Daily Digest

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Daily Digest 12/7 - Capitalism's March Toward Collapse, The Other Side Of Community Gardens

Saturday, December 7, 2013, 10:58 AM

Economy

Disappointment in Successors to Nelson Mandela, a Revered Father of a Nation (jdargis)

The disgruntlement among Chief Mandla’s subjects mirrors the disappointment many South Africans feel about the generations that have succeeded the heroes of this nation’s liberation struggle. Mr. Mandela’s death on Thursday in many ways is the end of the line for the cohort of leaders who carried the battle against apartheid from a lonely and seemingly hopeless struggle to an inevitable moral and political victory cheered by much of the world. Other lions of the struggle, like Oliver Tambo, Walter and Albertina Sisulu and Joe Slovo, have been dead for years.

Climate Summit Trap: Capitalism's March toward Global Collapse (westcoastjan)

The intense concern over climate change triggered by Intergovernmental Panel on Climate Change reports in 2007 and widely popularized by Al Gore's movie, "An Inconvenient Truth" -- a concern that led even Angela Merkel to make an appearance in the Arctic as the "climate chancellor," decked out in a red all-weather jacket -- actually dissipated a while ago, but no one wanted to say so out loud.

Another Batch of Wall Street Villains Freed on Technicality (westcoastjan)

Dominick Carollo, Steven Goldberg and Peter Grimm were mid-level players who worked for GE Capital. They were involved in a wide-ranging scheme (one that also involved most of America's biggest banks, from Chase to BOA to Wachovia) to skim billions of dollars from America's cities and towns by rigging the auctions banks set up to help towns earn the highest returns on the management of municipal bond issues.

Guest Post: Obamacare Is A Catastrophe That Cannot Be Fixed (Thomas C.)

Uninformed "progressives" have suggested that "Medicare for all" is the answer. Their ignorance of exactly how Medicare functions is appalling; recall that Medicare is the system in which an estimated 40% of all expenditures are fraudulent, unneccessary or counter-productive, where a few days in the hospital is billed at $120,000 (first-hand knowledge) and a one-hour out-patient operation is billed at $12,000, along with a half-hour wait in a room that's billed at several thousand more dollars for "observation." (Also first-hand knowledge.)

Widespread looting and Anarchy in Cordoba, Argentina (pinecarr)

Like prianhas, as soon as a store got broken into, the same neighbors that probably knew the owners of the commerce personally would pick them clean. Violent incidents became widespread and people spent last night in fear as the rumor spread of looters not only breaking into commercial stores, but residences as well.

What Separates A Healthy And Unhealthy Diet? Just $1.50 Per Day (Amanda)

So he and his colleagues decided to pore over 27 studies from 10 different developed countries that looked at the retail prices of food grouped by healthfulness. Across these countries, it turns out, the cost difference between eating a healthful and unhealthful diet was pretty much the same: about $1.50 per day. And that price gap held true when they focused their research just on U.S. food prices, the researchers found in their meta-analysis of these studies.

Potentially damaging Jackpine oilsands mine expansion OK'd by Ottawa (westcoastjan)

Allan Adam, chief of the Athabasca Chipewyan First Nation, was outraged that the federal decision came as the government was still supposed to be in talks with the band about how the project's effects were to be mitigated.

Displaced by Hurricane Sandy and Living in Limbo, Instead of at Home (jdargis)

Lacking the wherewithal to start overhauling her house and believing that it was too vulnerable to another big storm, Ms. Fitzgerald paid $11,500 to have it torn down. Now she owns a sandlot surrounded by a fence bearing a sign that warns against trespassing.

Thievery, Fraud, Fistfights and Weed: The Other Side of Community Gardens (jdargis)

The Los Angeles Community Garden Council budgets for a certain amount of equipment theft every year. Wheelbarrows and tools will always be a hot commodity — Beals calls it a write-off. “We can paint ‘Community Garden’ on all our stuff and hope for the best,” she says. “But when you’ve got so many people making their income tending rich people’s gardens, you have to make peace with some loss.”

Gold & Silver

Click to read the PM Daily Market Commentary: 12/6/13

Provided daily by the Peak Prosperity Gold & Silver Group

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4 Comments

Bob1's picture
Bob1
Status: Member (Offline)
Joined: Apr 25 2009
Posts: 21
We don't have capitalism - that's what we need

Capitalism is not collapsing since we don't have a capitalism but socialism/fascism.  The problem is just old fashion sin.  Stealing and lying.  Government is just a reflection of the society it governs.

HughK's picture
HughK
Status: Platinum Member (Offline)
Joined: Mar 6 2012
Posts: 760
So, America isn't a capitalist country?

Hi Bob,

I understand the point of your post, but it seems to me to be an example of a fairly common assertion floated by some other libertarians I have conversed with, including a good friend and former colleague who is a ski coach and lawyer.  This assertion is that problems with the American political and economic system are due to not having enough capitalism, and that our system is not yet capitalist enough.

That modern capitalism was conceived of and embodied mostly by Anglo-American thinkers and entrepreneurs, ranging from Adam Smith, David Ricardo, and Milton Friedman to John D. Rockefeller and Bill Gates, and that the global economic model is, to a great extent, an approximate blueprint of an Anglo-American market economy, to say that we are not a capitalist country is a hard claim to defend.

I get the idea that Wall Street collude with Washington, or the military-industrial complex colludes with the Pentagon, hence your fascism claim, and that Social Security, Medicare, the home mortgage interest deduction, and Obamacare are various forms of redistribution, and hence your socialist claim.  While I would not use those two adjectives to describe our system overall, I am not contesting what I take to be your point that there are several ways in which our system is not perfect capitalism.

Can you give me an idea of when/where in history near-perfect capitalism operated, or an example of a real-world economy that fits better with your idea of capitalism so I can see what you mean by the word?

I'm of the belief that many of the instabilities that we currently face are, to a great extent, precipitated by industrial capitalism as it exists in what many - maybe most - people in the world regard as one of the most capitalistic countries of the world, the U.S.  I don't blame capitalism for all of our ills, and I prefer free markets on many levels, but I also see a number of ways that quite free markets have led to some of the problems we face, ranging from regulatory capture of Washington by Wall Street to a range of externalities, the greatest of which is most likely climate change.  Capitalism also did a pretty mediocre job at pricing petroleum over most of the last 150 years as well, as this finite resource was generally priced at the cost of extraction as opposed to the value of its energy.

Cheers,

Hugh

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1513
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Virus

Yandex tells me that Jessies has been infected.

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