Well how can that be look what markets gave us.
There are massive failure of institutions at large, the pinnacle of which was these events that unfolded in the financial sector over the weekend.
While it is a well known fact that communities/networks become unstable at large scale ( we have seen it in ample in the past) and does not work as it is a vulnerable resource especially when open leading to control be taken over by opportunistic vested interests (Soviet/China etc are testament to that). Whereas markets despite its problem of information cascade, herding was hailed as the saviour of all ills of the globalized countries but that too failed us leaving us all wondering which is better a institutional system of making a sustainable living.
Maybe it is time that revolution itself needs a revolution as this revolutionist points out.
I would blame ( the virtual money –> artificial crises )
the convenience of credit cards :),
floating currencies with out a gold standard,
predatory lending in US leading to foreclosures,
over the counter derivatives (esp: unregulated ones),
I think the problem is not the dissolution of the gold standard (Remember the 1930s which brought ruin to every single country using the gold standard.. India was saved due to a silver standard).
The problem is the lack of accountability in the banking system. This is a serious problem, and its repurcussions are not limited to just the current financial crisis.
The root of the problem, as Santhosh has pointed out, is internet purchases and also internet trading of stocks.
In this wired era of commerce, we need to have a new set of policing and regulations. Otherwise, we will be in deep trouble.
In a few years time, I think we will have to move forward to a new definition of money. I guess, we will have an energy-standard (instead of a gold standard).
And finally we should be thinking in terms of eco-dollars.
@santana & @vakibs
As pointed out Fiat currency, moral hazard, misdirected and ineffective regulator policies etc are some of the key reasons of the crisis.
Analyzing the causes leads to so many interrelated issues thereby highlighting that there are holes in every facet of the entire system which is what has led to a shaken confidence in it.
It is so shaken that many of those who profess free market religiously are gloomily singing ‘Losing My Religion’ now.