Forum Post: Capitalism: A Reform View
Posted 12 years ago on Oct. 6, 2011, 6:07 p.m. EST by eric1
(152)
from Corona, CA
This content is user submitted and not an official statement
Much of the discourse going on these days is about the capitalist system. I see a conservative group The Oathkeepers which is now offering help to Occupy Wall Street at the same token derides many in the movement as being anti-capitalistic. I think this is an erroneous view. What most of us deplore is monopoly capitalism and laissez faire capitalism(such as that proposed by Herman Cain and Ron Paul). The repeal of Glass-Steagall(which happened on Clinton's watch by the way) and unregulated derivatives markets is exactly what you have when you have unregulated capitalism. Capitalism needs certain restraints for the good of a SOCIETY which is what we live in. Many on the right need to be reminded of the latter as they talk many times as if they lived in isolated cocoons. Some do I suppose, and late word is that efforts are now underway to rescue them. ; )
Yes all that de-regulation was a major cause of our current economic mess. I argue that the banks should've failed for participting in those derivatives. Also, the banks committed fraud by selling bad investment products as AAA rated products, predetory lending, and more. Now had those banks had to follow 100% lending, and were unbacked by the FDIC, in other words operated without the monopoly on money given to them via the Federal reserve Act and legal tender laws, they wouldn't have been allowed to exacerbate the problem to such an enormous scale. The market would run on banks that have less than 100% banking, and they would go bankrupt. Those that do have 100% backing would remain solid. Obv. youre gonna put your money where you think it will be safe. People wouldnt HAVE to invest in the stock market in order to protect against FED (inflationary) policy, which debases all other dollars in existence. In other words, because we have the FED, we cant just stick $100 bills under our mattress to save. When you consider that peoples 401ks, IRAs, and other pensions plans are dependent on these entities, you can see why politicians wanted to "save" these institutions. Because of this dependency, they bailed them out.
In other words, the regulations we put in place now, only NEEd to be there because previous regulations in place that give certain industries an edge. We regulate to soften that edge. I argue that NO ONE should have an edge, and people must compete on a level field. As long as the law is upheld (against counterfeiting, fraud), the market can function freely.
Allowing govt to impose regulations on the economy, and monopolize the money, gives industries an competitive and economic advantage over anyone without the means to buy off a politicians or access to the FED. Its not capitalism that causes the problems, its the govt intervention into the market that does. And because govt can intervene in the market, business will always attempt to buy them off for access to that power. The CENTRALLY PLANNED ECONOMY is the cause of most, if not all, our economic woes, and economic inequality.
Its hard to blame govt, considering they can borrow from the FED to pay for public programs without taxing the people directly. They dont have to tell the people that they cant afford a program the people want without taxing them, instead they can tax everyone indirectly through inflation -a deceptive tactic. Ron Paul speaks about limited govt because when politicians have the power to do favors economically for certain groups, they will always be bought off. If you strip the power away from politicians to intervene or "save" the economy, they won't be bought off by big entities because they wont be able to do anything for big biz.
Only in that atmosphere can they be non partial to biz when they break the law, thus actually upholding the constitution. Which is one step toward creating a level field and economic equality = the opportunity to succeed or fail, not stealing from one group and giving to the other, that is still stealing. Ive found that many are for taxing the rich. I have to say that I am not. Im for prosecuting those who committ fraud and break the law. Not responding to unlawful actions by committing unlawful actions to other people. Even if you tax the rich, that doesnt solve the systemic problem of govt intervention creating economic inequality.
This is a good economic history lesson on money, banking, and the FED. It includes a different perspective on the Great Depression, and the view of austrian economics. Whose economists have warned, and were laughed at, about the current crisis, and whose forecasts are much more reputatable than the so-called experts on tv, the MSM, or the MS schools. -A MUST WATCH to understand the capitalist perspective. We argue that the system in the US currently, is NOT a free market capitalist economy. http://www.youtube.com/watch?v=iYZM58dulPE
eric1, you wrote, "The repeal of Glass-Steagall(which happened on Clinton's watch by the way) and unregulated derivatives markets is exactly what you have when you have unregulated capitalism"
I'm sorry, but you´re wrong. If we would have "unregulated capitalism", meaning A FREE MARKET, there neither would have been bailouts nor "quantitative easing". It's that simple, actually.
We are not capitalist, we are an Oligarchic Corporatist Empire for the elites! Power to the elites! - did I do good? Please just one piece of bread, ill do anything!
Methinks you exaggerate just a bit much.
Worship Bernanke! Worship the Federal Reserve! Kneel fool!
Ron Paul wants to end the Fed, Cain WORKED FOR THEM!
END THE FED!(CENTRAL BANK)
"A government that governs least governs best"-Thomas Jefferson
"The refusal of King George to allow the colonies to operate an honest money system, which freed the ordinary man from clutches of the money manipulators was probably the prime cause of the revolution."- Benjamin Franklin (referring to the Central Bank of England, which like our Federal Reserve is a private corporation owned by banks that prints money OUT OF THIN AIR. The Federal Reserve is the USA's third central bank, abolished twice, yet back, does that not make you wonder why we have one and understand the persistence of bankers?)
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency(They control it through the Federal Reserve/Central Banks and control all of europe through this mechanism), first by inflation, then by deflation,(The Federal Reserve increased the money supply 5 fold since our current financial crisis, so inflation is going to hit hard and will hit virtually overnight) the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs".-Thomas Jefferson
'Give me control of a nations money supply, and I care not who makes it’s laws" -Amschell Rothschild Central Bank Chairman, England Chapter
Do not lump Herman Cain and Ron Paul in to the same group. Ron Paul advocates for the ending the Fed, following the rule of law, and he does NOT support monopoly capitalism nor does he support laissez-faire capitalism.
Cain more or less told OWS to quit whining since the financial crisis is our fault. He also doesn't think the Fed is a problem.
They do not espouse the same viewpoint in any way, shape, or form.
Agreed the two are NOT the same, the establishment wants to discredit Ron Paul economically with Herman Cain. But how can anyone with an understanding of economics and monetary policy trust an ex-FED guy. (president or board member?) Wake up to the Federal Reserve!
I second that!
capitalism does not exist and never has. what does exist is corporate oligarchy.
What makes it possible though - is the fact that the state has the guns, the military, the power to allow the corporations to do this. True, the corporations are taking advantage of the system, but what is the true power behind the laws, the currency, the courts?
The military.
Is Walmart running this country, or is it the military-industrial complex?
obvoius answer to that question is B.
And what form of economics do you think the corporate oligarchs worship and practice?
greed and caste warfare.
Those aren't economic system, but are character traits. I think caste oppression would be a better term. Warfare implies a two way conflict and from what I see it's been a rather one-sided affair for the most part up until very recently.
caste warfare...whatever... the implication of a to way phenomenon here is only very slight. So far they have been the ones fighting while the proles took it laying down asleep.
greed and caste warfare.
Well, by definition it's NOT capitalism. You may call it MERCANTILISM, if you like. FASCISM also pretty much covers the situation.
I think you are mixing apples and oranges---confusing economic systems with systems of government.
Not at all, eric1. It is the use of mercantilism - government levers of powers - that gives the elite its control - first and foremost through the use of central banking and fiat money - printed out of thin air at will.
In the leftist paradigm it is this same government control and more of it that will provide the solution. Huh? How does that work?
Free markets for everyone but themselves. We need some ideological purity, adopt a working philosophy that is blind to economic and political status. The banks cry for "free markets" yet at the blink of an eye demand emergency loan programs where than can obtain credit cheaper than what the market would dictate. Of course they claim this is "for the common" good - laden with irony!