Here's what happens when capitalism is deregulated

Enron

Remember the 2005 Documentary, Enron - The Smartest Guys in the Room?  [It's currently available on Amazon Prime, & probably elsewhere as well.]  Remember Ken Lay and Jeff Skilling?  Remember the criminal fraud?  Remember how many people lost their pensions?  Remember the concealment of Enron debt?  Remember the rolling blackouts in California due to the fraudulent manipulation of available energy by Enron "Traders", and the high price of electricity?  Remember how several Enron Executives each secured a Golden Parachute retirement just before the company bankruptcy?  It's all detailed in this riveting film.

Enron was founded in 1985 at the height of the Reagan-Thatcher Neoliberal DEREGULATION ERA.  The Execs in high positions soon developed totally bizarre financial derivatives/instruments/systems for Trading fossil energy.  Later, they appeared to be making massive profits for the company...because they were hiding massive debt.  The whole ponzi-like house-of-cards eventually collapsed.  The lives of hundreds of thousands of people (not only thousands of Enron employees, but employees in other companies, and consumers) were damaged significantly.

The 2007-09 Crash

Remember the 2015 film which dramatized the (commonly called) 2008 Crash, The Big Short with Christian Bale as Dr. Michael Burry?  Weird (and unregulated) private financial derivatives*** caused a financial meltdown felt around the world.  Real estate companies, banks, Wall Street Traders, bond rating agencies, and others all contributed to creating the fiasco.  The groundwork for it all developed during the Clinton Administration CORPORATE DEMOCRATS ERA and the Dubya Bush DEREGULATION ERA.  Millions of people were severely impacted.

***During the Bill Clinton Administration/Presidency, an attempt was made by Brooksley Born (Head of the Commodity Futures Trading Commission - CFTC - and an American Hero) to have such derivatives regulated by the CFTC.  Wall Street, Alan Greenspan, Larry Summers, and many other Clinton Admin officials fiercely and savagely opposed her efforts, and they won.  Too bad for Main Street, again.  Even today OTC financial derivatives are barely regulated, especially those used by securities & insurance firms.

Bottom Line

When combined with various public functions and facilities in a Mixed Economy, and when closely regulated, I believe Capitalism is a valuable economic system.  Unregulated, or even deregulated just a bit, Capitalism is a monumental disaster and an extreme danger to Main Street.  History supports such a contention.  Too bad for Main Street that the incoming Trump Crew is planning to push for unprecedented deregulation.  Too bad, indeed.

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Not only my opinion.  Take Care

The Myth of Capitalism vs. Socialism re Reality

The Myth

There's only one general type of Socialism, and it's all bad/destructive.  [Such is the view of the Political Far-Right around the world.]  There's only one general type of Capitalism, and it's all bad/destructive.  [That's the view of the Political Far-Left around the globe.]  Neither assertion is true.  In each case, there are at least two types:  dictatorial, and democratic.

The Reality

First, let's look briefly at the USA.  My beloved Land is usually thought to have a purely capitalist economic system.  That's certainly the view of most people on the political Right, and probably the view of most on the political Left as well.  The fact is: ours is a Mixed Economy.  While it's primarily capitalist, it has many aspects of democratic socialism.  Here are several of those aspects:  PUBLIC roads; PUBLIC schools; PUBLIC water systems; PUBLIC sewer systems; PUBLIC museums; PUBLIC parks; PUBLIC health clinics; PUBLIC Zoos; the Social Security Administration; prison industries; and the V.A. health care system.  There's more, but you probably get the idea by now.  Also consider the following.

When people refer to "capitalism in the USA", precisely which version of that economic system is being referenced?  Is it Crony Capitalism?  Neoliberal Capitalism?  Disaster Capitalism?  Casino Capitalism?  Monopolistic Capitalism?  Oligarchic Capitalism?  [They all exist here.]  It most certainly is NOT Adam Smith Capitalism.  That's found mostly only in the arena of Small Business enterprises.  Mega Biz people engage in the other forms.  I doubt most of them even have read The Wealth of Nations.

Adam Smith considered himself more of a philosopher than an economist.  Nevertheless, he's lauded as the Father of Economics.  He favored the establishment of SMALL, competitive businesses, not Mega, monopolistic Biz.  He never used the term "capitalism"; instead, he referred to "commercial society".  Most importantly, he believed that economics was only one aspect of the human condition, and not the be-all and end-all of Life.  The full title of his famous book is An Inquiry into the Nature and Causes of the Wealth of Nations.  He was a Scotsman, and he changed the world.

Let's consider even more briefly the countries which adhere to democratic socialism, such as Norway***.  While they primarily may be socialistic in nature, from all I've read and heard about their economics, it seems to me they do embrace capitalism to a significant degree.  In other words, they each have a Mixed Economy.  I doubt many of their Powers-That-Be would deny it.

***Norway is the richest country in the world...not in aggregate financial wealth, but in the more accurate and comprehensive  measurement of per capita income.  It beats the USA in that regard.

