DOWN WITH ANY ELITE
Greed and the Pyramid-scheme
September 17 2008
financial crisis – you may wonder how many more crises will follow –
has only one cause, the elitist paradigm in which everything turns
money-making machines, the banks, the insurance companies, the
hedge-funds, the speculation on the stock-exchange, the private
equity firms, the manipulation with commodities, etc. must grow and
The price of commodities is driven up to extreme heights. The price of copper trebled in a year while production and use hardly changed. The same for oil, foodstuffs and other commodities. There is something fundamentally wrong when the silver price at the beginning of 2008 year was 14.93 dollar an ounce, went up to 20.92 and then went down to 10.66. But traders get more money when they sell more (preferable at higher prices).
It is a
criminal racket in which some people earn a lot of money at the cost
of many others (a lot of tax money is thrown away).
Just what happened with the sub-prime mortgages, is happening with the speculation with commodities (maybe the next crisis).
The IMF tells us that it could happen in Albania because “the wide
appeal of Albania’s scheme could be attributed to several factors
including Albanians’ unfamiliarity with financial markets, the
deficiencies of the country’s formal financial system which
encouraged the development of an informal market and within this
market, of the pyramid schemes and failures of governance.”
This crisis is once more a compelling reason that supports the title of my new book. From Chaos to Change with the subtitle Entering a New Era.
By the way, I have not yet read that even one of the leaders of the bankrupt firms has been arrested and I do not think it will ever happen because all leaders, including McCain and Obama, are involved.
Your truly, Joost van Steenis
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