Tue Jan 24, 2012, 06:08 PM
LongTomH (5,549 posts)
Occupy Davos: Attendees Confront a New Wave of Anger
Great post on Common Dreams. There will be an occupation of the World Economic Forum at Davos, Switzerland - in igloos yet!
Scroll down to read George Soros comments:
“I am not here to cheer you up. The situation is about as serious and difficult as I’ve experienced in my career,” Soros tells Newsweek. “We are facing an extremely difficult time, comparable in many ways to the 1930s, the Great Depression. We are facing now a general retrenchment in the developed world, which threatens to put us in a decade of more stagnation, or worse. The best-case scenario is a deflationary environment. The worst-case scenario is a collapse of the financial system.”
Soros draws on his past to argue that the global economic crisis is as significant, and unpredictable, as the end of communism. “The collapse of the Soviet system was a pretty extraordinary event, and we are currently experiencing something similar in the developed world, without fully realizing what’s happening.” To Soros, the spectacular debunking of the credo of efficient markets—the notion that markets are rational and can regulate themselves to avert disaster—“is comparable to the collapse of Marxism as a political system. The prevailing interpretation has turned out to be very misleading. It assumes perfect knowledge, which is very far removed from reality. We need to move from the Age of Reason to the Age of Fallibility in order to have a proper understanding of the problems."
Understanding, he says, is key. “Unrestrained competition can drive people into actions that they would otherwise regret. The tragedy of our current situation is the unintended consequence of imperfect understanding. A lot of the evil in the world is actually not intentional. A lot of people in the financial system did a lot of damage without intending to.” Still, Soros believes the West is struggling to cope with the consequences of evil in the financial world just as former Eastern bloc countries struggled with it politically. Is he really saying that the financial whizzes behind our economic meltdown were not just wrong, but evil? “That’s correct.” Take that, Lloyd Blankfein, the Goldman Sachs boss who told The Sunday Times of London at the height of the financial crisis that bankers “do God’s work.”
Read the rest at Common Dreams
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Replies to this discussion thread
Occupy Davos: Attendees Confront a New Wave of Anger (Original post)
Response to LongTomH (Original post)
Tue Jan 24, 2012, 07:04 PM
CTyankee (44,126 posts)
2. I hope there will be europeans who will do what Occupy here is doing!
I would like to see the Occupy idea occupy Europe as well. But we may have somehope here.
I am hopeful for this...