Usually, in any "free world" country it's the Far Right and the Far Left folks who ignore the reality of their Mixed Economy.  They can't wrap their minds around such a concept maybe because it seems to contradict their ideology.  They are "True Believers", and nothing will do except pure capitalism or pure socialism.  Perhaps with age they'll realize that most things in Life are gray, not black or white.

😊😊😊😊😊

Not only my opinion.  Be Well

FROM A MULTI-BILLIONAIRE, and it's right on the mark

 https://www.youtube.com/watch?v=th3KE_H27bs&list=WL&index=89&t=6s  

This is beyond brilliant.  If you don't watch any other doc this year, watch this.  In less than 20 minutes, he clearly introduces what's wrong, why, & how to fix it.  

Even if you only have time to watch it in 5-minute segments, don't miss this.  The probability is extremely high that the first 5 (or maybe 10) minutes will hook you into finishing it one way or another.

..............

Not only my opinion.  Be Well

The horrible side of the High Tech Industry FAR outweighs the good side

Below is my reply - edited quite a bit - to an email which suggested the term "Tech Whiz Kids" (which I often use in writing & speech) is somewhat inaccurate because many of those people now are much older.

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I have no problem with you or anyone substituting some other term for "kids" in "Tech Whiz Kids" (TWK).  But for me, they're all TWK, regardless of age.  "Kids" is not meant to be taken literally.  For me, it denotes an attitude.  In general, they are "playing with fire" when they develop things which atomize our society, & they don't even think about the unintended consequences.  By "atomize our society", I mean: depriving us of meaningful relationships with others (which, admittedly, usually is done by higher-ups in the Corporatocracy re things like labor unions) via luring us away from those relationships, or damaging them with gizmos designed to make each of us an island unto ourselves.  So, only one of many examples: some younger people think their 7,000 "friends" on some "social" medium actually are significant.  Why go out into the world & meet with real friends when I have my gizmo right here in the house with 7,000 "friends" on it?  

[Kids sometimes play with fire.]  

The adult TWK act irresponsibly also when they build-in obsolescence into their products.  It takes 500 lbs of raw materials to make one cell phone.  I don't know how many pounds it takes to make some of their larger crap which also has a short lifespan.  [Kids sometimes/often act irresponsibly.]

Their companies, usually run by TWK who moved up the corporate ladder, are often deceitful beyond belief.  One example:  I think it's Apple who claims to be 100% "Green".  In fact, they farm out the manufacture of products to other companies located in places with few to no environmental regulations.  Those other companies generally have egregious practices when it comes to pollution, etc.  But Apple technically can claim to be "Green".  [Kids often are deceitful.]

Bottom line:  I believe the High Tech Industry - despite the good & useful things it has done - has pretty much ruined our society, both physically/materially, spiritually (in a generic sense), and culturally.  It has atomized us, stolen our privacy, polluted the ecosphere, gobbled up natural resources, enabled dictatorial governments & oligarchs (with undemocratic, egregious surveillance programs/gizmos), enabled wars being fought with no soldiers (except drone operators, making illegal wars more numerous), promulgated infinite growth on a finite planet, & more.  I believe High Tech is in the top 5 worst industries in the history of our species.  As far as I can tell, the majority of TWK act just like spoiled, irresponsible, destructive kids.  They've contributed greatly to the ruination of our kids, our society, and our planet.  It seems their primary goal is to get rich...at almost any cost.

Just my opinion, & it won't change.  I think the "bad" side of High Tech far outweighs the "good" side.  Congress could change things for the better, but probably won't.  Except for a very few, most of our elected officials in the Fed Gov't favor the corporatists, not Main Street.  [Corporatism is not Adam Smith capitalism; essentially, it's fascism - the marriage of the power of the State to the power of Mega Biz.]  The good things about High Tech should be supported; the bad things should be boycotted.  Only consumers can significantly put High Tech on a better path.  The Fed Gov't has shown over & over it will do little to such effect.

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Not only my opinion, & Everyone Be Well

Excerpt from "The Beginning of the Path to Human Extinction, and How to Get Off It..."

Biden's recent statements or actions regarding the Middle East and (separately) drilling leases for fossil fuels brought to mind the following portion of my first book.  [It's good that Biden defeated the King of Liars in the last election, but Joe is no prize.  He's either a neoliberal, or a puppet of neoliberalism.]

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The Right and the Left

One of the main hindrances to effective political action in this country is the uncivil battle between the Right and the Left. The intolerance, hatred, and vitriol from the two factions often is beyond the pale. The “holier-than-thou” attitudes from each (at times) must change if we as a society ever are going to make significant progress toward genuine sustainability. More than ever, what the world needs now is cooperation rather than divisive competition.

The competitive battle often revolves around perceptions of “capitalism” versus “socialism”. In my opinion, those perceptions too often are shallow, or worse, false.  Consider the following.  The Left usually lumps the different types of capitalism all into one basket – plutocratic monopolies/egregious mega business/elitist trickle-down economics. The Right does something similar with socialism – it’s all harsh totalitarianism to them. More often than not, it’s considered communism. In both cases, the reality is much different.

