Since the 1987 debut of the movie “Wall Steet” in which Gekko uttered the signature line, “Greed, for lack of a better word, is good”, the world was given the subliminal message to believe in a new paradigm of greed. Greed was given a nefarious twist as something to be clamoured for in the pursuit of “success”. Two decades later, Wall Street witnessed the consequence of exuberant greed, leaving lives shattered. Unfortunately, there was no lesson learned therein. Instead, greed went into overdrive with uncontrolled “quantitative easing” (QE), the financial banksters newly coined term for “even more greed”.
Banksters up the ante. A new mantra was cast to beguile unsuspecting masses – “debt is better”. The smart ones live life to its fullest by material debauchery using debt. Be merry, why worry, for tomorrow may not come. Interest rates were kept artificially low by massive QE so that the burden of debt is obfuscated. QE is an addictive and fatal drug masqueraded as the ultimate financial panacea that will resurrect the dead financial giants afflicted with terminal cancer.
QE is then passed on to consumers as the super antidote for financial woes. Naturally, the drug became the darling of the financial world. Instead of getting freed from financial woes, the addictive QE now reigns as lord over the world. But QE doesn’t stop there. More synthetic financial drugs were introduced in the form of an eotic slew of enticing, complicated derivative products touted by the same greedy banksters as the new instrument of wealth creation without effort. The genie is out of the bottle!
This generation of people is taught economics that defies logic. They are enticed to live a lifestyle beyond means. Easy credit allows consumption without restraints. Consumption, not production, is the latest economic theory as the engine of growth. In the bewitched West, intoxicated Americans continue with material indulgence without hard work. In the East, sweatshops using child labour produced the goods that the west are addicted to. It looks like a win-win situation. While the music played on, this new paradigm is indeed good beyond expectations. The spell cast by greed is too good to be jettisoned.
Now fully laden with trillions of debt, the ghost Titanic ship cruised on while the captain and his crew dispense exotic financial drugs. Totally hallucinated with drugs, the party on board gets wild in an induced fourth dimension of “heaven on earth”. Passengers craved for more. Unbeknown to them, Titanic is about to sink. The captain and his crew are well aware and have lifeboats for themselves all ready to launch. Just like MV Sewol, the Korean ferry, Titanic is about to enter the final leg of her journey to the bottom of her watery grave. Most perished, but the captain survived.
And God looked upon the earth, and, behold, it was corrupt; for all flesh had corrupted his way upon the earth.