Billionaire Ray Dalio: Capitalism basically is not working for the majority of people

[StoneByStone]

Except wealth isn't too centralized, although what you are advocating for is centralizing all wealth in the hands of the government which would undercut your entire position if that is your objection. Money and wealth are not the same thing. People being able to afford their own homes is wealth. People being provided a home by the government is not.

Wealth is definitely too centralized.
https://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States

No, I'm advocating for the government to redistribute money, not just take it and hold on to it. If we have universal health care and guaranteed income, then obviously the government wouldn't be able to just keep the month they make from taxing the rich.

 

[Nordberg]

Wealth is definitely too centralized.
https://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States

No, I'm advocating for the government to redistribute money, not just take it and hold on to it. If we have universal health care and guaranteed income, then obviously the government wouldn't be able to just keep the month they make from taxing the rich.

Any tax bill is redistribution. Trump sent the money to the top. Want universal care, using the VA money is s big financial step. With universal healthcare, the vets could go to any doctor for free care. That VA money would be a huge financial step. Medicare money would go into the pot too.

 

[Irish Exit]

Wealth is definitely too centralized.
https://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States

No, I'm advocating for the government to redistribute money, not just take it and hold on to it. If we have universal health care and guaranteed income, then obviously the government wouldn't be able to just keep the month they make from taxing the rich.

Wealth isn't money. I don't know why you cannot grasp that in order for Bezos to be worth $140B someone else would have to have $140B to give him. Otherwise he is worth significantly less. You can take his stock and he is broke but that does not give you $140B to distribute. Seize his assets and sell it off and you will find that you net a hell of a lot less money than you think. Why buy it since the government will just take it away yet again.

 

[Nordberg]

Wealth isn't money. I don't know why you cannot grasp that in order for Bezos to be worth $140B someone else would have to have $140B to give him. Otherwise he is worth significantly less. You can take his stock and he is broke but that does not give you $140B to distribute. Seize his assets and sell it off and you will find that you net a hell of a lot less money than you think. Why buy it since the government will just take it away yet again.

Try again, that makes no sense. here is the explanation of excess wealth and the potential problems by Teddy Roosevelt.https://www.minnpost.com/eric-black...evelts-attack-excessive-concentration-wealth/ He istituted the estate tax due to excessive wealth and the toll it could cause in America.

 

[kudzu]

With just over $18 billion to his name, capitalism has been good to Ray Dalio: He started his hedge fund, Bridgewater Associates, out of a two-bedroom New York City apartment in 1975 and it now manages $160 billion in assets and is the largest hedge fund in the world, according to Forbes.

Quite literally, Dalio has built a fortune thanks to capitalism. But he's also keenly aware that it is a deeply flawed system.

"Capitalism basically is not working for the majority of people. That's just the reality," Dalio said at the 2018 Summit conference in Los Angeles in November. Monday, Dalio tweeted a video of his Summit talk.

Really enjoyed @Summit LA last fall and the great crowd there. If you're interested, you can watch my full talk here
Dalio made the comment about capitalism during a discussion about wealth inequality.

"Today, the top one-tenth of 1 percent of the population's net worth is equal to the bottom 90 percent combined. In other words, a big giant wealth gap. That was the same — last time that happened was the late '30s," Dalio said. (Indeed, research from Emmanuel Saez and Gabriel Zucman of the National Bureau of Economic Research of wealth inequality throughout the 20th century, covered by The Guardian, bears this out.)

Further, 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."

And Dalio says the income gap will only get worse.

"We're in a situation when the economy is at a peak, we still have this very big tension. That's where we are today," he said in November. "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."

In fact, Dalio said that the President of the United States should declare the current wealth gap a national emergency.

"If I was doing it, I think that you have to call that a national emergency," said Dalio. Then, reasoned Dalio, the President could "[take] responsibility for changing those metrics. I think there's a lot that can be done in private-public partnerships and so on to be able to change it, but I fear that that probably will not be done by the next time we have a downturn, and I fear for what that conflict is going to be like that."

Dalio is not the only billionaire to speak out about the problems with modern capitalism.

Berkshire Hathaway CEO Warren Buffett, who is worth $81 billion according to Forbes, has said the problem with the economy is the extreme wealth of people like him.

continued

 

[kudzu]

"The real problem, in my view, is — this has been — the prosperity has been unbelievable for the extremely rich people," Warren Buffett, who is currently worth $81 billion, told PBS Newshour in June 2017. "This has been a prosperity that's been disproportionately rewarding to the people on top."

The evolving economy "doesn't benefit the steelworker maybe in Ohio," Buffett said on Newshour. "And that's the problem that has to be addressed, because when you have something that's good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of."

That's not what's currently happening according to the billionaires, and it worries Dalio.

"I'm concerned because we're not working together around our common principles," Dalio said in a Summit follow-up interview, published on Jan. 8. "The amount of tolerance there is for the differences, the amount of empathy, the desire to work it out and find the common solutions, is diminished."

 

[iolo]

what country that is successful is a non capitalist nation?


your ideas has never produced a nation that works for ANYONE but dictators

Every attempt to establish socialism has been squashed within months by capitalist murder gangs, or turned into state socialism. Don't listen to propaganda, Evince: you've got more sense.

 

[evince]

Every attempt to establish socialism has been squashed within months by capitalist murder gangs, or turned into state socialism. Don't listen to propaganda, Evince: you've got more sense.

my friend,

socialism is the best form of government ON PAPER


capitalism fettered by the PEOPLE in a democratic powered nation who are not afraid to use EVERY tool the founders found useful ( which includes socialistic elements)

that is what HAS worked in practice


the only reason America is stumbling is that we did not KILL the election cheating of the republican party


since FDR the republican party has found that they have to lie to the people about their aims.


That is why they southern strategy was developed


they have increasingly thwarted democracy in every way they could to glean power



they have also increasingly lifted on high their members WILLING to cheat, lie and steal democracy from the people


they have been running a political factory which increasingly promoted the most evil of their own until the logical outcome is the evil of trump and their party selling out to the Russians



we are about to end that


This beautiful nation of mine is about to Prove how brilliant our founders were



This progressive and liberal nation is about to be unleashed



Democracy is the answer


capitalism with the correct sized harness and muzzle on it crafted by the people (not just the CEOs)

We will be walking this beautiful animal once again



pure socialism has never in the history of mankind worked

Pure democracy has never in the history of mankind worked

unfettered capitalism has never in the history of mankind worked

the founders designed a hybrid


that hybrid has worked


we just had evil men who have been allowed to thwart it


All because we ignored election cheating


NEVER AGAIN

 

[iolo]

Socialism is not a form of government but control by the whole of the working class - the vast majority - working long enough (a couple of hours a day perhaps) to provide for all human needs, so that we can get on with living.