7 February, 2021

An Essay About Finance-Capitalism

Posted by Socrates in bankruptcy, big corporations vs. mom-and-pop, Big Finance, capitalism, capitalism vs. free enterprise, capitalist greed/exploitation, Ivor Benson, local vs. national, Socrates, supercapitalism at 12:28 pm | Permanent Link

First, some definitions are in order:

1. Free Enterprise: Mom and Pop running a corner grocery store, making just enough profit to live on. This is wholesome and good.

2. Supercapitalism/Finance-Capitalism (i.e., to “capitalize on” or to “get an advantage from”): millionaires/billionaires destroying all of the retail competition within a region or a country (and making it impossible for Mom and Pop stores to compete with them) due to their huge, chain stores selling tons of cheap junk. Any Mom and Pop store within 4 miles of a big, chain store will go bankrupt. In fact, in most cities today, Mom and Pop stores no longer exist. “Local” stores are gone. Ditto local restaurants. (I knew a guy who ran a great little hamburger restaurant — he had the best burgers around. One day he told me he was closing. He said, “there are 4 fast-food joints within a mile of here. You think I can compete with that?? Their burgers are much faster and much cheaper than mine.” He couldn’t compete, of course. Another story: I told an insurance guy recently that I used to have car insurance with a tiny, local, family-owned company that had 3 employees. He said “Really???? Wow!! You couldn’t find a family insurance company today if your life depended on it! They might look small, but they are all owned by the big boys!” In other words, today they are all subsidiaries, and they are not independent, Mom and Pop insurance companies. As I frequently say, nothing is local or regional anymore. Everything is “nation-wide.” This stinks).

As Ivor Benson said, free enterprise and finance-capitalism are not at all the same thing and are basically opposites [1].

Finance-capitalism is just what it sounds like: “using borrowed money in order to buy X and get rich quick.”

In the old days, people used some borrowed money and some saved/inherited money (combined) to invest in X or Y. Not anymore. Nobody saves anymore. It’s all borrowed money today! That can backfire badly, of course — look at all the bankruptcies today [2]. But “playing fast and loose with other peoples’ money” is how it’s done today. It’s the Jewish way, which has rubbed off onto the gentiles.

[Article].

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[1] “Supercapitalism, which can be defined as highly concentrated finance-capitalism, is not only different from capitalism, it is the antithesis of capitalism and sooner or later acquires the character of being actively anticapitalist.” — from the book “The Zionist Factor: the Jewish Impact on Twentieth Century History” (Costa Mesa, CA., The Noontide Press, 1992) by journalist/political analyst Ivor Benson, chapter 9, p. 121-122.

[2] Personal bankruptcies in the U.S. have increased 8-fold, from 1.4 per thousand working people in 1970 to 8.5 per thousand working people in 2002.


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