September 11. The financial news networks are paying more attention to the anniversary of last year’s financial meltdown than to September 11, 2001. And, eight years later, the S&P index is exactly where it was on September 10, 2001. Wall St. (and London) nearly accomplished what Bin Laden set out to do; destroy world trade. Karl Marx himself would have been optimistic about the demise of capitalism last fall. But here we are, still functioning, albeit with probably 9 or 10 years of deleveraging and slow growth ahead. Capitalism’s ability to arise phoenix-like out of the ashes (which cost Nikolai Kondratieff his freedom and life when he came to this conclusion) is miraculous.
After 9/11 my love of Arabic culture and music was a great consolation to me. I have a saz and a beautiful Najarian oud. I play a little saz on Reincarnation. “The Ornament of the World” is a great scholarly book about Cordoba from the 700’s to 1492 (when Ferdinand and Isabella exiled the Jews). It also has the best analysis I’ve ever read of the Sunni/Shia schism. It is good to remember that there have been hundreds of years (also in Jerusalem) when Arabs, Jews, and Christians lived together in relative harmony.
Last year many of my friends were insisting I read “The Shock Doctrine”. I found it a little strident and conspiratorial. After the financial meltdown, I find it accurate and profound. One of the few things I like about myself is my ability to change my mind, and admit that I was wrong.
Gregory James
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