journal features

I don't understand the financial system

the journal of Michael Werneburg

twenty-seven years and one million words

Oakville, 2011.01.26

I've said it before and I'll say it again, I don't understand the financial system. Not even one little bit.

Also, I don't understand the US political system, but I do get that the actual elected officials are essentially useless. For example, it took them two years to produce these stunning findings: a statement of the blindingly obvious.

By counterexample, there are people who have been saying from the beginning that it was all simply fraud (favourite quote: "It is not necessary to hope to perservere."). At the same time, little attention is being paid to some of the real impacts that the rest of us have felt from this debacle: I've seen figures that show a 20% decline in the average Japanese household monthly disposable income. 20%! I found the figure in a report prepared for a retailers' newsletter but never saw anything about it in the press, anywhere.

How on Earth have we gotten this far without anybody in a position of power being charged with these towering crimes?

rand()m quote

Naturally the common people don't want war: Neither in Russia, nor in England, nor for that matter in Germany. That is understood. But, after all, it is the leaders of the country who determine the policy and it is always a simple matter to drag the people along, whether it is a democracy, or a fascist dictatorship, or a parliament, or a communist dictatorship. Voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked, and denounce the peacemakers for lack of patriotism and exposing the country to danger. It works the same in any country.

—Hermann Goering