 | DrumBeat: May 27, 2009 | The Oil Drum | The Oil Drum BookCollage -#2 of 3 - "Human Capital", How-to Books, etc. |  |
185 comments on Financial Collapse and Energy - Something Other than a NINJA Problem
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185 comments on Financial Collapse and Energy - Something Other than a NINJA Problem
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I am currently reading a book published this month, Fool's Gold by Gillian Tett, a prize winning British writer. It is a detailed history of recent events in the financial markets. From the back cover: "The J.P. Morgan derivatives team was engaged in the banking equivalent of space travel. Computing power and high-order mathematics were taking finance far from its traditional bounds, and this small group of brilliant minds was charting the outer reaches of cyberfinance." Companies other than J.P Morgan later took these techniques to riskier heights. This 291 page book includes notes, a glossary and an index. Other than the fact that it is more than I wanted to know, I recommend it highly.
http://www.amazon.com/Fools-Gold-Corrupted-Unleashed-Catastrophe/dp/1416...
Why is it that every explanation for the current predicament centers on some group of genius financiers that created these brilliantly arcane arrangements that were intended to improve the human condition?
All they are is typical swindlers just like all the others that came before them.
Let's just admit that all of the institutions in the world are run by criminals and call a spade a spade.
I think that maybe the main problem is that we glorified the wrong behavior.
Why is Warren Buffet a hero? He never created anything in his life and he certainly didn't benefit man kind.
We need an entirely new ethos that is eco-centric (is that a word?) and we also need to reward different behavior and punish what used to be regarded as noble.
I'm in total agreement with you Sir. Until this system the greedy people of the world have built (I blame their parents for not drumming this basic fault out of them when they were very young) colapses or is pulled down by the people below them who, at some point in the near future, begin to suffer real hardship, then the show goes on.
Nice one Pedro. Any relation to the Canned Heat drummer, Pedro de la Cote? Porge, there is a word 'ecocentric'. Describes a person who drinks the bland, de-caffeinated, bean based beverage, Ecco.