October 10, 2008 Reflections of the day When stock prices fall …
Reflections of the day
When stock prices fall, there is sorrow for almost all, but some even prosper: their formula is shorting. Audaciously these guys sell things they do not own, cause the collapse they need themselves – how splendid! More easily it even works with derivatives: If paper fiddles the value, the effect is increased. If consequently banks collapse, for savers it’s not funny and for the residents of mortgaged houses it means abandonment. If on the contrary big banks are affected, the whole world begins to totter – and now even the gambling guys are in fear of their possessions. The system is in danger? There has to be an intervention: Profits are a private matter, losses are bought by the state.
Thus the state needs credits, again resulting in profits, because that country remains in control. The man-in-the-street has to pay for the bill of these audacious guys – and how pretty! – not only in America. And if prices are on the rise again, the round dance restarts. It’s just redistribution always in the same direction. But if some day people will not take no nonsense anymore, the way out has been already found: Let’s make some war.
(Translation of a German poem by Oli Klemm)