Q EXPERTS' BLOG
Q News: What is Capitalism? + Don’t Look Up! Drones Over the US.
By Adam Richardson
Note: It’s Sunday so this is just a quick note on the news and a re-dedication of our mission statement
We are not alarmists here at Q Wealth, but sometimes there is alarming news to report! Our mission is to provide you with the best information, tools, and service to live the best life possible.
So when I woke up to headlines about a bill Congress passed this week that will make it easier for the government to fly unmanned spy planes in U.S. airspace, I had to fight the temptation to write a heated reply.
I would remind everyone of the “frog in boiling water” analogy, bring up the eerie prescience of George Orwell, and lament the utter demise of personal privacy that thousands of government controlled drones patrolling the skies would inevitably bring about.
But you don’t need that from us, not now. You can read (or avoid!) the news yourself. You need us to stay on mission and bring you solutions, and that is what we will do.
I’ll leave you on a bright note, reminding you that there are plenty of “people like us” out there that see opportunity where others see lack (they have a great time doing it as well!).
Towards that end here is one of the best things I read all week…
“What is capitalism?” - A seeming simple question that when asked to any passerby on the street is not likely to receive an accurate answer. In fact, it is likely to receive a terribly misguided answer!
Our friends, the inimitable Doug Casey and Mark Wallace of the excellent site CapitalistExploits.com, recently had a conversation on “The Virtues of Capitalism” that I enjoyed so much I had to share it with you.
An excerpt from their conversation:
Mark: Capitalism is oft-misunderstood. I’ve heard you say that most people tend to mis-use words because they don’t truly know what they mean. I agree, and per the subject matter I want to discuss today, I’m convinced the majority have NO idea how to define capitalism. As evidence to this I refer readers to Peter Schiff’s YouTube videos (http://www.youtube.com/watch?v=ahMGoB01qiA) wherein he went to the Occupy Wall Street protests in NYC to defend the 1% and see if those protesting really understood what capitalism was.
I don’t know if he just happened to pick the dumbest of the lot, but in general the lack of any coherent understanding of what capitalism TRULY is was shocking. So that everyone reading this is clear, can you define “capitalism” for us?
Doug: If someone can’t define a word precisely, then they actually don’t know what they’re talking about. Imprecise language leads to sloppy thinking. Which inevitably leads to pointless and unresolvable arguments.
But, yes, Peter here is somewhat reminiscent of Jay Leno in one of his “Jay Walking” skits, where he approaches normal looking people and asks them questions like “Who did we fight in the Revolutionary War?”, and gets answers like “The Germans?”. But what do you expect from people who have nothing better to do than hang out in parks and whine?
Of course capitalism got a bad rap from the very start partly because—most people don’t know this—the word was actually coined by Karl Marx. However, the fact is we don’t have capitalism, and never have. Capitalism might be defined as an unrestricted free market, one where—to use Marx’s quite correct distinction—both consumer goods and capital goods are both privately owned and privately controlled.
What almost everybody calls capitalism is actually fascism, a system where both consumer and capital goods are privately owned, but they are strictly regulated and controlled. This is a huge distinction. In socialism—which is now quite rare—capital goods, the means of production, are state owned. In communism, absolutely everything is state-owned. In any event, all the evils attributed to capitalism today are do to state intervention in the economy—regulations, monopolies, subsidies, preferences, taxes, licensing, currency inflation. In a genuine capitalist society you’d have none of these things.
Read the rest on the Capitalist Exploits site.