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Thread: They are Calling it a Collapse in Capitalism

  1. #1

    Default They are Calling it a Collapse in Capitalism

    http://armstrongeconomics.com/2013/1...-in-capitaism/
    The view of the American budget crisis from outside the USA is one that is blaming Wall Street and the banks and calling for the next crisis to be the final meltdown of Capitalism. This view is rising around the world. The fact that it is just pushed off into January with the funding ending on February 7th is seen as this debt crisis will merely take place time and time again until capitalism collapses. It is curious that there is a rising tide against capitalism but there is no understanding exactly what that truly means other than the Wall Street bankers. Obama is too busy trying to destroy the Republicans so he can pursue unrestrained socialism/communism and cannot see that this will destroy the world economy. It is the private sector that creates national wealth – not the state as communism proved.

    I am in Rome right now where there were major protests against austerity today. Anti-austerity protesters in Rome threw eggs and firecrackers at the Finance Ministry on Saturday to oppose cuts to welfare programs and a shortage in low-income housing. The amount of police on the streets even today are like an army and the government buildings are surrounded by police. Unemployment among the youth here is 40%+ and the future is not very bright. The entire world financial system is indeed imploding. Countries just borrow year and year without any intention of paying anything back – EVER!!! They have not figured out that this is just not working.

    Governments are hunting down capital on a grand scale and now the G20 is being used to make sure that nobody will be able to have anything anywhere that is unknown to government. In Switzerland and many European nations, they have a WEALTH TAX, which requires you to report everything you own everywhere and then you pay a small tax. This is effectively a property tax on everything. Americans do not have to report what they own, only profit when they sell something worldwide. This is why the USA has solicited the G20 to hunt down what people have because there is no requirement to report it.

    By maintaining the current system of borrowing and national debts, taxes become in their mind paramount. But hunting down capital like this causes it to hoard. This is in part why liquidity is still off by about 50% from 2007 levels. This is just not working and the blame will be placed on capitalism and that will be interpreted as hunting everyone down and therein lies the real economic collapse. Hunting capital will create less investment and cause unemployment to rise and then the unemployed will blame the rich and we end up heading into a dangerous path that end with a Dark Age.

    Nobody seems to be connecting the dots. We must revise the monetary system, but we have to stop the borrowing and end the national debts as well as taxes. IF we do not embark on a major revision of the world economy, the only thing that will have value at the end of the day will be food.

    In the USA, if you pay a lawyer you must now report to the IRS what you paid him by a 1099 so they can make sure he pays his taxes. If you hire even a cleaning people for the office and pay more than 1,000, you also have to report them. Soon, if you see someone find a quarter in a parking lot it will be your obligation as a good citizen to report them just to make sure they paid their taxes. The governments are creating an atmosphere where to earn a living other than a salary employee is just too much hassle. They cannot see that this is creating a huge incentive that expansion should be avoided at all costs for small business and Obamacare is ensuring you just better not hire too many people. Welcome to the debt vortex where reason is as uncommon as common sense.

    The US budget crisis is re-enforcing the idea that we need a new non-denominational reserve currency. We will see a new one-world currency in the years ahead. It will be electronic not paper nor gold.
    Based on the idea of natural rights, government secures those rights to the individual by strictly negative intervention, making justice costless and easy of access; and beyond that it does not go. The State, on the other hand, both in its genesis and by its primary intention, is purely anti-social. It is not based on the idea of natural rights, but on the idea that the individual has no rights except those that the State may provisionally grant him. It has always made justice costly and difficult of access, and has invariably held itself above justice and common morality whenever it could advantage itself by so doing.
    --Albert J. Nock



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  3. #2

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    Seriously? A one world electronic currency? Are these people insane?

  4. #3

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    Seriously? A one world electronic currency? Are these people insane?
    They're talking about bitcoin, right? :P

  5. #4

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    Quote Originally Posted by Mahkato View Post
    They're talking about bitcoin, right? :P
    While that was unknown to me at the time of writing, I still believe that we should not use a single currency for the entire world. Having a currency useable in all sections of the world is a separate matter. I think bitcoin is a great currency but it should not be the official currency.

  6. #5

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    I guess we're just gonna have to work harder on educating people.



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  7. #6

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    Can't this be done both ways? Allow one optional International Currency, but still allow local currencies?

  8. #7

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    The bankers want it to be a 'crisis in capitalism' so they can step in with more state intervention and gain more power from the crisis they're personally responsible for. How much more $#@!in obvious can it be?

  9. #8

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    Quote Originally Posted by vickersvimy View Post
    Seriously? A one world electronic currency? Are these people insane?
    No matter whether one thinks bitcoin is a soun alternative (I see some issues that could arise from having a currency that is not based on tangibility and the other features of sound money, and I think these questions need to be considered), but nonetheless, a one-world currency is certainly not what Ron and free-market economists are pushing for.

    They see that competing currencies is what leads to sound money, not a monopoly that can manipulated by the "world".
    I'd rather be a free man in my grave, than be living as a puppet or a slave - Peter Tosh

    The kids they dance and shake their bones,
    While the politicians are throwing stones,
    And it's all too clear we're on our own,
    Singing ashes, ashes, all fall down...

  10. #9

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    Quote Originally Posted by sgt150 View Post
    The bankers want it to be a 'crisis in capitalism' so they can step in with more state intervention and gain more power from the crisis they're personally responsible for. How much more $#@!in obvious can it be?
    This too, I want to bash my head into the wall when people talk about how the "free market has failed", as if we've had anything close to a free market.
    I'd rather be a free man in my grave, than be living as a puppet or a slave - Peter Tosh

    The kids they dance and shake their bones,
    While the politicians are throwing stones,
    And it's all too clear we're on our own,
    Singing ashes, ashes, all fall down...

  11. #10

    Default

    Quote Originally Posted by vickersvimy View Post
    I still believe that we should not use a single currency for the entire world
    I disagree. We had a world currency in the 19th century. That currency was gold. It worked wonderfully.

    Back then monetary summits were about things like "can we very slightly adjust either how heavy a pound is or how heavy a frank is so that it's a more convenient fraction and thus easier to convert between them?" Good times. A true golden age.

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