Epistles of Thomas

September 25, 2008

Vinoth Ramachandra on the US Meltdown

Filed under: Uncategorized — Thomas @ 22:32

I was reading a New York Times blog opinion piece tonight and came across a comment purportedly left by Dr. Ramachandra. I can’t confirm if it is THE Vinoth Ramachandra but who would want to pretend to be him? He says:

The rich need to suffer much more before the moral hypocrisies and absurdities of the global financial system are exposed and confronted. Gambling by Wall Street traders on vital commodities and currencies have crippled many poor economies. The US government has long subsidized its banks and corporations while preaching ‘free market’ doctrines to the rest of the world. Now the US President wants American taxpayers to bail out the giant financial firms that have finally come face to face with the consequences of their own greed.

The sums of money involved in the bail-out are greater than the total Third World debt plus what the UN estimates is needed to help poor nations tackle the challenge of climate change- a challenge itself created, in large measure, by the US. The US and other G7 nations have been dragging their feet on both these issues, much to the disgust of the rest of the world. So Bush’s plan is a classic case of governments robbing the poor to pay the rich. It is not just the bankruptcy of financial institutions that we need to address, but the moral bankruptcy of politicians, whether Republican or Democrat, and those who give them such power.


1 Comment »

  1. Wow!
    That’s quite the indictment eh?
    Pretty square on though.

    Comment by Neil — September 26, 2008 @ 17:06 | Reply

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