Young Americans Dislike Capitalism

Here’s an interesting statistic via Zero Hedge.  47% of Americans age 18-29 view “capitalism” as having negative connotations (see image below).  I know the average reader here is over the age of 40, but maybe we need to start infusing the young population with a bit of Pragmatic Capitalism.  After all, it’s not that capitalism is inherently evil.  It’s only evil when it’s allowed to be corrupted.

 

Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services.

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  1. Credit and Debt contracts lie in our heads, not money. I can borrow a Chicken from you and I immediately become a debtor. I can pay you back with a chicken, and our credit/debt contract is settled. If I keep your Chicken for a long time, I may have to pay you back two Chicken’s and maybe some eggs. That would be interest on the good, due to loss of use over time. Or, I can use money to pay back the “good”. Money stands in for the Chicken as a good at the moment of transaction. Again, credit/debt transactions can be settled without money.

    Credit/Debt contracts are so deeply wired in our primitive brains, it is hard to dislodge the idea that it is not money. We feel it, but that doesn’t make it so.

    If I have to pay you back your goods with extra “money” that creates the usury error. Money is sterile, and does not reproduce. The whole world is held hostage to the usury error and misdefintion of money.

    In populations of less than 70, people in tribes simply remembered who owed what to whom. Talleys then evolved to keep track of credit/debt contracts. Talleys are high information, low velocity, and are used to settle contracts at fairs.

    Money is not credit. Confusing it as such is an error.

    • You think money is a physical thing. That argument is running out of time as physical notes and coins go extinct. In 50 years your argument will be entirely proven false as we have nothing but a credit based system where bank deposits and numbers in computer systems dominate every single exchange. This is already evolving even though you fail to admit it. The MMT and neoclassical arguments designed around govt money or physical things is going entirely extinct and will be proven wrong in my lifetime as we see economies emerging entirely around bank credit.

      You will then argue that money is extinct. But you will be wrong.

      • Money is a slippery SOB. I can’t think of anything that is more difficult to define, at least to most people’s satisfaction. The lack of agreement on what money is exactly, after all this time, is astounding.

  2. Money is an accounting identity that should match volume goods and services. It is an abstract concept, which is why it takes advanced law and societal constructs to come into being.

    Credit money as issued by banks is also abstract, but it is a division of debt contracts, and stands in for money.

    The law and force element applied to both bank money (credit money) and real money is easy to see. If I didn’t pay you back your chicken to settle our contract, then you would want to bash my head (force) or go to the law (if developed).

    Money can be defined as something that wants to stay in the supply, and not drain away. It simply is there, matching goods and services, and is usable as an accounting identity to settle contracts. If it is drained away, it can be done so by taxes, and not respent. In that way, money is available at low cost to settle debt/credit contracts.

    Bank money on the other hand, is a poor substitute since it wants to drain into the ledger, causing deflation, and comes into being with usury always attached. Bank money (credit)would be a lot more useful if we didn’t charge so much for it, but we will never get to that point of discussion it seems. BM should only come with fees, and we should eliminate compounding.

    • I see the point you are making. State-issued debt-free money = very good. Credit has problems attached to it. I think everyone is in agreement about that.

      For everyday purposes, Credit = Money like CR is trying hard to hammer in.
      And I think you agree here too except you are being quite difficult about it :)

      In long term macro, it is NOT the same.