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
15 comments

OpEdNews Op Eds

Why Save Capitalism?

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

View Ratings | Rate It

Headlined to H3 9/20/08
Become a Fan
  (4 fans)

opednews.com

Most Americans are surprised at the collapse of capitalism.   I'm surprised it took so long.

I was brought up with 19th century beliefs, and Depression era values.   My parents suffered greatly as children in the Depression.   They expected another depression at any time, and passed that along to us children.

I was taught that capitalism couldn't work, because it relied on profits to continue, and that there would always come a time when profits would decrease, since the workers weren't paid the full value of their labor, and so were unable to buy enough back to keep profits coming to the capitalists.   

But the genius of capitalism that we keep hearing about has kept it going for a century more than expected by 19th century dreamers.   Two world wars and the great depression destroyed a lot of productive capacity, and the rebuilding after those disasters made it seem as if capitalism was booming.  All you have to do is disregard the human misery caused by these tragedies, and it appears that all was well.

The military-industrial complex created much "value" that didn't have to be bought back by the producers and brought foreign dollars eager to buy the weapons of mass destruction that Americans produced.  And the cheap labor and materials that America's military power provided the homeland made US worker's wages go farther.

Cheap foreign labor and endless credit seemed to work.  Even though people have been warning that this can't last, it certainly seemed to go on long past the time it should have collapsed.   Here's a warning from TWO years ago that it was all about to blow!

 Now we're being told that the whole problem is greedy Americans who wanted to buy houses they couldn't afford.   No, that's not the problem. 

The problem is that Americans were given loans that were then packaged and resold again and again.   Obviously, a loan for, say, $500,000, which is resold to speculators until it is "worth" $5,000,000 isn't really worth $5,000,000, because even if the loan resets at a higher rate, the homeowner can't pay that much money.  Especially because half of working Americans make less than $40,000 a year.  But the world economy has been propped up by this creation of "wealth" for the last 8 years, at least.

Back to basics.  How can a people who make less than $40,000/year support the world's economy?  No matter how little the Chinese workers make, at some point America can't buy their products.

And how can Americans who can't pay their mortgages pay enough taxes to buy out AIG, Fannie Mae, Freddie Mac, etc, etc, etc?   The personal debt of Americans used to equal to the public debt (until last week).   

These government buyouts are pretending that people who can't pay their credit card bills or their mortgages can now pay all that, plus interest and million dollar salaries to the CEOs, to boot.

So will capitalism finally collapse?   And what will replace it?

I vote for cooperative sustainable peaceful relations among the people of this planet.  I vote for production for use, not profit and a system that lives lightly on earth, instead of exploiting and polluting it.  Our home planet, our only planet.

The alternative is mass misery, possible accompanied by war and/or famine, and a continued destruction of our ecosystem.

It seems like an easy choice.   Oh, wait.  There's no election that let's us decide.

 

wagelaborer.blogspot.com

My main interests are in promoting a better world. As they say, it is possible. If we can feed, clothe and house people with fiat currency, we can do it without it. I am appalled at the carnage done in my name, and I want to stop it.
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)

Free Market Medicine - Forbidden Thoughts

Why Save Capitalism?

I Forgive You, Dennis

"I Don't Care About the Facts"

Health in America

A Modest Prediction

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  
8 people are discussing this page, with 15 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

I think you are giving capitalism a bad wrap for a... by Dwight Black on Saturday, Sep 20, 2008 at 7:34:00 PM
Have you ever watched this little 20-minute video?... by Mark E. Smith on Sunday, Sep 21, 2008 at 4:36:31 AM
It should have said.....the workers reopened them ... by Mark E. Smith on Sunday, Sep 21, 2008 at 4:52:45 AM
There is nothing on earth like the minimum percent... by Dwight Black on Sunday, Sep 21, 2008 at 7:49:10 AM
Whenever there's bosses there's misappropr... by Mr M on Sunday, Sep 21, 2008 at 10:47:19 AM
Actually what I was saying is that in nature, ther... by Dwight Black on Sunday, Sep 21, 2008 at 4:01:34 PM
Wage reform: Part 1- The Difference between you an... by Dwight Black on Sunday, Sep 21, 2008 at 7:50:35 AM
We have never had capitalism except as a fairy tal... by John Hanks on Sunday, Sep 21, 2008 at 9:35:35 AM
I didn't argue that a certain minority of peop... by wagelaborer on Sunday, Sep 21, 2008 at 10:10:46 AM
The people in power are no longer held accountable... by Nfamous on Sunday, Sep 21, 2008 at 10:38:04 AM
Eugenics... by Mr M on Sunday, Sep 21, 2008 at 10:57:11 AM
There is a difference between population control a... by wagelaborer on Sunday, Sep 21, 2008 at 1:00:46 PM
except in China where people are only allowed to h... by Ty on Sunday, Sep 21, 2008 at 3:36:02 PM
That's population control.... by wagelaborer on Sunday, Sep 21, 2008 at 3:47:39 PM
A rewording of what Marx quipped about rampant unc... by nightgaunt on Sunday, Sep 21, 2008 at 1:41:10 PM