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Author and finance expert Satyajit Das explains that trust has been one of the casualties of the global financial crisis.
The value of money is gradually being destroyed, savings are being expropriated to pay for the excesses of the boom years, as banks and borrowers, including governments, are being subsidised. Even the political system is being undermined as governments are replaced with unelected technocratic governments being appointed to avoid ‘disruptive' elections.
Das poses the question — Can democracy and our social system survive the end of trust?
Adam Smith wrote in The Wealth of Nations:
All for ourselves and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.
|Still curious? Satyajit is the author of Extreme Money: Masters of the Universe and the Cult of Risk.|
(h/t the monthly)