After reading how Magnetar, the hedge fund, was able to engineer bets against its own fraudulent financial products and win, one can’t help but feel discouraged.
Gambling has been universally feared as one of man’s most dangerous and ignoble predilictions since the dawn of recorded history. I am not a religious man yet if I were, gambling and the usury that feeds it would be the Devil incarnate.
Wall Street, of course,seems to think that gambling should instead continue to be the cornerstone of U.S. finance and banking. That is just Evil plain and simple. It makes Lord of the Rings seem like a documentary about U.S. Finance where the Eye of Sauron is 0 % interest rates.
Between this and the turgid pace of climate change policy development, there isn’t much to feel good about for the next 20 years… In that time either more responsible leadership will prevail or we’ll set the stage for a bruising barrage of disaster and suffering!
Don’t be surprised if new forms of tyrany and fascism rise to the fore in the name of financial and environmental stewardship..Worst thing is that that might be exactly what Humanity needs to set itself on a sustainable course lest It suffer the cold, indifferent hand of Nature as she sweeps the board clean to start anew.