The saddest part of watching the “occupy Wall Street” protests is not that they are happening but rather that the protesters are right. The orgy of greed and fraud we have witnessed, in the last decade, from the speculators and “banksters” has not only been immoral but in so many cases it has been criminal too.  The protesters have fully understood that the free market system we have believed in is badly broken and dire need of repair.  The time has come to have a serious look at the nature of our free markets and the kinds characters that are the leaders of our economy.

The array of con artists that have risen to senior levels of management in major banking institutions is a stunning reflection of the reality that capitalism has mutated to the point where it is unrecognizable from original idea of free open markets will work because the markets are always right. The truth is that the markets can be fudged and corrupted.  The idea that free and open markets will add value to mankind is now unfortunately dead and in need of a massive overhaul and rethink before the greed, fraud and corruption end our way of life forever.

These are VERY strong words but we have seen much evidence to support that premise.  From the High Tech boom and bust to the mortgage fiasco that has already escalated food and commodity prices all over the world as a result of the need to print trillions of dollars of new currency to prevent a melt down of our banking system, we have seen much proof that the greed of global speculators and bankers has threatened the very existence of capitalism.  The root of all of these problems has been human greed and lack of social responsibility. They will even admit that there job is to generate profits for there institutions  and ultimately bonuses for themselves.

Now this is not about simple merchants and business operators who add value and provide you with the services and products we need on a daily basis. Nor is it about the bankers who provide you with car loans and mortgages but rather it about the kinds of bankers that  created the mortgage backed securities that were sold around the world with no thought to the ultimate ramifications we face today in Europe and America. The biblical values of honesty, long term thinking, adding value and being prudent are still the drivers of modern businesses that provide good and services. It is the nature of speculators and mutant bankers that need to be regulated and managed in a more socially responsible manner. This will not be an simple debate because it will focus  on morals and the ability of man to freely rule man.

The protesters occupying Wall Street are right: the economic system called Capitalism is broken and needs need to be overhauled and rethought. There will be no simple answers to these problems but, I for one am happy that the protesters are making this fuss and I hope we listen very carefully to the issues they raise.  Capitalism is an economic system based on democracy and if freedom is important to us it is critical that we get capitalism right.



  1. Andrew Collins 3 October 2011 at 11:56 am #

    You hit the nail on the head Larry. I have long said to friends and family that I can’t believe the human greed of today. People don’t care about people, they just care about money and to get more and more regardless of hownthey get it! We humans will be the ultimate cause of our own downfall


  2. Laurie Eberhardt 3 October 2011 at 1:05 pm #

    Larry, I agree with what you have written. It frightens me though that you are opening a discussion that will lead us into a brand of socialism that will only further infringe on our personal freedoms as a society. You offer a clear picture of the problem, I wonder if you have a clear sense of the direction we need to pursue to resolve the corruption without the complete demise of freedom?

    • admin 11 October 2011 at 3:35 pm #

      I am getting closer to an answer ( maybe not the only one but it will be something to debate) and will post something soon.

    • Bubbie 17 October 2011 at 12:20 am #

      What I find so interesitng is you could never find this anywhere else.

  3. O'Neil Brooke 5 October 2011 at 3:25 am #

    Larry, it’s not capitalism that is broken. It’s capitalism that has been taken over by criminals. For some reason our criminal justice systems just don’t prosecute the rich and powerful. Take a look at the American War Criminals that regularly come to Canada; do we enforce our War Crimes legislation? Well if you are a poor black man from Africa the answer is yes, if you are a rich and from the United States, we will dispatch the RCMP to offer you tax payer subsidized protection services.

    Blatant criminality is tolerated within our financial system. Take a look at ‘short sales’. Do you have a margin account? If so then you can sell stocks that you don’t own. Perfectly normal in the nightmare that has become our criminally lead system of finance. If you were to sell widgets you didn’t own, that would be fraud.

    In the USA people are protesting against the Federal Reserve. The FED is a private central bank. Private meaning all it’s profits go to the owners of that bank. The FED get’s to create money by lending money out. The FED doesn’t need to have any money in order to lend money. The FED gets to create money out of the air.

    In Canada we have a public central bank; the Bank of Canada. However treason in high office has resulted in our governments and municipalities being unable to borrow from this source; instead our governments are sent into the greedy clutches of international bankers. Why? Because criminals run the system and up to this point we have been remarkably ineffective at stopping them.

  4. CB 11 October 2011 at 3:08 pm #

    Hmmm…It’s far more complex than simply human greed. We have an economic system that is built on a house of cards. It is all about distribution of resources (money), however, we have placed greater value on profits, thus ensuring that distribution of resources dries up. Wall St values profits balance sheets, free cash flow, P/E ratios, holdings, etc. It is through the vehicle that is Wall St. that small investors are able to retire – hell, even pension funds invest openly in the markets – so where is the incentive to change the system? It would mean the breakdown of all our structural institutions, not to mention our psychological ones. We are just not up for it, we are not brave enough. Me included.

    Change, throughout history, only comes through revolution. I am not advocating for it, but it is a fact that revolution is the only way our economic system will change. I hope I am not around to witness it, because it won’t be pretty. Ask Marie Antoinette.

    • admin 11 October 2011 at 3:44 pm #

      I agree that it is complicated and like any complex problems the solution will have to be long term, honest, value added to all of us and of course prudent. The relationship between capitalism and democracy is fragile and almost co-dependant. In democracy we have one person and one vote: Capitalism it is one dollar and one vote. The only basis of common interest is the rule of law which both need to work efficiently. I believe we will need to take some bold steps to solve the problem and I have always believed that growing your way out is better then saving your way out of a difficult financial situation. I am working on some ideas that might help and will post soon. Thanks for your input.

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