Thursday, April 23, 2009

The 'religion' of capitalism

The 'religion' of capitalism

The Caledonian-Record News

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Last Updated 11:06 AM Thursday, April 23, 2009

Letters to the Editor

4/23/2009 10:00:00 AM
The 'religion' of capitalism
To the Editor:

The world has been deceived by the "religion" of capitalism. People had put their faith in a system that promised them ever-increasing profits. The financial "high priests" - the investment bankers, hedge fund operators, and others, promised continual growth. Meanwhile people, companies, banks, institutions, and national governments poured their money into investments that assured financial blessings. They believed, they had faith, and now they see that their faith was misplaced. The financial system that they believed in and thought was solid and strong was only an illusion.

The high priests were repackaging toxic debt and selling it to banks, financial institutions, and nations as if it were gold. Their sleight of hand had people taken in by the belief that if you bought into their system, you were guaranteed rewards. People believed, and they acted on that belief.
America can no longer say, "This is the way it's going to be." The U.S. doesn't have the financial power it used to, because its economy has been greatly weakened. The American government has discredited itself in its interactions with the rest of the world in the way it started its war with Iraq based on lies and false information, its mistreatment of its European allies, its continued unflinching support of Israel despite Israel's violations of international law, its torture of prisoners, and because of its hubris and blatant disregard for the opinions and desires of other nations.

Ted Rudow III,MA

Menlo Park, Calif.

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