that by the time we get around to restoring justice the guilty will be falling back on the ‘timeliness defense’.
It’s not particularly productive to note that the timeliness defense didn’t do the Nazis much good.
Neither does the ‘everybody else was doing it’ defense.
(Which will likely prove ‘problematic’ when the time comes but I guess what I’m saying is THAT time IS coming!)
What remains to be seen is who will be thrown to the wolves in the initial ‘mock’ trials and who gets it in the ‘real’ trials…
Don’t doubt it for a second good citizen there will be two phases separated by an interval where nothing happens (improves) after the first trial.
The difference being is nothing will change after the ‘dupes’ are sacrificed, it will only be after the guilty are brought to justice that a new system will be put in place.
The danger lies in a new ‘proposal’ that is almost indistinguishable from what currently exists. Sadly most of you are so ‘financially illiterate’ that you will be unable to distinguish genuine change from the ‘cosmetic’.
Just as most of you are unaware that the ‘financial innovations’ the won Alan Greenspan a Knighthood and that Larry Summers praises so highly are indistinguishable from COUNTERFEITING!
But hey, when you get that far out there, ‘reality’ is whatever I say it is…(say the so-called ‘Masters of the Universe’)
Naturally, they were ‘st-runk’ out of their minds when they stumbled upon this interesting (and considerably self-centered) point of view, which is still no excuse.
It is one thing to spout nonsense and quite another to defend it as both real and rational.
Which is to direct your attention to ‘center stage’ where both dominate a highly improbable scene.
Left to our collective imagination is whether or not the ‘majority opinion’ will hasten the collapse of our civilization?
Like Porter Stanisbury says, it’s not a question of ‘if’ but ‘when?’
So what’s your poison, good citizen, whiskey or gunpowder?
Thanks for letting me inside your head,
Gegner
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