US Economy Under Global Microscope Sees FUZZY MATH
The past week has seen the US economy rocked by some of the worst global financial turmoil in decades, with venerable firms collapsing, global banks and governments pouring huge sums of money into financial markets in a bid to ease turmoil and thousands facing unemployment or financial ruin.
As US officials announce planned measures to tackle the crisis, Al Jazeera asked five prominent economists – Does the crisis signal the end of US-style capitalism? And if so, what are the lessons learned?
James Galbraith, economist, professor at University of Texas, Austin
Gerald Friedman, economics professor, University of Massachusetts
Mark Weisbrot, co-director, Centre for Economic and Policy Research (CEPR)
John Berlau, Competitive Enterprise Institute (CEI)
James S Henry, economist, author of The Blood Bankers
“My first instinct was to let the market do the work, but I realised, upon being briefed by the experts, of how significant this problem became. And so I decided to act, and act boldly,” he said. “This is big package because it was a big problem. And I will tell our citizens and will continue to remind that the risk of doing nothing far outweighs the risk of the package and that over time we are going to get all of the money back.”
Bush urged congress to work quickly to approve the measures.
This is a huge bandage for a huge wound. The victim is global economy, with ties to the Wall Street Religion of Capitalism. The Wall Street Money Mogul Priests have gotten too drunk, on the power of money, to recognize that they should not be driving. This is a major collision with reality, the survivors, if any, will be in critical care for a long time. The biggest trauma, like someone who has a brain injury or lost a limb, is that routine lifestyles must change dramatically. The way of doing business will have to become practical again. At some point in history, doing business was a discipline that had rules, and sometimes ethics. The elite drunkards in charge of America’s and the World’s financial systems, got too comfortable using market chaos and sleight of hand, to slip extra profit for themselves. We must tolerate ONE MORE agency …. MMA (Money Moguls Anonymous). This is indeed a sickness that can be treated with discipline and ethics. Time to dust off that forgotten word and try to remember exactly what its definition is. Accountability is another forgotten virtue … oh yes, virtue and honesty must be dusted off and polished. With long and painful therapy, there may be hope for recovery. The casualties are massive.
ACCOUNTABILITY: the quality or state of being accountable ; especially : an obligation or willingness to accept responsibility or to account for one’s actions <public officials lacking accountability>
HONESTY: fairness and straightforwardness of conduct b: adherence to the facts : sincerity
- capable of being
- explainable –
VIRTUE: 1 a: conformity to a standard of right : morality b: a particular moral excellence 2plural : an order of angels 3: a beneficial quality or power of a thing 4: manly strength or courage : valor 5: a commendable quality or trait : merit 6: a capacity to act : potency— by virtue of or in virtue of : through the force of : by authority of –
If you tell a lie often enough, it becomes a perceived truth. This learned behavior of the addicted Money Moguls is worthy of “Re-Education”. Perhaps we should look to China for guidance. They are also victims of the same collision. They may have participated, but now they’re hurt and must also re-think the Money/Power formula. Spin the globe and stop it anywhere you like, what you will see is a lump of land or water that is suffering from the disease of the Money Moguls. The wealthiest nations have been bent on using more than they need, their waste products have become a cancer that is consuming this planet. Careless economies, full of money drunken consumers, hurt earth, water and air. Sad, but we all depend on each of those to inhabit this earth. Recovery will be long and painful.