Monday, December 15, 2008

Wall Street, or Las Vegas?

The American "Casino Capitalism" culture has claimed another series of victims.

And yet, there is no movement by American legislators or regulators to address the fundamental problem that is a wanton disregard for the sanctity of the common people's private wealth.

Which is a galling thing - given how the largest part of the pensions system over the last 25 years has been re-engineered to the notion of "self-directed investments." Canada got caught-up in the madness as well, which is not unsurprising as our economic elites only mimic the behaviour of Americans anyway.

This is a disaster in the making; a disaster which will afflict some of the most vulnerable in our society - the elderly. And it will hit hardest when the largest demographic the nation has ever known - "the Baby Boomers" - retires. It will impoverish us all.