In the News (from The Wall Street Journal): “Paul Volcker: Think More Boldly” Former Federal Reserve Board Chairman Paul Volcker chastised the largely private-sector group for the timidity of its proposals:
“My overall impression is that you have not come anywhere near close enough to responding with necessary vigor or structural changes to the crisis that we have had. Every day I hear financial leaders saying that they are necessary and desirable, they are wonderful and they are God’s work. Has there been one financial leader to stand out and say that maybe this is excessive and that maybe we should get together privately to think about some restraint?
Wake up, gentlemen. I can only say that your response is inadequate. I wish that somebody would give me some shred of neutral evidence about the relationship between financial innovation recently and the growth of the economy, just one shred of information. I am getting a bit wound up here.
I found myself sitting next to one of the inventors of financial engineering. I didn’t know him, but I knew who he was and that he had won a Nobel Prize, and I nudged him and asked what all the financial engineering does for the economy and what it does for productivity. Much to my surprise, he leaned over and whispered in my ear that it does nothing—and this was from a leader in the world of financial engineering…”
My Comment: Mr. Volcker is stating the truth (a liberty he can allow himself due to being a “former” chairman). The crisis continues because it is not being corrected by the creation of improved connections in our global society.
Kabbalah forecasts further downfall until people recognize the root of the crisis – the human egoism, and until people will be forced to rise above it for the sake of survival.
The only question is: how much suffering and how many world wars will we all have to go through in order to recognize the necessity of building the right relationships in our interconnected, global world.
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Kabbalah Today Article: The Little Prince Explains the Financial Crisis
Attaining the Worlds Beyond: “Eradicating Egoism”