“Libyan leader Muammar Gaddafi criticized the world financial system as a dictatorship based on fear…”
Disconcerting as it is, I am almost in agreement with Gaddafi.Â The stock and futures markets are based on rumors and fear.
As much as everyone wanted to blame the oil companies for the high price of gas, it was the fears of the futures traders that was truly, and remains, the real reason behind the oil prices remaining at their high level.Â Oil production remains at high levels, but oil prices continue to rise (and fall).
I’m not sure that I agree with him in the entirety that the entire global financial “market” is based on fear.Â However, the World Bank and the IMF certainly have plenty of critics on their basis for loaning money.
While Gaddafi is correct that fear in many ways rules finances, it also rules most other things in life.Â Most people operate on some basis of fear.