Laissez-faire est fini? non?

It’s a no brainer that the French do not like us. Well, no big loss to us… But criticizing our economy? Come on.

Lovely Sarcozy said “the all-powerful market that is always right is finished,” that “laissez-faire is finished.” If you remember, he stood on the platform during his campaign that capitalism should be moralized. That “free trade cannot be a dogma.”

Well, alright then. While he may not agree with our capitalistic techniques here in America, one can not help but be involved. Europe may have an immediate sense of Schadenfreude, but wait until they catch the cold (oh wait, they already did!). A rising tide floats all boats….as well as overtakes them.

Germany once pointed and laughed as us as well. But that’s far forgotten once the needed rescue of Hypo Real Estate took place. Deutchebank has a lot of exposure too, despite the notion of a safe bank. Iceland is apparently broke, with roughly a quarter of its GDP taken up by its budget deficit, and asking Russia, of all places, for assistance (do they not realize that the Russian market is tanking too?). Ireland insured banking system is now seeing a flood from the shaky UK. And the latest – the Italian’s government is guarantying all banks with preferred stock holdings.

At what point to these Europeans start realizing that it’s not capitalism that should be the aim of their discontent, but globalization? The US financial markets are far more regulated than Europe’s, so judgement on free market ideas is a little bit misplaced. We’re not exactly “free.” Europeans aren’t exactly “socialized.”

Who can criticize us for being let by capitalism, led by profit? Greed is a motivator, and fortunately it works in the benefit of the most efficient markets. But, really, can we be criticised by something that runs through all our veins? It wouldn’t be a sin if it wasn’t innate… ah I’ll bypass that subject.

My point being, the rest of the world wants to join us when we prosper. Eyes us as the place to make it big. Idolizes us as the place for dreams. I mean come on, where else could you work 70 hours a week just to pay your dues, move up the corporate ladder? Be another suit? (Armani, mind you…) But as soon as we catch a cold, or suffer a heart attack really, the world disowns our capitalistic views. Seriously, you can’t win without losing. You can’t gain without facing loses. You basically have to be more knowledgeable to survive in a capitalistic market. Sell high, buy low, it’s instinct, it’s research, it’s hard work. You can’t blame the US for your stupidity in buying into our free market. If you would like to remain “without”, relax with no care, socialism is a nice parachute for all. Got laid off at work? It’s ok – your health care is still available. Unemployment claims are there to keep you afloat. And even if you do work, 35 hours is a breeze. 2 months vacation. So, hard work and prosper? Or relaxed life and make it by?

We’ve chosen our destiny. And we’re fairing quite well compared to history (moderate unemployment, low oil prices, less risk of inflation, who can compare that to the Depression?).

Finger pointing aside, we’re all in the same tide. It’s up to the rest to get their act together.

~ by roguelynn on October 9, 2008.