16.1 C
Byron Shire
May 12, 2021

The curse of capitalism

Latest News

Entertainment in the Byron Shire for the week beginning May 12

Check out what's on going the Byron Shire and surrounding area this week

Other News

Father and son win first sailing race

Sixteen boats competed in the Tweed Valley Sailing Club’s race day earlier this month in a 10-12 knot breeze...

Dam doesn’t give a damn about koalas

The proposed Dunoon Dam is still a possibility, though it has been voted against twice by the members of Rous County Council. Now information has emerged which presents another reason to shut down the threat of the dam once and for all.

Honouring midwives on their International day

Many of us have a midwife to thank for our safe arrival from the womb, these specialised 'catching' hands are a blessing to both mum and bub in hospitals and in the home.

Ballina Dragons’ great results at Urunga

The Ballina Dragon Boat Racing Club is a group of paddling people from all walks of life who enjoy being out on the water having fun and keeping fit.

Echo turns 35 and You are invited!

This year The Echo turns 35, and to celebrate this momentous anniversary they are putting on The Echo Community Awards – and everyone is invited!

Board defends its management of Mullum Rural Co-op

The issue of potential fraud and financial mismanagement was a key part of the response from Mullumbimby Rural Co-op...

Hayo van der Woude, Mullumbimby

Hoorah for the moral courage of Pope Francis in criticising the sacred cow of capitalism. His moral stature was required to allow such heresy to penetrate the capitalist media.

Capitalism has been the engine powering creativity in society and technology. It has shaped modern civilisation. But it is also destructive of nature, people, societies and planets.

The problem is it never had a moral compass. Profit always won out at crunch time over those capitalists with a moral impulse. You cannot serve two masters.

Unknown corporate faces control budgets larger than many countries. Yet without the equivalent of government ministries they may have limited awareness of the consequences of their decisions for humanity and Earth. Ultimately executive responsibility is solely the bottom line. The size and power of corporate entities is in itself immoral.

The history of capitalism has been one of great instability. The unpredictability of wide market fluctuations is the mechanism that creates great opportunities for creative investments and wealth, and that is so destructive of individual lives and societies.

Crucially, we need to debate the very essence of capitalism at this time of global austerity measures that utilise the same old fiscal principles that were previously disastrous. Money is not evil, but flawed capitalism can be.

It need not be so. The worship of the golden calf, or mammon, is a manifestation of the twin emotions of fear and greed that foster each other. Remove the twins, and a recreated capitalism may once again be harnessed to serve all humanity.

The key to this reform lies at the very heart of capitalism. That is, how capital is provided, namely the banking system. Here lie the moral, ethical and logical flaws that are so destructive.

Firstly, international banking is a cartel that enforces compulsory usury, or charging of interest. Non-interest banks are disallowed. That is, there is no free enterprise at the heart of capitalism, which is supposedly free enterprise.

The second is a corollary, which follows ethically from the charging of interest. It is the printing of money, or ‘quantitative easing’, as it is now called. It’s equivalent to theft from all by stealth, through the devaluation of currencies, and distributing the proceeds to selected beneficiaries.

The spiritual moral question of usury is central to Muslim, Jewish and Christian traditions, though it is only practised in some Islamic countries. Capitalism elevates the supposed idealism of competition, or survival of the fittest.

By implication, and the arithmetic of money, that implies the enrichment of some and the financial destruction of many. Perhaps the evil that can result from capitalism was foreseen in the spiritual principles of these religions.

Is capitalism now ready for self-examination and open public debate through its mass media? Will it allow the necessary participation of all sectors? It seems the pope is ready to involve many Christians in this debate of the millennia.

The all-powerful methods of capitalism exploit commercial-in-confidence and all manners of anonymity for self-interest. Both legal and criminal elements have the means to influence, coerce or corrupt democracies and dictatorships alike.

I feel confident that ways can be found to transform banking and finance to take the high risk and fear out of investing. These methods can stabilise economies, providing opportunity for all, thus advancing all elements of humanity.

Perhaps a revamped Vatican Bank can demonstrate ethical banking concepts for a New Capitalism. The pope senses that ethics resonates with mankind’s heart. It invites universal participation in the sustainable evolution of civilisation and the recovery of Earth.

 


Support The Echo

Keeping the community together and the community voice loud and clear is what The Echo is about. More than ever we need your help to keep this voice alive and thriving in the community.

Like all businesses we are struggling to keep food on the table of all our local and hard working journalists, artists, sales, delivery and drudges who keep the news coming out to you both in the newspaper and online. If you can spare a few dollars a week – or maybe more – we would appreciate all the support you are able to give to keep the voice of independent, local journalism alive.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Father and son win first sailing race

Sixteen boats competed in the Tweed Valley Sailing Club’s race day earlier this month in a 10-12 knot breeze that suited the newcomers to...

Oceans 15 triumphant return


The Ocean Shores Aquatics team have returned home with some great results after a month-long stint at various State School Swimming competitions. ‘They have all...

Interview with Bob Vegas

The glorious Bob Downe is back with a brand new show: Viva Bob Vegas! at the Brunswick Picture House. He gave Seven the Downe low…

Interview with Cyprien Clerc, Founder and managing Director of Futureseeds

Founder and Managing Director at FutureSeeds, Cyprien Clerc, talks to The Echo about this upcoming event.