Capitalism still works

RYAN By Guest Blogger Ryan Lewenza

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As a financial analyst (and someone with a curious mind) I read quite a bit. This includes research reports, financial articles, newspapers, books, etc. One recent article really caught my attention and I was taken aback by the findings.

The article referenced an annual survey called the Edelman Trust Barometer, which measures the public’s trust in different institutions like governments, businesses and the media. What really stood out for me was one of the key findings from their 2020 survey that 56% of respondents now believe that capitalism does more harm than good.

This to me was shocking given all the incredible benefits that have, and continue to accrue as a result of this economic system. Of course there are critical issues that exist today like climate change, poverty, and income inequality that capitalism can do a better job of addressing, but in totality, capitalism continues to do much more good than harm, contrary to the survey results. So this week I review some of the benefits that capitalism has given the world and our society, and why the alternative – socialism and planned economies – are inferior systems for addressing issues of job creation, higher standards of living, and our overall quality of life.

Percent Who Agree Capitalism Does More Harm Than Good

Source: Edelman Trust Barometer 2020

Let’s start big picture. Capitalism started to emerge around the 16th and 17th centuries in Europe and slowly replaced the existing economic system at the time, feudalism. The early foundations of capitalism included money lending, the rapid development of trade and commerce, and the establishment of chartered companies. The first chartered stock company was Muscovy Company, an English trading company that was established in 1555.

Capitalism then got a big boost from Adam Smith, an economist and philosopher from Kirkcaldy, Scotland (same city my grandfather was from). In his seminal book, Wealth of Nations, he expounded on the key principles of capitalism including minimizing government intervention, our human tendency towards self-interest and free trade.

What did this new system accomplish? Well, only the greatest human achievement since the creation of man. Without capitalism, human progress would have been materially stunted and we would have a lower standard of living. Capitalism helped to address famine and poverty and to combat deadly diseases like smallpox. Capitalism led to the greatest advancements in human history including things like the light bulb and electricity, the steam engine, the internal combustion engine, airplanes, vaccines, computers, and smartphones. Socialism didn’t create the iPhone! Capitalism (and a maniacal genius) did!
Below is a great chart that really hits home the point that the world is better off today as a result of capitalism. It charts world GDP per person over the last 2000 years and you can see how our standard of living exploded over the last few centuries as capitalism became the prevailing economic system. Indeed, under capitalism our standard of living has risen by over 10,000 percent!

World GDP per Person

Source: Angus Maddison

You might be saying, “Well Ryan you’re just cherry picking the data to make your point, and other factors could help explain that growth”.

Ok, let’s get a little deeper and contrast the US (the paragon of capitalism) with more socialist and planned economies like Russia and China.

Below I chart GDP per capita for the US, Russia and China since the early 1990s. According to the IMF, US GDP per capita has risen from US$25,392 in 1992 to US$67,426 today and dwarfs that of Russia and China currently at US$11,305 and US$10,872, respectively. While these two countries are now starting to embrace market reforms, the difference in GDP can largely be attributed to capitalism, in my view.

GDP per Capita for US, Russia and China

Source: Bloomberg, Turner Investments

Another example of the benefits of capitalism is the big decline in poverty rates. Below I show a chart of the global poverty rate and it has been declining steadily since 1990 as capitalism continued to grow and be adopted by other countries and regions. In 1990, 36% of the world’s population lived in “extreme poverty”, which the World Bank Group defines as someone living on less than US$1.90/day. Today 10% of the world’s population are living below poverty. Put another way, over 1 billion people have been lifted out of poverty since 1990.

Global Extreme Poverty Rate and Headcount

Source: World Bank Group

Lastly, I believe and it’s been shown, that there is a linkage between capitalism and personal freedom. George W Bush once declared that “political liberty is the natural byproduct of economic openness.”

In Benjamin Friedman’s book, The Moral Consequences of Economic Growth, he argues that economic growth is essential to “greater opportunity, tolerance of diversity, social mobility, commitment to fairness and dedication to democracy.” He believed that economic stagnation veers toward authoritarianism, and essentially that economic growth leads to higher standards of living, liberalization and increased human rights.

Below is an interesting visual that hits home this point. It comes from the Frasier Institute where they calculate the Human Freedom Index (HFI) for every major country. This index measures a number of different indicators of personal and economic freedoms including the rule of law, security and safety and size of government. The dark blue countries have more freedom based on this index and it’s pretty obvious that these countries are the leading supporters of capitalism.

The Human Freedom Index

Source: The Fraser Institute

Now capitalism is not perfect. Far from it. That’s one reason why governments exist to oversee and protect against unlawful and immoral corporate behavior. Purely focusing on profit will lead to bad decisions and inevitably cause harm to people and the planet. This is never acceptable. But big picture, capitalism remains the single best economic system that exists today as it helps foster economic advancement and improves our way of life.

