Wednesday, October 29, 2008

The dictatorship of the market is dead

The economic hegemony of the USA and the West is going through a near death experience. However, the Bush administration is acting like a socialist regime by handing out hundreds of billions of dollars of taxpayers’ money to failed financial institutions. It is trying to prevent the demise of the so called “democratic capitalism”.

World leaders such as, French President Nicolas Sarkozy and the Australian Prime Minister Kevin Rudd, are openly criticizing capitalism. However, US President George Bush is trying to defend the failure of the capitalism. Bush is begging to save the capitalism. He said, “It is essential that we preserve the foundations of democratic capitalism”.

On the other hand Sarkozy said, “The ideology of the dictatorship of the market . . . is dead,” and that “we cannot continue along the same lines because the same problems will trigger the same disasters”. Rudd said, “What we have seen is the comprehensive failure of extreme capitalism - extreme capitalism which now turns to government to prevent systemic failure. The [same] institutions of government that extreme capitalism spent decades deriding,”.

It is unlikely that the Capitalism will survive in its current form. The nationalization of the banking system by the West will change the Capitalism for long time to come. However, during this change the Capitalism will destroy lives of millions of hard working people around the world.


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