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JP Morgan's altruism, profits and Europe
by Thanos Kalamidas
2010-04-15 07:49:23
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When the entire world is reporting loses, when the number of unemployed international reaches sky heights and the number of people living in pennies is becoming uncountable; doesn’t anybody find it strange that banking companies like JP Morgan Chase reports $3.3 billions profits, 55% increased profits compared with last year?

And that was only the first quarter results. But let me she …isn’t JP Morgan Chase one of the banks that a year ago was begging for the help from the states? Wasn’t one of the banks that was expecting the end of the world if they didn’t have enough to survive and wasn’t one of the banks that was talking about the Armageddon, the end of civilization if people didn’t stop asking for salary rises and tax cuts? And please if you were worrying about Barclays stop worrying, they saw a good increase with Credit Swiss following very close.

OK fine, I’m falling in the populist trap but what the hell half of the people I know are looking for a job and the other half is worrying that they are losing their job; all of them know that the money they get are not enough but they know that the only thing that is going to change is that the value of their money is going to go further down the next few years. I suppose Mr. Soros has an orgasm by now! Well, if it is even good old Soros to have an orgasm after so long …well we should do our best!

By the way, wasn’t Angela Merkel a few months ago who did a whole fuss and she was ready to change the German constitution just to make sure that she can help the poor banks that suffered with the recession the very same who last week made another fuss about Europe helping Greece at least politically even though her negative attitude was hurting the Euro? Is Madame Chancellor going to make the same fuss about the banks’ profits nowadays? Is she’s going to ask them to help the European economy and the problems she faces and cleverly hides even Germany? I suppose that populism isn’t it?

Wasn’t JP Morgan Chase that devalued the Greek, Portuguese and Spanish economies among others and ended up these states to gat loans with higher interest than the one I pay for my mortgage? Wasn’t JP Morgan Chase with another altruistic institution Goldman Sachs that were screaming and threatening when China decided to use the Euro for their foreign exchanges a few years ago and aren’t they the two partners the pick of the spear nowadays in the war dollar against Euro with Greece and Portugal the first victims? But I suppose when these things coming from me are …populisms!

And what would have happened to all those institution if the European Unity had worked and if there was a real political unity among real partners and not what’s going on today, often makes you wander if after losing the elections Angela Merkel will not become vice president in JP Morgan or another similar banking institution! But I suppose this sounds like populism again despite the fact that the last chancellor when he decided that it was good time to follow the private sector he became vice president of another altruistic institution - energy that time - with great interests in Europe, the very same one that as chancellor had helped to enter the European market! I suppose that was populism also!

With announcement like that the international banking holders didn’t test the Europe and the European economy, they test the people tolerance and empty stomach has never been all during history a good adviser. 55% increase in profits from a company that survives due to people’s labour and the states’ tolerance is plainly provocative and a violence beyond acceptable and it will be ironic if Karl Marx becomes true after the failure of the soviet experiment and we will see the workers in Normandy, in Stuttgart and Yorkshire decide to demand their share the way Karl had foreseen it over a century ago! But I suppose that is also populism!

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Emanuel L. Paparella2010-04-15 09:48:20
There is Karl Marx who considered himself a prophet more than a philosopher and there is Thomas Jefferson who averred that those who put economic interests ahead of freedom deserve to lose both. That is Thomas Jefferson's musing on a new federal union called the United States of America but the kernel of advice and warning it contains is universal and applies as well for the new federal union called the European Union and in fact the whole Western World. I think that both Marx and Jefferson while disagreeing on many things would probably agree that if such a union too continues to ignore its authentic cultural identity and the original idealist vision of its founding fathers to focus merely on the economic and political-Machiavellian aspects of its union, it will in effect have sown the seeds of its eventual demise and confirmed Jefferson's prophetic dictum.

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