ARROYO GRANDE, Calif. (MarketWatch) -- Jack Bogle published "The Battle for the Soul of Capitalism" four years ago. The battle's over. The sequel should be titled: "Capitalism Died a Lost Soul." Worse, we've lost "America's Soul." And worldwide the consequences will be catastrophic.
That's why a man like Hong Kong's 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.
OK, deny it. But I'll bet you have a nagging feeling maybe he's right, the end may be near. I have for a long time: I wrote a column back in 1997: "Battling for the Soul of Wall Street." My interest in "The Soul" -- what Jung called the "collective unconscious" -- dates back to my Ph.D. dissertation: "Modern Man in Search of His Soul," a title borrowed from Jung's 1933 book, "Modern Man in Search of a Soul." This battle has been on my mind since my days at Morgan Stanley 30 years ago, witnessing the decline.
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Poverty in America Worse than First Believed: Over 47 Million
Revised formula puts 1 in 6 Americans in poverty
WASHINGTON – The level of poverty in America is even worse than first believed.
A revised formula for calculating medical costs and geographic variations show that approximately 47.4 million Americans last year lived in poverty, 7 million more than the government's official figure.
The disparity occurs because of differing formulas the Census Bureau and the National Academy of Science use for calculating the poverty rate. The NAS formula shows the poverty rate to be at 15.8 percent, or nearly 1 in 6 Americans, according to calculations released this week. That's higher than the 13.2 percent, or 39.8 million, figure made available recently under the original government formula.
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And this is a hard reality for some to accept, even those who think they are so informed. It isn't the elites crashing it all down on our heads. We all helped create this monstrosity of a system, one that is simply unsustainable. Perhaps in the ashes something better and more equitable will arise somewhere down the line (without corrupt world leaders and environment degrading machinations).
ReplyDelete8:32 is a perfect example of privatizing the gains and socializing the losses, albeit 'intellectually'.
ReplyDeleteI beg to differ. It is the elites crashing it all down on our heads. They raped, pillaged and burned the entire economic system of the world. Show me an elite that is hurting economically. No dice. Hell, even the elites of German government get a special H1N1 vaccine devoid of Thimiseral and Squalene. Isn't that special.
I used to buy into the Its Our Fault reasoning but that is not the case. It was all carefully crafted manipulation from day one.
ReplyDelete"8:32 is a perfect example of privatizing the gains and socializing the losses, albeit 'intellectually'."
ReplyDeleteThat makes no sense. Please explain.
"I beg to differ. It is the elites crashing it all down on our heads."
Of course your response was totally expected.
"They raped, pillaged and burned the entire economic system of the world."
Fair enough that they raped and pillaged US. But the system was simply unsustainable anyway.
" Show me an elite that is hurting economically. No dice."
There are actually plenty of examples of bankers, CEO's and even politicians who got the wrong end of the stick of the now depression.
"Hell, even the elites of German government get a special H1N1 vaccine devoid of Thimiseral and Squalene. Isn't that special."
I doubt it.
"I used to buy into the Its Our Fault reasoning but that is not the case. It was all carefully crafted manipulation from day one."
ReplyDeleteThere is no day one
1:35 has a beautiful sub basement intellect with no windows for rent, cheap.
ReplyDelete1:35 also offers no examples or evidence. For instance he says there are elites that are hurting also / gotta laugh / but can site not one example. Yes, I am sure the elites are hurting badly. The Rothschilds don't know what to do with their wealth in the hundreds of trillions. Poor guys.
ReplyDeleteA REAL free market economy and Constitution Republic is sustainable all right. We just couldn't keep one once the banksters were handed the country in 1913. Bring back Andrew Jackson!
It is not the elite banksters that are killing us!!! Yeah. Right.
Only 1 in 6 poor? How do we define poor? One who lives lavishly while deep in debt? Or one who lives a simple life without any debt?
ReplyDeleteYou moron...look at all the banks failing. That is an obvious exmaple of multiple individuals taking a hit, you dingbat. Take a look at the formerly rich who have lost a lot in savings all around you. And some of the CEO's who have offed themselves as a result. You could say oh THEY are not the elite. But by the same token you probably cant even name the elite personally. Because of course they are secretly behind every political puppet, never seen, yet you and yes only you know they exist. Sorry but your logic is immature.
ReplyDeleteAnd to the a-hole who compares intellects to basements for no obvious reason other than the fact that he cant pull the trigger in an intellectual discourse himself, you have my pity. It must suck to want to debate but approaching the exchange with no real ammo you feel helpless and shell out empty would-be insults if they weren't so fitting for your ownself.
Next.
It's fine to spot a conspiracy, but to spot one in every damn thing is not only a grave mistake, but idiotic.
ReplyDeleteFor anyone who can't see the inherent problems in this system, you are completely blind, uninformed, and in a nutshell willfully ignorant.
ReplyDelete