« Cultural Beginnings #9 | Main | Rampant Arrogance »

Capitalism vs. Globalization

CokeAt al-Jazeera, I read that former Wall Street trader Max Keiser and other "high net worth individuals" have established a hedge fund to short Coca-Cola stock as a protest against US foreign policy.

"We will create a fund based on the amount of people who come and register with us at www.karmabanque.com to boycott the product," Keiser announced. He added: "The more people join our boycott, the more money will be pumped into the fund. The more people join the boycott, the bigger the signal becomes to the financial community to sell their shares. Anyone can participate. All you need to do in this case is boycott Coca-Cola. Any community anywhere, in the Middle East or anywhere else, can use this fund to monetise their dissent. Rather than taking on a whole load of risk themselves, they can use our fund to do it."

Keiser has a first-rate ambition:  to use financial markets to destabalise the superpower.

"We are not anti-capitalist. We are anti-imperialist and anti-monopolist. Coca-Cola has been chosen because the stock is American and it is vulnerable ... As for the profits from the fund, they will be given back to victims of Coca-Cola. When we say victims we mean the people in Colombia who have fallen foul of Coca-Cola's anti-union activity. Or in India, where Coca-Cola is tapping water supplies away from local farmers"

It seems a damned odd scheme to me, but anything that helps....


December 12, 2004 in America Inc, Capitalism | Permalink


TrackBack URL for this entry:

Listed below are links to weblogs that reference Capitalism vs. Globalization: