Capitalism is NOT Democratic: Democracy is NOT Capitalist

[georgephillip]

What happens when debts can't be repaid, when debt grows faster than the economy?

Why would that make debts unpayable?

 

[georgephillip]

If the economy overall grows by x% per year, and returns on investments grow by more than x% per year, then it follows with mathematical necessity that a larger and larger fraction of total income goes to owners and correspondingly that a smaller and smaller fraction of total income goes to workers.

If only there were a way for workers to buy shares........

By going into debt?

 

[georgephillip]

"Put differently, owning things becomes more profitable over time, while doing things for pay becomes less and less profitable over time."

Piketty is a hack.

"Nothing prevents a single individual from owning more than a million average people. But there’s no such thing as a taxi-driver, farmer or plumber that can get as much actual work done in a day as a million average taxi-drivers, farmers or plumbers."

See the problem yet?

What is the most important takeaway from Thomas Piketty's Capital in the 21st Century?

 

[Toddsterpatriot]

You don't have to convince me to save and invest, convince yourself.

Think about how you'd be less miserable if you have done the same.

 

[Toddsterpatriot]

By going into debt?

I never used margin debt to buy my stocks.

 

[Toddsterpatriot]

"Nothing prevents a single individual from owning more than a million average people. But there’s no such thing as a taxi-driver, farmer or plumber that can get as much actual work done in a day as a million average taxi-drivers, farmers or plumbers."

See the problem yet?

What is the most important takeaway from Thomas Piketty's Capital in the 21st Century?

"Nothing prevents a single individual from owning more than a million average people. But there’s no such thing as a taxi-driver, farmer or plumber that can get as much actual work done in a day as a million average taxi-drivers, farmers or plumbers."

Modern economics makes more wealth possible.

Wages and salary? What's wrong with compensation?

 

[georgephillip]

They didn't. That was just an excuse Stalin used to hold on to Easter Europe.

Apparently you expect us to believe that Stalin was some kind of reasonable person

You're pretty much the last person on this board I would ever associate with reason.

 

[georgephillip]

Modern economics makes more wealth possible.

Modern economics = Finance capitalism?

 

[georgephillip]

ou're free to buy, or not buy, from any capitalist. Vote with your dollars.

But I'm not free to prevent rich capitalists from using their dollars to determine which candidates I'm allowed to vote for. Wealthy capitalists are able to influence politics to their ends because much of the politically relevant information that's too expensive for a majority of voters to acquire comes naturally to business in the course of daily operations.

Investment theory of party competition - Wikipedia

 

[Toddsterpatriot]

Modern economics = Finance capitalism?

Sometimes. So what?

 

[Toddsterpatriot]

But I'm not free to prevent rich capitalists from using their dollars to determine which candidates I'm allowed to vote for. Wealthy capitalists are able to influence politics to their ends because much of the politically relevant information that's too expensive for a majority of voters to acquire comes naturally to business in the course of daily operations.

Investment theory of party competition - Wikipedia

But I'm not free to prevent rich capitalists from using their dollars to determine which candidates I'm allowed to vote for.

Did those mean rich guys stop you from voting for Kamala? Or for Clinton? Or for Obama?
How many times did you vote for Bernie?

Wealthy capitalists are able to influence politics to their ends because much of the politically relevant information that's too expensive for a majority of voters to acquire comes naturally to business in the course of daily operations.

What information about Bernie was too expensive for you?

 

[georgephillip]

ROFL. How would they not distort the market? They change the cost of the things you buy, obviously.

Taxes on goods and service are alleged to distort the economy because they enter into the price of things households and firms buy; they are costs to which there is no economic activity they directly correspond to. How do income taxes distort the economic system?

 

[georgephillip]

How was invading Poland, Finland, Latvia, Estonia, Lithuania and Besarbia "self defense?"

Because European nations had invaded Russia three times during the 20th century including one intervention the US participated in. Don't you think it would have been unreasonable for Stalin to disregard that history?

 

[bripat9643]

Taxes on goods and service are alleged to distort the economy because they enter into the price of things households and firms buy; they are costs to which there is no economic activity they directly correspond to. How do income taxes distort the economic system?

They create a disincentive for working, for one thing. All taxes distort the market.

 

[bripat9643]

Because European nations had invaded Russia three times during the 20th century including one intervention the US participated in. Don't you think it would have been unreasonable for Stalin to disregard that history?

Not before the USSR invaded Poland, Latvia, Estonia, Lithuania and Finland, and no, not every country in Europe invaded the USSR, especially not the ones it invaded. Yes, it was unreasonable. Stalin was an imperialist tyrant.

Your sleazy excuses don't fool anyone.

 

[bripat9643]

You're pretty much the last person on this board I would ever associate with reason.

ROFL! Says the douchebag who defends communism and a mass murdering tyrant.

 

[bripat9643]

But I'm not free to prevent rich capitalists from using their dollars to determine which candidates I'm allowed to vote for. Wealthy capitalists are able to influence politics to their ends because much of the politically relevant information that's too expensive for a majority of voters to acquire comes naturally to business in the course of daily operations.

Investment theory of party competition - Wikipedia

What information is that?

 

[georgephillip]

Easy solution: don't take the money.

It's not like taking the money was a decision arrived at through a democratic process. Third world elites took the money and left the debts for their poor to deal with. US elites demanded countries receiving the loans also paid for US grain exports with plantation crops, thereby creating a food dependency on the US instead of structuring its economy to feed its own population.

 

[Toddsterpatriot]

Third world elites took the money and left the debts for their poor to deal with.

That's terrible!!

Are there any third world countries that aren't corrupt shitholes?
I'm look for a new place to invest some cash. Which ones are safe?

 

[georgephillip]

The World Bank is a socialist enterprise. I would abolish it tomorrow if I could.

Michael Hudson Discusses the IMF and World Bank: Partners In Backwardness | naked capitalism

"The purpose of a military conquest is to take control of foreign economies, to take control of their land and impose tribute.

"The genius of the World Bank was to recognize that it’s not necessary to occupy a country in order to impose tribute, or to take over its industry, agriculture and land.

"Instead of bullets, it uses financial maneuvering. As long as other countries play an artificial economic game that U.S. diplomacy can control, finance is able to achieve today what used to require bombing and loss of life by soldiers..."

"It (World Bank) was set up basically by the United States in 1944, along with its sister institution, the International Monetary Fund (IMF).

"Their purpose was to create an international order like a funnel to make other countries economically dependent on the United States.

"To make sure that no other country or group of countries – even all the rest of the world – could not dictate U.S. policy. American diplomats insisted on the ability to veto any action by the World Bank or IMF.

"The aim of this veto power was to make sure that any policy was, in Donald Trump’s words, to put America first. 'We’ve got to win and they’ve got to lose.'"