Tuesday, October 14, 2008

Castles were built in the sky, and suddenly people realized that these castles don’t exist at all.

'Capitalism Has Degenerated into a Casino'

Nobel Peace Prize laureate Muhammad Yunus says that greed has destroyed the world's financial system. SPIEGEL ONLINE spoke with him about the profit motive, social consciousness and what should be done to end the financial crisis. Yunus: The current turn of events makes me sad. It is certainly not something I am happy about. The collapse has hurt so many people and has suddenly made the entire world unstable. We should now be concentrating on making sure that such a financial crisis does not happen again.

Posted by malct @ 07:44 AM (621 views)
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6 thoughts on “Castles were built in the sky, and suddenly people realized that these castles don’t exist at all.

  • http://www.spiegel.de/international/business/0,1518,583366,00.html

    All sorts of interests will jump upon the financial problems we are experiencing right now. Free markets need to be ‘fixed’ etc. Not sure we should listen this guy any more than we should listen to Gordon Brown. At least he didn’t utter ‘New World Order’.

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  • planning4acrash says:

    Again, we don’t have capitalism. Central banking is statist command and control. In a capitalist system, markets determine the value of money, not government sponsored banking organisations.

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  • thanks quiet guy

    need to sort my keyboard out

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  • charlie brooker says:

    ‘Capitalism Has Degenerated into a Casino’

    Wise words indeed.

    Just to let fellow HPCers know yesterday’s FT (fm section page 2) included an article that next year headed “Property enters exchange traded futures”. Basically from next year investors will be able to buy and sell derivatives in property.

    Is this really the sort of financial innovation we want? Isn’t the world knee deep in sh1t as it is?

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  • charlie brooker says:

    [correction]

    ‘Capitalism Has Degenerated into a Casino’

    Wise words indeed.

    Just to let fellow HPCers know yesterday’s FT (fm section page 2) included an article headed “Property enters exchange traded futures”. Basically from next year investors will be able to buy and sell derivatives in property.

    Is this really the sort of financial innovation we want? Isn’t this the kind of thinking that brought the world within a hair’s width of armageddon? Isn’t the world knee deep in sh1t as it is?

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  • well spotted Charlie and a huge issue I think.

    I’ve posted the article just now with credit to you.

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