ferguson

The Perversion of American Capitalism

Very good, insightful article, but not necessarily correct. All social and economic systems (capitalism no less than socialism) are necessarily wheels of fortune. In order to accomplish anything investment is necessary. In a socialist society that means taxes. In a capitalist society that means borrowing and debt. And both systems are dependent on the belief that the unproven ends are worth the unavoidable cost. So, spin the wheel and place your bets. The best assurance of a reasonable degree of success is that we have honest and intelligent people running the game.

For this reason, we are much better off today than we were yesterday, since Obama brings both intelligence and honesty to the job, qualities that have been sadly lacking in American politics for decades. It will take time, but I believe that these qualities, combined with the American capacity for entreprenurial initiative, innovation and investment will place this nation on a more productive and more rewarding path.

Why Are Oil Prices So High? Gold Solves the Riddle

The American economic system has always been a magic show. Value is created and destroyed every minute, right before our eyes, even, as in the case of the mortgage securitization business, if there was more than a little wool pulled over those eyes. In the short term, a minority made outlandish profits. In the long term we will all pay. The gold standard is not sufficient to restore honesty to the system. A little moral fibre in the backbone of our so-called representatives in Washington would help.