422: The words 'to make money' hold the essence of human morality.

I don't know what your feelings are about it, but before 2008 I never have realized that there exists something like "financial markets".

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Of course, I knew about the stock exchange, but that governments depend on how financial markets respond? No, that was really new to me.

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It all looks so innocent  and understandable. Let's quote Wikipedia: 

"A financial market is a market in which people and entities can trade financial securities, commodities, 

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and other fungible items of value at low transaction costs and at prices that reflect supply and demand. 

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Securities include stocks and bonds, and commodities include precious metals or agricultural goods.

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There are both general markets (where many commodities are traded) and specialized markets (where only one commodity is traded).

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Markets work by placing many interested buyers and sellers, including households, firms, and government agencies, in one "place", thus making it easier for them to find each other.

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An economy which relies primarily on interactions between buyers and sellers to allocate resources is known as a market economy in contrast either to a command economy or to a non-market economy such as a gift economy.

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In finance, financial markets facilitate:

- The raising of capital (in the capital markets)

- The transfer of risk (in the derivatives markets)

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In economics, typically, the term market means the aggregate of possible buyers and sellers of a certain good or service and the transactions between them.

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During the 1980s and 1990s, a major growth sector in financial markets is the trade in so called derivative products, or derivatives for short." 

- end quote -

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It is simple as that. All is just interaction between buyers and sellers. That is what most economists like to believe, but philosophers and psychologist question fundamentally.

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In a previous lecture Longstep brought to my attention the following documentary:  

http://videos.arte.tv/fr/videos/la-grande-pompe-a-phynances--6965918.html 

(unfortunately only in French and German). There is also a part two.

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The story of the documentary is pretty scary. It is hard to believe, that we are dealing with human beings controlling the financial world. 

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It just looks like a small oligargy of financial hotshots that try to control our world. Their motivation? That is the most scary part: making more money….

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This in combination with the simplistic anthropology of many economists, who believe to live in a world of buyers and sellers,

 this leads to the famous speech on money by Francisco d"Anconia in Ayn Rand's "Atlas Shrugged". (Part Two, Chapter II, The Aristocracy of Pull)

- quote -

"If you ask me to name the proudest distinction of Americans, I would choose—because it contains all the others—the fact that they were the people who created the phrase 'to make money.’ 

No other language or nation had ever used these words before; men had always thought of wealth as a static quantity—to be seized, begged, inherited, shared, looted or obtained as a favor. 

Americans were the first to understand that wealth has to be created. The words 'to make money' hold the essence of human morality.

 -end quote -

And with this (American) morality we are dealing now and keep our conviction that the essence of morality is something quite different.

Dr. Vandana Shiva from India, held a lecture  at Portland Community College in Portland, Oregon, USA on February 24th, 2011. 

Lizzy brought her to my attention and a quote from her lecture, I think, is  a perfect addition to this lecture:

-quote-

”Democracy in the present context is dead because originally it was of the people by the people and for the people.

 Although millions of people say ”no war” all governments of the rich nations send soldiers to Iraq and Afganistan. 

Across the world people say ”stop the banks from stealing our money” ... and the governments do nothing apart from saving the banks and let them be even more valuable than the people. 

When corporations start to influence political decisions and lobbyists substitute the people then it is a government of the corporations by the corporations and the people are totally disposable. 

This is what threatens democracy and why democracy has to be invented new“.

http://www.youtube.com/watch?v=UOfM7QD7-kk

My only criticism here is, that corporations and governments are still just individual human beings. In other words, it still is about the individual ethics of an individual being that makes this world.

The Discussion

herman Bergson: Thank you ^_^

Debbie Dee (framdor): At least the first half.

Lizzy Pleides: Thank you Herman

Debbie Dee (framdor): Thanks Prof.

Qwark Allen: thank you

herman Bergson: What about the first half debbie?

Qwark Allen: a pitty i can`t see that video

herman Bergson: If I could download it...

herman Bergson: but it is more than 71 minutes

Kime Babenco: Thanks Herman

Debbie Dee (framdor): So now - we agree - the corporations are in control. How do we stop them with democracy?

Lizzy Pleides: in youtube you should be able to see it Qwark

herman Bergson: part two is 66 minutes

herman Bergson: You know Debbie.....that is what I am wondering about mysellf...

herman Bergson: all these men...dont they have families, children...a social life?

Qwark Allen: http://www.youtube.com/watch?v=Fou4DOnL2ao

Qwark Allen: can you check if is that the video?

herman Bergson: research has shown that the richer you get the less social empathy you have

Debbie Dee (framdor): Yes - 1 hr 27 mins. Make it homework for discussion next week?

