Making the world a poorer place
Submitted by kratib on Mon, 2008-04-14 12:32.
"Your economic theory makes no sense".
Sting, We Work The Black Seam, The Dream of the Blue Turtles (1985)
My BBC RSS feed reports the following news:
- World Bank echoes food cost alarm
- Rice prices 'to keep on rising'
- Brown (British PM) urges action on food prices
... in addition to the riots here in Cairo and elsewhere.
I just wanted to take this moment to thank the World Bank, the IMF, the G8, the WTO, and also Wall Street brokers, economics Nobel Prize winners, and neo-Darwinian think tanks everywhere, for the stellar performance they've been giving us. Gosh! Prices steadily rising, food riots, global economic crisis, you guys have it really under control don't you? I wonder how you are rationalizing it this time.
That's not the first time economic theories show their failures. For more info, check out Adam Curtis' "Pandora's Box" series, especially Episode 3 "The League of Gentlemen". Chilling!
About time, man!
With all due respect to the big guys, like the WTOs, IMF and all that jazz, and their "accurate" views, but the riots are "our" mistake. They dangle the carrots and we walk (hmm, run) after them. I believe that the capitalist economic system is crubmling but will not (unfortunately) move to a more benign system. I still believe that "free" markets are the way forward, but slowing down that machine would probably be advisable.
Take food hunger for example and couple that with high unemployment level in the West, and the solution seems intuitive.