True and it's unbelievable because these very people (the wealthy) you refer to are the very people that expect middle America to go to war for them. And for what? Who are they really protecting? I think you know...

And using their dough to manipulate and destroy democracy.

Excited to read it.

Kuttner is an idiot. He convinced Biden to increase M1 and expand the already bloated Federal budget. He argued that FDR had too little intervention during the Great Depression. The massive inflation we have today is his handiwork.

Huh, you know I've never thought of it precisely this way....They like to frame these arguments as anything to the left of 100% free markets (which exist nowhere and never will) is socialism / communism - they use them interchangeably, because the definition isn't important in selling fear - as if there's a spectrum with socialism on the left and capitalism on the right, like they're all part of the same system. In reality, the left side of the unregulated capitalism would just be more heavily regulated capitalism. I've argued with others who want to defend billionaires and our corrupt system as if it were a personal attack on them that I don't necessarily want to get rid of capitalism, but I damn sure want to get rid of the crony-capitalism that has destroyed the American middle class, sent all our jobs off, basically eliminated the entire concept of pensions, killed off unions, loaded us all with tons of personal debt, has commodified basic human necessities like healthcare and education, and stripped away the ability for so many to ever feel like they will be able to get their head above water and breathe easy for a while at some point in their life. That DID exist at one time, and there is no reason that it can't do so again.

Venezuela has been a kleptocracy for decades, so bringing them into any discussion of regulated capitalism is a stinking red herring. Cuba’s “failure” was that the USA did their level best to cut them out of the global trading blocs (because Castro had the temerity to impose some fairness on American companies and evict the Mafia) - then all the Cuban emigres who fled to Florida did THEIR best to sabotage Castro. Cuba has done remarkably well since both the Revolution and collapse of the USSR in education, medicine and many other metrics that define “developed countries”. The USA between WW2 and Reagan was a great example of regulated capitalism - it worked keeping the money circulating throughout the economy (high money velocity) and improved millions of lives. Now today the USA is just a large Third World country with vast wealth distributed in the hands of a few; corporations calling the shots for government (instead of vice versa) and judicial systems slowly skewing to wealth instead of justice.

My friend, Cuba is not a socialist country. It is a communist country where the national government runs the economy and there is no free enterprise. A social democratic system is waaaay better than a communist system.

Cuba Venezuela were destroyed by global capitalism and western powers to set as an example, mainly to paint socialist and communist in a bad light.

😂😁

What do you mean by post growth?

Every expansion of markets requires the action of the state. Karl Polanyi, The Great Transformation. The slogan of "free market" is one of the greatest uses of rhetoric economists have perpetrated. Anyway, if someone wants a prescient argument, Polanyi's explanation of forces causing the rise of fascism is the ticket. Glad to see his argument return to popular discussion. After 50 years and the triumph of the vampire squid, may be too late. The embrace of the argument that "government is not the solution to our problem, it is the problem" hasnt made America great again, it has made Marx great again, his criticism of capitalism, bourgeois democracy, is increasingly relevant. The only tool to regulate the excesses of capitalism, to save capitalism from the capitalists, is democratic action in the public interest. We mostly gave that up in the 1980s and now experiencing the results of that decision. We are not able to address the challenges of the 21st century after dismantling all our solutions to the problems of the 20th century. Sad. Ignorant. Stupid. We broke it for a fast buck.

Can you give the source for these figures pleased?

It doesn't matter if you're bank that creates 10 dollar note or 1000 dollar note...if they are distributed correctly...us dollar behave in a such way that it provides liquidity for 70 percent of the world....so debt it not an issue for us as long as it is in us dollars..and most debt in the world is in us dollars....so don't worry about it.

@@priyalpatel4250 thanks for the idea, actually worry more of currency beside $ , CCP currency could be one haha

Your statement is beyond nonsensical.

Maybe just joking, but Clinton signed the Gramm Leach Bliley act in 1999, finally repealing 1933 Glass Steagall. Bank holding co act 1956 and later revisions already undermined GS before it was repealed.

Clinton signed gramm leach bliley in 1999, which is considered the end of glass steagall. The creation of bank holding company act in 70s, began eroding glass steagall, but the end was GLB was in 1999. Reagan did sign the depository institutions deregulation and monetary control act didmca in 1982, and there were others, garn st Germain and niegle real (?) But think those were 90s. After Reagan. Anyway, not sure which act you are referring to.

Correctomundo.

You kinda got it slightly horribly backwards...

It's excellent. I highly recommend reading it.

The people in some nations cannot be a democracy! American people can't use reality. They need a ruler. I wish they could use facts, but they're not ready.

Oh god, you're exactly who he is speaking out against. As he states, The Great Depression destroys your entire ethos. There is no self-correction in an unregulated market, nor is there equality or even the maintenance of a social contract. There's a small group doing unfathomably well at the expense of everyone else. It's the gilded age. It's too big to fail. It's monopoly unchecked.

it is I just have to discuss something with my room mate and it will nbe on my you tube wall

Yea same. Nothing is a coincidence just to remind you.

