“The shadows in the early morning don’t tell much. The shadows rest at that time. So it’s useless to gaze very early in the day. Around six in the morning the shadows wake up, and they are best around five in the afternoon. Then they are fully awake.”
Carlos Castaneda

The Second Ring of Power

Savage Capitlism (is back)


From Savage capitalism is back – and it will not tame itself:

“Back in the 90s …  there was a series of assumptions everybody had to accept in order even to be allowed to enter serious public debate. They were presented like a series of self-evident equations. “The market” was equivalent to capitalism. Capitalism meant exorbitant wealth at the top, but it also meant rapid technological progress and economic growth. Growth meant increased prosperity and the rise of a middle class. The rise of a prosperous middle class, in turn, would always ultimately equal stable democratic governance. A generation later, we have learned that not one of these assumptions can any longer be assumed to be correct.

… Capitalism does not contain an inherent tendency to civilise itself. Left to its own devices, it can be expected to create rates of return on investment so much higher than overall rates of economic growth that the only possible result will be to transfer more and more wealth into the hands of a hereditary elite of investors, to the comparative impoverishment of everybody else.

… The period when capitalism seemed capable of providing broad and spreading prosperity was also, precisely, the period when capitalists felt they were not the only game in town … rather than high rates of growth allowing greater wealth for capitalists to spread around, the fact that capitalists felt the need to buy off at least some portion of the working classes placed more money in ordinary people’s hands, creating increasing consumer demand that was itself largely responsible for the remarkable rates of economic growth that marked capitalism’s “golden age”.

… The 1% are not about to expropriate themselves, even if asked nicely. And they have spent the past 30 years creating a lock on media and politics to ensure no one will do so through electoral means.”

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