” Gold – said the the man to the many,
I want money and I’ll make it grow.
I will count my worth in gold-wealth untold,
I’ll sell my soul- Midas Man.”
“Sold -said the man to the many
Work for me, I’ll only steal your time
I will count my money out, there’s no doubt
I’ll sell my soul- Midas man.”
” I’ll take from the blind and I’ll get up
Ahead and I’ll sneak up behind and I’ll steal
I’ll take all that you have and then all you’ve concealed
I’ll take anything thing I can get – I’ll make you
I’ll break you and I’ll make you sweat
Nothing is worth nothing unless it’s
Made for Midas Man
” Gold – said the man to the many
Pot’s of gold, that’s all I want from you
Quarter time for treble days the only way to
Sell your soul-Midas Man.”
From the Album Novella Renaissance 1976.
I wasn’t sure whether to name this blog Money, Money, Money or Midas Man. Both are songs and I have chosen to name it after this song (quoted in full here).
It has been a reeling day on the world’s stage of money as stock markets crash, banks are going bust and having to be nationalised back into public ownership. The bank Bradford and Bingley is yet another casualty back into public ownership this weekend, following Northern Rock. Yesterday evening I watched American congress reject a $700 billion rescue package from tax -payers money to buy out the worst of American debt.
The message of this blog is simple and I want to ask one question. As some of you will know I have an interest in human rights, in health and in the plight against poverty. So my question is this.
Why, when so many in the world is starving and living on less than $2 a day we have a situation in another corner of the world, where a different kind of poverty and near bankruptsy has arisen out of greed, globilisation and people living beyond their means and filling their pockets with gold they never really had?
With the forces of free enterprise and a free market we see huge payouts and bonus settlements to executives for their financial mis-management, as their positions are bought out or pensioned off. Allowing people to borrow and spend more than any amount of common sense would allow is global insanity, yet it is done to make the rich richer and the economy moving. This is further made worse by banks who then take our money and borrow off each other, in the hope of creating more wealth by interests payments accumulated by owning and selling that debt. A kind of pass the parcel and let’s see who makes the most. Please correct me someone if I have got this wrong but that is a personal view and how I see it. I do not work in financial services.
However, having been in the past, a private stock-market investor who got out years ago because I could not stomach it any longer- chasing rainbows of gold that soon melted away, I feel I am in some small position to make a meaningful comment about today’s disastrous financial situation the developed richer world faces. But, that statement is not strictly true. Because everyone in the world will suffer as we have seen already with soaring grain and rice prices which cripples developing countries economies, the results being that the poor stay poorer and hungrier.
I do hope America will make a clear agreed statement soon as to what it is going to do to help halt the tide of further financial hemorrhages on wall street and the London FTSE. In Asia the stock markets had taken losses overnight as the shock waves of this crisis is felt around the world. The piggy bank is nearly running on empty and the dream of have it all today and think about how it is going to be paid for tomorrow is coming to an end as banks wake up, loan more cautiously and credit is not just dished out.
Midas Man was someone always wanting more and chasing money. While we all yearn to save and have more I personally got off that merry-go-round years ago, and as a result I have a soul intact and some money left in my back pocket.