Sunday, December 9, 2012

Former President of Belgian Central Bank: the system is designed to work as it is

All the video is quite worth watching but a key moment is around 5'20" when he explains how the monetary system is institutionally conceived to exist as it is, without any room for improvement.

It is designed to work "poorly" for a reason, not well explained in the video: to make sure that all the wealth goes to a few hands and that the international system remains organized in a hierarchical form in which each country or region plays its specific role in a hierarchy: financial center, industrial center, industrial periphery and the role reserved form most: neo-colony.

That part is not explained in the video properly, possibly because the speaker is after all an economist of the bourgeois school, still believing in chimeras like free market or democracy without equality. 

For us that means yet another reason for Revolution and to lose any hope (if we still had any) in Keynesian reforms: the Capitalist system has no room for meaningful reforms, only for radical transformation into something essentially different: Communism.

Source for the video: Naked Capitalism.

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