If recent developments are any indication, United States seems to be on its way to become the next Socialist superpower.
The country might be selling capitalism abroad. In the past it had used World Bank and International Monetory Fund (IMF) as fronts to force developing countries to privatise core financial institutions. Foreign non-capitalist governments were even overthrown to plant the seeds of capitalism.
All that is now part of history. US government is now busy nationalising banks, insurance companies and other financial institutions. And the excuse for all these actions - to protect "the interests of the US government and taxpayers".
It started with mortgage finance providers Fannie Mae and Freddie Mac. Now US government has AIG, the largest insurance provider, under its kitty. And soon there could be more.
All these actions prompt many questions. What happened to the so called American capitalist ? What happened to those slogans "survival of the fittest" and "the weak shall perish" that you often hear from that part of the world ? Nobody wants to answer these questions.
The CEOs and top executives of these companies was making a fortune when they were creating this mess. To have an indication of how much the CEOs and other executives of these companies made in 2007 have a look at the following figures.
Richard Syron of Freddie Mac $18 Million Plus
Daniel Mudd of Fannie Mae $11 Million Plus
Richard S Fuld of Lehman Bros $34 Million Plus
Martin Sullivan of AIG $14Million Plus
They happily left with their saving. The tax payers, the pensioners etc became the sufferers. All for capitalism.
Now India has a lesson or two to learn from this debacle. Most important being the latest definition of capitalism. "Capitalism of profits and socialism of debts."
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