Money is as pervasive as the air we breathe. It governs every aspect of our lives: where we work, where we live, how we live, how long we live. It consumes our thoughts, focuses our ambitions, colors our dreams, sparks our disputes, and stokes our anxieties. It’s here, there, and everywhere. No wonder it is […]
Tag: capitalism
HOW CAPITALISM IS LIKE A PONZI SCHEME
In the Ponzi and Madoff schemes, participants were promised a generous monetary return on their monetary investments. In the capitalist version, the investment is not money, but labor. As individuals invest their labor in the production and distribution of goods and services, they are paid wages that enable them to purchase and consume the goods […]
IT’S CAPITALISM, STUPID
The cause of the debt crisis is to be found in the essence of capitalism itself: competition, which – surprise! – produces losers as well as winners. The primary mechanism through which this contest is engaged is the corporation, which the US Supreme Court recently declared to be the legal equivalent of a person. Here […]
HOW DEBT SAVED CAPITALISM – TEMPORARILY
All this bad-mouthing of debt is downright ungrateful. The criticism of individuals and governments who can’t seem to live within their means ignores the fact that if they had not gone into debt the economy would have ground to a halt a long time ago. It’s debt that keeps the capitalist Ponzi scheme going. As […]