The European Union needs a 'whole system change' to recover from the debt crisis it is facing as its economic troubles are an outcome of 'corrupt capitalism,' an economic expert tells Press TV.
“It [The EU and Greece in particular] needs a whole change of the system,” said British economic commentator Shabbir Razvi in a recent interview, adding that, it requires 'bold steps.' "Bold steps meaning that the whole capitalism; the crisis of capitalism has to be seen from the perspective that capitalism stinks because it is corrupt. It has corrupted the politicians; it has corrupted the whole society by way of bankers having the final say as to what happens in each of the countries and Greece is a very good example whereby the bankers are trying to have their way,” the London-based economist said.
He went on to say the whole problem with capitalism is that “capitalism awards greed and the greedier the bankers become, the more bonuses they get, the more higher salaries they get, which in turn corrupts the whole system because the politicians are having Jolly knees-ups at the banker's parties.”
On Sunday, Iran's President Mahmoud Ahmadinejad also denounced Western capitalism in his opening speech at the Islamic Awakening and Youth conference in Tehran, saying that the Western capitalism is on the verge of collapse, and that the world should find an alternative system that guarantees amity and justice.
VG/JR
Well, "capitalism awards greed" now, maybe, but not so long ago it rewarded thrift, invention and industry.
ReplyDeleteThe snake in eden this time was "free market" nostrums pushed by fascist-pro-bankers like Milton Friedman.
For capitalism to reward real productivity, it must be regulated like any other human activity. "Invisible hand" is a euphemism for mobsters, fixers and secret agents.
As we have so painfully discovered...
Right on Franz... You see the big picture..
DeleteFranz,
DeleteYou are correct. The problem is due to unregulated Capitalism where thrift is penalized while greed is rewarded.
"Capitalism carries within itself, the seeds of it's own destruction- Karl Marx
ReplyDeleteSo does everything.
Deletethings are changing. This world and the way we think is changing. I have been listening to the guy from http://www.forecastfortomorrow.com and he has some very scary forecasts about these movements and the economy coming true. WOW!
ReplyDeleteCapitalism is NOT the free market, bear in mind.
ReplyDeleteThe rich mostly became rich through the "power" of compounded interest. Interest is nothing more than a form of cheating.
This system lets banks decide who gets money and who doesn't because IT IS THEIR MONEY. Take your money back.
US DOLLARS not FRNs.
There is nothing there to replace capitalism. Socialism failed miserably.
ReplyDeleteCapitalism is not failing. What is failing is money as debt system started with the Bank of England in 1694. We will replace it with a debt free money and capitalism will continue and perform even better than the money as debt system did.
the future is bright. No need for unwarranted pessimism. Capitalism is not the problem nor is it in any danger. There is no other system there to take over from capitalism. Forget socialism: it failed everywhere where it was tried.
The system of creating paper money based on debt and then circulating it through the economy via a fractional banking system to create more interest started in 1694 is going to die. Since, it is mathematically not sustainable. How can money that is created in debt clear the debt which is the problem today? It lasted so long that the world could absorb increasing levels of debt. The only solution is to create money based on a a store of value that cannot be created by banks or government out of thin air. Gold and silver have been vlaueable since times immemorial. Go back to Gold and Silver as a measure of value and completely forbid usury. Those are the two core Islamic economic principles. The world has to come to Islam or else they will economically perish through their own folly.
ReplyDelete