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Capitalist seeds of its own collapse (BARF; but Learn what the Chicoms still think of us.)
Shanghai Daily ^ | January 30, 2010 | Wang Yon

Posted on 01/30/2010 7:51:21 AM PST by John Leland 1789

IN identifying the root cause of the global financial crisis, one ought to heed the hymn of caution of renowned economist John Kenneth Galbraith (1908-2006), who contended that financial collapse was built into the capitalist way of business and life.

Galbraith taught at Harvard and Princeton universities and wrote more than 40 books. "A Short History of Financial Euphoria" published by Penguin in 1994 remains today a quick and clear guide to how capitalism functions, or rather dysfunctions.

"Recurrent descent into insanity is not a wholly attractive feature of capitalism," Galbraith wrote. "The circumstances that induce the recurrent lapses into financial dementia have not changed in any truly operative fashion since the Tulipomania of 1636-1637."

Excerpt: Read more at: http://www.shanghaidaily.com/article/?id=427339&type=Opinion

(Excerpt) Read more at shanghaidaily.com ...


TOPICS: Foreign Affairs; Government; Miscellaneous; Philosophy
KEYWORDS: capitalist; collapse
Or I could have posted the Shanghai Daily's highlight of San Francisco's Mayor Gavin Newsom (Yuck!)
1 posted on 01/30/2010 7:51:21 AM PST by John Leland 1789
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To: John Leland 1789

Were it not for capitalism, they would not be in the position in which they currently find themselves. Who do they think bought all their crap?


2 posted on 01/30/2010 7:55:35 AM PST by edpc (Those Lefties just ain't right)
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To: John Leland 1789

Guess what? Every human system is imperfect and (thus) holds the seeds of its own collapse. The only hope is that you have wise leaders who combat the encroaching inertia and stave it off as long as possible.


3 posted on 01/30/2010 7:56:06 AM PST by rbg81 (DRAIN THE SWAMP!!)
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To: John Leland 1789
Still waiting for the criminal investigations into the “worst banking crisis since the Great Depression.”

Along with fines and jail time for those who broke laws.

Waiting...........waiting...........waiting.......

I wonder if those in power don't want any investigation because it might implicate some high level politicians and others.

And we “stupid” Americans are too busy to demand these investigations.

Conspiracy theory: maybe it was part of a greater plan to strip wealth out of the middle class. You know that people like Soros made out like bandits.

4 posted on 01/30/2010 8:02:09 AM PST by dhs12345
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To: John Leland 1789

It’s called a marketplace and is inherently free and must not be manipulated.


5 posted on 01/30/2010 8:03:26 AM PST by HChampagne (I am not an AARP member and never will be.)
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To: John Leland 1789
Only problem for this theory is we did not have a pure capitalist system in play here. We had a strange hybrid where a fundamentally capitalist systems was corrupted by Government policy via the semi-Goverment's organizations Fannie Mae and Freddie Mac.
6 posted on 01/30/2010 8:04:17 AM PST by MNJohnnie ("The trouble with socialism is that eventually you run out of other peoples' money" Lady Thatcher)
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To: Cacique

btt


7 posted on 01/30/2010 8:08:54 AM PST by Cacique (quos Deus vult perdere, prius dementat ( Islamia Delenda Est ))
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To: John Leland 1789
Capitalism is a pejorative term created by Marxists
to describe freedom and liberty.

8 posted on 01/30/2010 8:18:26 AM PST by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: UriĀ’el-2012

“Capitalism is a pejorative term created by Marxists
to describe freedom and liberty.”


Yes, and I don’t know if people like Mark Levin mention this in their books, but they toss the word “capitalism” around on the air only in a positive sense, giving the impression it is something like an Adam Smith expression or something.

I caught Friday evening’s Rusty Humphries program over the Internet (I’m in Shanghai). He was interviewing the current (atheist) head of the Ayn(e)Rand organization. I can’t remember the man’s name at the moment.

To be quite frank, IMHO, he gives a very demenaing tone, a very selfish, unkind expression of the free enterprise system; may I say, a godless (atheistic) expression.


