Forum Post: Capitalism died March 1933
Posted 11 years ago on June 24, 2012, 5:25 p.m. EST by vegasirius
(10)
from Sacramento, CA
This content is user submitted and not an official statement
the scientific congressional inquiry record of 1933 illuminates this fact. What we have today is so called 'capitalism.' Nanny state for the wealthy. Land based capitalism ended and now we are working with know-how and know-where super-national capitalism. Real capitalism ended because real capitalism doesn't work for wealthy, middle or poor class in the short or long term. Do you see this?
What was the 'capitalism' of the 1890's? The days of JP Morgan and the Robber Barron's? The richest 9 per cent of families in 1890 owned 71 per cent of percent of the wealth.
And if you look back further to 1860 there was no real change in the wealth distribution either:
"A curve shows .10 per cent holding [at the top] the same wealth in 1860 as .03 percent did in 1890"
http://www.nber.org/chapters/c4339.pdf
Capitalism has always concentrated wealth at the top.
Yes, JP Morgan holds the most responsibility for ending real capitalism.
Every system has a concentration pretty similar, in wealth, at the top. I prefer this one because it allows me to do my own thing, work wise.
Top down socialism pointed out to us by Eisenhower what he called military industrial complex. Yes, the new deal was an attempt to design a more equitable system. But now we see reform isn't the answer we need a new form. We ought to find new formers not re formers
The people at the bottom of the pile had nothing, so they traded not in Nicole's and dimes, but in goods. The market system we have today is different than the market of the 1860's and 1890's. Today the money supply is greater, it is currently trillions of dollars. Hundred years ago it was much lessand we all know that. It would be reasonable to assume that less people used money if there was less of it.
the US government budget is about 3.7 trillion dollars
American Wealth Is Actually Still Ridiculously Enormous -- It's The Government That's Broke
Vincent Fernando, CFA|September 24, 2010
I think the number be higher but I don't know