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Quote by A.E. Samaan

“Capitalism is not a form of government. Capitalism is but one thing only: Buy Low - Sell High. Capitalism is what happens when a government allows free association and respects property rights. It is a symptom of liberty.”

Quote by A.E. Samaan

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A.E. Samaan

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“Nazarbayev found that he and his regime had a certain chemistry with figures from Blair’s strand of Western politics: the Third Way. It was a system that purported to wed the humanity of the left to the dynamism of the markets. Its proponents possessed, as Tony Judt put it following Blair’s election, ‘blissful confidence in the dismantling of centralised public services and social safety nets’. They felt themselves to be part of a new, transnational elite that would harness the miracles of globalisation. Peter Mandelson, Blair’s strategist, announced the end of the left’s anxieties about the hoarding of wealth. ‘We are intensely relaxed about people getting filthy rich,’ he said. (He added, ‘as long as they pay their taxes’, though the caveat was often forgotten, perhaps because they did not.)”

CorruptionOligarchyFree Market IdeologyTony BlairNazarbayevTony JudtPeter Mandelson
Book:Kleptopia: How Dirty Money is Conquering the World
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“After the predicted disaster occurred, an “emerging consensus” developed among economists “on the need for macroprudential supervision” of financial markets, that is, “paying attention to the stability of the financial system as a whole and not just its individual parts.” Two prominent international economists added that “there is growing recognition that our financial system is running a doomsday cycle. Whenever it fails, we rely on lax money and fiscal policies to bail it out. This response teaches the financial sector: take large gambles to get paid handsomely, and don’t worry about the costs—they will be paid by taxpayers” through bailouts and lost jobs, and the financial system “is thus resurrected to gamble again—and to fail again.” The system is a “doom loop,” in the words of the official of the Bank of England responsible for financial stability.”

CapitalismEconomicsBankingFinancial CrisisBanking SystemEconomics PhilosophyFree Market CapitalismFree MarketsFree Market Ideology
Book:Hopes and Prospects
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“When crises hit the South, the masters of the international economy turn to the IMF solution. The costs are transferred to the public, which had nothing to do with the risky choices but is now compelled to pay the costs: the poor countries are instructed to raise interest rates, slow the economy, pay their debts (to the rich), privatize (so that the Western corporations can buy their assets), and suffer. The instructions for the rich are virtually the opposite: lower interest rates, stimulate the economy, forget about debts, consume, have the government take over (but don’t “nationalize”—the takeover is a temporary measure to hand it back to the owners in better shape). And the public has almost no voice in determining these outcomes, any more than poor peasants have a voice in being subjected to cruel structural adjustment programs.”

EconomicsPrivatizationFree Market CapitalismImfFree MarketsFree Market IdeologyPredatory CapitalismFree Market Economics
Book:Hopes and Prospects
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“For the world, there are many very serious crises, such as the food crisis, already mentioned, or the environmental crisis, which threatens real catastrophe for everyone. But for the West in 2008–9, the phrase “the crisis” refers unambiguously to the financial crisis that has its deeper roots in inherent market inefficiencies, neoliberal doctrines about the alleged value of financial liberalization, dogmas about “efficient markets” and “rational expectations,” deregulation, exotic financial instruments that yielded profits beyond the dreams of avarice for a few—all brought to a head by an $8 trillion housing bubble that somehow regulators and economists did not perceive, portending ultimate disaster, as a few warned all along, notably economist Dean Baker.”

CapitalismFinancial CrisisNeoliberalismFree Market CapitalismFree Market IdeologyPredatory CapitalismDean Baker
Book:Hopes and Prospects
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