9 posted on 01/30/2010 8:28:14 AM PST by John Leland 1789 (But then, I'm accused of just being a troll, so . . . .)
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To: John Leland 1789
To be quite frank, IMHO, he gives a very demenaing tone, a very selfish, unkind expression of the free enterprise system; may I say, a godless (atheistic) expression.

Ayn Rand was an interesting person.

Clearly she did not believe in private property.

As she stole some other woman's husband.


10 posted on 01/30/2010 8:36:48 AM PST by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: edpc

One of the strengths of Free Republic is the willingness of its participants to inform themselves of what the adversary is thinking. The left could not conceive of such a thing and that is why they will ultimately fail. It cannot synthesize new data into a new plan, period.

If capitalism wants to defeat Marxism it simply has to stop crashing and bringing down the castle. Galbraith has his head up his butt when he states that capitalism sows the seeds of its own destruction and that market crashes are intrinsic to its workings. What sows the seeds of capitalist destruction is MONOPOLY, nothing more. Capitalism is a thousand experiments, the failure of one or several of which will provide a lesson rather than destruction. When you get an enterprise that is big enough to effect the life of a government if it fails, then you have concentrations of power that constitute corporate control of the state or fascism, which is NO BETTER than Marxism. Monopoly capitalism is a DEATH WISH.

The AIG and Goldman Sachs monopolists acted to destroy the American economy in a time of war and their players should be shot for treason.


11 posted on 01/30/2010 8:43:32 AM PST by Yollopoliuhqui (consciousness is a heads up display)
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To: Yollopoliuhqui

“If capitalism wants to defeat Marxism it simply has to stop crashing and bringing down the castle. Galbraith has his head up his butt when he states that capitalism sows the seeds of its own destruction and that market crashes are intrinsic to its workings. What sows the seeds of capitalist destruction is MONOPOLY, nothing more. Capitalism is a thousand experiments, the failure of one or several of which will provide a lesson rather than destruction. When you get an enterprise that is big enough to effect the life of a government if it fails, then you have concentrations of power that constitute corporate control of the state or fascism, which is NO BETTER than Marxism. Monopoly capitalism is a DEATH WISH.”


Excellent comments. Wish I’d posted this. Bears reposting.


12 posted on 01/30/2010 8:46:33 AM PST by John Leland 1789 (But then, I'm accused of just being a troll, so . . . .)
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To: John Leland 1789

“...a very demeaning tone, a very selfish, unkind expression of the free enterprise system; may I say, a godless (atheistic) expression.”

Well, Objectivism is indeed godless and very selfish. Ayn Rand’s philosophy was built around the fact that “Selfishness is a virtue.”

The opposite of selfish is selfless, the very thing all shades of tyrants love most—that’s why they preach it, and even demand it.

What, individual freedom is based in self-sacrifice, in so-called selflessness?

To be without self is to be room temperature.

Humans are born selfish and they will all die selfish. We cannot survive if we cannot act in our own best interests.

There’s nothing magical about capitalism—it’s two people trading for completely selfish reasons, and it’s one of the most beautiful things that humans can do, as evidenced by the success of humans in this country.


13 posted on 01/30/2010 8:51:55 AM PST by Boucheau
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To: UriĀ’el-2012

“Clearly she did not believe in private property. As she stole some other woman’s husband.”

Oh, brother.

You should know what you speak of before you speak.

No one stole anyone’s “property.”

A very revealing way to describe a human being.


14 posted on 01/30/2010 9:04:30 AM PST by Boucheau
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To: John Leland 1789

The free market did not cause this crisis, the government did.

The free market did not take us off the gold standard, the government did.

The free market did not dump trillions of dollars of cheap money into the system, the government did.

The free market did not create multiple trillion dollar entitlement programs, the government did.

The free market did not create Fannie Mae and Freddie Mac (and let’s not forget Ginnie Mae and Sallie Mae!), the government did.

The free market did not write a tax code that favors one product (real estate) over others, the government did.

