Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
The AI Stocks Megatrend Big Picture - 8th Mar 21
The Future of FINRA, Regulatory Defense and Bad Stockbrokers - 8th Mar 21
Almost Everyone Is Online: But Most of the Money Isn’t - 8th Mar 21
It is Time for Stock Market Investor Caution? - 8th Mar 21
Gold Predictive Modeling Suggests A New Rally Targeting $2300+, But When Will it Start? - 8th Mar 21
Gold: Crisis or Opportunity? - 8th Mar 21
US Bitter Cold Snap is a sign of the times - 8th Mar 21
How Scan Computers Builds Your Custom Built PC - Scan.co.uk Review (2) - 8th Mar 21
US Economy, GDP, Unemployment, Inflation Impact on House Prices Trend 2021 - 8th Mar 21
BACK TO SCHOOL - UK Coronavirus Lockdown Ending - Summer Holidays & Booming Economy Ahead - 8th Mar 21
So, Where Is Gold's Corrective Upswing? - 7th Mar 21
US Treasury Yields Rally May Trigger Stock Market Crazy Ivan Event - 7th Mar 21
The Great Reset Is Coming for the Currency - 7th Mar 21
Gold Continues Declines on Bond Yield Jitters - 7th Mar 21
The Case for Inflation - 7th Mar 21
Dow Short-term Stock Market Trend Analysis - 6th Mar 21
Intel Rocket Lake EXPLODE on Launch - 11th Gen CPU's RUN VERY HOT Bad Cinebench R20 Scores - 6th Mar 21
US & UK Head for Post Coronavirus Pandemic Lockdown Inflationary Economic BOOM - 6th Mar 21
FED Balance Sheet Current State - 5th Mar 21
The Global Vaccine Race Against Time and Variants - 5th Mar 21
US Treasury Yields Rally May Trigger A Crazy Ivan Event (Again) In Stock Market - 5th Mar 21
After Gold’s Slide, What Happens to Miners? - 5th Mar 21
Racism Pandemic Why UK Black and Asians NOT Getting Vaccinated - NHS Covid-19 BAME - 5th Mar 21
Get Ready for Inflation Mega-trend to Surge 2021 - 4th Mar 21
Stocks, Gold – Rebound or Dead Cat Bounce? - 4th Mar 21
The Top Technologies That Are Transforming the Casino Industry - 4th Mar 21
How to Get RICH Crypto Mining Bitcoin, Ethereum With NiceHash - 4th Mar 21
Coronavirus Pandemic Vaccines Indicator Current State - 3rd Mar 21
AI Tech Stocks Investing 2021 Buy Ratings, Levels and Valuations Explained - 3rd Mar 21
Stock Market Bull Trend in Jeopardy - 3rd Mar 21
New Global Reserve Currency? - 3rd Mar 21
Gold To Monetary Base Ratio Says No Hyperinflation - 3rd Mar 21
US Fed Grilled about Its Unsound Currency, Digital Currency Schemes - 3rd Mar 21
The Case Against Inflation - 3rd Mar 21
How to Start Crypto Mining Bitcoins, Ethereum with Your Desktop PC, Laptop with NiceHash - 3rd Mar 21
AI Tech Stocks Investing Portfolio Buying Levels and Valuations 2021 Explained - 2nd Mar 21
There’s A “Chip” Shortage: And TSMC Holds All The Cards - 2nd Mar 21
Why now might be a good time to buy gold and gold juniors - 2nd Mar 21
Silver Is Close To Something Big - 2nd Mar 21
Bitcoin: Let's Put 2 Heart-Pounding Price Drops into Perspective - 2nd Mar 21
Gold Stocks Spring Rally 2021 - 2nd Mar 21
US Housing Market Trend Forecast 2021 - 2nd Mar 21
Covid-19 Vaccinations US House Prices Trend Indicator 2021 - 2nd Mar 21
How blockchain technology will change the online casino - 2nd Mar 21
How Much PC RAM Memory is Good in 2021, 16gb, 32gb or 64gb? - 2nd Mar 21
US Housing Market House Prices Momentum Analysis - 26th Feb 21
FOMC Minutes Disappoint Gold Bulls - 26th Feb 21
Kiss of Life for Gold - 26th Feb 21
Congress May Increase The Moral Hazard Building In The Stock Market - 26th Feb 21
The “Oil Of The Future” Is Set To Soar In 2021 - 26th Feb 21

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Failure of Capitalism, Didn't We All See This Coming?

