As the news that the coronavirus has reached Italy, and the numbers of infected people in South Korea rise, the world shrinks in fear and the stock market trembles.
The stock market trembles.
I stopped respecting the stock market years ago when a serious broker at Chicago’s Board of Trade told me he was happy when milk farmers struggled because he made money. I have further distanced myself from the market as I learned that the largest industry in the United States is the making and selling of weaponry. It is our largest industry.
Millions of innocent people in the Middle East are caught in the cross fires of United States weaponry. Homeless, hungry, hospitals bombed and borders closed there is a desperation that we seldom hear about. Their inhuman plight does not send a ripple through the market like our fear of a virus that may or may not be coming to get us.
And there in lies the curse of capitalism.
As long as making money is number one, we allow ourselves to not see. As long as our portfolios climb, there is little incentive to ask our handlers, “Where is the money coming from?”
President Trump recently visited India. Prior to his coming a huge wall was erected so that he would not have to see a slum on his drive to Ahmedabad. Trump has told us that the sight of homelessness is a stain on the beauty of a city – a stain on the city but no mention of the stain on our conscience as we allow people to live in squalor.
And that my friend is the curse of capitalism. Capitalism without conscience is a disease we can no longer afford.
Fear abounds these days. Socialism is coming to get you. But what the pundits warn as socialism is simply common sense.
photo courtesy of wikipedia commons: banknotes