On Christmas Eve, two eccentric minds met for the first time and among many other things, this Challenge Blog was birthed. This Challenge Blog also rings in the new year with the first one of it’s kind that does not involve any of the OurThursday authors. So any readers that feel the need to challenge me, their mother, their three legged cat, or neighbor… please send your requests to [email protected] and I will let you know how this goes down.
In 300 words or less, explain why the traditional concept of capitalism is no longer relevant or indeed, is relevant.
Sophie – Cantankerous genius who has lived several more lives than the rest of us.
Jay – Intense philosopher of life, finance, and spatial worm holes who is not afraid to shoot someone with a crossbow.
Response From Jay
“Capitalism should not be condemned, since we haven’t had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It’s not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!
To condemn free-market capitalism because of anything going on today makes no sense. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political spectrums. One may condemn the fraud and the current system, but it must be called by its proper names – Keynesian inflationism, interventionism, and corporatism.” (Ron Paul)
It is these systems, not capitalism that must be addressed and rejected. Our future freedoms and prosperity depend on it.
Response From Sophie
Capitalism should have been a natural offshoot of democracy, For a democracy to work it needs an open government. “Of the people , by the people, for the people”.
To pay for the infra-structure of democracy it needs funding. The naÃ¯ve assumption of the early implementers was that those that profited the most would contribute the most to it’s continued thriving. It was thus left to benevolence and charity and assumed an ethical and fair mindset, this did not work because of greed and selfishness, so taxation and tariffs were “invented”.
Capitalism has never been effectively regulated by any force but the market. i.e.. “sell to the people, by the rich, for the profit of the rich” So since the “Robber Barons” of last Century, to the “Savings and Loan crisis” of last century, to our current Fuck-up, we notice that many who benefit the most from capitalism spend the most to avoid such contribution by avoiding/evading taxation and regulation and demand “self-regulation”
Capitalism is now the Ouroborus of productivity, that having consumed Democracy, is now hell bent on consuming itself to the sole profit of the increasingly fewer yet increasingly more bloated world corporations, riding on their loopholes are the un-ethical who feel entitled to a “free ride”, and the lawyers accountants that support these constructs.
So Capitalism was never really relevant, it was merely a convenient euphemism for the shysters that the good old fashioned bandits, highwayman, pirates and brigands used to call themselves. That we allow the fox to guard the hen-house is our own fault.
You can have my other 41 words if you want them