Tuesday, November 09, 2010

Greed Is Good #2

We believe, like the Spaniards in the 16th century who pillaged Latin America for gold and silver, that money, usually the product of making and trading goods, is real. The Spanish empire, once the money ran out and it no longer produced anything worth buying, went up in smoke. Today’s use in the United States of some $12 trillion in government funds to refinance our class of speculators is a similar form of self-deception. Money markets are still treated, despite the collapse of the global economy, as a legitimate source of trade and wealth creation. The destructive power of financial bubbles, as well as the danger of an unchecked elite, was discovered in ancient Athens and detailed more than a century ago in Emile Zola’s novel “Money.” But we seem determined to find out this self-destructive force for ourselves. And when the second collapse comes, as come it must, we will revisit wrenching economic and political tragedies forgotten in the mists of history.


darkblack said...

They are fat and wish to feed the Beast, microdot.
All we can do is hope for more tongue than teeth.


microdot said...

Good to hear from you mr. dark black...especially on this day that makes me feel that Sucktober has really surrendered to Blowvember....
I feel like a character in the most boring novel that Zola ever wrote these days...the one he tore up in disgust and burnt.