I think Ron Paul would agree with me that the Fed has been doing a pretty good job of destroying the dollar all by itself. Bitcoin could be a watershed however.
Big business still likes many Republicans, don’t worry. But Dorfman is right, big business sees real opportunity in partnering with big government and is increasingly doing so. You know like in 1920s Italy.
The pension system for government workers is out of control all across America. Public employees retire on average earlier than private workers and have pensions (remember those?) that pay out at levels the taxpayers can’t sustain. These pensions are for people who for the most part can never be fired and who on average make more than private sector workers doing similar work. Yet as the economic tide goes out and as things become ever tighter, these workers insist that they must be paid by the taxpayers at exorbitant levels–for the rest of their lives.
Recently I wrote a piece entitled Boycott Back Friday. Generally it was well received. Being fans of capitalism and the voluntary exchange of goods and services we made the point that it was entirely reasonable to opt out of the buying frenzy from a pro-market perspective. To value time (time is money) with one’s family and more than standing in line to buy things is the very essence of what a free market is all about.
We’ve written about this in the past. The most important industry in the USA, also the least regulated (go figure) is tech. Technology companies thrive on innovation and beating each other to market. Historically tech, based on the other side of the country from Washington DC, has been a fairly free market. There is a reason why the price of computing comes down every single month and the quality goes up. The power the average person holds in his or her hand when they glance down at their iPhone is well beyond what a computer the size of a city block could do a generation ago. This is because of a relatively free market and very limited government influence.
I recently wrote that I thought all the NSA spying and “partnering” with US tech companies could impact the economy negatively. If businesses which buy from US tech companies can’t count on confidentiality many times those businesses simply won’t do business. With all the big US tech firms tied in with the NSA in one way or another why would any foreign companies ever choose to use an American operating system, or tablet, or PC, or whatever?
The New York Times reports that JP Morgan hired the sons and daughters of high level Chinese officials in order to buy access and to generally curry favor in the land of the Red Dragon.
I just can’t believe it. There’s shadiness, outright corruption in the Chinese banking system?
The establishment GOP is digging in its heels. McCain, McConnell, Boehner, and company are clinging to power. They thought they had a win when the shutdown ended. But guess what? More and more people, and not just small government people, now think the shutdown was at least to some degree warranted given the historic disaster that is Obamacare. What a difference 3 weeks makes.
In the wake of the 2008 crash we have seen a number of truly innovative business models emerge. Some truly revolutionary, such as Airbnb, Uber, and Kickstarter and some more evolutionary such as Spotify, Pintrest, and Tumblr. All of them are changing business and the lives we lead. For the many things going wrong in the world today, one must take heart in the innovation which continues to bubble up from deep inside the human spirit.
Crony capitalism is a worldwide phenomenon, and in South Africa there apparently is quite a lot of it.