HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Editorials & Other Articles (Forum) » Why Are We Forced to Wors...

Wed Dec 21, 2011, 09:43 AM

Why Are We Forced to Worship at the Feet of 'Mythical' Financial Markets Controlled by the Elite?


AlterNet / By Les Leopold

Why Are We Forced to Worship at the Feet of 'Mythical' Financial Markets Controlled by the Elite?
We are told to appease the market gods or face eternal financial damnation.

December 20, 2011 |


The markets are “jittery,” “upset,” “skittish” and “unnerved.” They are “confident” or “unsure.” They are “demanding” that political leaders “put up or shut up.” And they are “reacting unfavorably” to Obama’s newfound populism.

These are just a few of the many ways financial markets are described each and every day by the media, financial players and public officials. At first it seems as if these markets are humanoids onto which we project our feelings. Yet, on closer inspection, it’s more like we have ascribed to them god-like powers. We are told to appease the market gods or face eternal financial damnation. As President Obama warned Europe recently, they must “muster the political will” to “settle markets down.”

Why do we worship these angry market gods?

Trading has been around for as long as humans. We, no doubt, increased our chances of survival through trading what we had more of for what we needed or wanted. The more complex our societies became the more markets grew. At some point during the Renaissance, markets emerged that traded money as well as goods, as city-states and nations sought ways to fund wars. But these markets were far from god-like. Sovereign nations ruled supreme and money-lenders had to do their bidding if they hoped to be repaid or in some cases, if they hoped to avoid execution. Even Adam Smith didn’t suggest that financial markets had god-like powers. In fact, these markets seemed more like petulant children throwing tantrums as they puffed up tulip bubbles, South Sea bubbles, railroad bubbles and periodic financial panics.

When the mother of all financial crashes struck in 1929, it seemed as if markets would forever lose their god-like status. A consensus emerged that financial speculation was a major cause of the Great Depression, and tight controls were established during the New Deal to teach these petulant children a lesson they would never forget. .............(more)

The complete piece is at: http://www.alternet.org/economy/153497/why_are_we_forced_to_worship_at_the_feet_of_%27mythical%27_financial_markets_controlled_by_the_elite/



6 replies, 1688 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 6 replies Author Time Post
Reply Why Are We Forced to Worship at the Feet of 'Mythical' Financial Markets Controlled by the Elite? (Original post)
marmar Dec 2011 OP
Autumn Dec 2011 #1
Cigar11 Dec 2011 #4
Laelth Dec 2011 #2
LineNew Reply .
baldguy Dec 2011 #3
treestar Dec 2011 #5
Populist_Prole Dec 2011 #6

Response to marmar (Original post)

Wed Dec 21, 2011, 09:51 AM

1. Because the people we elect to represent us


Worship at the Feet of 'Mythical' Financial Markets Controlled by the Elite? That all I got.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Autumn (Reply #1)

Wed Dec 21, 2011, 11:00 AM

4. Right

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Dec 21, 2011, 10:02 AM

2. k&r for exposure. This is interesting. n/t

-Laelth

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Dec 21, 2011, 10:04 AM

3. .

 





Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Dec 21, 2011, 12:28 PM

5. I don't think we worship them

But we recognize the benefit of a good economy in general, now that there are so many people and the economy is so complex.

There probably are honest people involved in starting businesses, even large ones, or even on Wall Street. Demonizing "Wall Street" is problematic, since few wouldn't be able to trace their job to it somehow.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Dec 21, 2011, 02:38 PM

6. Good post. I've always wondered the same.

And I've always wondered why even low-information type voters can't connect the dots. They try to sound smart or informed by feigning concern for the stock market. My standard line to them is this: If your employer were to drop-kick your job due to offshoring, sub-contracting...the market would respond favorably. Why this utter fixation on the freakin' Dow Jones?

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread