Wednesday, October 01, 2008

Douglas Rushkoff » Financial Melt Up

Douglas Rushkoff » Financial Melt Up

I never understood how people made money from money. I like this article by Douglas Rushkoff that explains how this huge financial bubble has come about. And it is a way for making the rich richer by foisting debt onto the poor. And to me this is reflected in the way businesses are run as well. In our parents generation, they made decent money if they were a professional. But nowadays, the wages of people like doctors, lawyers and engineers are not that good. It is the owners of hospitals, law firms and industries that make money. Basically, people are not just trying to make a decent margin from their work anymore, they are trying to wring whatever assets they have dry. And what this does is it makes a handful of people rich while the rest of normal people are slogging to pay of debt which they cannot actually pay off.

I think it is time to scale down. Focus on local economy and one another. I hope that all those people who are losing their jobs in those large financial institutions find a way to run smaller businesses that give a good service to their community, instead of going back to jobs that will help the stupendously rich richer. And it will be more environmentally friendly.

But I guess that I am an idealist. It is in our human nature to have greed and to be in a state of denial over things that are wrong. And this nature will continue to cause chaos in our lives.

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