'INTERVIEW WITH NOBEL LAUREATE MUHAMMAD YUNUS
''Capitalism Has Degenerated into a Casino''
''Capitalism Has Degenerated into a Casino''
The market itself with its lack of adequate regulation. Today's capitalism has degenerated into a casino. The financial markets are propelled by greed. Speculation has reached catastrophic proportions… For a long time, the main priorities have been the maximization of profits and rapid growth -- but that focus has led to the current situation. Each day, we have to look to see if there is potentially harmful growth somewhere. If we find there is, then we need to react immediately. If something grows unnaturally quickly, then we have to stop it. Why don’t companies all pay into a fund that buys up securities that have become too risky? I can even imagine a business model for such a program… Finance and the real economy have to be connected. In the US, the financial system has completely split off from the real economy. Castles were built in the sky, and suddenly people realized that these castles don't exist at all. That was the point at which the financial system collapsed… it has become clear that Adam Smith's "invisible hand" which supposedly solves all the market's problems doesn't exist. This "invisible hand" has completely disappeared in the last few days. What we are experiencing is a dramatic failure of the markets.'
Geen opmerkingen:
Een reactie posten