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thanks for sharing that story, cyrille, it rings true to my experiences as well.

Cyrille:

"I have great belief in the outcome of the market", but that's not an understanding.
And that baffles me.

the market has made many people rich, either through the merit of being able to finesse it to personal advantage, or simply being the rentier class with asset values rising for decades since ww2.

it reminds me of a boat heading for the falls, with the passenger saying there haven't been any falls for miles, why should there be one now?

the market has made many people rich, many more than it has cheated directly and indirectly, many pensions paid through corporate plunder shares rising.

now it's all changing... thus more people questioning the pedestal money is placed on, cracks turn to fissures, to chasms, to abysses.

but many still do not see the flaws, because they keep their heads down and noses to the grindstone, good grasp on the tree, poor comprehension of the forest.

sigh, when these disenchanted hit the streets, it's much harder to brand them as 'commiepinkoradicalagitators' as they have been grist for the very mill they have learned painfully now to distrust and decry.

in the arab street revolutions, everyone was looking for the bushy mullahs, the illiterate gunmen tribalists, hirsute cavedwellers with hundreds of millions of saudi-UAE buckaroos to subvert the system hegemon satrapies, but what made them so arresting was the high number of 'normal' people, yer doctors, lawyers, pro classes normally much too busy being middle class well-offers, until their rugs are pulled from under them, and they too realise who pays to keep the juggernaut rolling.

so it doesn't baffle me too much, 3 generations bathed in milk now, it is all too 'natural' to believe that cow will always be around, and if there's only enough milk for the fortunate, well tant pis. without capitalism's (purposely) arcane jiggery-pokeries there's no cow at all, they reason blithely.

what's really baffling is how long people can extend and pretend that just because capitalism benefited them, that it's written in stone that it has no peer, and evermore shall be amen.

i don't see any problem with modified capitalism, but right now to get it to some really socially acceptable form, it need a massive intervention of compassionate concern for the common weal, such as probably initiated the jubilees of ancient times.

they have cantilevered debt out so far the whole building has started to shudder and lean.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Sun May 22nd, 2011 at 11:31:18 AM EST
[ Parent ]
i don't see any problem with modified capitalism, but right now to get it to some really socially acceptable form, it need a massive intervention of compassionate concern for the common weal, such as probably initiated the jubilees of ancient times.

The problem is that ancient jubilees were instituted by sovereigns who were concerned with the political, economic and military viability of their states, though not so conceptualized, and who had the power to act. Instead, what we currently have in Europe is more like a pirates' cabal that has taken over a modern version of the Holy Roman Empire, (the EU), and the Papacy, (the ECB). The pirates can only agree on further looting and the HRE and Papacy are too fragmented to agree on a plan to stop them.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon May 23rd, 2011 at 10:19:36 AM EST
[ Parent ]
how can you run a casino if players have no more chips?

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty
by melo (melometa4(at)gmail.com) on Mon May 23rd, 2011 at 05:44:18 PM EST
[ Parent ]
I think you mean, "Work at a casino."

Clearly, running a casino is a longterm avocation. We have short-termers working the casino.

by Upstate NY on Mon May 23rd, 2011 at 07:43:46 PM EST
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