There really is nothing to worry about aslong as everybody has happy memories. When the printing presses are in full production and the savings of those prudent enough to avoid debt (very small minority) is wiped out, when there is military rule in an attempt to contain economic riots in the land of the free, Americans will still be able to console themselves with happy memories of all those big fat burgers that were consumed... Buy one burger get 2 free, gain 6 pounds of weight for the price of 2, with rampant atherosclerosis due to overconsumption of hydrogenated fatty acids as a free bonus gift... Moral of the story?
LOL.LOL. Happy contradicting yourself? First bitching about capitalism then giving high five to Gnome who says we haven't have true capitalism for a while in the U.S.. He is right by the way.
Ah yes, oligopolies & monopolies. Private guards shooting workers, tenement housing, child labor. True capitalism is self destructive. Either all hell breaks loose or it turns into feudalism & monarchy. In the meanwhile, you get wonderful innovations like MSFT's Windows Vista. Speak to an OEM lately about using XP? Very interesting to hear what power a monopolistic entity has over innovation & better products.
From the original capitalist himself... The man who nearly single-handedly defined capitalism was also strongly against the concept of corporations and strongly for wealth-based taxation.
Well I dont think too much of an argument could be made that there is a better system..however it's pretty damn easy to see that the version we have morphed into does not work. I think that our problems are much more social though then economic. Our culture has become shit. Don't really spend a lot of time on this type of stuff, but I just finished reading Dr Drew Pensky's (of MTV Loveline and Celeb Rehab fame) new book the Mirror Effect and it was spot on. If you care about what is happening to America you should have a look @ it.
The destruction of capitalism started with Reagan. The theory of cutting taxes and raising spending has failed miserably. If you cut taxes by a trillion dollars, that trillion will have to generate over 3.5 trillion dollars of economic growth (at 28% tax rate) to make up for the lost taxes. This will never come close to happening. So, the vicious cycle of more debt and unpaid bills ( except when Clinton was president) continues on, further ruining the economy. Now, as there is no real money or assets to buy up more debt, the treausry and Fed are working to buy debt with worthless printed dollars. Keep in mind that government deficits subtract from economic growth. There are only two practical ways to solve the problem: either cut spending and raise taxes to balance the budget and pass a balanced budget amendment, or have the government go bankrupt so they can redo social security, medicare, foreign debt, contracts, etc so they are affordable. The impractical way, which we are headed towards, is to print worthless dollars and completely obliterate the economy for decades. I don't know how the US would fare under such a scenario.
ZOG - you have to look at capitalism as a whole, the bad included with the good. THis way, it is fair to compare with other economic forms without picking and choosing.
ZOG Production capitalism actually creates something - it produces physical wealth. Finance capitalism(i.e. banking and finance) produces absolutely nothing. It is a parasite on the productive capacity of human society. It creates its "products" out of thin air, and then demands interest on its "products". ........................................................................... Good points......... Politicos are the number 1 problem.... And you are 1000% correct about the need for a truly competitive manufacturing base.... Tax structure change is essential....