WB/IMF reconstructing capitalism yet again - !!??

["Charles Brown" <CharlesB@xxxxxxxxxxxxxxxxxxxxx>]

>>> seamus2001@xxxxxxxx 08/22/01 04:00AM >>>




Spinoza and Marx would love the above; if the CB can create $ ex
nihilo and risk is ultimately going to be socialized then what is the
justification for the allocation of the rewards to those who don't
bear the risks because they can displace them onto everyone and thus
no one...What is financial risk if you can create $ out of nothing and
wipe the computers clean of fiduciary duties so as to "jump start the
patient."

((((((((((

CB: Since it was bailed out when it lost its bet, LTCM was taking zero risk. It was the opposite of a high risk taker , yet it is "rewarded" the most of all because it claims to take risk.

(((((((



Is monetary risk an illusion and a foil for good old
indeterminacy? I'm having a Terry Southern moment....Who decided that
the opposite of credit is debt? Or is "forgive us our debts" a code
for "eliminate a current accounting pathology; the buildings and crops
and tools and people are still here, what's the problem?"

Ian