09 November 2017

Our capitalist system.

We don't have anything remotely resembling free market capitalism today.

Call it parasitic finance capitalism, crony capitalism, a looting kleptocracy, zombie capitalism, corporate welfare, corporate Fascism. Call it what you like, call it fried chicken if you like, but free market capitalism it ain't.

Communism collapsed nearly 30 years ago.

What is misrepresented as capitalism collapsed 10 years ago.

Both systems have collapsed, the one foisted on western countries just took a while longer to do so.

That system collapsed in 2007 and has never recovered. It never will recover.

It has been kept on life support since this time (1) by a tsunami of money printing. The creation of tens of trillions of toilet paper dollars, pounds, euros, yen, with absolutely nothing to back it up, and (2) zero per cent and negative interest rates.

This bastard version of capitalism has survived, after a fashion, and to a very limited extent, by eating its own tail. It is characterised by the extreme debasement of currencies, financialisation and deindustrialisation of societies, the destruction of the pricing mechanism of genuine free markets, the rapid impoverishment verging on destitution of the vast bulk of the population, and social collapse.

The time has come, 100 years on from 1917, for a new revolution, perhaps based on a new form of direct democracy.[1]

An insightful comment. Wrong only in suggesting direct democracy as a possible alternative.

Useful in helping to dispel the myths of "capitalism." I need hardly point out to you the mass confusion on the web about "the far right," "fascism," "socialism," "nationalism," and the like. "Capitalism" generally stands for that Something that causes great personal discomfort to some twit or is believed by it to be the cause of all the world's ills. The commenter sheds considerable light on what it is that we have and it's pretty thin gruel in the "capitalism" department.

Notes
[1] Comment by mark on "The USA is Cracking Up Just Like the USSR Did - In Fact, They Are Related." By Dimitry Orlov, Russia Insider, 11/7/17 (emphasis added).

No comments: