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Sahtouris Jan 2012 Capitalism in Crisis FT My Response (1)

Sahtouris Jan 2012 Capitalism in Crisis FT My Response (1)

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Elisabet Sahtouris, Ph.D. 23 Jan 2012 contact:elisabet@sahtouris.com
Solving the Crisis in Capitalism
 
Elisabet Sahtouris, Ph.D
In the FT’s series on the
Crisis in Capitalism
http://www.ft.com/intl/indepth/capitalism-in-crisiswhat I read, even when purporting to hit the deep issues, takes on isolated aspects or surfacefeatures of the problem rather than truly getting at root causes. For example, in the article byMohamed El-Erian, head of Pimco, who claims to avoid this and get to the real issues for "aclear overall conclusion" we read that we must:
“... work harder at reducing the chances of a catastrophic failure reaching the few areas
that amplify the good and bad aspects of the system. Finance is clearly one of these. In thelast decade, five countries in particular (Iceland, Ireland, Switzerland and most importantlygiven their systemic role, the UK and US) lost sight of the fact that finance is not astandalone industry but, instead, depends on its ability to serve the real economy. Thisfailure was compounded by the view held by some that finance could even constitute thenext phase in the natural evolution of capitalism (from agriculture to industry, services and,
ultimately finance).”
 
In saying that "
finance is not a standalone industry but depends on its ability to serve the
real economy”
he neither says that money should never have become a tradable, profitablecommodity in its own right nor that all industry should serve the real economy, both of which
would 
actually hit the real root issues. Finance should be no more, no less, than a vital service tothe real economy and its practitioners are surely entitled to legitimate fees for service, but theyshould n
ot be allowed to trade money itself for profit, and certainly not to trade people’s andnations’ debts for profit!
As all global currencies are issued as debt, that is clearly a rootproblem.Instead, El-Erian blames the financial crisis on "
patchy prudential regulation, bad incentivesand horrid compensation practices
" and then, incredibly, says:
“Society as a whole produced and consumed too much finance
, especially through adisruptive technology that was insufficiently understood and tested. The result was themother of all capitalistic overdoses, the implications of which are enormous and will be felt
for years to come.”
 
I have watched too many films reviewing the history of finance, seen too many warning quotesby founding fathers of the USA as well as later presidents, and too many gloating quotes by
 bankers themselves about their ability to exploit for big gains, to blame "society as a whole…for 
consuming too much finance." Does he mean that just because easy credit is extended, we arenot meant to ue it? Judaism, Christianity and Islam, thousands of years ago condemned money-lending at interest, and even before them, no natural living economy, even though its organisms
evolved a currency still operating in all your own body’s cells, ever issued
it as debt and traded itfor profit.
In living systems currency is there simply and effectively ‘greasing the wheels’ of 
economy under careful regulation.A truly deep root cause of the Crisis in Capitalism from my vantage point as an evolution
 
Elisabet Sahtouris, Ph.D. 23 Jan 2012 contact:elisabet@sahtouris.com
biolog
ist is capitalism’s perpetual growth model.
Just as your body is a growth economy only upto maturity, after which it stops growing and concentrates on the healthy non-growth balance itneeds to continue sustainably, so must any healthy living economy do the same. I blame thefailure of globalisation economists to understand this as much on science as on them, since theyhave largely drawn their simplistic ideas of human selfishness in perpetual competitive hostilitiesfrom scientific Darwinism. My own evolution theory is based on an expansive and competitiveyouthful phase, well-reflected in our current global economy, followed by a leveling off of growth with a now mature focus on cooperative sustainability. The turning point comes with theeconomic truth that it is cheaper (more energy efficient) to feed your enemies than to kill them.The added benefit is that, having eliminated enmity, the savings along with creativity liberated
from the survival struggle can be used to improve everyone’s lifesty
le thereafter. From ancientbacteria to us, Earthlife has learned this over and over and over.For humanity to follow the lead of Nature herself will require that we look to Her values as muchas to Her intelligence in evolving mature living economies. In your body, resources areequitably distributed and every cell has some 30,000 recycling centers operating 24/7 to keepyou proteins new and healthy. No organ in your body fails to respect the essential need fordiversity (NO monoculture) such that it tries to get other organs to be like it. No injury in anypart of the body goes without immediate aid, in the recognition that an injury to a part is an injuryto the entire system. No cell goes without nourishment and none is indebted to others. A thousandbanks per cell issue the free ATP currency spent into its economy while regulating the amountissued carefully to avoid both inflation and deflation. Is all this ethical behavior decreed from acentral authority, a Big Computer in the Brain? No! There is no benevolent brain dictatorship;the brain is a clearing house for information from everywhere in the body and transparentlyshares the information freely so that every part can do its job with the greatest efficiency andresilience! Does all this not add up as much to a love economy as a material one?Every one of us inhabits this awesome economic model. Why are we so slow to take notice of it?We are an unprecedented consciously creative species. Let us devise and share our practicalsolutions for making the Great Transition as smoothly as posssible.
 
To start, I believe we mustquickly expand the financial system into the ecosystem of currencies recommended by BernardLietaer and others (and popping up all over the world) to stimulate local economies based on
 
barter, organic food and clean green energies so that they can sustain us as the larger system goesthrough its dangerously harmful growing-up crisis. Build the butterfly as the caterpillardissolves; it is the most natural metamorphosis.Those of us who grew our economy to global size are to be commended for doing that, if not fortheir adolescent excesses. Let us not point fingers at bankers or others who have gaineddisproportionally in this process, but rather invite them to become the heros of the GreatTransition into our species' maturity as the Global Human Family that truly loves each other, thegorgeous, benificent planet that spawned us, and all other beings with whom we can share itslegacy, its bounty, long into the future by adapting ourselves to its ways and taking it to morewondrous levels yet through our own respectful, loving, mature contributions.____________________________

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