Mumia Abu-Jamal's Radio Broadcasts
Copyright 2008 Mumia Abu-Jamal/Prison Radio
"Markets on Fire"
recorded 10-8-008
1) 2:28 Radio essay Mp3
Markets on Fire
[col. writ. 10/8/08] (c) '08 Mumia Abu-Jamal
As stocks fall around the U.S., in Europe and in Asia, the dreaded "R" word and the "D" word can now be said aloud.
Recession. Depression.
There it is. On two continents, central banks are pouring taxpayer's money into the pockets of big banks and big businesses in a bid to "stabilize" financial markets.
That makes about as much sense as pouring table salt into the sea; or pouring sand into the Sahara.
That's because the big banks and companies are swimming in dough -- that's obvious from the way they throw buckets of money at their executives and CEO golden parachutes.
They've got money to burn. They just want, and are getting your money to play with, courtesy of the Federal Reserve and central banks.
Am I just being facetious, saying "play with" your money? Well, unfortunately, no.
For the last few decades, governments and businesses worshipped at the altar of what's called "laissez-faire" economics, a French term meaning "let it be." That meant let the banks and markets do whatever -- to make money - to get profits.
Recently, French President, Nicolas Sarkozy, a politician of the right, looking over the red ink and financial wreckage from the American, British, French and German economies, said, "Laissez-faire is finished. The all-powerful market that is always right, is finished.
Those who preached laissez-faire as the new market religion, also viewed the red tide rising, and "let it be" quickly became "we can't let it fail."
Within days of the U.S. Federal Reserve's injection of some $800 billion on Wall St., the British central bank dropped over £50 billion on London's financial sector, or in U.S. dollars, $107 billion. The Brits bailed out the Bradford & Bingley bank last week, so the bleeding continues. All in taxpayer dollars and pounds.
When the markets fail, you will bail them out; when you fail, no one will bail you out.
And even after the bailouts, credit lines are so frozen that banks can't get loans from banks.
Why not? Because they can't trust that the loans will be repaid.
If they can't trust each other, how can you trust them?
--(c) '08 maj
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