Casino Capitalism Condemned at Davos

Posted by Florian Pantazi on 01/02/10
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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.

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