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Not only does conventional capitalism as we know it no longer work in the face of fundamentalist terrorism that has no concern for human lives, it does also no longer work in a globalised world that allows banks to create and gamble with artificial money that does not exist, never will exist, and has no relation to any real values.

For thousands of years people used raw materials, produced something other people wanted, and sold it to them for a price higher than the costs of production. That way they made a profit, and this is the core of old-fashioned capitalism.
Nowadays more and more manufacturing - even the production of the most basic goods - is "outsourced" to low-wage economies, mostly in the Far East. Meanwhile here in the West our apparently so bright and clever people find it more suitable to concentrate on 'financial services', which means in plain English gambling with other people's money and getting paid huge bonuses for it, just like in any casino in Las Vegas. What they really are is not bright and clever at all, but greedy and stupid

 

If we keep this up and do not learn our economic lessons very quickly, capitalism in any form will cease to exist. Private enterprises and public services alike will collapse, and Ireland - together with many other countries, especially in the English-speaking world - will encounter a period of absolute anarchy, violence and destruction. What ever will emerge from that after some time is anyone's guess and unpredictable, even for someone with a good track record of correct predictions.

20/01/2009 14:47. plotino #. ESPAÑA / SPAIN

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