Inequality like this is unsustainable

by slimboyfat 91 Replies latest social current

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  botchtowersociety

  Eloquently said, botch.

  Thanks. I'd like to add that a great deal of the economic equality in the country is created by the policies of our centralized banking system, along with other government interventions. Monetary inflation drives economic inequality. Regulation creates barriers to entry for new people, thereby protecting share for large established interests.

  And lets face it. Greater financial concentration leads to greater economic inequality. In Slimboyfat's scenario, it would lead to the greatest economic inequality of all: A world run by a small, concentrated monopoly of political elites.

  Which, incidentally, isn't far removed from our current situation.

  We need greater decentralization of financial control, not less.
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  journey-on

  Love the milk cow analogy! And, guess what?! After those milkers are through milking for the day, they go home. They may stop at the local tavern and have a few first, but their worries about the cow are over till 7:00 am the next day. But, that owner may be up till 2:00 in the morning calculating, managing, and agonizing over his milkers, the health of his cows, the competition, etc.
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  botchtowersociety

  Love the milk cow analogy! And, guess what?! After those milkers are through milking for the day, they go home. They may stop at the local tavern and have a few first, but their worries about the cow are over till 7:00 am the next day. But, that owner may be up till 2:00 in the morning calculating, managing, and agonizing over his milkers, the health of his cows, the competition, etc.

  His responsibility is greater. If he fails, not only does he fail personally, but all the milkers lose their milking incomes.
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  slimboyfat

  Europe does not have a nationalised financial system, so I am not sure what point you are making.

  A privatised financial system does not allocate money fairly or efficiently.
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  botchtowersociety

  What is the ECB?
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  botchtowersociety

  Actually, he's right. It's supranational--even worse.
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  botchtowersociety

  Fairness and efficiency are relative. The alternative you propose has demonstrated to be less.
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  slimboyfat

  The ECB is the central bank of the Eurozone. It does not lend to businesses or individuals. The financial system is privatised in Europe as in the US. Although the banks were bailed out governments did not take them into full public ownership. They should take the banks into public ownership and run them as public utilities, which is what the financial stsyem properly should be.
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  LostGeneration

  They should take the banks into public ownership and run them as public utilities, which is what the financial stsyem properly should be.

  Will your banks pay interest?

  From your arguments so far it sounds like you are looking for some sort of Paradise Earth arrangement when it comes to the economic system. Maybe you should just wait for that.
• 

  slimboyfat

  If they do charge interest then any profit will be used for public services.

  We may not create paradise, but are you seriously saying the current capitalist system is the best we can do? Talk about poverty of ambition. Late capitalism is entering terminal convulsions. If humanity is to emerge from the other side at all we must devise another system. Marxism is an idea whose time has yet to come.