End of Capitalism[1] In 1952 Felix Somary, renowned banker and economist of the Viennese School, wrote his political testament under the title “Democracy at Bay” (in the German original: “Krise und Zukunft der Demokratie”). A couple of years later Father said to me: “Communism is but an episode; you shall live to see its demise. But five minutes later the bells shall toll for the end of capitalism”. His prediction has come true. The size of public indebtedness is so vast that a declaration of bankruptcy is politically taboo. Bu without bankruptcy to clear the decks when funds have been misappropriated, capitalism no longer functions. When efforts to avert default are undertaken at the cost of civic freedom, democracy is truly at bay. As a reader of Homer’s great epics Illias and Odyssee, Felix Somary was aware of the force of destiny. Attempting to decipher the signature of destiny and understand the spirit of our time, I offer by means of analogical symbolism the following commentary.
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About Wolfgang Somary
Wolfgang Somary is a retired private investment banker, an economist, poet, musician and astrologer. Born in 1932 of Austrian parents in Zurich, Switzerland, he graduated from Sidwell Friends School in Washington, D.C. and from Trinity College Dublin University, trained for banking at Warburg’s in London and New York and had a career as investment banker at Blankart & Cie. Inhaber Somary & Cie., Zurich, at Bank Sarasin & Cie., Basel and Zurich, and at Salmann Investment Mangament Ltd., Vaduz and Zurich. He founded the Intercultural Cooperation Trust in New Delhi, India, was key-‐note speaker at the annual symposia on economics in the Churburg Castle, Southern Tirol, published in German numerous articles on the quality of time for the Novalis Journal of Philosophy, a book on the Cosmology of Money and another book called Dealing with Events (Mit Ereignissen Umgehen), being an history of investment 1900-‐2010. His latest book of English and German poetry was published in August 2011 with the title “Windstill”. He has received poetry awards in England. From his late wife Gabriele Somary-‐Hennig he is father of four children and now lives in union with Louise van Wassenaer-‐Wiarda. He makes his home in Meilen, Switzerland.
Sorry I cant understand German! I’m looking for the article!!! Thanks.
Krishna, to open the article click “End of Capitalism (1)” at the beginning of the introductory paragraph.