Editorial
Wall Street need re-invention or it be dead
World Futures Online
Islamic Politics
Wall Street need re-invention or it be dead | Wall Street need re-invention or it be dead |
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| Written by Kazi Mahmood | |
| Saturday, 11 October 2008 | |
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There are many comments, observations and expert soundings on what is happening to The Wall Street. There seems to be no solution to the sickness that is hitting the richess and most advanced trading market in the world. Hence, it is on its death bed and a complete re-invention of the Wall Street is not farfetched. Personally, I believe the Wall Street is going to be the same again. It is not dead yet and will not die a slow or rapid death. Yet it needs rethinking, something on the same wavelength of people like Bill Gates who said the capitalist system itself needed a rethinking. It is certainly not only the Wall Street that needs re-inventing. It is the entire way of life of the capitalist system that is now under threat. It is a natural threat that stems from the overconfidence of the US and other Western countries to fight armed battles against owners of lands and nations. The capitalist system took a nervous turn at the begining of this century with the 911 events deeply entrenched on its future. The fall of the twin towers in the US was, so to say, the begining of a difficult period for the capitalist system and by extention to the Wall Street style of making quick millionaires. One must understand that capitalism thrives on the miseries of many and it helps the few to enrich. This is what happened before 911 when the 'security' aspect in doing business was merely the normal kidnappings and hijackings of businessmen and businesswomen for ransom. After 911, the capitalist system in the US was forced to impose a strict regime of security based on a high level of mistrust in the freedom of the movement of capital across Wall Street itself. Arab money was seen as dirty, terror sourced and terror based. It was unwelcomed to the point that charitable foundations were barred from penetrating the US and from ;liquidating their funds in capital flight from the US after 911. The Mayor of New York Rudy Guiliani - failed candidate to the Republican presidential elections - was even adamant in rejecting a clear offer of cash from a Saudi Sheikh. Reason being the money he was to give to New York City to appease the pain of the people for the 911 events was probably out of the pocket of Muslim terrorists. Billions of Muslim monies stacked in US banks were either blocked or earmarked as terror funds in a bid to prevent their flight from the US markets. This strategy created fears among Arab investors, who by the way, has the billions to inject in the US economy. It also caused alarm among non-Arab and non-Muslim investors since Europeans began to shun away from the US marketplace. It is the Chinese, Koreans and Japanese that were making the big bucks from the US market (Wall Street that is) with huge billion dollar investment in various sectors of the US economy, through the Wall Street. Today, the Arabs who fled with their money from the US and the Muslims who succeeded to convert their stock options to cash are the ones who made it safely from the current US financial carnage. It is the Chinese, Japanese and Koreans who got stuck and they got conned by the neo-cons (their appelations calls for conning people anyway) who urged them not to follow the Muslims by trusting the new US system based on security. Outright, at times senseless and useless security measures it must be said. The current market crash in the US does not serve the chinese or Japanese investors who stands to lose more than they gained in the past 5 years in which the trusted the capitalist system in the US to make extra big bucks. Security conscious, the capitalists in the US decided that they should have Homeland Security on top of the FBI and CIA and other secret organizations, including Zionist based organizations that normally work towards the safeguarding of the capitalist tools and the system overall. With the Homeland Security, the American people as a whole allowed themselves to be raped in broad daylight by the Bush administration, giving away most of their hard earned and hard fought gains in terms of civil rights and human rights and other liberties. Now after the housing business went amiss and the average Americans lost their homes, the stock markets started to rattle with a differing tone. The Bush administration, adamant and ignorant as it has been since day one it took office, decided the economy was strong and the fundamentals in the US were super. Only to recently accept the facts and to state that the wolves are now coming to devour the US economy if nothing is done to help the capitalists recover from their debts. At the cost of US$700 billion, the capitalist system has been offered a breathing space. The US people, again raped in public by the Bush administration, is now forced to leave their lost homes into their dreams and altogether to return the tit bits that were given to them in June this year by the government with tax cuts to the - Capitalists. Yes, the Wall Street took the American people for a ride and they are now sifoning the remaining US capital funds into the dead and not yet burried Dow Jones. The US public will now have to pay for the bailing out of the Banks that funds the Wall Street. But the mass of the American people will never see a dime in return after the Wall Street is saved. Or will it be saved? To be saved, which is the reason of being of this article, is to be re-invented. To do that, the capitalist system must learn that redistribution of funds back to the capitalists who lost the money in the first place will not make the poor richer. It will not make the average person better. It will only contribute to make the HOLE bigger. How to re-invent the Wall Street? Maybe it must be thrown out in the dust bin in the first place before it can be re-invented! Comments (0)
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