Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
44 comments

OpEdNews Op Eds

The Extremist Cult of Capitalism

By (about the author)     Permalink       (Page 1 of 2 pages)
Related Topic(s): ; ; , Add Tags Add to My Group(s)

Well Said 7   Must Read 6   Supported 4  
View Ratings | Rate It

Headlined to H1 1/21/13

Become a Fan
  (6 fans)

opednews.com

A 'cult,' according to Merriam-Webster, can be defined as "Great devotion to a person, idea, object, movement, or work..(and)..a usually small group of people characterized by such devotion."
Capitalism has been defined by adherents and detractors: Milton Friedman said, "The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system." John Maynard Keynes said, "Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone."

Perhaps it's best to turn to someone who actually practiced the art: "Capitalism is the legitimate racket of the ruling class." Al Capone said that. 


Graffiti on Factory for Sale (flickr image By Ann Douglas)


Capitalism is a cult. It is devoted to the ideals of privatization over the common good, profit over social needs, and control by a small group of people who defy the public's will. The tenets of the cult lead to extremes rather than to compromise. Examples are not hard to find.

1. Extremes of Income

By sitting on their growing investments, the  richest five Americans  made almost $7 billion each in  one  year. That's $3,500,000.00 per hour. The minimum wage for  tipped workers  is $2.13 per hour.

Our unregulated capitalist financial system allows a few well-positioned individuals to divert billions of dollars from the needs of society. If the 400 richest Americans lumped together their  investment profits  from last year, the total would pay  in-state tuition and fees  for  EVERY college student  in the United States.

2. Extremes of Wealth


The combined  net worth  of the world's 250 richest individuals is more than the total annual living expenses of  almost half the world  - three billion people.

Within our own borders the disparity is no less shocking. For every one dollar of assets owned by a  single black or Hispanic woman , a member of the Forbes 400 has over  forty million dollars . That's equivalent to a can of soup versus a mansion, a yacht, and a private jet. Most  of the Forbes 400 wealth has accrued from nonproductive capital gains. It's little wonder that with the exception of Russia, Ukraine, and Lebanon, the U.S. has the highest degree of  wealth inequality  in the world.

3. Extremes of Debt

Up until the 1970s U.S. households had virtually  no debt . Now the total is  $13 trillion , which averages out to $100,000 per American family.

Debt appears to be the only recourse for 21- to 35-year-olds, who have lost, on average, 68% of their median net worth  since 1984, leaving each of them about $4,000.

4. Extremes of Health Care

A butler in black vest and tie passed the atrium waterfall and entered the $2,400 suite, where the linens were provided by the high-end bedding designer Frette of Italy and the bathroom glimmered with polished marble. Inside a senior financial executive awaited his  'concierge' doctor  for private treatment.

He was waiting in the  penthouse suite  of the New York Presbyterian Hospital.

On the streets outside were some of the  26,000 Americans  who will die this year because they are without health care. In 2010,  50 million Americans  had no health insurance coverage.

5. Extremes of Justice

Next Page  1  |  2

 

www.UsAgainstGreed.org

Paul Buchheit is a college teacher, an active member of US Uncut Chicago, founder and developer of social justice and educational websites (UsAgainstGreed.org, PayUpNow.org, RappingHistory.org), and the editor and main author of " American Wars: Illusions and Realities " (Clarity Press). 


Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Extremist Cult of Capitalism

How the Super-Rich Are Abandoning America

Labor Day Without Jobs: Exposing the "Job Creator" Fraud

Ten Numbers the Rich Would Like Fudged

Man in Office

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
17 people are discussing this page, with 44 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

