The following excerpt from a excellent Guardian article on wealth distribution is the best description I have seen of the English “royal” family and their cronies...and one that applies to a growing number of Americans.
“...an unassailable rent-seeking class, deploying its inherited money to finance the seizure of other people's wealth.”
Despite what Republicans claim, people do not want handouts/socialism: they want fairness. Instead, they get the following:
“Equal opportunity, self-creation, heroic individualism: these are the myths that predatory capitalism requires for its political survival. Romnesia permits the ultra-rich both to deny the role of other people in the creation of their own wealth and to deny help to those less fortunate than themselves.”
I had heard the phrase “For-Profit” schools, but had not given this any thought. After their being featured in Doonesbury, I have discovered their evil nature.
When I couple this with the raging battle to reduce government spending, I recognize--once again--what is wrong with the American system. The “American Dream” is to get rich, and this illusion is used to make a few very rich at the expense of many.
No Republican politician (and perhaps a Democrat or two) will ever cut government spending that flows into the pockets of their ilk.
_ Because I scan several English language publications, I keep running across articles lamenting/criticizing the “German economic miracle”. Most writers, commentators, and politician do not understand this “phenomena”, especially those that hate to admit any form of German superiority (which suggests/confirms their own inferiority). These are the same countries that allowed their own industries/companies to ship jobs overseas to make greater profits to the detriment of their citizens/own economy.
What people fail to notice is that Germany companies suffer from some of the highest costs for labor in the world (wages, benefits, long vacations, etc.), yet still manage to do well. They continue to invest in plant and equipment, rather than extracting vast sums for owners. Managers earn decent salaries and bonuses, but are not paid outrageous sums for mediocre performance and raping of the economy. Perhaps, it helps that Germany never had colonies to plunder (unlike England or Spain, for example) and were forced to be ingenious, thrifty, and industrious. Those values are paying off, whereas other capitalist countries are suffering for the sins of their fathers and greedy company owners.
It’s easy to criticize other’s success, rather than to analyze one’s own failings. As always, the little guy suffers at the hands of politicians and the wealthy...
Another strange thought today: it must be the weather, which is usually November cold, grey, and damp stuff.
Driving past an automobile dealership (BMW), I noticed how full the lot was with new and used cars. There are not enough buyers on this planet to take the number of cars that someone somewhere is hoping to sell. I thought again about how economics is such a game. Those cars are carried as value on someone’s books, which are credited to the country’s economy. Also, factories of all industrial branches around the world put out goods each day, with no hope of anyone buying them.
That was not my strange thought (even if some might think that strange.) I thought about how few clothes I had as a teenager and how many I have now. At a time when I needed to impress peers, I had so little. Now, I don’t need to impress anyone and have more than I can ever use. Life is not fair...
Speaking of the Chinese....
I’m not sure if I actually read the following headline or dreamed it.
It read: How To Destroy China.
Since it appeared in what looked like the Wall Street Journal, which I do not read, it must have been in a dream...the remainder of which I do not recall. Some shrink can interpret this, but it must have resulted from reading so much about the Chinese economy, the demise of the US economy, and European financial woes (which some hope the Chinese will solve). I won't even get into the bit about the Soong Family...
Regardless of the reasons for the dream, I know the answer. China’s economy can be destroyed by moving manufacturing to other countries of all the goods sold in the West. China’s current success and wealth derived from luring US and most of European production of consumer goods to its factories. Walmart, Nike, Apple, etc. would not be so wealthy without this. Money was shoveled from the US through China into the pockets of the Walton family, Phil Knight, and many others.
Of course, it will take some time to have the desired effect, because many Chinese industries are now feeding a burgeoning domestic market. At some point, owners will do the same as American and European capitalists did and move production to low-wage countries. Then the desired effect touted in the above headline will be achieved—not by anything we do, but by the Chinese following the lead of the West. By then, the US will have declined into true class warfare; Europe will continue to bail out Greece; and....
Isn’t economics fun?
In The New Yorker, the always-intelligent Amy Davidson provides some rational thought on an irrational subject, which should be rational, if only stupid, self-serving politicians and greedy bankers and executives were not at work.