The monetarist gods that have failed

The collapse of the largest insurance company, the two largest mortgage companies, and three out of the five largest investment banks - all within the last few weeks! - means that if we are not *in* something like the 1929 recession, we are certainly very near it.

Many people (including myself) have for some years now been trying to present solutions for the inherent instability of the global financial system. But there are none so deaf as those who do not want to hear! Regulators were even pressed to avoid implementing the few safeguards that existed! Entirely needlessly, tens of thousands have lost their jobs, and other tens of thousands have lost their homes in the West, while over 100 million people have been thrust into poverty around the world.

Even after such spectacular failure, some people persist in their blind trust in the market - or in regulation - or, now, increased liquidity - which will, even if it works, soon increase inflation.

Why do we not want to look at real solutions? Because a spiritual change is needed before we can be released from our addiction to greed and speculation, and turn instead to safe growth. Sphere: Related Content