Monday, November 07, 2011

War between Democracy and Capitalism

A few days ago Greek PM decided to take a referendum about EU bailout package. It represented an opportunity for democracy to validate capitalism. Alas pseudo-capitalists arm-twisted Greece into backing out of a momentous occasion. Today, markets are cheering, if you believe the talking heads on TV, resignation of Italian PM. I find that alarming. 

Frankly, today's EU is the theater of war between capitalism and democracy. Well, the capitalism here is pseudo-capitalism. I cannot believe why capitalism should be at logger heads with democracy. In any case, I must warn that this is all taking turn for the worse.

Any significant victory of capitalism against democracy should be, will be short-lived. The rights that create and nurture capitalism sprout from fertile bed of democracy. The problem is once capitalism tries to thwart democracy, it may have to deal with a horrible backlash - a move towards socialism. It is a situation I hate.

The world needs someone with the vision of John Pierpont Morgan who can confine some of the big-wigs in a room and talk some sense into them. Sadly, none comes to mind - the whole pack is short of ideas and, more importantly, morals.

 Apologetic plug - I discuss a possible win-win outcome in my book link below.