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Is Capitalism at Fault for the Current Financial Debacle?
by Ragnar Danneskjold
editor-in-chief -
http://www.LibertyImpact.com
Reporter, editor -
http://PlanetGold.com
I have been reading stories in the mainstream media, blaming capitalism for the
current market woes. It's the greedy capitalists, they say, that are
responsible for the faltering economy. "The bottom line is the only thing those
capitalists think about, without any consideration for the long-term economic
outlook, employees, or social welfare," says one reporter. "Capitalism gives
the executives of companies such as Global Crossing, Enron, and WorldCom
incentives to cook the books," states another.
True, executives pay attention to the bottom line. That's their job. And
some of them commit fraud by cooking the books. But why indict capitalism?
That's like blaming gun manufacturers for violent crimes. Oh, but wait.
That's the whole point. We like to blame everything or anything other than the
individual. The first thing the mainstream media does is blame everything else,
and the individual is a side-story, an unimportant tangent.
The devil made them do it or, rather, the capitalist system. Why blame the
executives when they are just pawns of capitalism, doing what capitalism tells
them to do? Why put all the blame on the murderer for the murder, when there
are larger social issues involved? Why blame anyone for anything?
When we play such blame games, we diffuse the issues. We make the subject
irreconcilable. If there is no one person to blame, but many, or even a whole
system, or society as a whole, why blame anyone? Our attention is diverted.
The issue is diffused to the point of irrelevancy.
Rational people should understand that responsibility must rest on the person
pressing the trigger, or the accountant signing a financial statement knowing it
is false, or the executive who looks the other way. Fraud is fraud under
capitalism, socialism, communism, fascism, or any other economic or political
system. The real issue, therefore, is fraud, committed by unscrupulous
executives. And they must be punished. It's as simple as that. There is no
need to look anywhere else to complicate matters. Sure, the reporters and
columnists like
complication. Who wants to write a boring story centering on another instance
of fraud. Let's spice it up, make it look like there's a problem with the
entire system or society as a whole. Nationalize or globalize it. That's the
ticket. Confuse everyone and muddle the issues.
In reality, however, all we have are a bunch of people who thought they could
get away with cheating. They are no different than credit card fraudsters or
pick-pockets. Sometimes the simple answer is the correct answer, even if it
does not sell as many newspapers or magazines.
Capitalism is a system that allows people to pursue life, liberty, and
property. Blaming this system for the acts of duplicitous executives is an
insult to all business people everywhere. I am a capitalist, but I do not cheat
people. Do you?
Regards,
Ragnar
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