Today’s neoliberal capitalism is not Adam Smith’s capitalism. Smith was for small business, not mega monopolies. Democratic socialism is quite different from dictatorial socialism. And here’s the kicker in all of it: most governments (including ours in the USA) today have a Mixed Economy in their countries, part capitalism and part socialism.

When you use a publicly owned road, water system, library, museum, or public school, that’s all due to socialism. The V.A. Health Care System is socialism, so too are Social Security and Medicare. If any two people engage in a private sale of private goods, that’s capitalism. So, if I sell a painting of mine, or if this book results in even one sale, that’s capitalism. When you go to a privately owned grocery store and purchase goods, that’s due to capitalism.

The Right and the Left need to understand it isn’t a matter of one or the other. We have both, and we need both. For example, if all roads were privately owned toll roads, that would be a nightmare. Some people could be refused use of them, or charges for use could go up for little to no reason. If all grocery stores were owned by the State, that too would be a nightmare. There would be no reason to have “sales” (offer bargains), or a wide variety of goods in order to attract more buyers. What for? Stores of any one type (e.g., grocery, hardware, clothing, etc.,) would all be more or less the same.

Bottom line: EVERYTHING being run by capitalists (private owners) simply isn’t best for the good of all people. The same is true for everything being run by the State, i.e., socialism. Economic systems have evolved into a mixture of both. Unfortunately, at present that mixture is unbalanced in favor of mega business elites/plutocrats. Even worse, they are seriously pushing for private ownership of everything.

The political Right here (in the USA) was co-opted decades ago, first by neocons, then by neolibs... and most of the Right on Main Street appear to be completely unaware of the coup.  They seem to think they're still in the "Conservative Movement".  That movement, started by Russell Kirk in the 1950's, is long dead.  The so-called conservatives of today are supporting an ideology which would be anathema to the original modern-day conservatives of the Kirk Era.  That ideology they're supporting is corporatist-globalist-neoliberalism, and it doesn't want to conserve much of anything, except for maybe Plutocratic Rule.  It's against Small Biz, anything rural, anything natural, and is working to utterly destroy Nature by  favoring infinite growth at any cost to our finite habitat.  Its goal is to have the entire world run by Big Biz Elites.  Forget family farms, the mom-and-pop corner store, and any kind of level playing field in the business-financial-economic-labor arena.  In general, neoliberals and the Super-Rich are against all of that.  The kicker is this:  they finance most national political election campaigns.  That's why, in the USA, we've seen little progress toward sustainability over the past few decades.

Political prejudice reigns supreme (in general) among people on the Right & the Left, which means each views "the other side" as ALL (or at least, an overwhelming majority) having the same characteristics as the few who are running the show on each side.  As long as that continues, we will not have a civil society. The truth is, no group ever has been as homogeneous as what the Right and Left say the other side is today. 

I've seen ranchers on the Right and environmentalists on the Left work together to oppose mega corporate/government projects which would have harmed the commons.  They had to overcome deep prejudices about each other, and they did.  Unfortunately, such collaboration is extremely rare because of those deep prejudices.

We all should make sincere efforts to overcome political stereotypes regarding people who do not share our particular beliefs. There are some very good people all across the political spectrum. Why focus only on those who seemingly are filled with hate? I believe they are an extreme minority. It really is time for civil political discourse, and for efforts to find some common ground.

...................................

Not only my opinion.  Be Well

https://www.barnesandnoble.com/w/the-beginning-of-the-path-to-human-extinction-and-how-to-get-off-it-scott-haley/1141364431?ean=2940160947181  or

https://www.amazon.com/dp/B09Z4QL6NB

Trump HAD TO do a 180 Turn, Plus the Coming Depression

Preface
For any new readers here, I'm not a Republican or a Democrat.  I, however, have been a keen observer of American politics since 1956.  I'm a strong believer in Capitalism, but not the Crony-Casino-Derivative Capitalism we have today... which is nothing but a racket, and promulgated by the public and private Plutocrats who run this country.
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For the past two+ months, the Administration's lies (or at best, completely ignorant statements) about covid-19 continued on, and on.  Finally, Trump and Crew were forced by reality to do a 180 degree turn on their view of the subject.  No one any longer believed what they had been saying.

Examples of previous statements---
1.  The virus is "tightly contained" in the U.S.
2.  It will be "gone by April".
3.  One day soon, it will "just disappear".
4.  Unemployment will be "nowhere near 20%".
5.  "We're doing very good [in handling the crisis], very, very good.".  ~ DJT  I assume he meant, "very well".  No, Mr. President, you're not doing well in handling much of anything... not even presently.

Now, Trump has jumped onto the bandwagon... with too little, too late.

Here's the current situation for the USA---
1.  COVID-19 confirmed cases:  over 239,000.  Total number of cases:  unknown.
2.  Deaths:  over 5,800 (which far surpasses those of the 9-11 attacks).
[Numbers above were updated at 8:30 PM, Mountain Time.]
3.  Testing still lagging behind.
4.  PPE for med facilities and First Responders still inadequate.
5.  Unemployment projected/predicted to be about 30% in June.  [It was 25% in the 1930's Great Depression.]
6.  The probability is high that, if we're not already in one, by this summer we'll be in a full-blown economic Depression.  The metrics are all there.

