Comments on: The Financial Crisis Explained http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/ a radical newsletter in the struggle for peace and social justice Mon, 01 Dec 2008 20:31:52 +0000 http://wordpress.org/?v=2.6.1 By: what is a name http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10226 what is a name Wed, 05 Dec 2007 02:56:24 +0000 http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10226 What a bunch of mumbo yumbo. All those that whore from others are criminal with intent. So it shall be written, So it shall be done, What a bunch of mumbo yumbo.
All those that whore from others are criminal with intent.
So it shall be written,
So it shall be done,

]]> By: Marq Goldberg http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10144 Marq Goldberg Tue, 04 Dec 2007 09:03:09 +0000 http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10144 Remember Germany's solution for their economic crisis? Hyper-inflation followed by WW II. It would seem that our government is reversing that order. Here's an economic article everyone should be familiar with. THE BETRAYAL OF ADAM SMITH by David C. Korten Excerpt from "When Corporations Rule the World", 2nd Edition It is ironic that corporate libertarians regularly pay homage to Adam Smith as their intellectual patron saint, since it is obvious to even the most casual reader of his epic work The Wealth of Nations that Smith would have vigorously opposed most of their claims and policy positions. For example, corporate libertarians fervently oppose any restraint on corporate size or power. Smith, on the other hand, opposed any form of economic concentration on the ground that it distorts the market's natural ability to establish a price that provides a fair return on land, labor, and capital; to produce a satisfactory outcome for both buyers and sellers; and to optimally allocate society's resources. Through trade agreements, corporate libertarians press governments to provide absolute protection for the intellectual property rights of corporations. Smith was strongly opposed to trade secrets as contrary to market principles and would have vigorously opposed governments enforcing a person or corporation's claim to the right to monopolize a lifesaving drug or device and to charge whatever the market would bear. Corporate libertarians maintain that the market turns unrestrained greed into socially optimal outcomes. Smith would be outraged by those who attribute this idea to him. He was talking about small farmers and artisans trying to get the best price for their products to provide for themselves and their families. That is self-interest, not greed. Greed is a high-paid corporate executive firing 10,000 employees and then rewarding himself with a multimillion-dollar bonus for having saved the company so much money. Greed is what the economic system being constructed by the corporate libertarians encourages and rewards. [See An Economic System Dangerously Out of Control .] continue at http://reactor-core.org/betrayal-of-adam-smith.html Remember Germany’s solution for their economic crisis? Hyper-inflation followed by WW II. It would seem that our government is reversing that order.

Here’s an economic article everyone should be familiar with.

THE BETRAYAL OF ADAM SMITH
by David C. Korten
Excerpt from “When Corporations Rule the World”, 2nd Edition

It is ironic that corporate libertarians regularly pay homage to Adam Smith as their intellectual patron saint, since it is obvious to even the most casual reader of his epic work The Wealth of Nations that Smith would have vigorously opposed most of their claims and policy positions. For example, corporate libertarians fervently oppose any restraint on corporate size or power. Smith, on the other hand, opposed any form of economic concentration on the ground that it distorts the market’s natural ability to establish a price that provides a fair return on land, labor, and capital; to produce a satisfactory outcome for both buyers and sellers; and to optimally allocate society’s resources.

Through trade agreements, corporate libertarians press governments to provide absolute protection for the intellectual property rights of corporations. Smith was strongly opposed to trade secrets as contrary to market principles and would have vigorously opposed governments enforcing a person or corporation’s claim to the right to monopolize a lifesaving drug or device and to charge whatever the market would bear.

Corporate libertarians maintain that the market turns unrestrained greed into socially optimal outcomes. Smith would be outraged by those who attribute this idea to him. He was talking about small farmers and artisans trying to get the best price for their products to provide for themselves and their families. That is self-interest, not greed. Greed is a high-paid corporate executive firing 10,000 employees and then rewarding himself with a multimillion-dollar bonus for having saved the company so much money. Greed is what the economic system being constructed by the corporate libertarians encourages and rewards. [See An Economic System Dangerously Out of Control .]

continue at http://reactor-core.org/betrayal-of-adam-smith.html

]]> By: Pollack in Idaho http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10140 Pollack in Idaho Tue, 04 Dec 2007 06:15:54 +0000 http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10140 And how on Earth the once mighty dollar can rebound, when US finances are FUBARed? The government has to borrow about one BILLION dollars a day, just to pay interest on the debt, that currently hovers around 85% of GNP. Congress has abdicated any responsibility for the country; the wars are run on credit; taxation has become a dirty word. How much longer China, Japan, and company will be willing to finance American insanity? Forever? I fear not... US has VERY little time to try and salvage the status of US$ as a reserve world currency - and once this status is lost, it will be sayonara for greenback. The dollar is running on fumes; people around the world may be slow to notice, but eventually they will. US military can run on Iraqi oil - but what about tanks, planes, warships, munitions, and boots? Where they are going to come from? Who will be paying for all this? China? Am I missing something? Pray tell, if I do. And how on Earth the once mighty dollar can rebound, when US finances are FUBARed? The government has to borrow about one BILLION dollars a day, just to pay interest on the debt, that currently hovers around 85% of GNP. Congress has abdicated any responsibility for the country; the wars are run on credit; taxation has become a dirty word. How much longer China, Japan, and company will be willing to finance American insanity? Forever? I fear not… US has VERY little time to try and salvage the status of US$ as a reserve world currency - and once this status is lost, it will be sayonara for greenback. The dollar is running on fumes; people around the world may be slow to notice, but eventually they will. US military can run on Iraqi oil - but what about tanks, planes, warships, munitions, and boots? Where they are going to come from? Who will be paying for all this? China? Am I missing something? Pray tell, if I do.

]]> By: Deadbeat http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10100 Deadbeat Mon, 03 Dec 2007 18:03:38 +0000 http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10100 It seems to me that Capitalism is the root of the problem. The article would have been much shorter if that sentiment was expressed from the start. It seems to me that Capitalism is the root of the problem. The article would have been much shorter if that sentiment was expressed from the start.

]]> By: gerald spezio http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10083 gerald spezio Mon, 03 Dec 2007 14:33:52 +0000 http://www.dissidentvoice.org/2007/12/the-financial-crisis-explained/#comment-10083 You just wait until the scurrilous banker bastards get confronted with Professeur Tremblay's new Global ethics. God will give them their comeuppance. Their foul compound interest perpetual growth scam will be le histoire. Let us pray for the bankers massive MIND CHANGE. Mais oui! You just wait until the scurrilous banker bastards get confronted with Professeur Tremblay’s new Global ethics.

God will give them their comeuppance.

Their foul compound interest perpetual growth scam will be le histoire.

Let us pray for the bankers massive MIND CHANGE.

Mais oui!

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