Monday, October 26, 2009

The Collapse of the Capitalistic System

Well, it hasn't been completely capitalistic, but what was capitalistic is eroding, quickly.

Paul Farrell at MarketWatch writes:
...Hong Kong contrarian economist Marc Faber warns in his Doom, Boom & Gloom Report: "The future will be a total disaster, with a collapse of our capitalistic system as we know it today."

No, not just another meltdown, another bear-market recession like the one recently triggered by Wall Street's too-greedy-to-fail banks. Faber is warning that the entire system of capitalism will collapse. Get it? The engine driving the great "American Economic Empire" for 233 years will collapse, a total disaster, a destiny we created.
Farrell goes on to list the Top 20 reasons capitalism has lost its soul.

Here are my Top Ten reasons the collapse is near. It's all about a harassing government:

#1 The Patriot Act--as the collapse begins because of harassing government, the Patriot Act will make it easier to monitor individuals, harass them and throw some in jail.

#2 Obamcare--It's coming and it will mean declining healthcare for us all. Less innovation, long lines, and less treatments available. The average lifespan will begin to decline, and at some point fall off a cliff.

#3 Goldman Sachs--GS has infiltrated the government money distribution centers, including central banks and other organizations. From this perch, they devise scheme after scheme to direct money inward to GS, at the same time collapsing competitors and the financial system.

#4 Congress--Outside of Ron Paul, there are no men of principle in Congress. They are all out to cut their own deals that adds to the collapse.

#5 Mainstream media--Complete failure of independence from the government. No better evidence exists than the failure to cover the Sibel Edmonds revelations of spying, and acting on behalf of other governments, by members of Congress and senior government officials.

#6 Paul Samuelson and Greg Mankiw--These two bastards have created the best-selling economic texts that have confused generations about what free markets and capitalism are all about. The country is completely economically illiterate. These two men share an important part of the blame.

#7 The coming financial regulation--including pay regulation. Bankers will no longer be making loans based on sound financial principles (Obviously, I am not talking about money center banks, which haven't been doing this for sometime.)but based on political agendas.

#8 Barack Obama--There hasn't been a decent president since Warren Harding, but Obama's collectivist thinking mind has put the expansion of harassing government into overdrive.

#9 Growing deficits--will cause greater taxation, leaving the average American even less money to survive on.

#10 The decline of the friendly cop on the beat to over-armed, patrolling armies that consider the people at best not to be trusted, at worst the enemy. As the collapse accelerates, these characters will not be your friends, but smile as they walk by.


  1. Sorry, but Farrell lost me at 'Go see Michael Moore's documentary, "Capitalism: A Love Story."'

  2. These reasons have nothing to do with capitalism, but everything to do with democracy.

  3. Fantastic article.

    The reasons have little to do with democracy, and everything to do with freedom, and the ability to act out that freedom without any curtailment.
    I frankly don't care about democracy, or use of rhetoric, or any of the golden examples of "civilization" handed down by the Greeks.

    I want to live free, even if it ultimately causes my death- I will live and I will die on my terms.

    It has always been this way, and no amount of regulation, legislation, disenfranchisment, or consensus-building will ever change the fact that everyone will one day shrug off this mortal coil.

  4. While "stepping off this mortal coil" is the ultimate leveler, it does nothing for living today.

    I agree with geoih, the problem is democracy or more generally, the use of politics as a decision making tool. Politics is just your gang against my gang and the biggest will win. A form of might makes right.

    So step away from the voting booth...

  5. AustrianInvestor.comOctober 26, 2009 at 3:42 PM

    Great post! The only hope is to educate and change the minds of the masses through outlets such as your blog. "Ideas influence actions, therefore the ideas of man are of supreme importance" or as Percy Greaves writes in Understanding the Dollar Crisis:
    "The main objective of economics is to substitute consistently correct ideas and actions for the contradictory ideas and actions inherent in popular fallacies."

  6. @efinancial,

    You make an excellent point in your support for geoih's comments. You are correct in that a capitalistic system for making decisions is more valuable than a democratic decision-making process.

    I will shrug off this mortal coil much as an ox shrugs off his yoke at the end of labor. Shuffling is for card-dealers and Florida retirees, and living for today is ridiculous without illegal drugs, unlicensed guns, open containers, insider trading, and a trunkful of Federal Reserve Notes.

    Stop voting- it only encourages them.