The free market did not pass laws that force banks to lend to those who do not qualify for a loan, the government did.

This crisis is the result of a giant social engineering experiment and vote-buying scheme gone tragically wrong.

The free market does not try to engineer society or buy votes, the government does.

The government caused this crisis, the free market did not.

The government cannot fix the crisis, the free market can.


15 posted on 01/30/2010 9:22:42 AM PST by Painesright
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To: Boucheau

“Humans are born selfish and they will all die selfish. We cannot survive if we cannot act in our own best interests.


In a world where there is no God.
In a world where God never reveals Himself to man.
In a world where God never intervenes in the affairs of men.
Or in a world where man does not recognize the Creator.


16 posted on 01/30/2010 9:27:56 AM PST by John Leland 1789 (But then, I'm accused of just being a troll, so . . . .)
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To: Painesright

The free market did not cause this crisis, the government did.

The free market did not take us off the gold standard, the government did.

The free market did not dump trillions of dollars of cheap money into the system, the government did.

The free market did not create multiple trillion dollar entitlement programs, the government did.

The free market did not create Fannie Mae and Freddie Mac (and let’s not forget Ginnie Mae and Sallie Mae!), the government did.

The free market did not write a tax code that favors one product (real estate) over others, the government did.

The free market did not pass laws that force banks to lend to those who do not qualify for a loan, the government did.

This crisis is the result of a giant social engineering experiment and vote-buying scheme gone tragically wrong.

The free market does not try to engineer society or buy votes, the government does.

The government caused this crisis, the free market did not.

The government cannot fix the crisis, the free market can.


To these facts we agree here.


17 posted on 01/30/2010 9:29:54 AM PST by John Leland 1789 (But then, I'm accused of just being a troll, so . . . .)
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To: Boucheau
U-2012>Clearly she did not believe in private property. As she stole some other woman’s husband.

Oh, brother.

You should know what you speak of before you speak.

No one stole anyone’s “property.”

A very revealing way to describe a human being.

Sorry.

Let me put it in a more Politically Correct manner.

When it came to her own lusts, she did not respect other's contracts.

She actively worked to have others violate their contracts.

When it came to the fabric of society i.e. contract law
She placed herself above the law.


18 posted on 01/30/2010 9:30:46 AM PST by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: John Leland 1789
Ahh, yes. That ancient, thoroughly discredited canard of that failed economic/political system, communism. Apparently, this is another group of book-smart, reality-stupid people.


19 posted on 01/30/2010 9:33:26 AM PST by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: John Leland 1789

There is a bit of truth in the idea that markets do not always behave in a rational manner. That said, the last thing we need is “crony capitalism” like we have now where various interests buy favors by bribing politicians and civil servants.

My old Econ prof (a stock market genius who made a lot of clients wealthy) had me read the book, “Extraordinary Popular Delusions and the Madness of Crowds”. The parallels to the recent world wide Bubble in many classes of assets and the subsequent Bust are an old story. The Missiissippi Bubble, the Tulip Mania, and many other bubbles happened hundreds of years ago. Human nature has not changed.

I think the Global Warming scam/religion is a modern example of an “extraordinary popular delusion”.

Studying history helps people to identify these delusions and avoid becoming a victim.


20 posted on 01/30/2010 9:44:29 AM PST by darth
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To: darth

“Studying history helps people to identify these delusions and avoid becoming a victim.”


Yes, correct.

This is why history and geography has been replaced by “social studies” in the schools. Keep the citizenry ignorant of history.


21 posted on 01/30/2010 9:55:38 AM PST by John Leland 1789 (But then, I'm accused of just being a troll, so . . . .)
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To: UriĀ’el-2012

“When it came to her own lusts, she did not respect other’s contracts.

She actively worked to have others violate their contracts.

When it came to the fabric of society i.e. contract law
She placed herself above the law.”

You do not know what you are talking about. You do not have all of the information.

Not that you would do anything wise with it anyway.


22 posted on 01/30/2010 4:10:00 PM PST by Boucheau
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