Das Kapital: Is Capitalism metamorphosing
towards Communism?
Il Buono, Il Brutto, Il Cattivo -- The Good, The Bad
and The Ugly
London, UK - 22nd October 2008, 10:09 GMT
Dear ATCA Colleagues
[Please note that the views presented by individual contributors
are not necessarily representative of the views of ATCA, which is neutral.
ATCA conducts collective Socratic dialogue on global opportunities and threats.]
In the most dramatic and drastic government intervention since the global
financial crisis began, Argentina's government has announced that it is
seeking to nationalise its entire private pension funds industry to protect
retirees from falling stock and bond prices. The Argentinean action is further
evidence that the economic fallout of The Great Unwind is leading to more
aggressive government policies and actions in major countries across the
world. The sovereign nation state is extending its powers as it becomes
the effective controller of the free market economic engines within its
domain. Since financial institutions -- banks, insurance companies and pension
funds -- are the primary hubs of all financial intermediation, mass nationalisation
of such vehicles allows governments to be able to control not only the behaviour
of bankers, insurers and pension fund managers but also how these financial
institution decision makers allocate capital; the quantum of assets they
hold; investments they make; loans they provide; and how they assess the
value at risk and their profitability. Let us examine the case of Argentina
in some detail in this context:
[CONTINUES]
[ATCA Membership]
We welcome your thoughts, observations and views. Thank you.
Best wishes
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