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Economic Reform : More Than Another Flip Of A Vanishing Coin ?
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Along with plans for economic reform, now being discussed by EU leaders, and about to include the United States, there is more need for change. We already know that the most fundamental change in economic thinking is one that must abandon the dialectic conflicts that plagued the world for nearly a century. Dialectic is likenable to blind faith in a religion. Dialectic conflict over ways and means, methods and principles, must be abandoned in favour of a purely scientific, economic fact based, analytical, rational, economic pragmatism that is fully intent on serving real human needs. However there is need for more change. That is not all that is necessary.
We must remember the viciously cyclical patterns and common methods used for remedy and control of the faith based capitalism that America has continued to blindly push, stalwartly upholding a dialectical position, in conflict with all other ideas other than its own, have continuously eroded savings and pensions, seriously weakening or even cutting many financial lifelines. Reduced prime interest rates always mean less interest paid on whatever might be saved, further damaging and cutting those vital lifelines. With Wall Street type investments, and even the most expertly managed mutual funds that represented them, having proven largely a failure, providing only repeated losses, negating gains and often depleting the original capital invested, the average worker has little, if any recourse. Confusion, emotional pain and abject terror of what the economic system, as it exists, is doing to the means accumulated and meant to grow for the sake of provision for sickness, old age, and other significant human needs, have increasingly become the rule rather than the exception. This needs to change. We might well wonder if Barack Obama was thinking of that need for change when he said "change has come to America".
Compounding this difficult issue is the fact that a large percentage of workers have become "independent" of corporate pensions, benefits and paid vacactions. They have been made into "contractors", forced into nomadic instability moving from company to company, and expected to save themselves. Many have no salvation. They are cursed to the same cycles of losses, the vicious cycles of the economic system, and though they may be expert in their own fields of work, they cannot be expected to become financial Wall Street wizards in addition to whatever other skills they have mastered. Enough to be incessantly searching for additional opportunity to use what they know and can build upon without searching for Wall Street's "truths".
Corporations, big business and medium business, has largely moved away from running pension fund investments. They have tacitly agreed that neither they nor the financial geniuses whom the banks and other investment institutions employ, really know how to reliably build a pension fund to provide for the needs of their employees. They have given up the ghost on it and the largest number of pension funds are merely "self investment" with "matching contributions" cashed towards what then becomes a dwindling pot, self managed by the worker who is then personally responsible for his or her own failure to be a Wall Street genius. We might wonder if Barack Obama has a plan for change that will provide a reliable means to restore real pensions and real provision for old age. A plan for real and adequate old age security, sufficient for a quality standard of living, rather than a tumble down into near destitution. Has "change" really come to America ?
Certainly we all know of instances where someone has had an inside tip, and we all suspect the role of insider trading having grown by leaps and bounds, because some still seem to make a killing while the average person simply cannot figure any of it out. We might wonder if Barack Obama meant to change this growing fact of economic life when he said "change has come to America".
Yes, there is the need for change. The rest of the world cannot wait for change to come to America, and to prove itself there. The world must move ahead, shaking loose from the brutal consuming jaws of continued dialectic, where one system strives to murder another, by any means. It is dialectic itself that must end. A rational, fact based, rule governed, scientific economics, can be created such that it serves real human needs and ends the terror that otherwise continues to grow and to consume the human spirit, its hopes and plans, its todays and its tomorrows.
Change must come to the world, not only to America.
Robert Morpheal
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