Letters to the Editor: Be aware of increased regulations

The
economic and political events taking place in Europe are signs that the times
they are a changing and no longer will capitalism survive without big
government welfare bailouts and regulation; unless of course the politicians of
these capitalist nations are willing to suffer the economic and moral strife,
which results from capitalism hitting rock bottom and recovery without government
intervention.

If
we reflect back on some of the consequences of the Great Depression of the
1930s, we can only be happy that the German industrial complex, which the
Allies plotted to destroy during the end of the Second World War, was able to
pay the single most important portion for the Greek bailout.

It
is big government in America and big government in Europe that must guarantee
the survival and transformation of industrial capitalism, which is the source
of employment for their people and without which social, moral and political
order would become impossible. Destructive events in Greece vividly
demonstrated this truth and it is these same working people that will over
generations pay the bill for the rescue and repair of their capitalist industrial
complex upon which their survival as a civilization totally depends. Therefore,
although a large segment of the American population continues to remain
incapable of seeing the utility of big government, social democratic Europeans
are much more truthful in facing these political and economic realities of 21st
Century capitalism. 

 May 10th was a great day for international
stocks that had been falling because of the troubles in Greece; and when it appeared
that there might be a problem getting Germany to play the role of the European
money cow. This resurgence of international confidence and trading demonstrates
clearly the connection between the role of government in capitalism and
confidence in international commerce. It demonstrates, also, that wealth is the
productive capacity and collective confidence of a nation; not printed money
notes. In other words a factory or a bank derives their stability and growth
potential not from the actions of a few great men but from the willingness of
citizens to participate in a prescribed manner in relationships involving
exchanges of goods and services that exist or will exist in the future.

When
people unfamiliar with the complexity of exchange relationships say that big
governments are accumulating huge debts for future generations, as if there
will not be anything for the next generation because of debt, they are
forgetting to regard the accumulation of intellectual abilities and the vast
productive potential that is being created for future generation. Thus the
future generations of a United Europe and a United States of America may inherit
problems with the distribution and exchange of value but not with the ability
to produce for the needs of their society.

Granted
the world is having a money crisis. The existence of money is now so much more
than what is needed to settle debts that were the cause and purpose of its
invention. Thus large sums are herded and hedged and used for speculation in
financial ventures, which may or may not be related to industrial productive
activities. Certainly, there is no one single economic model, and the one that
is favoured by the present level of international trading is of a more
collective type that gives government not only more responsibility for
cooperate welfare but also for satisfying the needs of all those participating
in one form or another in the productive and distributive processes. 

The
big corporate and political leaders of the world know the direction the world
is headed economically. And every day the developed countries gain more ability
to solve their collective challenges. But their real challenge is that there
has been no parallel development in mainstream ideologies or belief systems
that will allow their people to accept that the benefits of human toil,
sacrifices and advancement will come only with an increased role for government.
I suspect that some of the wealthiest persons on this planet know that wealth
has very little individual value and that in fact the value of their wealth is
greatest as a collective value whether this is derived from the employment of
persons or the improvement in the quality the lives these persons.

Humans
are social animals and their activities are inherently of the kind which
magnifies their common humanity and the essence of this humanity is in their
collective being. Therefore let us in Cayman become aware of the coming of
increased regulation of international finance; and European governments’
responsibilities to all of their people, whether the government call itself
socialist, liberal or conservative. If I was the powers that be in Cayman I
would not yet rejoice at the electoral results in the Mother Country.

Frank
McField

NO COMMENTS