Shah Gilani, Contributing Editor, Money Morning is rightly worried that the great American tradition of individualism and capitalism is being systematically undermined by a cadre of financial strongmen and the ruling class of wealthy oligarchs.It is an irony that the same capitalist system that molded America into the richest nation in history has been transformed into a mostly private moneymaking enterprise producing nothing but paper profits, as he bemoans.
America's transformation into a banana republic is indeed intriguing and perplexing looking to the vast implications anticipated on the global economic scene. That probably explains the dilemma faced by the majority of Democrats in the Capitol, Washington D.C under the leadership of President Barack Obama as to how to hold the Bull's horn and overpower it without hurting oneself and others in the arena. The challenge before the policy makers now is how to avoid or atleast control those forces which are bent upon increasing enormous wealth in a few hands and forcing the majority to live in poverty and penury by utilising the very features of capitalism and laissez-faire.
The practice of socialism in countries like USSR has taken a beating very badly and communistist countries like China have started adopting features of capitalism in production, ownership and stock market in a limited and controlled fashion. The lesson is that any kind of 'ism in the extreme form is bound to burn fingers and fail to delver results for the good of the majority in a society.
A good mix of both ie Controlled Capitalism alone can ensure the light at the end of the tunnel, I suppose.
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