Capitalism Gone Awry

Capitalism Gone Awry

Postby Oscar » Sun Aug 09, 2009 4:00 pm

Capitalism Gone Awry

August 8, 2009

To the Editor,

Recently, we've been hearing lukewarm suggestions that the recession is "receding". We are informed of hopeful indications from "the market". Wall Street has had occasional knee-jerk reactions.

Since when would we place any confidence in Wall Street and Bay Street speculators and the global bankers who were primarily responsible for the recession, as well as misleading the public by encouraging them to borrow money beyond their ability to repay?

Statistics tell us that unemployment is still rising in Canada and the USA. It is generally recognized that poverty causes premature deaths. In the USA, it is estimated that a 1% rise in unemployment increases the mortality rate by 2%, homicidal actions and imprisonment by 6%, and infant deaths by 5%.

We Canadians are part of the global village, [as we are often reminded by the proponents of "free trade"]. This is the same global village in which 225 of the world's richest people control assets valued over $1 trillion. That amount roughly equals the assets of 47% of the world's 2.5 billion poorest people. By comparison. 100 billion dollars could provide basic education, food, clean water and health care to the poorest of the poor.

It is time to change our economic capitalistic system which, among other devices, maintains its oppressive power with the industrial/military complex through the massive production of the weapons of war. Our democratic leaders need to adopt political policies that serve its citizens . . . not global corporations.

Well known writer Naomi Klein recently stated this: "Capitalism will survive this crisis. But the world will not survive a capitalist comeback!"

Leo Kurtenbach,
Box 268, Cudworth, Sask., S0K 1BO
Phone 256 3638
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