Korean Job Discussion Forums

[Kimbop]

The worst aspect of capitalism is that it allows Michael Moore to have a voice. And live in Manhattan. And earn $30,000 to give a speech.

"Capitalism is evil," says new Michael Moore film:

http://www.reuters.com/article/lifestyleMolt/idUSTRE5850F320090906

Maybe corporate fascism. But capitalism/freedom/competition? This is just nature. Stephen Colbert once comicly said that reality is liberal. He was wrong. Reality is survival of the fittest. Reality is that the indiviual MUST study and develop skills. Reality is that uneducated unprepared people should keep their legs closed. Michal Moore promotes the opposite of these. And he makes a ton of money doing it.

[Rusty Shackleford]

[visitorq]

As far as I know, MM has never brought up the seminal problem that is the Federal Reserve system. I don't think he's ever even heard of it. This is why his arguments are basically superficial and offer no real solutions.

As long as the Fed exists, true free-market capitalism (the kind that gives equal opportunity for all) is impossible. It hasn't existed since the Fed was created (and the American government has basically been bankrupt since then).

With the Fed, there is no capital. There is only debt. Debt is the end all be all of our system, which is really the antithesis of what capitalism should be, and what America wants to be. "Capital" is supposed to represent value, and should be allowed to accumulate. In the US, this is impossible, since the Fed creates every single dollar as fiat money debt and attaches interest. The only way to keep it running is to pump up the debt ad infinitum, and any attempts to reduce or halt it (by raising interest rates), just leads to a recession and causes unnecessary hardship for most people.

People like MM can blame corporations all they want (he is famous for his denunciations of GM), but it's really the banking cartel, which owns and collects interest on nothing through the Fed, that is the problem. The government sanctioned, legalized fraud that they enjoy is what is causing all our problems now. Abolish the Fed, and everything will improve.

[gakduki]

[Fox]

[mises]

[visitorq]

[bacasper]

The worst, or perhaps best, aspect of free speech is that it allows people to freely engage in gratuitous ad hominem attacks.

Capitalism, or at least the phony capitalism as it is being applied and practiced today, is evil.

In its unending quest for ever-increasing profits for the captains of capital at the top, entire industries and, through mutlinational corporations, countries are engaged in a race to the sweatshop bottom on the backs of workers actually accomplishing the production.

Michael Moore is right.

[visitorq]

[gakduki]

I don't have the time to respond to you each individually. Sorry.
First I would like to say Mises: That video of Paul Martin is hilarious it was even funnier that he has a short-llived stint as the PM of Canada. I would like to watch the whole series when I get the chance.
Under the current world order is it possible for a country without fractional reserve banking to compete with a country that has it? How could we possibly switch back to a system without it in a stable manner? Wouldn't mining companies and countries like China which are buying up all the resources become very rich?
Yes, we can buy all our houses in cash, and that was certainly more likely 50 years ago than it is today. Fortunately, houses were cheaper back then, as the land value and housing prices have risen above inflation. Also there are more things that are necessairy to own today or at least we think so, so less of our income can be saved just for a house. Not paying interest on Debt will allow you to buy a house quicker, but remember when you don't own a house you have to pay rent which is probably higher than interest on a mortgage. We all know that borrowing 95% of a homes value was wrong, but even borrowing more than 70% of its value is crazy. Its excessive borrowing thats the problem.
The federal reserve arguement is a very tricky one to tackle. I will admit, it is an unfair system that the govenment should strictly control with profits going into the tax base. However, you can always buy banking shares if you disagree with it (they haven't preformed so well over the past year but if you look from 1992 including dividends its a different story). Unfortunately I don't think you can buy shares in the US Federal Reserve.
Is it technology or the banking system of being able to borrow huge amounts of money that has made it easier for a pauper to become a prince? With more money available to borrow, interest rates are at historic lows. (the cause of which is another story) I like visitorq's idea of higher fees for banks and clients with less interest. I just don't see how it is feasible to go back to a resource based economy. First of all we would have to forgive most if not all debts. Second with the price fluctuations of commodities these days it would be very unstable. It will always be the business men, politicians and lawyers owning us, no matter what plausible system we are in.
Instead of bashing the current system I would like to see MM perscribe some realistic solutions for a change. I wonder if his movie will get the socialist masses to uprise against the ruling elite and build a better system for all. Perhaps he could be DER FUHR.
And Mises, Show me some info about the meeting where they talked about how to get corporations to borrow from the banks again. It just seems very odd. There were a lot less corporations back then, the pool of money available was smaller, and the CAPM model often predicts borrowing from the bank (with interest) to be cheaper than issuing private capital (usually because of tax savings.)

[Sergio Stefanuto]

[Cordova]

I think he fancies himself as part of the new socialist apparatchnik. Being a heathenous fat slob, he may well parlay that into a position as the new Fried Chicken Czar.

[ELGORDO]

If you melted him down or whatever the hell that they do with stiffs these days, you could probably run a small textile factory in the provinces for a year on the grease and blubber.

[Ilsanman]

Attack the man on his beliefs if you wish. But using the fat argument is unintelligent.

Just like I could say KJI isn't powerful because he's a buck-toothed old man.

[mises]