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Strategies & Market Trends : The coming US dollar crisis
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To: Real Man who wrote (16096)1/6/2009 1:52:32 PM
From: Larry S.  Read Replies (1) of 71456
 
Excessive debt is clearly at the heart of our problems but Ray Carey, former CEO of ADT, points out that it has it roots in a change, about 25 years ago, in our capitalist system. He refers the system we now have as Ultracapitalism. He uses the label Democratic Capitalism in describing where he believes we should be. He sees our focus on the near term as the root cause. I think he is right but would argue that it all started in the early 80s because it was then that options became an important part of pay. And management began to focus on near-term earnings. This focus stimulated a lot of negatives including excessive borrowing. In any event, his website is found at democratic-capitalism.com If you don't read anything else, I suggest that you go to Book 3 and read his Essay entitled
"2004 Dialogue with Adam Smith 2004"

Larry
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