Kime Babenco: lol

Debbie Dee (framdor): Or at least keep them accountable?

herman Bergson: La grande pompe de phynances

herman Bergson: Yes that is the one Qwark

Qwark Allen: we know that the 1930 was man made crash

Lizzy Pleides: Hi Beertje

herman Bergson: Hi Beertje....:-)

.: Beertje :. (beertje.beaumont): Goodevening:) sorry I'm late

Debbie Dee (framdor): Hi Beertje

Qwark Allen: someone just run with 500 billions in that time

herman Bergson: Yes Qwark and in the documentary these people are mentioned by name....

herman Bergson: The present crisis is manmade too.....

Qwark Allen: yes, and we know why they want it now

herman Bergson: and why is it?

Qwark Allen: more money and more power

Kime Babenco: Banks

herman Bergson: oh yes...

Lizzy Pleides: always the same

Debbie Dee (framdor): More power to do what?

herman Bergson: Yes Debbie...that puzzles me too always...

Qwark Allen: there are some "not friends" they want to get rid also

Lizzy Pleides: they think it can't be a mistake to have power

herman Bergson: to imprint your personal view of the world on this whole world I guess

herman Bergson: A person loves to do that.....gives a feeling of security

herman Bergson: I mean..these guys at the top are just ordinary people like everyone....

herman Bergson: but somehow power corrupts the brain....

herman Bergson: We see it with celebreties….

.: Beertje :. (beertje.beaumont): they don't see themselves as ordinary people..they think they are special

herman Bergson: they go nuts because of the everlasting applause they get everywhere

Debbie Dee (framdor): I guess. But there is no point in destroying the world if you want to bestride it like a collosus

herman Bergson: That is the paradox I am thinking of Debbie....

herman Bergson: on the one hand you can create a crisis to get richer yourself...

Kime Babenco: Indeed.. If you were to be caught with 0,5grams of drugs in USA, you go to jail for a serious while, famous (rich) people walk a way with it

herman Bergson: but on the other hand you NEED this world intact to get richer

Debbie Dee (framdor): Only if richness is defined as only money.

Debbie Dee (framdor): yes herman. But as you have demonstrated - richness is way more than money.

herman Bergson: The thing is that it is not defined by more MONEY, but by some drive for MORE money...

Kime Babenco: Don't tell me there is no class judgement... because it's everywhere

Debbie Dee (framdor): Its crazy. And we are all complicit in this scheme.

Kime Babenco: Us knows us, and money knows money...

Kime Babenco: Hate else are clubs like Rotary and Lions?

herman Bergson: But I still believe in a countermovement....

herman Bergson: Like today Lizzy for instance points at Dr. Shiva....

herman Bergson: I still believe that these voices will be heard....

herman Bergson: let me give you an example....

Lizzy Pleides: lets hope it

Kime Babenco: She was completely right about her definition of democracy... But DO we really have democracy ?

Debbie Dee (framdor): There is a counter movement. However, we are still terribly weak. We are all so enslaved by money and technology.

herman Bergson: in the 1980s the banks were set free....

herman Bergson: in no time there emerged a trade in derivatives....

herman Bergson: especially in the US.....the holy Making money land....

herman Bergson: JC Morgan in the front row!

Debbie Dee (framdor): For example - why can you buy a car with a 7 liter engine?

Kime Babenco: Bankers should be bankers and not insurances or any other things

herman Bergson: Everybody now has to admit that the banks ruined the financial system...

herman Bergson: to give banks free reign means signing your death warrant...

herman Bergson: besides that of course we have corruption....

Lizzy Pleides: they had almost no limits

herman Bergson: the other way to get more and more ...

herman Bergson: indeed Lizzy....it is astonishing what they did, these bankers...

herman Bergson: Another example...

Qwark Allen: http://www.youtube.com/watch?v=KLDVsLCtXXg

herman Bergson: in my newspaper...

Debbie Dee (framdor): It seems that Chavez is meeting with some success with his democratic socialism

Qwark Allen: someone talking about, why they want this war to happen

Kime Babenco: Hugo Chavez from Venezuela you mean ?

herman Bergson: all of a sudden stocks of Kraft Food went up 29% on NASDAQ

Qwark Allen: omg

Debbie Dee (framdor): yes

herman Bergson: then they stopped the trade....

herman Bergson: what was the case.....

Kime Babenco: He is helping the poor people there

herman Bergson: this stocktrade isn't handled by humans anymore...

Kime Babenco: But the economy fell down there

herman Bergson: there are computers monitoring the market and buying and selling at an incredible speed...!

Debbie Dee (framdor): http://www.countercurrents.org/wharton081012.htm

Debbie Dee (framdor): This link is about the successes in Venezuela

herman Bergson: What are people doing there at NASDAQ?????

Kime Babenco: the fastest wins... that isn't fair either

herman Bergson: it is no longer about economy, ...allocating resources, but about making money....

herman Bergson: making more money...

herman Bergson: Venezuela and Chavez is a different story ....

