Debate: Socialism vs. Capitalism

No you don't. You need to keep your own patch solid and in order.

Want to change the banking system? Become as rich as they are .. or start your own. Need money to start your journey to that wealth and power? Borrow it from a bank. The interest you pay will be nothing compared to what you'll make on the back of that borrowed money.

 

Haha, that is exactly what the banks are counting on for everyone to do. Do not dig deeper, do not question the system... blindly obey, and be a good little lemming while they literally take over the world.

The entire system is designed to make very few people very rich, and gradually pull more and more people into ever increasing debt. Things like credit rating literally punish you for not continuing to borrow through taking loans or using credit cards. Granted, this can be minimalized by paying things off quickly, but it is designed knowing most will slowly get themselves deeper and deeper in a never ending cycle of debt that they can barely pay interest on, let alone pay off the principal.

Of course, you can completely remove yourself from the whole debt equation, but few do, and that is what banks count on.

 

Interest can be used to represent the relative economic gain or loss of using a resource for one purpose vs another purpose. If someone loans me money instead of buying a new machine to make them more money, I dont think its unreasonable that they expect me to pay them back more than I borrowed. That is interest. Is that what you're talking about?

 

There is far less of a problem if the money they loan you actually exists. When the money they loan you doesn’t exist until you pay it back, and then with interest on top of that, then that is wealth created out of nothing.
I think small levels of interest based on the actual amount of energy those assets would have actually made during the time of the loan is fine. More than that will begin to have the destabilizing effect we see now with wealth beginning to be accumulated into the hands of a few. Just off the top of my head, without putting any sort of real research into it, I’d say maybe no more than 1% simple interest would be reasonable. That would probably be situation dependent though. Compound interest I think would be too powerful and prone to abuse in the system I am proposing.
The key is to keep transactions as close to ACTUAL values in energy of labor, services, and goods as possible. This keeps all people equal, and makes private ownership not only possible, but certain, and keeps everyone free of the scams of perpetual debt that make actual freedom in today’s world a myth for so many.

 

Socialism and capitalism are theoretical, airy-fairy constructs, whereas reality has resulted in the pragmatic approach of all the most advanced nations adopting an integration of both.

Imposing any ideological exemplar cannot be as effective as abandoning the dogma and going with whatever works best.

 

neither capitalism nor socialism are absolutes, suitable for every transaction under every circumstance.

 

I ain't watching the video.

Anyone who cannot understand the difference between Property Theories and Economic Systems is clueless, so not only does your esteemed "professor" -- and I use the term loosely -- not know what he's talking about, he's talking out of both sides of his neck.

A Property Theory answers one and only one question. Period. Who should control Capital, ie, the means of production.

An Economic System answers three questions (none of which have anything to do with Capital):

1) What shall we produce?
2) How shall we produce it?
3) For whom shall we produce it?

How is it your esteemed professor doesn't know that?

You can have Capitalism or Socialism with a Free Market Economy. In theory, you could even have Communism with a Free Market Economy. It's never been attempted, and it's likely to fail, because the people-at-large lack the requisite education and skills, not to mention the wherewithal and intestinal fortitude, to properly use Capital in the most efficient manner, because people are weak.

Socialism has been paired with the Command Economic System. Communism is intended to operate with a Command Economy, but I already mentioned the failings of Communism.

Capitalism can be paired with a Command Economic System. It hasn't been attempted. Yet.

That is, in fact, what Neo-Cons want, and if you don't know that, then it's because you haven't read the musings of Daniel Bell and quite obviously you didn't read the essay Two Cheers for Capitalism by Trotskyite Irving Kristol who was the god-father of Neo-Conservatism.

So, if you wanna have a debate on Capitalism vs Socialism, then let's do it the right way.

You can start by showing us how a government office or agency, or a non-government agent of Socialism, being detached, aloof, overly bureaucratic, and lacking the requisite skills and experience could ever respond to the needs of the Market by shifting Capital in a timely manner, or shifting Capital at all for that matter.

You can also explain what safeguards might be put into place to ensure Capital is utilized most efficiently.

Finally, let us note that your esteemed "professor" has provided us with a logical fallacy, since past performance is not indicative of future performance or events.

He is nothing short of a charlatan, but I can see why you'd be drinking his Kool-Aid®.

 

1) It does no such thing. Banks have ZERO power to make us do anything we don't want to do. It cannot 'pull' people in who don't want to be pulled in. If people 'get themselves deeper and deeper in', they have chosen to do so. The bank is merely acting as merchant, selling goods to a customer who came in the door asking for those goods. The bank does not enter your home and force you to buy their products at gunpoint.

2) Yes, you CAN completely remove yourself. Don't borrow money. But if you want to pay that small fee (for the loan of a large sum) for investment so that you can make lots of money, then banks are your best friend.

 

tell that to the millions, probably billions of people on this planet that are hopelessly in debt. Once you are upside down on your debts, it is extremely difficult to get out, and banks and credit card companies will ruthlessly exploit those that they can.

Kids these days spend most of their adult lifetimes just trying to pay off college tuitions, a scam in itself.

I’m not saying it isn’t their bad judgement that sometimes gets them into that mess, but no one should be able to exploit their fellow man like that.

 

As professor Wolff reminded us, the Wuhan Flu and lock downs unleashed by socialist governors and mayors were all a failure of Capitalism.

Professor Wolff also reminded us that, when the central planners of the US Socialist Party, interfered with due diligence built into free markets with this command, it was a failure of Capitalism:
CUOMO ANNOUNCES ACTION TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced a policy to require the nation's two largest housing finance companies to buy $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families.

Cuomo said the historic action by HUD raises the required percentage of mortgage loans for low- and moderate-income families that finance companies Fannie Mae and Freddie Mac must buy from the current 42 percent of their total purchases to a new high of 50 percent - a 19 percent increase - in the year 2001. The percentage will first increase to 48 percent in 2000.

https://archives.hud.gov/news/1999/pr99-131.html
,,, not only enticing banks to extend mortgages to people who couldn't afford the payments by guaranteeing the purchase of the loans, but stamping the paper with a AAA rating by backing the toxic paper with the full faith and credit of the Federal Government.

He also told us that when the Fed reacted irrationally to the massive bubble caused by the entire economy investing to remediate Y2K issues with a mass conversion to software that was also compatible with the WWW, it was a failure of Capitalism.

The problem with posting someone elses distortions without bringing them to this party is that they can't be cross examined here.

Wolff boasted about China's growth ,,, but we know that what China lacks in innovation, it makes up with intellectual property theft. China just showed us that their form of government / economy are so poor at innovating that it took over a dozen years for them to create a hypersonic missile despite Clinton and McAuliffe selling them super computers and missile technology in exchange for illegal political contributions.

 

On point is the fact that Capitalism DID NOT kill 100,000,000 people last century like socialism/communism did!!!!!!!

 

They were just learning from their mistakes. It is no mistake that Mussolini gave up on Socialism and adopted Fascism because he couldn't sell Socialism without coercion ,,,, as it is prerequisite to Central Control.

 

1) Were they forced to take on those debts at gunpoint? If not, then your problem is with people - not banks.

2) Student loans are the only way poor kids can access high paying professional fields like medicine (which condicidntally also allows them to repay those loans quickly and easily, given how much they earn on graduation). Why on earth would you want to deny them that opportunity to escape poverty forever? Of course it's better to make such courses FREE, but until we can do that, student loans are a fantastic path out of poverty for many people.

3) Every business on the face of the earth (even those who claim to be very ethical) is EXPLOITING their fellow man. No business could exist if it refused to 'exploit' the demands of the customer.