Sunday, January 5, 2014

The last stage of capitalizm

"Even if the whole planet were offered as collateral, it could not cover Wall Street’s play."

"Never in the history of the world has finance capital so dominated the real economy, and only in the past two decades have derivatives been so central to finance capitalism.  The meltdown of 2008 was caused primarily by derivatives, requiring a bailout in the tens of trillions of dollars that is still ongoing, with the Federal Reserve buying up securities that no one would purchase – that is, bet on – otherwise. Yet, the universe of derivatives deals has grown much larger than in 2008, effectively untouched by President Obama’s attempts at financial reform.

"Derivatives are the ultimate expression of financial capitalism: they are primarily bets on transactions, rather than investments in production. ...."

From BAR executive editor Glen Ford at

True?  Perhaps generally, yes, though the issues are a bit more complex.  Watching these things, though, we're perhaps concerned about the runaway nature of our governments and economy. We hope for the best, but our concerns aren't new; they've been the subject of writings across the world's religions. You wonder if those prophetic writers might have been given a brief look at the current world.  They've described it as best they could, it seems.

Try an objective review of things we've been told that will accompany the end of the age:

- wars and rumors of wars around the world, but don't worry; the end isn't yet.

- an emerging collapse of the world ecosystem.  Clean water becomes scarce causing a significant population decline. (declining aquifers, polluted ground water?)  Forests and grasslands will be burned up.  (drought, climate change?)

- precious metals will lose their value. Currency will become ambiguous, falling in value, perhaps through inflation or the hyperinflation some countries have already experienced.  (ok, that's weird.)

- wealth will change.  Trade will require participation in a government approved financial system. A mark or number in our head or hand (ha! .. electronic transactions rather than physical currency?) will be the required transaction credential.

- a consolidation of nations into a world government will finally succeed, but only for awhile.  It will perhaps be like current hubristic governments, and it will eventually collapse in a world-wide war.  In the aftermath, a new world order?

- and apparently, those who have died will live again somehow.  Ok, enough, enough.

So we sit and watch as the oceans have lost much of their large fish populations, the glaciers melt, and the weather changes.
Wall Street bets on an EU collapse, and developing countries suffer the most.  Either nothing makes sense, or it's all a little too clear.

Today's exaggerated speculations aside, are there facts we can objectively evaluate?   Early writings on the subject were often obscure, but you have to wonder what the prophets saw that provoked such a commentary.  Can we be realistic rather than religious/superstitious? Is there an appropriate response in our life choices?