Trump called covid-19 the "Chinese virus".  I guess that makes H1N1 (swine flu) the "American virus".  It, too, was a pandemic; it lasted a bit over a year & a half.  By Trump's reasoning, arguably we could refer to the current situation with covid-19 in the USA as Trump's Epidemic.  His treatment of most of the crisis thus far has been dismissive, inadequate, and ignorant.  Had he taken things seriously in the past 2 - 3 months, we would be in much better shape at the present time.  Until just recently, his main concern has been for Wall Street, not Main Street.

March 7th the U.S. had 401 confirmed cases and 19 deaths.  Compare that to the numbers above.  Because of a slow initial response by the Fed Gov't, this is only going to get worse... much worse.

We can't blame only Trump & Crew, though, for this public health disaster.  For decades, public health funding has been cut again and again and again.  Neoliberal policies promulgated by the Oligarchs and Plutocrats (both public & private) have been the reason.  The cuts started out years ago in the mental health field, but quickly moved to include physical health as well.  Why?  I only can speculate, but consider the following.

1.  The Super Rich live in a different universe than do the rest of us.  I doubt many of them care much about people who have to use public health facilities.  They probably consider such people leeches of some sort.  As long as the Rich can get private health care for themselves, they don't care about public health care.  I mean, in general.

2.  Plus, the Plutocrats most likely don't see any benefit to themselves in having public money spent on such facilities.  They would rather have it spent on something that allows them to get a piece of the pie... such as war machines, highways, or subsidies for the fossil fuel industry... just to name a few items.

3.  In general, Plutocrats/Oligarchs are Neoliberals, and Neoliberalism greatly favors privatization.  The goal is to privatize the whole world, and that goal is well on its way to being met.

Then we have the non-resilient, weak, and generally poor condition of our economy... headed for a Depression.  That can't all be blamed on Trump & Crew, either.  For decades, both public and private Oligarchs have been (in general) converting our economy to one of just-in-time production--- in whatever factories that haven't moved South or overseas--- and to one of suppressed wages & salaries (which means people cannot save for a rainy day), and financialization, and part-time jobs, and reduced benefits, and deregulation (especially regarding Banking), and job insecurity.  As a result, we simply cannot weather much of any type of economic and/or financial storm.  The condition of our economy is almost always extremely precarious, and that's been true for years.  All it takes is one Black Swan to bring it down.

So, what are the general solutions to all of the above?  Specific solutions would have to be proposed by people with specific expertise in several fields.  In general, though, it seems to me the following would be helpful.  First (and I've said it many times here), we must stop drinking the Edward Bernays style Propaganda Kool Aid coming from Oligarchs (public & private) in both major political Parties.  Second, we must get rid of Neoliberalism; it benefits only the Rich and Powerful.  The rest of us get austerity.  Incidentally, in practical terms, there's very little difference between NeoCons and NeoLibs.  Third, we must recognize that our economy has been almost always a Mixed Economy, meaning a mixture of both capitalism and democratic socialism.  [See *** footnote below.]  In that system, unlike Crony-Casino-Derivative Capitalism or Totalitarian Socialism, we can have--- among other benefits--- both a strong economy and a well-prepared and strong public health complex.  It's all possible, but not without ignoring plutocratic propaganda.

*** For any who disagree with the contention that we have some socialism in our system, I offer this---  what do think public roads, public water systems, the VA Health Care System, Social Security, etc. are?  They are socialism in action. I would not prefer to have all roads/highways as private toll roads, maintained by a gazillion different private companies with a gazillion different prices/fees for use.  Would you?  Some utilities must be publicly maintained and operated or else the public, sooner or later, will wind up getting shafted.  Plus, for some things it's virtually impossible to have "competition" play any role at all.  For example, interstate highways--- do you believe that we could have a dozen or more roads--- side by side--- with different fees competing for your dollar, roads running from, say, L.A. to Chicago?  I don't think so.  That's why we have public roads, and that's democratic socialism.  Please get over any distaste for the word, "socialism".  It has been in our system for decades and decades.  Even in the 1800's, we had socialism for the Rich.  Railroads were given vast tracts of lands (on both sides of the tracks, extending way beyond what they needed just for construction) by the Fed Gov't because the politicians wanted to encourage such construction... they knew the value of the railroad system to the country.  Hence, a massive "Handout".  That's socialism.

