WALL STREET IS BEING INVADED by middle class youth brandishing placards of unbelievable innocence that reminds one of the summer of love in the 1960s. But instead of “Flower Power”, the captions read, “Let’s be kind to each other!” and “Wage peace”. What these young people are doing at a time of genuine hardship for so many, is having a bloody good time being noticed by the world’s media. Whether a New York winter puts an end to this merriment or not remains to be seen. But one thing is for sure, their parents must be glad to see the back of them and their constant whining about the evils of capitalism with nothing to replace it with.
These well cloistered youth, like all such of every type in every generation, know what they are against, but have nothing more than slogans to suggest what they are for. Billionaires are easy pickings. The image of the bloated capitalist has been with us since the industrial revolution when such people richly (sic) deserved their portrayal.
The reasoning is this. The rich bankers and market speculators attached to these institutions have fucked everything up, and the ordinary taxpayers throughout the world are now being invited to bail them out via their governments. This is a fair point to make, and one which the majority is in sympathy with, including myself.
But anger is a sterile emotion if an alternative is not available. We all have savings in the very institutions these young people are demonstrating against. If we had let these banks fail, then those savings would have been part of the failure, including those of the protesters and their parents. It is an unpalatable reality, but governments all over the world had to prop the banking system up. If not it would indeed have meant a return to the 1930s, and the soup kitchens and the hobo; which America in particular, has had plenty of experience from.
Capitalism is the best system of governance. But in the coming months of possible economic sterility, it will be hard to convince people of its case. Free markets appeal to the most powerful driving force known to man – human nature. Human nature has many unattractive qualities, including that of greed and selfishness, which is part of the great jigsaw that is human nature. But there are also other qualities to balance out the picture. These qualities include love and sacrifice, which exist in direct opposition to the, shall we say, less commendable aspects of our natures.
But whether we like it or not wealth and ambition will drive mankind forward as it has done since the early identification of civilisation. Selfishness and greed may be unpalatable concepts to come to terms with, but it is these forces within our nature that have driven us forward to ever greater progress.
THOSE YOUNG DEMONSTRATORS in New York probably own an i-Phone, i-Tablet or Apple computer. They will be what is known as IT literate; they will seek to own the latest Apple gadget; or they will want the latest windows software; they will stand for hours outside a store to be the first to own any new addition to their IT armoury; they will be like dung beetles procuring the latest elephant deposit to take home.
What on earth are these young people trying to do? Both Apple and Microsoft have had to borrow at some stage; and they did so through the banks. But the owners of both companies (one, sadly now deceased) are and were billionaires; and were made so by the sales of their products to the likes of those demonstrating in Wall Street.
Capitalism allows human nature to flourish but not (within a democratic frame-work) to abuse their privilege. Mankind must be given every opportunity to flourish, which is what, in 19th century Britain, capitalism allowed George Stevenson and Isambard Kingdom Brunel to do in order to set the stage for a great leap forward in technological evolution – the industrial revolution.
George Stevenson, Brunel, and many like them deserved to be rewarded for their enterprise. It gave the UK an edge on the rest of the world and it was due to such human enterprise that it allowed the UK the freedom to flourish and become the world leader in technological development for a decade.
Free enterprise meets the needs of human nature within a democratic state. To deny mankind their ambitions, denies them part of their humanity – and if those ambitions take them onto Wall Street, then the stock markets benefit from their ambitions.
Wall Street, like all other stock markets, regulate economic activity. Those demonstrating to paint such an obstructive picture of Wall Street are merely play-acting at being revolutionaries - the currency of all middle class youth since the 1960s.
THESE CHILDREN OF THE FORTUNATE are merely self-serving; and no doubt their activities will find favour, not only in other parts of America, but throughout the Western world among the providential youth of middle class parents.
Middle class youth have, and always have had, time on their hands to preach detestation of the very system that gave them their education. Why must we, generation after generation, allow such an abuse to continue. The truth is, that both within this country and the USA, the middle class parents that now oversee their broods, were themselves the children of the 1960s generation that have been programmed to oppose.
What the banks did in 2008 was unforgivable. Taxpayers all over the world are having to pay for the recklessness of traders and bankers. But it seems to me that what these youths are crying out for is to throw the baby out with the bathwater. Remember, the financial sector within all of the developed world pays billions in taxes and generate wealth and prosperity for all the people, not only the few thousand financiers who reward themselves handsome bonuses.
The pensions of millions of people rely upon the performance of the financial markets. Businesses are capitalized to meet expansion from the markets. The technology so beloved by many of those hurling their insults on Wall Street today were at some point in their development reliant upon the financial markets.
The financial markets bring the best out of those companies listed; and their shareholders are rewarded by a decent return on their investments due to the activities of the financial markets.
How many parents of those now protesting hold, or have held shares; or have sought out a financial expert in order to invest their savings successfully in order to put their children through college?
Why youthful idealism cannot be taken seriously is because in 80 per cent of cases it is retracted in latter life. I look around me today at members of my generation who (like myself) were staunch Marxists in the 1970s, but who are now serving as opposition ministers on the back benches.
At least then we were armed with a blueprint to replace capitalism with- even if it caused much suffering in countries where it was practiced; and eventually proved unworkable.
But where is the replacement blueprint for destroying the financial sector that our gilded youth seek. Nothing but slogans are now on offer. At least in the 1960s those demonstrating against the Vietnam war were prepared to be hit over the head by the constabulary, and accepted it with good grace as part of the struggle. Now however, all we here are chants of “the world is watching” as soon as policeman or woman approaches a protester blocking a bridge in New York.
CAPITALISM IS here to stay. The stock markets are also here to stay because you cannot have one without the other. Human nature has managed to create the best form of government and economy, most suited to such a nature as ours; and all attempts at a workable, civilised alternative, has added very little to human development; but contributed much to its suffering.
Let us clearheadedly and dispassionately bring in laws to reform certain practices that led to the debacle that has overtaken us, and this is what the politicians will do. But be careful for what you wish when you bull- headedly seek to remove the money lenders from the temple.
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