Bitcoin Forum

 Today, capitalism is blamed for our current disastrous economic and financial situation and a history of incessant booms and busts. Support for capitalism is eroding worldwide. In a recent global poll, 25 percent (up 2 percent from 2009) of respondents viewed free enterprise as “fatally flawed and needs to be replaced.” The number of Spaniards who hold this view increased from 29 percent in 2009 to 42 percent, the highest amongst those polled. In Indonesia, the percentage went from 17 percent to 32 percent.

Most, if not all, booms and busts originate with excess credit creation from the financial sector. These respondents, incorrectly, assume that this financial system structured on fractural reserve banking is an integral part of capitalism. It isn’t. It is fraud and a violation of property rights, and should be treated as such....
http://mises.org/daily/6834/Confusing-Capitalism-with-Fractional-Reserve-Banking

Do you think "capitalism" is to blame for many of the world's problems?
Do you know what real Capitalism is?

I wonder what people would think about capitalism if it wasn't because governments decide what is taught in the schools (at least in Spain).

http://s1.postimg.org/3n4b7j1u7/10358149_10154580964350515_4452899426036126493_n.jpg

Capitalism is just one system among many for society to organize itself. The people have chosen the system.

The bailout of cooperate America has nothing to do with capitalism. It is socialism at work.

Capitalism and socialism are both huge red herrings. It is important to note that many, such as the above poster, have no idea what socialism is, considering that they think "corporate bailouts" = "socialism." ::)

I live in the Puna area of Hawaii where a lot of people rail about how bad capitalism is. Yet none of these people that are against capitalism seem to understand any of the funadamentals of capitalism. They all have capitalism mixed up with corporatism, socialism, fascism, ect.

At a minimum, capitalism requires:

1) Strong Property Rights

2) Sound Money

Bitcoin will help with both of these. As an asset, it is a form of property that can be easily hidden. You can now accumulate wealth without the fear of garnishments or government confiscation. As money, it won't keep losing it's value over the years.

Bitcoin will form a new foundation for capitalism.

People sometimes confuse 'crony capitalism' with capitalism.
Corruption and crony capitalism are to be blamed for a lot of problems in the developing world.

It's socialism in the sense that there's a distribution of resources, from those that are productive and made good decisions to those that made mistakes.

Bail-ins are a distribution of resources from taxpayers to shareholders and bondholders.
Socialism would be for the state to take over the failed companies.

An highly insightful elaboration into the benefits of capitalism and its correlation to bitcoin. In addition, the major problems hindering the functions of a capitalist economy is greed,self center natures,and the desire for power forever by the rich and mighty in countries where capitalism reigns.

Capitalism = have money and create more money out of said money easily. If poor, you are fucked unless genius.

To make more money you need to make good investments and risk what you have previously have gained by selling goods and services. Just take a look at an old Forbes list, and you'll see you don't even know many of those that appear.

Capitalism or Communism I see both things have their own good and flaws as well.Either way sabotages common people at the end

This is not true. Capitalism will reward people for working hard and coming up with ideas to make money, and implementing those ideas. If you have a lot of money and piss it away, you will not be able to make more money out of nothing.

What's wrong with capitalism? Capitalism means voluntary exchange, and therefore exchanges were every part considers that is winning.

Well, the third world immigrant was destined for life long poverty if not for capitalism. So you definitely can't say that everybody is worse off. :)

This is so true:
I had teachers in high school who blamed "free market excess" for issues in the early 20th century, but America definitely didn't have free markets then, it was dominated by powerful industrialists who used the Gov't to dramatically increase their wealth and power.

Can you specifically name at least one or two of those countries?

The reason these countries are generally poor and their citizens have a low standard of living is because of the fact that these countries do not have any national resources or goods they can export to other countries. This means they are unable to receive money that can be used to purchase things from abroad. It doesn't have anything to do with capitalism.

India isnt poor its a BRIC.  You might be thinking of Bangladesh or Pakistan

Are you saying they don't have natural resources?  Because I think that is just a silly statement and I'd love to see some evidence that would back that statement out.  I think what you mean is they don't have the means to know or extract the resources they have, yes?