Not only my opinion.  Be Well

"There's No Threat to Capitalism Like Capitalists"

Note---
I hope you don't leave this piece before reading the portion about Trump and Mnuchin.  Though the topic below is a bit of history, I do relate it to the players of today.  Plus, I suspect much of the history relayed in the video is mostly unknown to many or most people.
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There's a link below to an interview of William K. Black by Bill Moyers.  Black was a bank regulator key to the production of about a thousand criminal referrals in the Savings & Loan fraud in the 1980's.  He's also a Professor of Economics and Law, and in my view, a genuine American hero.  For more than a quarter century, he has worked tirelessly to expose the ongoing ripoff of the American public by Mega Banks and their political Cronies in DC.
https://www.youtube.com/watch?v=tXWaAQpofqE&amp=&index=28&amp=&list=WL

In the above clip, Black explains exactly what caused the 2008 Crash and the complicity of Obama, Holder, Geithner, Jamie Dimon, and others.  He also tells us why the same thing will happen again.  This general topic may be old news, but the details in this interview are revealing, breathtaking, and largely unknown by the "average" American.  It's a Must-See, and brutally relevant to today.

Capitalism is a great economic system, but without strong regulations and enforcement it becomes Crony Capitalism-Casino Capitalism-Surveillance Capitalism and a Kleptocracy for the Super-Rich.  History supports that contention.  There's no question about it.

So, what about Trump relative to this essay?  That's probably an eight-hour conversation.  Briefly, though, here are some points to consider---
1.  Elsewhere in this venue, I've explained why he owes Bankers big-time, both literally & figuratively.
2.  He and his Crew are decimating regulations across the board, including Banking regulations.
3.  His Secretary of the Treasury is Mnuchin, who was more or less a foreclosure king during the last Crash.  Because he would make millions, he was overheard saying prior to the last bursting of the Housing Bubble, "I'm hoping for a real estate crash".  He was a Goldman Sachs Banker for 17 years.  He financially supported Hillary in her Primary run against Obama, and then supported Obama in his run against McCain.  He has strong ties to Wall Street, and apparently, no defining political ideology.  In some ways, he's another Paulson.

None of the above speaks well for Trump in relation to the coming Crash.  The Mega Bankers again will make out like the bandits they are...at our expense.

Not only my opinion.  Be Well
p.s.  The title quote is from William K. Black, and it's in the video interview.

Crony Capitalists, Globalists, NeoConservatives, Corporatism, and the Corporate Media

YaHoo News just posted a brief piece about Ajit Pai (the FCC Chairman) doing a gag skit for some group in which he was a shill for Verizon.  A member of upper management in Verizon participated in that "joke".  The gag apparently fell flat.

The fact is, for some time now the Corporatocracy & its Crony Capitalists have been supremely confident that Americans are so propagandized & distracted that they (the Corporatists) never will be dethroned.  As a result, they don't even try & conceal their Cronyism anymore.

The main problem is that too many Americans don't appear to understand the difference between Corporatism (essentially Crony Capitalism) and genuine Capitalism.  Too many believe the battle here is between Capitalism (or really, a Mixed Economy) & Socialism.  It isn't.  It's between Corporatism and genuine Capitalism.  Most of the Right Wing and even much of the Left Wing seem to think those two are the same thing.  They aren't even close to being the same.  This is why the Right Wing, in particular, is supporting (without realizing it) the destruction of our economy---they think they're supporting Capitalism.  They aren't; they're supporting Crony Capitalism...which basically is Fascism.  Until they overcome that ignorance, our country--- & especially our economy--- is doomed to NeoFeudalism.

The same exact thing is true for "Conservatism".  People who think they're "Conservatives" today aren't even close to that.  They are NeoConservatives (based on the idiots they've been supporting for at least a couple of decades).  NeoConservatism is a horse of an entirely different color, & over a period of 20-25 years, it has totally replaced genuine Conservatism.  The Corporate Media all know this, but continue the myth that current Right Wing politicians are "Conservatives".  They do it because NeoConservatism has a very tiny base of support, whereas the old, long-gone Conservatism has a much, much larger base of support.  NeoConservatives essentially are Globalist, hegemonic, monopolistic, militarist, Crony Capitalist, elitist politicians (pretty much Fascists)...nothing at all like 99% of the old Conservatives, such as Russell Kirk or Paul Craig Roberts.  I would venture to guess that almost all Americans who call themselves Conservatives today haven't even read the "Bible" of Modern Day Conservatism by Kirk, The Conservative Mind (1953).  Had they read it, it would dawn upon them that they've been supporting the wrong politicians.

In The USA, Propaganda reigns supreme.  And so it goes.

Not only my opinion.  Be Well

Here's Why Many People Don't Seem to Get It

Below is an email I just now sent to family and friends.  It has been edited a tiny bit.
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Here's why many Americans seemingly don't grasp the dire economic straits that exist today...not only here, but worldwide.  This piece really nails it.  In the 1st half, the concept of "averages" and the "hollowing out" of the Middle Class; in the 2nd half (starting about 13:00), how the System is "liquidating" all the gains since WW II, why mathematicians would laugh some economists right out of the room, and the fact that the Bond Market is much more important than the Stock Market.

