The stock market and the banking system, as any form of credit, is a means of borrowing on future prosperity to help build that prosperity today. It allows us to generate new productive capacity by bootstrapping resources, or more accurately, using the resources of others to help increase our own means of generating wealth. Those who allow their wealth to be used in this manner deserve to be rewarded for their investment, to make a profit. After all, they are taking a risk for our mutual benefit and they deserve a profit.
That is fair and wholesome and it is true capitalism, or what capitalism should be all about. The credit system is a flywheel that stores financial energy and releases it appropriately to keep the financial engine running efficiently and smoothly.
But when the financial system becomes an end in itself, a machine to generate wealth that has no relation to commodities, resources, labor or product, in other words, what the world financial system has become, it is a perversion of capitalism that fails, profitting a few criminals while dragging the rest of society to financial ruin.
I've tried explaining it that way before, but I just got my head bitten off. You see, you feel every criticism of any aspect of capitalism or any call for reform of any kind is an attack on capitalism itself. Or do you? Maybe its just McCarthyism pure and simple.
Current Events » in reply to re: the answer.
Everyone picks on poor Tommy.
The whole thread (39 posts)
- GOP leaders LIE about the New Deal
- Surely, the New Deal Helped. Surely Republicans, Being Politicians Are Liars. So Are Democrats. (n/t)
- Wow! Show a few numbers and the right wingers tuck tail and run. (n/t)
- False profits.
- Formatting issue