You are free to leave that job. But you aren't free of, for example, paying taxes to the government.

FRB is useless if no one has the need to borrow money, which is the case now. Banks must create super temptation for people to borrow money, like owning a house

Assuming you are in the US, there are numerous restrictions on the legal hiring of foreign workers. In fact, these restrictions are fairly stringent and impose a significant burden on employers. If you are talking about illegal immigrants, then if you work at a workplace where these are hired, you are free to report your employer to the authorities, as they are breaking the law by hiring illegals.

As for the point about both parents having to work... that is an inevitable result of women joining the workforce. Houses cost as much as people are willing to pay for them. If a family has more income, they'll compete with other families to buy the nicest house in the best location. Two incomes means more money to spend on that house. The transition from single income to dual income families is what has fueled the meteoric growth in housing prices over the last several decades.

Wherever you find convenient. You are free.


Employees get their discounted marginal value product in the unhampered market. If governments intervene, they get less (or become unemployment), because of taxes.

The cap on visas is a way the US keeps foreign workers out. All this talk about free trade is a farce. In a true globalized economy, there should be unrestricted movement of labour as well as capital.

BRIC is a marketing jargon for the wall street to sell all the ipo garbage originated from these countries.

You need to visit those countries to really know the level of development they are in. Basic infrastructure such as water, electricity and sewage. If they don't have these basic services running without downtime, how develop do you think the country is?

Countries have always restricted the movement of labor and will continue to do so. This is how countries can protect themselves from a defacto invasion

That's false. Wasn't enacted in the UK in any serious manner until 1914. Previously, if I wanted to freely work anywhere in the world, I could.

It was a NATO resolution that makes it illegal in international law to be without state (ie to hold no passport) in the 20th century.

A passport is a proof of 'citizenship' and it is a cattle brand to prove which government owns you, it is a choker collar around your neck.

You are paid your discounted marginal value product. If your marginal value product, what you produce, is worth $1000, and the pure interest rate is 5%, you'll get $952. If someone is offering less, go to another employer. All that is in the unhampered free market. Once the government intervenes, you get much less, because of taxes. But then you have to blame the government, not employers.


That's false. You are paid just a bit less than what you produce. If that's not true is because of government interventionism.

Yup UN, my mistake thx. I assert that it was not required not because of labour mobility, which was a non issue, but it became an issue with the introduction of a personal income tax which began at the same time.

As you start to tax the production of people, milk the cows, you need a way to fence them in and make sure people don't steal your cows. So you brand them with citizenship and fence them with control of the flow of labour.

Wow! You want to kill the wealthy? What the fuck?! A libertarian by definition can not take anything from anyone mate. Everything he has is freely traded.

Oh, the revolution you want is called a communist revolution.

+1000

If you don't like your job then work elsewhere, if you don't like your options then start your own business and offer your employees a better deal while working however you want...

This is not true. If you were to make $1,000 for the company you work for, the company will need to invest in both you and in equipment to help you make money for the company. Most workers do not know company specific processes and procedures that must be followed, so they are trained when they enter into a new position at a company, workers will almost always earn their normal wage during this training period. The company will also need to pay for the equipment that you use as part of your job, for example a computer or other machine that you use.

Another thing to remember is that most companies will provide some kind of paid time off (vacation and sick time) - two weeks off per year is generally the lowest this will ever be. Two weeks paid off per year works to almost 4% of the time you will be paid for, and this would eat up the majority of your "5%" discount rate.

These guys talk as if unemployment or outsourcing doesn't exist

The same kind of calculation applies to the rest of factors of production. So with a 5% interest rate the company will pay a rent of $952 per month for a machine, or local, that they consider that will generate products that will be sold for $1000 in 1 year.

Lol. The best pic about anti-capitalistic flame.

LOL smile  // Rebirth of a worthwhile old topic.

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Original Primary Questions

Do you think "capitalism" is to blame for many of the world's problems?
Do you know what real Capitalism is?