The obvious is stated clearly, & the style, facts, and pace produce many huge laughs...the situation is both comical & tragic.  For those who don't know, Max Keiser was a stock broker for many years before becoming a pundit.  He's a strong Capitalist, but abhors Crony Capitalism and Neoliberalism.  [The latter two are plundering the world, & it's right in plain sight.  Most high-level politicians in America & much of the developed world are Crony Capitalists & Neoliberals.  Their overall records leave no doubt of that.] 

https://www.youtube.com/watch?v=UeBGZh3_psA&index=35&list=WL

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Not only my opinion.  Be Well

The Old Paradigm Doesn't Matter Anymore

Here's a Comment I just now posted on YouTube.  It was regarding a documentary about Castro, and in response to another comment which said the USA may be heading for socialism.  [I enlarged the type below on the Edit page, but the change didn't take...blame Tech Whiz Kids:]
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Let's not get caught up in Edward Bernays style Propaganda. In the USA, we've had a Mixed Economy for decades & decades...part capitalism & part socialism. For example, The VA Health Care System is 100% socialist--- the Gov't supplies med staff, buildings, equipment, meds, etc., and pays for 99.9% of it with tax money. As a Vet, I pay a small co-pay amount. [That is to say, I did when I was close enough to a VA Clinic to get care there; that's no longer true.] Furthermore, the "Capitalist" part of our economy is (for the most part) NOT Free Market Capitalism; instead, it's CRONY Capitalism. For example, take the Money Market--- when the Fed essentially sets the interest rate rather than the Market doing so, that's NOT Free Market Capitalism (FMC). When the Gov't bails out Mega Banks & other Corporations, that's NOT FMC. The fact is: the old, anachronistic political and economic labels don't matter anymore. The new paradigm is the Oligarchy v. the rest of us. At the highest levels, elected politicians and Mega Business rulers don't give a damn if their colleagues are Repubs, Dems, Socialists, Capitalists, or Druids. The old labels are Propaganda for controlling what the Oligarchs call, "the Little People". All the Rulers care about is Power and Riches...for them, not the rest of us. As far as they're concerned, the old Right v. Left paradigm is nothing but a joke...and it works to their advantage. Divide & conquer...and man, have they ever done that. ................................................

Not only my opinion. Be Well

REDUX: "Hoaxes and/or Lies by the Oligarchs"

[The original post has been edited a tiny bit.]

Here are just a few crucial ones---

1.  The Income Tax

Disregarding earlier, temporary income taxes in the 1860's (to fund the Civil War), the Big Kahuna was the Revenue Act of 1913.  It passed into Law shortly after the 16th Amendment to the Constitution was adopted.  [I won't get into arguments about whether or not the 16th was legitimately ratified.  That's a can of worms and could be argued until the End of Time...and is a waste of time.]  The purpose of the 16th Amendment apparently was to correct a glitch having to do with direct taxes and income from property & interest in the 1909 CORPORATE Income Tax law.

In passing the 1913 Revenue Act, the intent of Congress was to levy an income tax only on the very richest Americans.  [I forget the income threshold, but it was high.]   Only the top 2% of households were required to pay the tax; everyone else was exempt.  Furthermore, the tax was on income from property, rents, and interest, not wages.  [The top 2% had no wages.]  That was the original Income Tax Law.  Obviously, successive Congresses changed it...23 times if I recall correctly.  I sincerely doubt that We the People wanted all those changes...to the point where the IRS does what it does today.

The point is this:  I'm fairly certain that most Americans are largely unaware of the information above.  We've been sold a Bill of Goods relative to the history of the Income Tax Law.  The original intent of it never was to tax the wages of average Americans.  That was rammed through by the Oligarchy later.

According to Reagan's Grace Commission, 100% of your income tax dollars is used to pay the interest on the National Debt.  [97% of all money in circulation in the USA is debt.]  Gov't services are paid for by other taxes, fees, and more borrowing.

2.  The Cold War (1945-1989) Resulted in a Victory of Capitalism over Socialism

Not true, and here's why.  First of all, we had then and still have a Mixed Economy.  At best, it's Crony Capitalism, not Free Market Capitalism.  The only Capitalists in the Western World are SMALL business people.  Western societies, including the USA, have both a weak Welfare State AND strong socialism for the super-rich.  Corporate welfare abounds.  The State-Corporate Complex rules the day.  That is not Free Market Capitalism.  Secondly, when Lenin and his Gang seized power in Russia, socialistic institutions created during the 1917-1918 Revolution were eliminated.  Bolshevism morphed into Communism...which is a political system, not an economic system...and it's totalitarian.  Socialism is not a political system.  The Cold War resulted in the triumph of Democracy (of a sort) over Communism.

The point is this:  the Oligarchs in the Western World today continually claim that they are Free Market Capitalists and that the only other alternative is Socialism...which they claim was defeated by the Cold War.  None of that is a true picture of reality.  Crony Capitalists are not Free Market Capitalists; instead, they are married to the State.  Soviet Russia had a super-elite Class which practiced Totalitarianism...that's what was defeated by Democracy (of a sort) and a Mixed Economy.

Mega, transnational corporations and their propagandists falsely claim that they are Capitalists opposing Socialism.  What they really are (in general) is Fascists opposing the rest of us.  Both FDR and Mussolini defined Fascism as:  the marriage of the power of the State to the power of BIG Business.  That's pretty much what we have in almost the entire Western World today.  Even China now is more Fascist than Communist.  I don't remember any Communist countries ever having billionaire real estate moguls.  China does.

Don't buy into the Propaganda.  Despite their claims, the super-rich are not Free Market Capitalists and they're not opposing Socialism.  They are Neofascists and are opposing the rest of us.

3.  The Scam of Neoliberalism

In the USA, it dates back to at least the 1970's.  The overthrow (essentially by Nixon & Kissinger) of Allende and the installation of Pinochet in Chile on 9-11-73 (the other 9-11) was to be the first practical test of a portion of Neoliberalism.  What a disaster.  The implementation of this political and economic philosophy continues, but Oligarchs here have managed to keep it mostly in the shadows... until recently.  None of that is a conspiracy; to them, it's simply good business practice.  In general, most all Oligarchs today are Neoliberals.  Those at the highest levels are Democrats, or Republicans, or Liberals, or Conservatives in name only.  They don't care at all about those obsolete categories... except to use them as divisive propaganda.

Neoliberalism exploded in growth during the reigns of Reagan and Thatcher.  It continues today.  The goal is nothing short of domination of the worldwide economy and finance by super-rich elites and mega transnational corporations.  Its adherents agree with David Rockefeller, who stated publicly in 1991, "Surely it is preferable to have the world run by unelected elites than by the corrupt politicians of today.".  At least he got the "corrupt politicians" part correct.  He also thanked the Mainstream Press for keeping the Elites' work under wraps "for the past 40 years".  [You couldn't make this stuff up if you tried.]

The irony of this is that it seems some, perhaps many, of these Elites actually are altruists.  I'm convinced that some of them really believe that the world would be better off if it were run by the unelected super-rich.
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If all this seems convoluted, that's because it is.  It's so Orwellian that I'm afraid most people don't believe it.  Or, if they do believe it, they either don't grasp how it affects them directly or they think nothing can be done about it, or both.  And so it goes.

Not just my opinion.  Be Well

This is Not Free Market Capitalism

This will be short.  For decades, I've been an informal student of economic systems, and in particular, Free Market Capitalism.  From all I've read and seen, there is no such thing in the world today.  Perhaps in the days of Adam Smith (the 1700's) it existed, but no longer.  Even in the mid-to-late 1800's, during and shortly after the Industrial Revolution began, Free Market Capitalism was gone.  That can be shown quite easily.

1.  The great railroad barons, such as Cornelius Vanderbilt and Jay Gould, essentially were given large tracts of land on both sides of the rail tracks by the Gov't.  That's not Free Market Capitalism (FMC)...it's Crony Capitalism.
2.  The tycoon banker, J.P. Morgan, sometimes would lend vast sums of money to the Fed Gov't.  That's not FMC either.  That's also Crony Capitalism.
3.  The great steel entrepreneur, Andrew Carnegie, was known by his critics as the "Crony Capitalist".

Today in the USA, and all countries with an intrusive central bank, Free Market Capitalism does not exist.  The proof of that is simple.  When interest rates essentially are set by central planning bureaucrats in, for example, the Fed Reserve--- instead of by the Market--- that's not Free Market Capitalism.  The fact is, we have a Mixed Economy in the USA.  So do almost all "democracies" in existence, including the social democracies (or democratically socialist countries) in Scandinavia and the rest of Europe.  I'm not saying that's good or bad; it's simply a fact.

My point here is this:  I believe Capitalism is a great economic system, but Free Market Capitalism is no more.  I'm really tired of the so-called "Right" claiming they practice FMC (as opposed to "Socialism"), and the so-called "Left" claiming that most of our ills are due to "Capitalism".  Neither one is correct.  Some of what Big Business practices is Capitalism, some is Crony Capitalism (aka, Fascism), and some is Socialism.  The same is true of our Gov't.  As to the Left's claims, many or most of our ills are due to Crony Capitalism and super-huge companies that may as well be monopolies.  That means the Gov't (Republicans AND Democrats) is partially responsible.

We definitely live in a Mixed Economy.  For example, we do have some Capitalism (mostly in the SMALL Business sector), but we also have not only the Fed Reserve interfering with the Money Market, but we have the V.A. Health Care System (a good thing), as well...which is pure socialized medicine.  The patients go to Gov't clinics/hospitals where they are treated by Gov't employees who use Gov't equipment and Gov't-purchased medicines.  Except for a small co-pay, it's all paid for by the Gov't.

Capitalism is here to stay, but it's not Free Market Capitalism.  It's a mixture of this and that.  Even China is embracing Capitalism to some degree.  Russia is now Crony Capitalism gone wild.  So to those on the Right, I would suggest this:  stop complaining about Socialism; we've had some degree of that in this Land for a long, long time.  To those on the Left, I would suggest:  stop complaining about Capitalism; it works, we've had some degree of it for a long, long time, and the problem is Crony Capitalism.  If you know what that means, then you know that the Gov't is a big part of the problem.

Not only my opinion.  Be well

 

Extra! Extra! Read All About It!

The Kabuki Theater production of "The 2016 Election in The USA" is only a bit more than a year away.  Attention actors:  get your Kabuki masks or makeup early.  The Kabuki-loving crowd in America promises to be a large one.  Come one, come all!

We Americans should be thoroughly embarrassed and ashamed that:  1. we allow this type of charade to take place; and 2. we participate in it believing that "if we can just get the right people in office, things will be much better".  After over 200 years of such thinking, one perhaps would recognize that it just isn't true.  Politicians say what the ad agencies tell them to (after opinion polls, focus groups, etc.), and after the election, they serve their true constituency---the Oligarchy.  Probably 99% of national political candidates are selected, groomed, and financed by the Rich & Powerful.  The remaining 1% quickly are marginalized or eliminated by the Corporate Media and Institutional Inertia.  The Rigged Game then continues.

The sad truth is that voting at the national level in this country doesn't matter at all.  The best and easiest way to send a powerful message to the non-representative Gov't in DC and to the non-elected Rulers in the Corporatocracy is don't vote at the national level.  That truly would shake up the Establishment and show who really possesses the power in this Land.  If we could get voting down to 5% or even 10%, the Powers That Be would have a collective fit.  They would understand that the jig is up.  The propaganda just isn't working anymore.

Of course, I don't expect any of that to happen.  The Edward Bernays style propaganda is too ingrained, too relentless, and too long-running.  Even if it were to be recognized fully, we Americans lost our nerve long ago when it comes to changing a political system which has become corrupted and perverted.  Besides, even though we're still in an economic disaster here, we're too distracted by "hot-button" social issues to care about anything else political.  Plus, we've more or less adapted to stagnant wages and salaries.  Finally, we appear to be distracted by sports events & sports "news", soap operas, "reality" shows, and other similar fluff.  Oh, I almost forgot, we're also distracted by "The Boogie Man is coming".  [Yes, some tragic events have happened...but that has been true throughout History.]

Despite all the above, I still have a dream and a hope that my fellow countrymen (& women) will come to understand several elementary truths, as follows.
1.  Along with our Republic, the old ways in politics are long gone.
2.  A Neoliberal Coup has taken place right under our noses, and it wasn't a "conspiracy".
3.  At the highest levels in politics, the old labels are completely meaningless.
4.  The new political paradigm is the Oligarchy versus the rest of us.
5.  Wealth is being transferred from the poor & middle classes to the upper crust at an unprecedented rate.
6.  Voting will not correct any of the above.  (Neither will violence.)
7.  Only boycotts, shunning, and other means of passive resistance will begin to correct the situation.
8.  Propaganda by the Corporate Media, other mega corporations, and the highest levels in DC is rampant.
9.  Capitalism and Socialism are economic systems, not political systems.  The primary cause of our problems is political Crony Capitalism, not economic Capitalism.  It's the current political system here that must be changed, not the economic system.  [As I pointed out in a previous post, we have a Mixed Economy; we've never had Free Market Capitalism, not even in the days of the "Robber Barons".]
10.  As long as Big Money is pervasive in our politics, politicians (in general) will serve Big Business instead of the rest of us.
11.  The first step in reclaiming our government is to stop drinking the Propaganda Kool Aid.
12.  Our situation cannot be corrected from within the current system.  Before that can happen, Oligarchs have to be shown who really has the power.  Voting will not do that...99% of your choices at the ballot box are servants of the Rich and Powerful.  The other 1% are toast; they will be marginalized by the corrupt cronyism in the current system.

Not only my opinion.  Be Well

Hillary Clinton is a Neoliberal Corporatist

Part of this piece is taken from a video I made and posted on my YouTube Channel.
[YouTube.com/user/scotthaley12]

As Jeremy Scahill (a best-selling author and producer of documentary films) put it in an interview on Democracy Now!, "She's a raging Neoliberal...".  That means Hillary is a Corporatist, not any kind of Populist... despite the propaganda to the contrary.

Harper's magazine (and the piece was re-posted on Bill Moyers & Company dot com) stated that Ms. Clinton "supported Bush's Iraq madness, Obama's Afghanistan & Libya stupidity, and her husband's pro-banker, pro-deregulation, and pro-'free-trade' policies...".  To those of the political Right who might be thinking all that sounds pretty good, you should think again.

Corporatism is NOT Free Market Capitalism.  Instead, it's the marriage of the power of the State to the power of Big Business.  Both FDR and Mussolini called that Fascism.  It's what we've had in the USA (and much of the world) for decades.  It's monopolism and Crony Capitalism.  It's raping economies around the world, and it's making the Super-Rich richer while shrinking the Middle Class.

The labels "Republican" and "Democrat" essentially are meaningless at the highest political levels.  Those labels once meant something; that's no longer true.  At the highest levels, the politicians pretty much are all Neoliberals... they are all on the same Team, so to speak.

Not just my opinion.  Be Well
p.s.  It's not a "conspiracy".