Politics / Credit Crisis 2009 Mar 22, 2009 - 12:48 AM GMT

By: Submissions

Politics Timothy V. Gatto writes: The country is coming to conclusions that a year ago would be unthinkable. The current turmoil on Wall Street has convinced many Americans of something that has been said for years, but nobody really believed…entirely. That something was that lawyers and bankers cannot be trusted. The American people know by now that the advice is largely true, they can't be trusted. Neither can politicians, stockbrokers and financial advisors. In fact, people are starting to realize the entire concept of capitalism can't be trusted, not just for the average Joe, but for the entire country.


Capitalism is not your friend; it never has been and will not be in the future. It will continue to feed the rich, in fact, more than just feed them, but it won't help the average wage earner realize the American dream. That's never what it was designed to do. It was put in place to insure that the rich got richer and that the not so rich would stay where they were and to be grateful they could feed their families.

This isn't the first time that capitalism has failed. Every time it fails we use a form of temporary socialism to shore up the economy. When things start to return to normal, we give everything back to the capitalists. Why is that? Could it be that we have no choice?

Ever notice how people equate capitalism with belief in God and country? They defend capitalism as if any other kind of government will lead them into slavery. The truth is that capitalism is an express ticket into slavery. Still, for every worker that recites a story of abject horror, there is an example of how the shining example of individualism embodied in the dogma of “free enterprise” has lifted a poor person out of his or her misery into nirvana. Pulling yourself up from your bootstraps is another way of contributing to the myth that capitalism works for everyone. I would like to see the ratio of millionaires that inherited their wealth vs. those that made their own money. If it were true that people surmounted the difficulties of amassing wealth and that many had truly “made it on their own”, the empirical evidence would be touted from every capitalist media outlet to every citizen in the country, just to prove that “free enterprise” works, yet it just isn't there.

We Americans watch as our leaders try every trick in the book to grease the skids of our languishing economic system. We watch as AIG and other parasitic financial institutions grasp at every stray dollar they can con out of the people in a vain attempt to shore up their crumbling empires. The Federal government has allocated another trillion dollars to shore up the secondary real estate market and attempt to get Americans to buy real estate again. Meanwhile, Richard Cook, an economist that worked on NASA's budget proposes that instead of trying to ignite the fires of consumerism with money given directly to large capitalist financial markets, the government could better stimulate the economy by giving citizens $1,800.00 vouchers monthly to pay their utilities and mortgages and to buy food and other essentials. This he claims would stimulate the economy by putting hard cash in the hands of consumers. Wouldn't this be the end result the government is trying to achieve? Yet nobody takes this proposal seriously, at least not the government or those failing institutions with their sweaty palms out. Seems as they believe that money would be better off left in the hands of those that have brought us to where we are today, to hoard it or to siphon it off in undeserved salaries or bonuses, anywhere but on the streets so that consumers could spend it.

If one were to look back and take an honest look at the economy, they would see that writers such as me and many others on both sides of the political spectrum were trying to capture the nation's attention five years ago when the Middle Class was losing almost two thousand dollars a year. This was happening year after year. Not only was the median income slipping, but benefits were being cut, full time jobs were being outsourced overseas and many Americans found themselves working two part time jobs just to keep up their mortgage payments. Some writers and economists were using phrases such as “class warfare” to shock some sense into the political parties and the employers. Still the government did nothing to alleviate the suffering of the hourly wage earner. It wasn't until the situation started to affect the affluent did the government start to heed the warning signs.

Now it is a common sight to see a politician on a news clip railing at the excesses of Wall Street. Where were these politicos when the average wage earner was being cut from the American dream? Were they still listening to the vermin that call themselves lobbyists telling them that all was well? We can see now that we had more than enough time to understand that everything wasn't at all well. The people that believed in the fairy-tale of “trickle-down” economics should have been concerned when nothing at all was reaching the lower end of the economic spectrum. They should have started becoming concerned when more businesses were going under, when people were cutting back on their medications so that they could put food on their families table.

This should really erase any doubts about the myth of unfettered capitalism. Unregulated, gluttonous capitalism didn't just “appear” when Goldman Sachs and Lehman Brothers started to cry “Uncle!”. The signs were there long before that. This time when we finally realize that anything too big to fail should be nationalized, when we understand that government regulation should be mandatory when dealing with predators, let's not take a giant step backwards and slide back into “free enterprise capitalism”, giving the reigns of financial power back to the people that only care about themselves.

timgatto@hotmail.com   - http://Liberalpro.blogspot.com

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules