So far, I'm Winning. Stiglitz is just an old-time socialist, possibly a National Socialist belonging in Colditz. Don't be misled by the Nobel business. They gave one to Al Gore for saving the world from CO2 on which life depends, and another to Yasser Arafat for "peace" [which is hilarious - a terrorist wearing a pistol at the UN].
If Stiglitz fitz, it's into Colditz!
Stiglitz is just following the populist rabble who are mistakenly thinking that capitalism has been shown to be defective. It has not in the slightest. What has been shown to be defective is democracy, with electorates voting to take OPM decade after decade.
Democracy is fundamentally flawed, not capitalism. Capitalism is just the voluntary buying and selling between consenting adults without fraud, threats or force [which are obviously conditions required for something to be voluntary]. Capitalism hasn't failed. It's working just fine.
Perhaps you are confused and think transfers of loot from citizens to AIG and then to Goldman Sachs is capitalism, with Goldman Sachs pensioners, friends, ex-employees working for the government, and current bosses setting the rules on said payments.
That's not capitalism. Capitalism is me bidding $10,000 each for the assets of
Bear Stearns, Fannie, Freddie, GS, AIG, GM and maybe some other assets.
What we are in is a global battle between those bludging on government largess and those who produce things which consenting adults choose to buy and sell. The bludgers are winning with a clear majority in most democracies now living on the taxpayer. Of course they vote for more of the same. If there isn't enough straight taxation, then they'll do pixelation of mega$billions more as a so-called stimulus package which of course they pay to themselves, their friends and supporters.
Mqurice |
