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By: BidnisMan Tue, 30 Oct 2012 09:57:55 +0000 Capitalism needs to develop a conscience. To do this is needs to be face-to-face and preferably localised around a community. If you borrow money from faceless people you start careing less about risking other peoples money. Banks should facilitate direct lending and not be an intermediary.

By: deLafayette Tue, 30 Oct 2012 09:16:33 +0000 This article is spot-on.

Capitalism has morphed into “gaming”, meaning that it has been employed by some to obtain a desired outcome regardless of the “rules”. Many of those rules, however, were not written.

For instance, for the longest time on Wall Street there prevailed the “Prudent Prudent_man_rule Man Rule” (see here). The rule was devised in the 19th century and sets a standard of moral conduct as regards capital investments.

The waywardness of financial management was well-known before the 20th century and has always existed. Humanity has taken too long a time to put some solid rules to capital investments and enforce them.

Particularly weak is the enforcement part. But worse yet is the incentive to take shortcuts in that the American Tax Code has evolved to motivate less than honest but not illegal financial maneuvering.

If deal-gaming can result in a profit of hundreds of millions of dollars a year, why should anyone respect “rules” whilst lawyers tell them that a manipulation is not expressly illegal?

By: chyron Tue, 30 Oct 2012 07:42:34 +0000 Problem of current crisis is that not some single bank or company failed, problem is that “Too big to fail” is a real description of numerous financial institutions. So failure of any of these institutions not CLEARS the minefield but sets chain-reaction of explosions – with most of world’s economics buried under the rubble.And then traditionally will 4 horsemen ride out…

Article don’t mention that in free unrestricted capitalism there’s no cap on how large/monopolistic company can get – if you became monopolist, it’s just means you’re better and more efficient than any competitor. And of course you’re once again is too big to fail…or else. So there’s cognitive dissonance – when “invisible hand of market” is unattainable so busyness should be a service to society and in same time “free market” speech.
Changing of attitude is good and proper…of course it’s also something all the civilizations before failed to do before some substance hit the fan. And of course change of attitude is something that requires “dura lex sed lex” first – with spirit of law even more important than letter of it…which can be huge problem as it’s in direct opposition of current “trickster” attitude.

By: Maunsell Mon, 29 Oct 2012 21:04:50 +0000 For Capitalism to succeed one needs to allow FAILURE to happen. This is why Darwinian evolution was (and is) such a powerful concept – those that are the strongest and who can adapt to their environment flourish while others don’t and fail.

What we have now is not capitalism – it is a perverted form of capitalism where we don’t allow privileged failure and prevent the business cycle from taking its normal course. Central bankers and governments continue to prop up zombie banks (and via the latter zombie borrowers) with low interest rates, central bank liquidity, government guarantees, capital injections + transfers of dud assets from these zombie entities effectively onto the backs of taxpayers.

Propping up these zombies is very detrimental to the real economy – as in the Japans experience these zombie entities (zombie banks and their zombie customers) perpetuate excess capacity in the system and suck pricing power and cash flow from other solvent players in the economy – this prevents the system from naturally cleaning itself out quickly and regaining resilience.

Losses, rather than being taken quickly by those who created them, are being socialised on society via central bankers and governments. These kind of incentives will further encourage financial sector participants to behave like spoiled children who think that if they create a mess they can run off without any responsibility whilst leaving somebody else with the task/costs of cleaning up after them.

If governments and central bankers really want to encourage GROWTH, then they should dispense with the perverted behaviours they have been encouraging, allow zombies to fail and they will find that the system will naturally heal itself much more quickly than under the policies they are currently pursuing – this would be REAL CAPITALISM.