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Author Topic: Money  (Read 8402 times)

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Re: Money
« Reply #240 on: December 01, 2017, 11:31:59 pm »
Capitalism DOES NOT WORK!

Published on Jun 14, 2017

Richard D Wolff - A Critic Of Capitalism 2017
Only listened to about one-half hour, but thanks for posting this algebert! I have not listened to wolf in some years and always enjoy his spiel. He, however, wisely adheres to the rule that it is verboten for anyone who has gotten a graduate degree in e-con from an American university to discuss the MONEY SYSTEM. How one can discuss capitalism without discussing fractional reserve banking instituted by a private corporation baffles me.

I'm confident that this will not be discussed in the rest of the video; so, I am posting this comment now.

Also, like jake morphonios has concluded regarding the forbes 500 or Oxfam's list of the richest: the rothschild family has a combined wealth of 10,000 times that of gates or bezos. Kudos to morphonios for reading the fine print of the forbes list-excludes extended family wealth.

Hi Moniker,
Professor Richard D Wolff has discussed Fractional Reserve Banking in the past. As you know, he is quite knowledgeable about how the scam called Capitalism works. I have posted many, many videos and podcasts by Professor Wolff in my forum. I post some of them here but there are very few defenders of sound economic policy in this forum, so I mostly do not bother. I ignore them and they studiously ignore me. Surly and RE basically understand how gamed our system is and say so often.   They get accused of being "Trotsky Commies", leftist crazies, etc. (you get the idea), ridiculous hyperbole that gets repeated ad nauseum. 

Every attempt at reasoning with the true believers in Capitalism that infest this forum is rebuffed with distractions, hyperbole, arrogance, sarcasm, snide remarks or open hostility instead of logic and objectivity.*
That said, the common thread among Doomstead Diners is that the system is breaking and this will result in a collapse of civilization as we know it. I agree that we are on the cusp of a great unraveling. I am convinced, unlike most people here, that the cause is lack of morality in human affairs. However, I do engage in discussion of some of the common sense (CFS ) issues within our corrupted system that could be tweaked for the benefit human society, like Renewable Energy and the structure of our monetary system.

Let us discuss the point you brought up. By the way, I suggest you watch all of the video. It's the least you can do if you are going to criticize Professor Wolff.

YEAH, Fractional Reserve "banking" (i.e. "legal" counterfeiting) is bad, stupid and horrendously inflationary. Wolff, Hudson, Black and many other luminaries in the field of economics have pointed that out. Libertarians (the 'Greed is Good" crowd, no matter how many people go hungry and how much of the biosphere is trashed in order to have a "sound currency" like gold) are great advocates of eliminating Fractional Reserve Banking. WHO in their right mind (that isn't a banker) isn't??! It's OBVIOUS that when a small group of elite BASTARDS can "legally" counterfeit trillions of dollars, while you and I get thrown in jail for the same thing, most people that can add and subtract  are going to get rather exercised, to put it mildly.

Wolff gets that, Moniker. I get that. Eddie gets that. K-Dog gets that. Golden Oxen gets that. RE gets that. Surly gets that. YOU get that. JUST ABOUT EVERYBODY at the Doomstead Diner gets that.


Your assumption that the elimination of this heinous practice of legal counterfeiting will somehow stop the 24/7 theft and corruption being visited on we-the-people by the epitome of Capitalst thinking (controlling the money supply, A MONOPOLY of MONEY, so you can make everyone your slave, is the founding principle of Capitalism, not the bullshit happy talk propaganda about the "invisible hand" and "enlightened self interest").

Sure, you are focused on the keystone of the corrupt edifice of Capitalism. Good for you  . But BEFORE you can get to that keystone, you HAVE TO ADDRESS ETHICS in ECONOMICS.

Yes, counterfeiting is unethical, whether it is "legal" or not. So, yeah, you are partly addressing the issue of ethics. But economics ultimately is about BALANCE of resources among humans so that society will prosper through a mechanism that INHIBITS HOARDING and INEQUALTY while preserving a VIABLE BIOSPHERE (that's where ALL those resources come from - and those resourses are NOT INFINITE - so they MUST BE RENEWABLE).

Wolff has patiently explained, on many, many occasions, that Soviet Communism failed for the EXACT SAME REASON that CAPITALISM is failing. That is, they went the "BOSS TECHNOCRAT ELITIST MANAGER over the mass of the workers (with low wages)" STUPID, GREEDY, ARROGANT routine. They DID NOT make everybody the owner of the production of goods and services, though they gave lip service to that claim.

The bottom line is that if inequality and respect for people and the preservation of nature is not sine qua non to an economic system, said system will destroy the society that embraces it. The only system that can achieve that is Democratic Socialism. And even Democratic Socialism will NOT achieve that if a BOSS over lots of low paid peons is the norm. Capitalism is THEFTISM/HOARDISM. It CONSTANTLY moves towards greater inequality and greater instability. Fractional Reserve THEFT will not go away until Capitalism does. 

I've talked enough and now I will get sniped by some true believer in Capitalism. Message to the sniper, even if he is an admin here:

Proverbs 16:8 Better is a little with righteousness than great revenues without right.

 * Resorting to fallacious debating techniques, like the one I just got sniped with when Engineer K-Dog "innocently" asked about how hydrogen is made, is fun if the person spewing the clever bullshit is only interested in attacking the messenger, not debating the message. K-Dog knows all the industrial techniques used to make hydrogen and cherry picks the most energy intensive forms, while totally excluding the ones that I HAVE DISCUSSED HERE OFTEN, WITH EVIDENCE AND DATA, just to make a "greater thermodynamic efficiency" case for fossil fuel CRAP. He is so repetitive and predictable as to be boring. K-Dog is smart and I share many views with him. But he is adamantly incorrigible in his insistance that Renewable Energy cannot replace fossil fuels OR prevent the collapse of human civilization. Perhaps he is right. But I don't think so.
Thank you for your extensive reply agelbert and for the link to your website.

I completely agree that our society's problem is one of morality, spirituality even. I cannot even begin to comprehend how to address that, however.

I would make a distinction between capitalism and debt based fiat currency since they are not mutually exclusive. Private ownership of assets does have benefits to society, but the issuance of debt based money guarantees exploitation of the earth's resources and that the issuers end up with all the money.

Since you bring up William black, I believe he teaches at that school and has said the banks should have been placed in receivership instead of being bailed out.


You are welcome. And of course the failed banks should have been allowed to go the way of the Dodo Bird. I saw Pelosi's face on TV when she had to say, "The measure is not carried." She lookedl ike someone had punched her in the stomach.  ;D

I watched aghast as the SENATE, which is not supposed to originate legislation, did exactly THAT to railroad us into bailing out Wall Street banks to the tune of over 16 TRILLION DOLLARS!

I watched when a Congressman from Florida (Grayson) tried to get Bernake to explain HOW the "Federal" Reserve could lend TRILLIONS of zero or negative interest "loans" to FOREIGN banks without even telling the U.S. Congress about it! That Congressman lost his next election, of course. 

Money is just a symbol. Natural Resources compose ALL the material wealth humans have. All these crooked fun and games which allegedly "create" money or "create" debt only work because there is a gun pointed at us called the legal tender "Laws". They are bullshit, but that's the law. 

I am grateful that you agree that the central problem is lack of ethics. The solution is enforced ethical behavior. But as you more or less figured, that is rather difficult to do when you are dealing with the 0.01% plutocratic psychopaths that are running this mess called "civilization" into the Sixth Great Extinction. May God help us because our empathy deficit disordered ileaders will only make things worse, not better.

Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life. Pr. 13:12


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