Casino Capitalism Condemned at Davos

Posted by Florian Pantazi on 01/02/10
Tags: , ,  

Last week’s Davos Economic Forum became a center stage for condemning casino capitalism in earnest. The most comprehensive critique came from French President Nicolas Sarkozy. His attacks on Wall Street bankers’ misdeeds and unreasonable bonus packages were combined with a call for the organisation of a second Bretton Woods conference. The stated objective was to abandon the dollar as the world’s only reserve currency, which presumably could benefit the euro. Sarkozy’s wish is to replace neo-liberal casino capitalism with its Weberian version, based on entrepreneurship and technological - as opposed to financial - innovation.

Undoubtedly, such projects are irking Americans. Thus, according to Greek prime minister George Papandreou, interviewed at Davos, the recent attacks and rumor-mongering directed against Greece are, in fact, part of a broader strategy employed by some international financial circles, aimed at affecting the euro and eurozone economies. Zeroing in on Greece as one of the eurozone’s “weak links” might, therefore, provoke the unravelling of the ten year-old monetary union itself. The charge might not even be far-fetched : New York economists are now in the process of fabricating scenarios according to which Spain becomes the next “target” in two-three years from now. (source: Kathimerini)

Fortunately, the EU’s economic ministers and Mr. Trichet, the ECB president, are adamant that Greece will not lose its membership in the euro club and will be helped by the other members to put its financial house in order.

Leave a Reply »»

*
To prove you're a person (not a spam script), type the security word shown in the picture.
Anti-Spam Image

Spotlight on Geopolitics rss

by Florian Pantazi. Author's profile : more.



  • Tags

  • Posts since Feb 2009

    February 2010
    M T W T F S S
    « Jan   Mar »
    1234567
    891011121314
    15161718192021
    22232425262728
  • RSS Poverty in the Spotlight blog

    • Le pape François et "l'économie des retombées" May 18, 2014
      L'Eglise romano-catholique a toujours été concernée avec les aides pour les pauvres, leur éducation et leur bien-être. Les derniers trente ans, toutefois, la plus puissante église chrétienne du monde a pris congé de ce devoir millénaire, sous les pontificats des papes Jean Paul II et Benoît XVI. Pendant cette période, le problème de la pauvreté et les p […]
      Florian Pantazi
    • L'Europe à la traîne February 23, 2014
      Dans une enquête de 68 pages publiée récemment, la Croix Rouge Internationale révèle que, à la suite de la crise financière et en lien direct avec les politiques d'austérité, plus de 120 millions d'européens risquent de basculer dans la pauvreté et que 40 millions ne peuvent déjà pas manger à leur faim. La secrétaire générale de la Federation Inter […]
      Florian Pantazi
    • The fight against poverty in France February 15, 2014
      When right-wing politicians are talking poverty these days, they like to blame people down on their luck for their problems and stigmatize them as “lazy”, prone to cheat the social security system and more interested in getting handouts from the government than look for a job. This kind of political attitude is more widespread within the UMP, the great loser […]
      Florian Pantazi

    Advertisement