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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: koan who wrote (92023)12/25/2008 8:58:34 PM
From: Little Joe2 Recommendations  Read Replies (1) of 116555
 
Anyone who understands Ayn Rand would understand that any country which has a fractional reserve fiat currency banking system cannot be purely capitalistic by her meaning of the term.

In my personal view we have not in my lifetime, or the lifetime of any living person had pure capitalism in America. Perhaps economically a facist system or corporate welfare system, combined with the social welfare that has existed for a long time.

My take is very simple. Any fractional reserve banking system, especially with a fiat money system is bound to fail eventually.

Capitalist believe, not that there won't be economic setbacks, or panics under a pure capitalist system, but they will be much more benign under capitalism than under a government controlled economy.

Little joe
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