It’s often said that greed and fear are the main factors driving financial markets. I don’t need to ask Sherlock Holmes to know that the factor driving the Spanish economynow is fear.
How could you explain otherwise the new record in August exceeding 738,342€ Millions that families have deposited with an average yield of 1.41%. We can consider this yield quite low since the Central Bank of Spain regulated compensation in liabilities in January. That rate does not even compensate for inflation 1.52% in the same month in 2013.
Although I do not approve the ways used by Gordon Gekko (Michael Douglas in the film Wallstreet, 1982). I must admit he had a point in his speech:
“Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures, the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge, has marked the upward surge of mankind” – Gordon Gekko (fictional character in WallStreet, 1982)
In this movie, Oliver Stone and his crew clearly described what was wrong with corporations and wrong incentives in Wallstreet, it wouldn’t be crazy neither admitting that this behaviour it’s replicated all over the world. Neverthless, if instead of being greedy, in the most legal and ethical sense of the word, is to be paralyzed by fear. I rather be greedy. Greedy to start new projects, greedy for innovation and greedy for an active economy. I refuse a fear that paralyzes us against a looming and menacing threat. Greed to the extreme is no good but neither is fear. My hope is that someday we will find the point of equilibrium for both of them.