Don't tell ITK,she still believes in capitalism

Jonathan's favourite novel is Bleak House. Wasn't Mr Merdle in that running some sort of Ponzi scheme, as a basis for his great vaunted riches?

I read this book when it came out :

Marx's Revenge by Meghnad Desai (an economist now in the House of Lords)

it laid out the case that Marx predicted that capitalism inevitably will lead to the 2008 meltdown and even worse which many economists predict is to come. Marx's belief was that no matter how a government put in laws to restrict the "unacceptable face of capitalism" ( Ted Heath), idealogues will always dismantle those controls.

I like capitalism (as a confirmed old lefty) but unless it is strictly controlled by government via regulations it will always spin out of control.

FDR introduced a welfare/capitalist system that served the US well for several decades and grew the country into the most powerful on earth with a huge middle class.

That was dismantled by every US president from Reagan onwards including Clinton and Obama.

Not even true capitalist believe in it. Otherwise the banks that crashed would have been left in ruins as I believe they should have.

True capitalism : In the end capitalism is for the little guy (shareholder ie : you lose when we go belly-up) and socialism for the big guy (ie- the bank is bailed out when it goes belly-up)

veritas wrote:
I read this book when it came out :

Marx's Revenge by Meghnad Desai (an economist now in the House of Lords)

it laid out the case that Marx predicted that capitalism inevitably will lead to the 2008 meltdown and even worse which many economists predict is to come. Marx's belief was that no matter how a government put in laws to restrict the "unacceptable face of capitalism" ( Ted Heath), idealogues will always dismantle those controls.

I like capitalism (as a confirmed old lefty) but unless it is strictly controlled by government via regulations it will always spin out of control.

FDR introduced a welfare/capitalist system that served the US well for several decades and grew the country into the most powerful on earth with a huge middle class.

That was dismantled by every US president from Reagan onwards including Clinton and Obama.

Not even true capitalist believe in it. Otherwise the banks that crashed would have been left in ruins as I believe they should have.

True capitalism : In the end capitalism is for the little guy (shareholder ie : you lose when we go belly-up) and socialism for the big guy (ie- the bank is bailed out when it goes belly-up)

Well said Veritas,parties of both left and right were caught out by the collapse of 2008,both tried to milk it for every scent to stay in power,but now we're paying a high price indeed for that greed.