Thursday, October 27, 2011

Is it Greed or is it The System?

In an article in The Guardian, Slavoj Žižek states: "The problem is not corruption or greed, the problem is the system that pushes you to be corrupt."

Žižek is absolutely correct. The OWS calls for ending greed & corruption are off the mark. It's the system (the current form of capitalism) that sets up the environment for greed & corruption to flourish. Actually the system demands it as the rate of profit falls. The globalization of the labor market has produced a downward spiral in wages and the financialization of the US economy - money making money, in other words - speculation: CDOs, ABSs, SWAPS, astronomical leverage and so on.  This is the formula for financial crises, each more drastic than the prior one. Is the disintegration of the Eurozone our next crisis?

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