Uh-oh…

Posted: August 6, 2011 in Capitalism, Finance, Politics, Relationships, World in decline
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To read the papers at the moment is to get a most unsettling feeling of being in an uncontrollable vehicle hurtling towards something bad. Now, I have been and will almost certainly remain rather quiet about this because I am not an economist and my understanding of this boils down to the words, ‘Not good…’ It’s possible that in a year or two, when we’ve found out a bit more about how screwed we are, I’ll fully understand and be able to dissect the issues with a fishknife.

At the moment though, I’m wondering how this is all going to affect normal people. If there is another massive problem, will it be us who will be called upon to clean up after capitalism’s worst excesses again? If we are – is that possible? Or will the rich and the powerful’s attempts to use us to pay their debts drain us dry – and if so, what will happen then?

I’m too good at predictions of doom. But right now, we’re seeing capitalist systems again careering too close to the edge. And that, combined with the frankly frightening trend towards regarding people as more expendable than capital, could be disastrous.

They’re saying that Britain is a ‘safe haven’ because we’ve kept our AAA credit rating – but are the British people safe? Is that safety only for British finance, while British people find themselves paying for it? And anyway, in a globalised world we can hardly be said to be safe; our involvement in other countries’ finance is already affecting us, and many people are predicting a greater effect for it. It can be said that virtually all countries are intricately, inescapably linked to each others’ financial fates, since the global market has tied us all together so effectively in a complicated web of borrowing, lending, imports and exports. At the same time, we still think of ourselves as separate and think that problems can be contained in a single place. The excesses of capitalism in this globalised economy are fast waking us up to the fact that they cannot.

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