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Save me; then I’ll try to kill you again September 23, 2008

Posted by CK in Miscellaneous.
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Although I am not into economic science, and admittedly I am not too aware of the factors that affect global markets and economy, I am monitoring the current financial crisis closely trying to understand the situation. Independently of the technical aspects of this crisis, I honestly do not know how to react to the fact that the states are coming to the rescue of private financial institutions.

On one hand, I do understand that if this was not the case, then the lives of billions of people would be affected negatively. On the other hand, however, the inherent paradox is short-circuiting me: Capitalism is the theory that pushes for smaller, more flexible, less powerful central administrations (i.e., states); banks are maybe the most vocal proponents of capitalism; banks fail, in a way capitalism itself fails, and the states (one would argue, the “victim” of capitalism) jumps in and saves the banks with tax payers’ money.

Is it me, or do we have to re-think the world?

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1. Panagiotis Astithas - September 24, 2008

Since you mention rethinking the world, here’s some food for thought I came by today:

http://www.boingboing.net/2008/09/23/what-went-wrong.html


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