Thank you to Mr Howard Wiley who posted the following pithy defence of capitalism on the Daily Telegraph website (and for giving me permission to quote him on this site) - while Mr Wiley might not agree with anything I say - I agree with every word of the following.
"Capitalism isn't about fractional reserve banking or irresponsible lending. Capitalism doesn't allow fiat money or destructive Keynesism. It is not robbing off one and giving to the other. That's tyranny (taxation).
In a true Capitalist society, you only get what you earn, to spend it on what you will. Important: Investment comes from saving, not borrowing. Evan Marx knew that. Governments don't like it because in a Capitalist system you couldn't raise the money for massive projects like war without going cap in hand to the tax payer. Do you think we'd be in Afghanistan if the Government had to come to us for extra taxes to build a war chest?
Capitalism is based on transaction and is the only truly human system of monetary policy. If I make something you want at a price you can afford, you'll buy it. If I don't, you won't and I'll go bust. Socialists can't go bust (the ultimate regulator) so in a socialist system everything get's corrupted.
Nobody deserves anything except their liberty. A demand is not a right and with freedom comes responsibility."
Posted by Howard Wiley on The Daily Telegraph website - December 4, 2008 10:24 AM
Thursday, 4 December 2008
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