Billionaire Ray Dalio: Capitalism basically is not working for the majority of people
- Thread starter StoneByStone
- Start date
Irish Exit
Verified User
It is consumerism not capitalism that is the problem. Instead of maximizing their wealth, people maximize their things. To get the most things for a buck, they use the internet to look for the cheapest price on these things which then feeds into a whole spiraling situation regarding velocity and pooling.
StoneByStone
It's OK to Be White
Capitalism can't ever be properly fettered because it's nature leads to a situation where the people making the rules are the super rich.
StoneByStone
It's OK to Be White
People have to look for the cheapest price because Capitalism creates a society where most people don't have enough disposable income.
Irish Exit
Verified User
People don't have enough disposable income because cheapskate people want to cut everybody's throat to save themselves a nickel.
PoliTalker
Diversity Makes Greatness
Hello StoneByStone,
I presume he obviously can see that while he was able to get very rich by basically juggling numbers, and that many others worked very hard to do hands-on productive contributions to society and are left with very little, that capitalism is really not structured very well to reward the things that make society function.
From the OP link:
"Dalio points to a survey by the Federal Reserve showing that 40 percent of adults can't come up with $400 in the case of an emergency. "It gives you an idea of what the polarity is," Dalio said. "That's a real world. That's an issue."
...
"We're in a situation where, if you have a downturn, and we will have a downturn, I believe that — I worry that that polarity will become greater."
...
"Dalio said that the President of the United States should declare the current wealth gap a national emergency."
He's right.
I presume he obviously can see that while he was able to get very rich by basically juggling numbers, and that many others worked very hard to do hands-on productive contributions to society and are left with very little, that capitalism is really not structured very well to reward the things that make society function.
From the OP link:
"Dalio points to a survey by the Federal Reserve showing that 40 percent of adults can't come up with $400 in the case of an emergency. "It gives you an idea of what the polarity is," Dalio said. "That's a real world. That's an issue."
...
"We're in a situation where, if you have a downturn, and we will have a downturn, I believe that — I worry that that polarity will become greater."
...
"Dalio said that the President of the United States should declare the current wealth gap a national emergency."
He's right.
StoneByStone
It's OK to Be White
That's what happens when you have an economic system like Capitalism. Life becomes all about making money to survive for 99% of the population.
PoliTalker
Diversity Makes Greatness
Oh, we can still have capitalism, but it needs to be heavily regulated by government, and mixed with the proper amount of socialism.
Now THERE'S a recipe for a great economy that Promotes the General Welfare.
Yet extreme poverty continues to decline, life-spans continue to grow bigger, and the quality of everyone's lives continues to get better.
StoneByStone
It's OK to Be White
Yeah, that's the problem with a society based on what makes profit. Some very essential jobs don't pay well. In addition to that, sometimes the most profitable actions are ones that harm other people.
And there are also issues like Capitalism leading to an unbalanced playing field, creating a stagnant economy due to wealth being concentrated, the 1% being too powerful, and on and on.
Irish Exit
Verified User
It is no different under socialism. You have to pay outrageous taxes in most of the places and don't really own anything like your house. When 10,000 people buy 10,000 book from amazon, a bookstore somewhere dried up which gave 5-10 people pink slips which then created 5-10 people who would work for less just to have a job than 5 or 10 people who otherwise would have taken the job at 105% of the wage, rinse, repeat, rinse, repeat.
StoneByStone
It's OK to Be White
The overall living standards are improving everywhere. We could look at North Korea and say things have gotten better there, dictatorships must be great.
To know what works, we need to compare countries, and examine individual issues. I would say that America's living standards would grow faster with Liberal Socialism.
PoliTalker
Diversity Makes Greatness
Howdy Heff,
Socialism built that. You really think poverty would be on the decline without the government safety net?
Socialism built that. You really think poverty would be on the decline without the government safety net?
The wealth gap is worse now than during the Gilded Age. It is accomplished through tax breaks and laws that permit them to cheat. Holding the min. wage down for so long added to the problem. The wealthy used their money and power to continuously erode the structures that kept America from being a klepocracy. Nothing wong with capitalism that a lot of serious regiulation and laws cannot fix.
A dictatorship isn't an economic system. North Korea's economic system is socialism. Now compare that to South Korea and their living standards.
That's just not true.
Irish Exit
Verified User
The irony here you are bouncing off a guy who also thinks America will be fucked in two years because the government cannot cover pension and health insurance costs and will no longer be able to move bonds
StoneByStone
It's OK to Be White
You don't own your house in America either because of property taxes.
The fact that people are willing to work for less drives down wages. Even Bernie Sanders used to oppose mass third world immigration for this reason.
evince
Truthmatters
you have no faith in this nations beautiful government huh