‘Casino Capitalism’ & World On The Edge, But…

I agree with the The Economist that in this global crisis the governments must work together. But no one talks of the world’s ordinary people who have to bear the additional burden in the wake of this and other crisis, which in the first place can be attributed to the callousness and greed of the governments/leaders and financial institutions themselves (especially the bankers).

First the world leaders blow up trillions of dollars on unending “wars”, and then fail in their duty to monitor/regulate the questionable strategies of the financial and corporate world (especially when the governments themselves have to bail them out with taxpayers’ money). What a ‘free’ and ‘democratic’ world we live in!!!

The Economist notes: “After the (rescue) plan’s thrashing by the House of Representatives on September 29th, spurred on by voters’ loathing of ‘casino capitalism’, investors panicked. Yet as The Economist went to press, they were optimistic that, after winning the Senate’s approval on October 1st, the plan would pass.

“Even if it does, that should not be a cause for optimism. Look beyond the stock markets, especially at the seized-up money markets, and there is little to see except bank failures, emergency rescues and high anxiety in the credit markets. These forces are drawing the financial system closer to disaster and the rich world to the edge of a nasty recession (see article). The bail-out package should mitigate the problems, but it will not avert them.

“The crisis is spreading in two directions—across the Atlantic to Europe, and out of the financial markets into the real economy. Governments have been dealing with it disaster by disaster. They have struggled to gain control not just because of the speed of contagion but also because policymakers, and the public they serve, have failed fully to grasp the breadth and depth of the crisis.” More here…

Meanwhile Russian prime minister Vladimir Putin has accused the United States of “irresponsibility” as he criticised its primary role in the economic and financial turmoil that has undermined the foundations of global capitalism across the world. More here…

And French president Sarkozy tries to rally united European response to the crisis. More here…