Belle and Avi gave me the first coments on the Plunder Blog.
They fit well together. What will happen if we close the stock exchange in emergency/ What is the criteria to be adopted in ascertaining the consequences of such a bold move? Can our thoughts on this still be groundede in efficiency? The answer to the last is the foundation of a new syestem. It should be a plain NO! Efficiency is like a maligne mithological deity. It does not exist, yet the many believing that it does produce a foreclosing of our minds and of our possibilities. And the results of believing in it are dramatic! Sure a larege industry, with endowed academic chairs and research centers works hard to produce this new form of people's opium. Everybody who wishes to be within the "acceptable" discourse has to pay lip service to it. There is a cast of priests working hard for efficiency and they control such altars as the Ivy League Universities, the Wall Street Journa and the New York Times to mention just those that people consider more "balanced".
Closing the Stock market now wil allow some immediate benefits. a) there will be a pause and the possibility of a hard nosed look in what was or was not gamble. b) there will be no more signalling of panic. The economy is in terrible shape, and so is the planet. The message is finally clear to everybody. Let's start to work on fundamental restructuring of the political and economic system and let's stop panicking for the short run looking at Wall Street indexes every half hour. c) the political process will re-conquer the center of the scene, maybe there will be less lipstick and more substance in the debates, and the next legitimized administration will have the independent power to make some fundamental decisions rather than being pushed around by lobbyists etc.
Of course we will not be able to keep it closed for ever. Isuggest a 6o\90 days close, like a long sabbatical from gamblng capitalism. We shall reopen it when we will go back to the fundamentalsand admit only what is not plunder. Fundamental decisions in the economy are possible and happened in the past. Private production of cars was banned by Roosevelt after Pearl Harbor...(we'll discuss economy of war another time).
On this note : did you guys noticed that when all the fuss was going on for the 700 billions bailout, Congress voted almost unanimously a re-financing of 622 billions for the current expenses of the Pentagon? Is that efficient?
Have a good day. I'm going to talk about Plunder at the Morning Show at KPFA...