Debbie Dee (framdor): making money? Funny idea ;)

herman Bergson: yes Debbie...but that was the American dream of Ayn Rand...

Debbie Dee (framdor): Millions of formerly unemployed Venezuelan workers, millions who once lived in extreme poverty, millions of children who survived childbirth and now millions of Venezuelan voters provide testimony to the transformative potential of socialism in the 21st century

Kime Babenco: If you would, just imagine , be a visitor from another planet, and see how a stock exchange , like Wall Street , works, and knowing that that is determinating where is going good or bad... You can't stop laughing I guess,,,

herman Bergson: I checked the 1000+ pages of Atlas Shrugged on the expression "make money"

Debbie Dee (framdor): and herman?

herman Bergson: dozens of times....

Second Life: Doodus Rebootus (doodus.moose) is online.

herman Bergson: after page 320 I stopped for I had found d'Anconia's speech ^_^

herman Bergson: I have no opinion about what is happening in Venezuela because a lack of knowledge at the moment

Debbie Dee (framdor): I still don't really understand making money. But I think it is about moving wealth to limited recipients at the expense of the planet.

herman Bergson: But I dont believ ein fairytales...nor the blessings of socialism....we have seen that promise often enough

Debbie Dee (framdor): http://www.countercurrents.org/vorpahl081012.htm - read this - it is the real start of the anti capitalist revolution

herman Bergson: ok Debbie...

herman Bergson: but let me get back to the core of this project....

Kime Babenco: If you see what bankers got fixed, you can't be angry to a bank robber anymore

herman Bergson: the basic idea is that there can be a market economy.....that there are buyers and sellers ...

herman Bergson: but that this system can not be applied to all social relations....

Lizzy Pleides: we need changes urgently but we shouldn't go from 1 extreme to another

herman Bergson: social relations, education, healthcare, environment...areas like that are slowly penetrated by this neoliberal market belief.....and that has to be stopped

Debbie Dee (framdor): no - but it has to start somewhere lizzy.

Debbie Dee (framdor): It actually needs to start like it is with us - in each persons' awareness.

Lizzy Pleides: true debbie

Kime Babenco: Of course we have to condemn any crime... but why don't we with all ? like the much higher amounts... in costume and with tie or whatever

herman Bergson: yes Kime...that is what I also say....and that is why I believe in a counter movemnet

herman Bergson: and you see these signs everywhere...

herman Bergson: Banks aren't free anymore to do as they like

Debbie Dee (framdor): The paradox for me is that I like high technology mass produced stuff, and enjoy the trappings of energy gluttony.

herman Bergson: they still try...but yet

Debbie Dee (framdor): So on a daily level I vote for the corporations ith my dollars

herman Bergson: What worries me most is that there is a small group of people, not democratically controlled, who govern this planet

Qwark Allen: yep

Kime Babenco: USA say always they spread democracy when they are attacking a country... I have never seen any result of that...or hardly...

Qwark Allen: the shadow government

herman Bergson: Yes Qwark....

Qwark Allen: above all governments

Debbie Dee (framdor): They are using up stock, to make space for more guns.

Kime Babenco: What rules is money...

herman Bergson: that documentary I mentioned shows it so clearly....really scary

Qwark Allen: nice, i`ll have a look for sure

Qwark Allen: the truth is out there

Qwark Allen: you just have to know the question, to get your answer

herman Bergson: There was one moment when I looked at that documentary when I thought

herman Bergson: what am I doing here in SL....

Debbie Dee (framdor): The truth is in you qwark ;)

Qwark Allen: hehehe

herman Bergson: talking about ethics .....

Second Life: JF (janfolkert.alter) is online.

Second Life: Mariella Diesel (mariella.deezul) is offline.

herman Bergson: ethics of who?

Qwark Allen: God

herman Bergson: yes us...simple people at the end of the food chain....

Debbie Dee (framdor): god?

Qwark Allen: just a joke

herman Bergson: while the vultures circle above our heads

Qwark Allen: yes, indeed

Qwark Allen: i have to go now

Qwark Allen: thank you hermann

herman Bergson: I guess ...we better stop for today indeed ^_^

Qwark Allen: AAHH!!!

Lizzy Pleides: TC Qwark

Qwark Allen: :-)))

.: Beertje :. (beertje.beaumont): bye Qwark

herman Bergson: Thank you all for your participation again

Qwark Allen: i should be already playing at a club

Qwark Allen: eheheh

herman Bergson: Class dismissed

Qwark Allen: we are getting the answers we are looking for ^^

herman Bergson: Run Qwark!!!

.: Beertje :. (beertje.beaumont): I'll read the blog tomorrow Herman..I missed it all I guess

Lizzy Pleides: we have to thank you for teaching us ethics Herman

herman Bergson: Dont worry Beertje.....the text is patient....

.: Beertje :. (beertje.beaumont): as I am:)))