Comments by "Fumble_ Brewski" (@fumble_brewski5410) on "THIS Is What’s Wrong With Capitalism! w/ Prof. Richard Wolff" video.
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So-called "capitalism" and so-called "communism" are but two opposite sides of the same rotten coin, which is why each philosophy uses the other to define itself. In its present form, capitalism (as opposed to entrepreneurial free enterprise) promotes the consolidation of economic assets and power into the hands of a small, powerful, private oligarchy. Whereas communism promotes the consolidation of the aforementioned assets and power into the hands of an elitist State oligarchy, such as existed in the former USSR from 1917-1991. Do a search on the term "nomenklatura" for further proof. Same dance, different players, same end results. Do not suppose that the so-called "capitalist" giants of the 20th century were at all opposed to Soviet communism. Quite the contrary. Henry Ford, for example, had a very cordial (and profitable) relationship with Soviet dictator Josef Stalin. Monopolists, whether capitalist or communist, think alike and coexist with one another quite amiably.
Thomas Jefferson's view on the economy of the new United States was that the federal economy should be kept "rigorously frugal and simple." He envisioned the states being able to run their own economies with minimal interference from Washington policy makers, and he opposed the establishment of a central bank. A far cry from today's warfare/welfare system that is the modern USA. Gen. Robert E. Lee echoed Jefferson's sentiments many years later: “The consolidation of the States into one vast empire, sure to be aggressive abroad and despotic at home, will be the certain precursor of ruin which has overwhelmed all that preceded it.”
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