Banks crisis a 'weapon of mass destruction'
It's good to see a rising awareness about the flaws in the monopolistic banking sector across the world. How long can a flawed system (capitalism) last? Since the gold standard which ended in the 70s, this new flexible system is rather young, but its father - capitalism - has been around since humans were still evolving (late 1700s) mentally, morally and technologically. Maybe, it's time to stop and ask if there is something wrong with the system in which so many people are being undermined in terms of wealth compared with the minority that can still live a comfortable life in these times.
How is it possible that humanity being evolved technologically can't sustain itself financially? It is obvious that with each financial crisis, the middle and lower class bears most of the brunt since they are in majority. They bear all the extra costs from taxes to the end-product prices of basic necessities like food and transport.
People in power all over the world fail to take that into account when they try to cure the financial crisis issues with medication that doesn't heal but prolongs and masks the root of the problem. What is the problem? A flawed system. Most people take it for granted,because there is no other apparent solution or because of gross ignorance. Either way, the flaws affect us all as long as we are part of this system. Pumping more money into an economy will have short-term relief, but what about long-term?
Let's talk about 20 to 30 years' time. Each financial crisis has got progressively worse than the previous one. If the past is any indicator of the future, we know the fate of this capitalistic system. Either we can wait it out until it collapses on its own, it will. Hopefully, it won't be our problem by then, but our children's. They will ask: what were our forefathers thinking? Could they not see the flaws and symptoms of a system that undermines the majority for the minority to pocket majority of the wealth?
The other option is to prevent another crisis by gutting out this disease of a system before we reach a point where there is only chaos due to lack of action when the time came. Inaction is a weapon of mass destruction. The system: what we are born into without a choice, to slave away to accumulate wealth at the expense of our brothers and sisters who might not be as fortunate.
In this system if you are not adequately equipped with a degree in this or a Master's in that or fortunate enough to inherit a huge sum, you will be forced into something you might not like.
How many people are working jobs they do because the system has put them in there? Is that freedom? Are we slaves of a system that deludes us into thinking we are free to do what we want? Sure, this system has worked in the past but can't continue with its flaws. There needs to be a revolution in which people across the world have equality in terms of health and wealth. Until then that should be the goal of humanity, not the egoistical accumulation of wealth in this zero sum game where somebody else loses if one wins.
Our financial markets are based on this rationale. Does it make sense? Is this what humanity has evolved to? People in financial markets trying to make money by buying and selling money? That is how deep it has gotten. Most people don't understand how economics and financial markets work. If they did, they would realise how flawed this system is. But that doesn't change the fact that it's time for a revolution where people are free. Where we stop turning a blind eye to poverty that our brothers and sisters all over the world face because the system has no place for them. We can't continue to waste resources the way this system allows us to at the expense of our future, our children's future and the earth's future. If we reach a point where our natural resources are depleted, one can imagine the chaos that would ensue.
The only logical thing to do is to work as a united front to use resources in a manner which is sustainable and doesn't deprive another brother or sister. Is it okay to see a fellow human begging or be deprived of food because of the system? As it is we can't escape the system as yet, but now would be the time to plant a tree for the future. How and when is up to us together. For too long have we sat by waiting for truth, love, peace, happiness and unity.
- You don't need to be Muslim to practice? Why Goldman Sachs' sukuk sales worked so swell this around
- Erdogan's ready to smear the banks: is Turkey about to face a financial crisis worse than that of 2001?
- An economic slowdown? The pros and cons of Israel's weakening shekel
- A spectacle of $8 trillion and more: what's the MENA Investment Conference in London all about?
- An odd dynamic? Saudi using desert to emulate Chinese model and attract Chinese investors
- Omani banks need expertise to deal with Islamic banking, say experts
- Islamic financial institutions keeping up with the changing world
- Turkey merges three bailed-out banks, closes down fourth
- Kuwait: New policies add to strong earnings growth of banking sector
- Profitability of UAE banks exceed that of the US