PsyWar. It's about 1 1/2 hours. Worth every minute... by intotheabyss on Monday, Jan 21, 2013 at 3:12:11 PM
 Hello,  What is the answer to the conte... by Ad Du on Monday, Jan 21, 2013 at 9:30:08 PM
As best as I can determine: -->"sclavagist" means ... by Dan Baron on Tuesday, Jan 22, 2013 at 1:39:34 AM
Sir,  When Andrew Wiles first announced his p... by Ad Du on Tuesday, Jan 22, 2013 at 5:54:30 PM
Wiles' first proof of Fermat's Last Theorem was in... by Dan Baron on Tuesday, Jan 22, 2013 at 6:18:35 PM
Perhaps I should note your sense of humor,  o... by Ad Du on Wednesday, Jan 23, 2013 at 8:57:28 PM
According to what I can find, "contestatari" is a ... by Dan Baron on Tuesday, Jan 22, 2013 at 7:12:08 PM
 Sir,  Yes, Italian and Spanish could (s... by Ad Du on Wednesday, Jan 23, 2013 at 9:16:59 PM
Ad, I think we have no disagreement.Dan... by Dan Baron on Wednesday, Jan 23, 2013 at 11:18:22 PM
much more than attempting to convince you (or othe... by Ad Du on Thursday, Jan 24, 2013 at 10:07:11 AM
(Just, my spontaneous opinion, not written in ston... by Dan Baron on Thursday, Jan 24, 2013 at 4:27:47 PM
"this video is unavailable"... by JoAnne VanDatta on Tuesday, Jan 22, 2013 at 1:35:25 PM
Sometimes YouTube takes things down after they've ... by intotheabyss on Tuesday, Jan 22, 2013 at 2:58:22 PM
Thanks for reply. Just moved and can't get satelli... by JoAnne VanDatta on Tuesday, Jan 22, 2013 at 3:27:22 PM
For some reason I can't access the video. Do you h... by JoAnne VanDatta on Tuesday, Jan 22, 2013 at 2:35:47 PM
 I suppose you did copy the whole link, not j... by Ad Du on Tuesday, Jan 22, 2013 at 6:03:09 PM
Got it! Thanks ever so much!... by JoAnne VanDatta on Tuesday, Jan 22, 2013 at 8:44:37 PM
If I was not corrupt to the core, I would write th... by Dan Baron on Monday, Jan 21, 2013 at 4:06:53 PM
___EXCELLENT Article___Actual wild militaro-indust... by jean labrek on Monday, Jan 21, 2013 at 6:31:30 PM
... this country! Well, when the most success... by Ad Du on Monday, Jan 21, 2013 at 8:21:31 PM
the other half of the equation that you ignore in ... by zon moy on Wednesday, Jan 23, 2013 at 11:06:29 AM
if you read again. I am just reporting. ... by Ad Du on Wednesday, Jan 23, 2013 at 8:48:29 PM
It has been a long time since capitalism has b... by Dryden Wonne on Tuesday, Jan 22, 2013 at 1:06:41 PM
The Communo-Socialist Headbobbing Club at OPN will... by Sister Begonia on Tuesday, Jan 22, 2013 at 2:36:14 PM
 Do you ever write about democratic impostor ... by Ad Du on Tuesday, Jan 22, 2013 at 6:33:50 PM
Anyone who doesn't understand the difference betwe... by Alan Pyeatt on Tuesday, Jan 22, 2013 at 1:26:40 PM
excellent comment.  Someone's been reading ec... by Derryl Hermanutz on Tuesday, Jan 22, 2013 at 7:59:51 PM
I'm glad you see the difference. : )... by Alan Pyeatt on Wednesday, Jan 23, 2013 at 2:14:39 PM
We have yet to identify, acknowledge, and reconcil... by JoAnne VanDatta on Tuesday, Jan 22, 2013 at 2:58:19 PM
All civilizations are based on false assumptions (... by Sir Dancelot on Tuesday, Jan 22, 2013 at 3:02:20 PM
We have yet to identify, acknowledge, and reconcil... by JoAnne VanDatta on Tuesday, Jan 22, 2013 at 3:11:47 PM
Glad you joined us.... by intotheabyss on Tuesday, Jan 22, 2013 at 6:42:16 PM
Have been trying to figure this out for a long tim... by JoAnne VanDatta on Tuesday, Jan 22, 2013 at 9:05:32 PM
I can remember when capitalism used to be a great ... by Matthew Peters on Tuesday, Jan 22, 2013 at 9:16:21 PM
It seems that some people think the only possible ... by Dan Baron on Wednesday, Jan 23, 2013 at 4:07:33 AM
Higher wages only translate into higher prices bec... by Richard Clark on Wednesday, Jan 23, 2013 at 11:30:07 AM
...should be changed up.  Break the monoply o... by Toby Seiler on Wednesday, Jan 23, 2013 at 12:11:51 PM
And, it would be even better if the author would n... by Paul Rye on Wednesday, Jan 23, 2013 at 1:17:31 PM
Well said. Let me suggest another descriptor as w... by Tom Huckin on Wednesday, Jan 23, 2013 at 2:02:29 PM
Kleptocracy?... by JoAnne VanDatta on Thursday, Jan 24, 2013 at 2:31:48 PM
to describe our system, fascism. We're not quite t... by Paul Rye on Wednesday, Jan 23, 2013 at 1:40:13 PM
You've made some really good points, reasonableper... by Alan Pyeatt on Wednesday, Jan 23, 2013 at 2:40:09 PM
but I've found most otherwise reasonable people ju... by Paul Rye on Wednesday, Jan 23, 2013 at 8:20:37 PM
I was just saying to someone I know, that, sooner ... by Dan Baron on Thursday, Jan 24, 2013 at 12:09:12 AM