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22 May 2014


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William R. Cumming

WOW! Thanks again Richard! David Hume and Adam Smith 18th Century stalwarts of CAPITALISM and even influential with Marx and Engels believe and wrote that GREED was the greatest threat to CAPITALISM! Carter Glass of Virginia steered the bank owned Federal Reserve into existence through legislation.

There is no real regulation or taxation of hedge funds. Perhaps one could ask why tax accounting and security regulation accounting are two very different systems. Both are designed to achieve the lowest taxes or the least regulation.

I call American Capitalism corporate socialism because few corporations can operate at all without direct or indirect financial assistance from the government. Few businesses provide a service to the consumer!

Yes we are largely washing each others laundry, dirty laundry often.

A recent book CAPITALISM IN THE 21st CENTURY has arrived in translation from FRANCE. It at least inferentially supports Richard's post and its themes.


Thank you Mr. Sale. A Webb/Warren ticket might help the country recover.


I think Webb and Warren would be good but I'm not convinced they could accomplish much other than beating themselves bloody against a perverse congress. What is even worse, I am not convinced we, as a people, want our situation to improve. It seems to me that we are stuck in an obsessive-compulsive rut of kissing up and and kicking down.

I am out of my depth on this blog, having no academic or career experience and knowledge on which to base my opinions. So please be tolerant.


Mr. Sale,

Yes, I would also vote for a Webb/Warren ticket. Democrats have to do something like this to continue as a political party. Besides a likely western economic crash due to the emergence of the BRICS second world economic order and western financial corruption, there are organizations out there that are intent on globalizing war. American boots are on the ground in Chad. Last night, a Ukraine Army checkpoint was wiped out by professionals who said they were Pro Russian Separatists.


The civil war is escalating and somebody wants the Ukraine Army fighting in it. This is on the road path to a shooting war between NATO and Russia.


Well Richard,apparently, I am not the only one around here to use the overly broad brush stroke technique from time to time.

William R. Cumming

My belief is that both Houses of Congress will stay Republican from January 2017 until January 2025! A discouraging thought to any other party candidates if accurate.

Bill H

Mr. Sale
I share your enthusiam for James Webb, but I still have reservations about Elizabeth Warren. She SOUNDS like everything you say, but based on his words pre-election, so did Barack Obama, and we all know how that turned out. The "morally strong" part is not demonstrated until she is tested in action and we have simply not seen that.

Two presidential appointments which, it was pointed out to me in an earlier thread, were even less consequential than I had thought they were, and one very vanilla term in the Senate. That same person said that not much is expected from first-term Senators, but that doesn't change the fact that she did not do much of anything.

She may turn out to be everything that she sounds like she is going to be, but right now that is a crap shoot and the odds ara against us. Politicians very seldom turn out to be as good as they sound, or anything even close to it, and the last time we elected anyone to the executive branch based on the way he sounded, disregarding a serious lack of experience, it simply didn't work out at all well for us. Letting ourselves be dazzled by pretty words just does nat have a good track record.


I think your 2017 prediction is probably going to work out, but I'd be surprised if the 2025 holds up.

Richard Armstrong

I pray that Sen. Warren remains in the Senate where she will continue to gain influence. Her years as an educator have given her a remarkable ability to break through the intentional obfuscation by almost everyone in Washington and to simply and accurately describe problems and solutions rationally and reasonably. Persons wishing to tangle with her soon look as foolish as a precocious freshman trying to "one up" their professor.

Frankly, I think she scares the hell out of a lot of people in Washington.

If she were to become anyone's VP she would become as influential as every VP before her except Dick Cheney.

different clue

We corrected some of that during the New Deal period. Financial Players and other members of the fortune-seeking classes felt so frustrated by successful New Deal regulation of their activities that they launched a movement to get the New Deal laws and regulations undermined and repealed. Then they engineered their Roaring Twenties 2.0 and New Great Recession. Would Webb and Warren see it that way? If elected, would they say something like: "The Reagan Revolution is Over and the Roosevelt Restoration has begun. There is no Brezhnev Doctrine for Oligarchy."

The New Deal was so long ago that we could call it the Old Deal now. The Old Deal was a good deal for most of us.
Would Warren/Webb run on some version of bringing back the Old Deal?


I think that Bruce R. Scott has it right when he describes capitalism as a System of Governance.

He elaborates here, in a 2012 lecture in, of all places, Tripoli:


He provides an excellent and necessary introduction in the little book "The Concept of Capitalism" (94 pages). From the cover:

"A single system of economic governance – capitalism – prevails in the world today, both in theory and in practice. Yet there is neither a standard definition of capitalism nor a theory of how it works. Moreover, the most common conception of capitalism is that of a one-level system governed by markets, i.e., supply and demand, where many socioeconomic externalities are ignored. The purpose of this book is to counter this conception, showing that capitalism is more than markets. In fact, capitalism shares many parallels with everyday organized sports, in that both are indirect, three-level systems of governance where "freedom" is conditional on "playing by the rules." In organized sports, games (level 1) are shaped by official rules and monitored by referees (level 2), which are in turn regulated and revised by a governing organization (level 3) that oversees the sport as a whole. In capitalism, markets (level 1) are shaped by institutions and regulations and monitored by independent officials (level 2), which are in turn selected and shaped by a political authority (level 3) that oversees the system as a whole.

As simple and obvious as this parallel with organized sports may seem, the underlying cause of much of the economic instability of the last 25 years, and specifically of the current crisis, has stemmed from not understanding capitalism in this way, i.e., as a three-level system of governance. Only by improving our understanding of capitalism can we create better institutions and implement better policymaking to not only fix the present crisis of our capitalist system but also avoid future ones."

At greater length:
Capitalism: Its Origins and Evolution as a System of Governance (680 pages)

William R. Cumming

A great comment as usual from CP!

But an error to view Capitalism as a system og governance.

Actually its a RELIGION!

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