Ryan Lewenza, CFA, CMT is a Partner and Portfolio Manager with Turner Investments, and a Senior Vice President, Private Client Group, of Raymond James Ltd.

 

122 comments ↓

#1 Another Deckchair on 02.01.20 at 1:30 pm

Ryan;

good topic; great article. Thanks.

Cause and effect. 50% of the people are dumber than the other 50%. Sounds harsh, but, it’s stats, right?

Decades ago, living in an apartment building with laundry facilities on each floor, directly above/below each other. Floor 5 had a washing machine overflowing.

I went, found from his wife where the superintendent was, went to the 4th floor laundry room. He had a bucket and mop, and was MOPPING THE WATER DRIPPING DOWN FROM THE CEILING.

Told him that a machine on the 5th floor was spewing water. The response was “I’ll get to it when I’m finished this”.

Dumbfounded; did not know what to say, so after a little while, I just left. He might still be there, mopping, for all I know.

Now, when I find people not comprehending the flow of events, I remember the apartment experience, and (try, lord I try! Honest!!) to keep my big mouth shut. :-|

P.S. I know Kircaldy quite well, having relatives living in towns close on either side. You’ve obviously got good bloodlines. ;-)

#2 Charlie on 02.01.20 at 1:36 pm

Thanks Ryan. Very informative. I hope Justin reads and takes notes.

#3 Linda on 02.01.20 at 1:41 pm

Excellent post, Ryan. About the rise in concern over whether capitalism has more benefits than drawbacks, I have noted the increase in negative news too. In my more paranoid moments, I wonder if those who rule are doing all they can to steer those who don’t in a direction that will ensure they continue to rule. Because if they rose to wealth, power & prominence because of capitalism, stands to reason that the best way to keep the top spot is to ensure that system isn’t used by others to challenge their control.

#4 Apocalypse2020 on 02.01.20 at 2:12 pm

GLOBAL HEALTH EMERGENCY UPDATE

Ryan, sorry to interrupt, but things are getting much worse than even I had thought.

Less than a few days ago, it was agreed that there had been about 12,000 infections in China and 250 deaths from the Coronavirus.

https://www.nytimes.com/2020/02/01/world/asia/coronavirus-china.html#link-7280f1b2

*******But NOW, reports are leaking out that the disease calculation formula reveals a staggering escalation is already likely underway******

https://nypost.com/2020/02/01/over-75000-people-in-wuhan-reportedly-may-be-infected-with-coronavirus/

YES!!

From 12,000 to 75,000 in a matter of a day or two and a few hours!!!!!!!!!!!!!!!

The numbers are EXPLODING EXPONENTIALLY!!

In the most populous place on the planet. Where millions have travelled daily everywhere around the world, with a deadly virus that is silent and can take days or weeks to materialize.

Do the math, everyone.

Try to imagine where we WILL BE in a matter of weeks, possibly merely days.

Capitalism is still working, as Ryan says. The stores are full of supplies, the stations have gas. Take advantage of the benefits capitalism will continue to provide. For a short time.

Use those resources. NOW.

Stock up. Transport goods to your remote getaway locations.

Forget about masks. Not the priority. You need to be away from masses of people, period. Food supplies until Feb. 2022 is advisable.

Take vacation, call in sick or take leave. NOW. Spend all the time you must to get ready.

PREPARE

#5 Rargary on 02.01.20 at 2:26 pm

#4 Apocalypse2020… holy crow! We can run but we can’t hide. ……….
Great eye-opening article today Ryan. Thanks for all the hard work you do for us blog dogs

#6 BS on 02.01.20 at 2:28 pm

The problem is we have politicians telling people the capitalism boom can continue without the capitalism. We can have “income equality” they say. Just take from the producers and give to the non producers. Mr. Socks favorite countries are Cuba and China after all. The leading Democrat in the US Bernie Saunders has been a life long socialist where he has praised these socialist countries and even took his honeymoon in the USSR.

Of course the problem is the producers stop producing when they get a similar life style by not producing. In the end you do get income equality. Everyone is poor but even poorer than the poorest before.

People are motivated by incentives. Remove the incentive to work hard and people won’t work hard. If everything is free why work? I certainly wouldn’t.

Bernie Saunders would love to make the US just like Venezuela where GDP per capita has been reduced by over 80% since socialism took over a few short years ago. But everyone is equally poor now in Venezuela. They have achieved true income equality. Nobody has income and nobody gets things like medication which is very equal and fair.

Socialist countries must always be ruled by force. Too bad 50% of people are too dumb to see past these socialist politicians (who all are rich btw through capitalism).

https://www.statista.com/statistics/371876/gross-domestic-product-gdp-per-capita-in-venezuela/

#7 Dave on 02.01.20 at 2:36 pm

Is China and communism on track to beat democracy and capitalism across the globe?