God that book made me so incredibly angry. The parts about Goldman Sachs especially, like how he mentions how they got the commodity markets to deregulate and allow pension funds to invest in them when they couldn't before and set it up so they would be the middle man for TRILLIONS in pension fund dollars pouring into the commodities / futures market. Pension funds buy and hold..they don't actively trade, and they poured those investments into oil which is why we saw prices at near $150 / barrel when Obama was running for office and nobody could figure out why the hell the prices were that high. They kept saying it was speculators, but speculators only got into it because of what Goldman did to start the boom in prices. Others just followed the crazy rising prices to make a buck themselves on top of what Goldman had done to cash in after they called in their political bribes to get the law changed.

This is one of the most ignorant things I've ever read in a KZfaq comment.

Not without the truth. Conservatives made the truth unimportant. They can always do that.

Voting doesn't help. Didn't you notice that Bush, Obama, Trump and Biden have the same policies? Same wars? Not like the truth can alter the narrative any longer!

Give them candidates who will represent their actual economic interests truthfully and forcefully?

They likely do not think Keynes was Keynesian enough

Keynes was for highly regulated international trade so, they are probably not Keynesians.

Maybe its really him. I would vote for Stephen for congress

Well said.

Uhh no. That's not at all what was said here.

@@blakebrown534 I suspect, and hope, the OP was being sarcastic.

Because billionaires willed it.

The election system can't work in a mindless country. American people just aren't ready for reality, so they're not ready to be a democracy. They're violently opposed.

Via marketing and clever lies, they deceived the population to vote for what was not in their best interests.

Capitalism certainly isn't getting its moral authority from democracy these days--that's why it doesn't have any moral authority.

@@lawsonj39 , I thought, it's moral authority derives from it's superior capability to satisfy overall consumer demand. Though individual consumption may be debateable, legislation can fix that.

These days capitalism is the one dictating the morality, and it'ss disastrous.

Morality under capitalism is basically a nice fairy tale we like to tell ourselves right before we go to sleep. And it's exactly ideological nonsense we really need to step the the fuck away from.

@@tomasbickel58 No, the entire point is that when it goes unchecked because it's corrupted democracy it no longer provides any of that. It ONLY does that when democratic forces prevent it from running wild and sucking up a nations wealth for those already at the top. What we have right now is a massively deregulated capitalism compared to what we had prior to Reagan and what we got for it was the destruction of the once prosperous American middle class.

I read briefly about Henry George's single tax. I can't see how you dare assert that this is the solution to the complex issues discussed in the video. As far as I can tell, his ideas are not very well developed, leaving a lot to uncertainty. Have you really looked at his ideas sceptically?

"Unregulated Finance is Killing Democracy" - the single tax would greatly shrink the finance sector and force the 1% into real jobs. "Can Democracy Survive Global Capitalism?" - the single tax would end the chief source of unearned privilege/monopoly/influence and thus save both capitalism and democracy.

bjorn I've certainly looked at many of the attempted critiques of Geofiscalism. I haven't found any good enough to make geofiscal reform not worth trying. What are your objections? Further reading - "Geofiscalism Vs Futility" by Mason Gaffney: www.cooperative-individualism.org/gaffney-mason_geofiscalism-vs-futility-1998-sep-oct.pdf

D Bruce Henry George had probably the greatest idea on property taxation. Taxing the unearned rents on a property due and capitalizing that into the price is the most perfect of all taxes. But your idea that the 1% “don’t work actual jobs” is just plain stupid. A great proportion of the ‘1%’ are physicians, and then lawyers and business admin. It’s just naive to think they do not somehow work and collect unearned rents. Things given in this world are more just than they are not, all the statistics on hours worked, education and human capital formation would point to that. The poor are poor not because the rich are rich, but because they never developed the same human capital, inheritors privilege plays actual little role, you can see this in the Asian income statistics. As they have littler wealth, higher incomes, and more perfect income mobility, due to higher human capital formation as seen by the hours worked, educational attainment and household stats.

WRONG. The answer is socialism. LIBERALISM IS SHIT

Who got the government to do that stuff? Capitalists. All competition has a winner. The winners write the rules. This is the direct evolution.

Democracy in the economy only leads to oligarchy. Socialism leads to tyranny, so why bother to vote when we already have an ownership tyranny?

That's pretty narrow minded. Wealth disparity is a real problem that creates disenfranchisement in the economic system for far too many. When the wealthy can overwhelm the price of property and subsequently charge rent for everything, we have a two tiered class system, those who must toil for income under a capitalist pricing system that treats them as surplus, and one that has all the property and the state apparatus working to protect their labor free income. What's worse with the right wing populism is that these bad economic conditions are not attributed to the source of the problem, they are directed at powerless scapegoats. They cause the economic stress and then capitalize on it politically to create more. Seriously, that is very small minded of you and your wealthy overlords are pleased.

The opposite of unregulated capitalism is not socialism, it's just regulated capitalism. There is no such thing as the free market. It has never ever existed and never will.

@@patricialongo5746 Greed leads to both of those things, not the economic systems. That's why you need strong regulations in place. Bad people always take control when there aren't rules constraining their ability to do the worst things.

Your most celebrated and important journalist will be facing a US kangaroo court soon enough. Do you not care to rescue him?

We'll be in a hellscape soon enough and you'll still be stanning for billionaires.