The Immorality of Money Printing and Why It's Driving the World To Socialism

[JimG]

The Immorality of Money Printing and Why It’s Driving the World to Socialism - Edward Pentin

 

[Beryllos]

Okay, but whose sin is it?

 

[Freddy]

So capitalism is the problem because it’s not working. And the rich get richer and the poor poorer. Sounds about right to me.

 

[Elias]

So then please pray tell what would be your solution? Communism?

 

[Salibi]

Perhaps a fairer system of taxation and a stronger social welfare system without resorting to the extreme of banning all private property?

 

[Elias]

Describe “fair taxes”, because what’s fair to Joe the plumber may not be fair to Alexandra the Democratic Socialist.

Maybe instead of taxing people to death we should reform the broken fiat monetary system.

 

[Freddy]

So then please pray tell what would be your solution? Communism?

The article is about the fact that capitalism appears not to be working. Do you think that the only other option is comminism? From memory, it’s been tried before and that failed as well. I think we could consider them to be the two extremes when it comes to political ideology so maybe you could suggest something less extreme.

I’d be keen to hear your views

 

[Freddy]

Describe “fair taxes”, because what’s fair to Joe the plumber may not be fair to Alexandra the Democratic Socialist.

Maybe instead of taxing people to death we should reform the broken fiat monetary system.

The article highlighted the problem in that we have a large financial difference between the few people that control most of the money and the large minority who have very little indeed. Would you consider that a fairer tax system would be one that addressed that problem?

 

[phil3]

What we have here in the USA today is not capitalism. We have a state sponsored economy.

 

[Theo520]

So capitalism is the problem because it’s not working. And the rich get richer and the poor poorer. Sounds about right to me.

How is capitalism not working?
The poor are far far better off in the countries that have embraced capitalism.

 

[graciew]

I get the gist of what he is saying,but how does it relate to Communism /Socialism , I don’t.
What one sees around in very…general terms from the perspective of the empoverished countries is a mix not that easy to solve nor to blame outside…If we had an easy recipe, we d be better for starters.
First, our public spending is enormous, too big a State apparatus and no honest intention of reducing it.
Second, our Central Banks should take care of our currency. Printing “as a sport” without any sort of backing is “cheques without back up at the bank “ that lead to hiperinflation is an issue yes, but there is a certain elbow room for it.
There a lot more, but I don’t get who this author has in mind…
People want to eat, and live. And evaluate alternatives. With varied backgrounds and expectations
.Now … if we go behind the smokes and mirrors of Communism , I mean… how is the problem solved? In whose minds?
There is a lot more to this ,a lot…and it touches base in a very difficult moment for some countries, but I think the article basically deals with the QE and I would love somebody versed in the macro as well to chime in. If possible.

 

[Theo520]

Depends on how you define “working”.

Well, when the sites that promoted carbon taxes are saying it’s not working, it’s probably not working.

Why Carbon Taxes Don’t Work – People Before Profit

https://www.carbontax.org/blog/2018/07/18/agreed-carbon-pricing-isnt-working-now-what/

 

[Rau]

Maybe instead of taxing people to death we should reform the broken fiat monetary system.

Taxation of the very wealthy in many western countries seems underdone. Warren Buffet has commented on that.

 

[ProVobis]

Precious metal standard.

The $USD has no business being the standard, especially since there are no limits to how much it can print.

 

[Theo520]

I have no idea what you are trying to say.

I clearly said that the poor are better off under capitalism, even if there is income disparity.

 

[Rau]

How is capitalism not working?
The poor are far far better off in the countries that have embraced capitalism.

Capitalism is a “broad church”. Capitalist economies with insufficient regulation, or with inadequately progressive taxation regimes can produce extremely skewed societies where the gap between rich and poor is excessive.

 

[Theo520]

Capitalism is a “broad church”. Capitalist economies with insufficient regulation, or with inadequately progressive taxation regimes can produced extremely skewed societies where the gap between rich and poor is excessive.

So for you, it’s all about the gap with the rich.
Not whether the poor are better off or not.

I recognized that capitalism raises all the boats, but some boats float better than others.

 

[Rhubarb]

I think Joe the Plumber and Alexandra the Democratic Socialist would both agree that Jeff and his multi-billion dollar company shouldn’t be able to get away with paying nothing in taxes. Because even if they were taxed at 90 percent of their earnings AND wealth, they’d both still be worth billions. Plural.

Warren the Venture Capitalist seems to agree. So does Bill the Computer Operating System Maker.

 

[Rau]

So for you, it’s all about the gap with the rich.
Not whether the poor are better off or not.

For me it’s about observing that “capitalism” is not a singular system. There are vast numbers of levers and wide discretion over how they are set, though we continue to describe the resulting system as “capitalism”. This I think is the more important and relevant point given we have no intention of adopting a system we’d call communist in our western countries.

I recognized that capitalism raises all the boats, but some boats float better than others.

Probably we take a greater interest in the situation of our neighbour than of boats?

 

[Theo520]

For me it’s about observing that “capitalism” is not a singular system. There are vast numbers of levers and wide discretion over how they are set, though we continue to describe the resulting system as “capitalism”. This I think is the more important and relevant point given we have no intention of adopting a system we’d call communist in our western countries.

I think we agree here, there are many areas to ‘fine tune’ the system of capitalism, many subtle but important differences between countries that embrace capitalism.

Probably we take a greater interest in the situation of our neighbour than of boats?

Stop pretending you don’t understand common analogies. I’m for the system that better helps my neighbor as well (raises their boat). I just don’t let envy that some do far better direct me to break the system that is working.