of course I've been saying it on here and elsewhere probably for years (not that it takes a genius) -uncontrolled capitalism is in danger of eating itself and collapsing.

If a real collapse comes it will make the great depression look like a blip.

My critics sneer and say Communism has failed- yet it has not. It has succeeded brilliantly.
China, Russia have built amazing economies in a few decades and transformed peasant societies.

Vietnam is steaming ahead and even poor old Cuba with the biggest bully on the block next door has survived and prospered.

the Arab countries ( not invaded by the US) are basically socialists and are thriving.

And all because these places have kept the wealth with the masses. Everyone benefits.

This piece puts it so well and now provides proof that if capitalism is not checked and controlled (and it's probably the most interesting society to live in) it will implode.
Capitalism simply isn't working and here are the reasons why

## poor old M.Thatcher with her excruciating pedestrian belief that Britain could become a nation of home owners ( with Milton Friedman and his voodoo economics): today it's a nation of spiraling housing costs and pathetic would be landlords urged on by tosser TV shows to "invest" in property.

### In Sydney retail rents have plummeted to 30% of what they were 3 years ago.

As the article points out : when capitalists start 'resting' money in property- which produces nothing except inflationary hot air pseudo wealth- the end is nigh !!

A good, factual and thought provoking post.

The last paragraph's point is well illustrated by the Republic of Ireland - whose property market died as a result of greed, precipitated by rising property values during the years before 2008.

comrade hedda wrote:
of course I've been saying it on here and elsewhere probably for years (not that it takes a genius) -uncontrolled capitalism is in danger of eating itself and collapsing.

If a real collapse comes it will make the great depression look like a blip.

My critics sneer and say Communism has failed- yet it has not. It has succeeded brilliantly.
China, Russia have built amazing economies in a few decades and transformed peasant societies.

Vietnam is steaming ahead and even poor old Cuba with the biggest bully on the block next door has survived and prospered.

the Arab countries (not invaded by the US) are basically socialists and are thriving.

And all because these places have kept the wealth with the masses. Everyone benefits.

You really have lost it, hedda !

China / Russia ? "wealth with the masses" ????

They are pseudo capitalist states (but the peasants have been kept down and fed a few crumbs !)

Ditto Arab states - dictatorships where the wealth remains with the dictator (and his family). Again ... when you are making zillions you can afford to be a bit generous (as indeed were all Victorian industrialists)

no.

China is a communist state that has dragged 100 million of it's people into the wealthy middle class and transformed a peasant society into the largest manufacturing country on the planet.

Russia was a communist country that transformed a peasant society into a manufacturing miracle within 50 years. After Boris gave a way half it's assets it's a mess.

You are wrong about Arab states. All Arab people are basically socialist in their view and despite some dictators (the African ones are the worst) most are sensible enough to try and spread the wealth around.

hence Dubai citizens have a higher income that Brits per capita, Iraq before we and the US blew it up had a great standard of living as does Jordon, Iran and so on. Even Israel despite it's right wing politics is a bastion of socialism in every other aspect.

I am talking about economic systems not individuals.

you need to some out from the counter of the corner shop and stop worshipping small town Tory beliefs in Voodoo economics as poor old Maggie did- she and her ilk are the real fanatics as they operate on a belief system rather than from experience which the world has shown- that unchecked capitalism is always a disaster.

Perhaps you were on another planet during 2007

I'm rather divided here Hedda. I'm absolutely a Capitalist, believing, through experience, that only a tiny few make the money, but your key word is "unrestricted" - successful capitalists must have responsibility thrust upon them, be it voluntary (like Bill Gates and The Boss) or by regulation. And I'm a big fan of Communism - but, again, unrestricted it doesn't work either.

how dare anyone contradict me.

but you are still all getting it wrong.

I'm talking about owning the assets of a country, not the system.

There is no reason a market economy or socialist economy cannot do the same things.

assets assets..you know the things that really produce wealth.

That's why most of the Arab countries do so well..they don't give away their oil wells ( unless we invade and take them)but the hire the very best businessmen, workers and pay them top dollar to develop them.

Jesus Christ people have been doing this for 100s of years even in Britain. Did all the farmers in the UK up stakes and sell their farms and then go back work on them on this hokey claim some other codger could do it better ?.

It's that simple. I should be dictator. I wouldn't be a benign one either,