NP - New Speedway

[Kai Frederik Lorentzen]

>
> On 02.10.2011 15:05, alice wellintown wrote:
>
>> The darkness got to give; it descended on this city on this nation on
>> 9-11. It won't lift less we stop pointing fingers ...
>
> Since you point out the connection between the current economic crisis 
> and 9/11:
>
> Isn't the economic crisis much more a result of the deregulation of 
> financial markets since the late 1970s? The hypertrophic growth of the 
> whole financial sector on expense of the classical industry providing 
> jobs for many seems to be the main reason why things got out of 
> control. The real estate bubble - not only in the US but also in the 
> UK and Spain - has/had nothing to do with 9/11. Neither had the 
> internet economy bubble which did already burst in the year 2000. So 
> yes, there was the enlargement of the security- and war-industry after 
> 9/11 (and this did cost the tax payers a lot of money), but - apart 
> from the question whether that was all necessary (at least in the case 
> of Iraq most people would say "no" by now) - it does not seem to be 
> the main point here. But I'm not an economist and always open for 
> corrections.

The first attack on the WTC in 1993 had, according to Mike Davis, an 
immense impact on the insurance business, though. Something similar will 
be the case with 9/11. These days, or so one can read, natural 
catastrophes are the crucial problem for the big insurance companies 
like Munich Re.

>
>
> One aspect of your criticism I share: There's no way back. If Wall 
> Street, the City of London and the Frankfurt banking district got 
> destroyed today, the poor would be the first to starve. And any 
> solution will, taking these days' degree of globalization into 
> account, only work on a global scale. Like financial transaction tax. 
> Wouldn't that perhaps be a way to tame the financial markets?
>
> Being young in Greece or Spain now, I'd certainly be on the streets. 
> People are fighting for a life perspective. But since I'm middle aged, 
> having kids, I'm worried about social and monetary stability in the 
> first place. And though I don't have a real idea myself, I've got the 
> decided feeling that we're going into the wrong direction here on the 
> continent ... I don't want no 'United States of Europe'.
>
>
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