Jeffrey Sachs: That’s not a free market, that’s a game

December 12th, 2011

The controversial economist talks about the collapse of the global financial system and how to end the crisis – Linked on our blogs with The Financial Crisis Was Entirely Foreseeable. – Published on Al Jazeera, December 11, 2011.

… Watch the video, 25.11 min …  //

… “The banks have said, leave us deregulated, we know how to run things, don’t put government in to meddle. Then with that freedom of maneuver they took huge gambles, and even made illegal actions, and then broke the world system.   

As soon as that happened then they rushed out to say ‘bail us out, bail us out, if you don’t bail us out, we’re too big to fail, you have to save us’. As soon as that happened, they said ‘oh, don’t regulate us, we know what to do’. And they almost went back to their old story, and the public is standing there, amazed, because we just bailed you out how can you be paying yourself billions of dollars of bonuses again? And the bankers say, ‘well we deserve it, what’s your problem’?

And the problem that the Occupy Wall Street and other protesters have is: you don’t deserve it, you nearly broke the system, you gamed the economy, you’re paying mega fines, yet you’re still in the White House you’re going to the state dinners, you’re paying yourself huge bonuses, what kind of system is this?

When I talk about this in the United States, I’m often attacked, ‘oh, you don’t believe in the free market economy’, I say, how much free market can there be? You say deregulate, the moment the banks get in trouble, you say bail them out, the moment you bail them out, you say go back to deregulation. That’s not a free market, that’s a game, and we have to get out of the game. We have to get back to grown-up behaviour.” Jeffrey Sachs, Columbia University. (full text).

Links:

The book: Jeffrey Sachs, The End Of Poverty;

Jeffrey Sachs, Columbia University (Watch this video: Occupation Nation: US cops serve & protect the 1%, 3.47 min., published on GR.TV, by Maria Portnaya, December 7, 2011;

Watch this Video with Jeffrey D. Sachs, director The Earth Institute, Columbia University, and Special Advisor to United Nations Secretary-General Kofi Annan, 39.26 min: on this page by scrolling down and clicking on the internal link;

Jeffrey Sachs on en.wikipedia;

Millenium Promise Alliance;

(Talk to Al Jazeera airs each week at the following times GMT:

  • Saturday 04.30;
  • Sunday 08.30 and 19.30;
  • Monday 14.30.

Click here for Talk to Al Jazeera).

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