#8 SmarterSquirrel on 02.01.20 at 2:38 pm

Capitalism may have gotten too capitalistic. If the gdp per capita rises yet the majority of the benefit of that rise goes to the top 1% then capitalism isn’t necessarily benefitting the society as a whole. In the 1960s we had an executive to media worker compensation ratio of about 20x. There was a strong middle class able to afford a home a car etc. Today the ratio has shot up to 361x. And we see an increasingly suffering middle class. Part of that is due to the fact that many feel entitled to have the best car and best house and best vacation possible and not enough are spending less and saving more. But certainly a big problem is that as gdp per capita has increased the ratio of executive compensation to median worker advancing to 361x means the average family gets less of the benefit of that gdp growth and the executive class gets increasingly more of it.
https://www.google.com/amp/s/www.forbes.com/sites/shelliekarabell/2018/02/14/executive-compensation-is-out-of-control-what-now/amp/

GDP growth while pay stagnates as global competition increases reducing the chance for labour to find gainful employment is not helpful. Sir James Goldsmith did a great job of explaining it.
https://m.youtube.com/watch?v=wwmOkaKh3-s

Perhaps this is why fewer people see capitalism as a panacea.

Perhaps because of this it isn’t so shocking that 56% believe capitalism does more harm than good. Capital has sought out more profitable pastures and has left the middle class behind. When we all benefit capitalism is perceived as good. When capitalism only benefits those with capital faith in capitalism declines. It seems completely not shocking to me.

#9 Debtslavecreator on 02.01.20 at 2:39 pm

Great article Ryan
I agree completely but the shocking support by so many under 30 in North America is no surprise given the indoctrination they’re given in “school” and most importantly the conditions created largely as a result of the junk Monetary policy and govt intervention to mis price credit

The mills are right to be angry as I am about the economic situation but they misdiagnose the problem and hence come up with the wrong solution ..ie socialism

The best we can do is have many people who’ve lived in totalitarian and communist counties come in and talk to our young a few times / year to understand what actually happens when left / right goes to far and govt ends up out of control

Beats any course they could take

#10 paddy on 02.01.20 at 2:44 pm

“Apocalypse 2020” needs a hug……….

#11 D.D. Corkum on 02.01.20 at 2:45 pm

I think some complaints about capitalism are less about the fundamental concept itself (which you are defending) and more about a straw-man wearing the same name.

Capitalism might not mean the same thing to people venting frustration as it does to an economics textbook.

#12 AGuyInVancouver on 02.01.20 at 3:02 pm

#8 SmarterSquirrel on 02.01.20 at 2:38 pm
Capitalism may have gotten too capitalistic. If the gdp per capita rises yet the majority of the benefit of that rise goes to the top 1% then capitalism isn’t necessarily benefitting the society as a whole. In the 1960s we had an executive to media worker compensation ratio of about 20x. There was a strong middle class able to afford a home a car etc. Today the ratio has shot up to 361x…
_ _ _
Bingo.

And just as the Senate failed to hold Trump to account, so corporate boards and institutional shareholders have failed to hold these merchant princelings to account.

#13 Stone on 02.01.20 at 3:08 pm

The article referenced an annual survey called the Edelman Trust Barometer, which measures the public’s trust in different institutions like governments, businesses and the media. What really stood out for me was one of the key findings from their 2020 survey that 56% of respondents now believe that capitalism does more harm than good.

This to me was shocking given all the incredible benefits that have, and continue to accrue as a result of this economic system. Of course there are critical issues that exist today like climate change, poverty, and income inequality that capitalism can do a better job of addressing

———

Ryan, I think you raised something important but missed the point. Capitalism is actually the root cause of the problems you highlighted and many others not highlighted here. Capitalism by its very nature is an immature system that is not self sustaining, much more like a parasite that will eventually burn itself due to a lack of resources. As a system, it could be great but like all things created by “peoplekind”, people corrupt and distort it so that it destroys and creates harm.

It may be time to look out the window and see the rot that actually exists behind the facade.

#14 Andrew on 02.01.20 at 3:12 pm

Discussing and or defending capitalism (to which I am it’s biggest fan) without caveating that we are in the midst of the greatest experiment in monetary policy history is simply childish to me. No offense. Capitalism is by far the best system which steers us towards peace and prosperity more than any other system.

One could easily argue many countries deemed as capitalistic are also very much planned economies. Given the extreme measures some central (planning?) banks have used. Japan’s central bank owns how much of the equity market of its country? https://asia.nikkei.com/Business/Markets/Bank-of-Japan-to-be-top-shareholder-of-Japan-stocks

To defend capitalism against other systems like its black and white is naive and silly. There are strong elements of central planning in the most capitalistic of nations around the world. We should strive to free the market again, that requires letting those that take risks to fail. The bailouts over the past 10 years may have been completely necessary to sustain global peace and the fabric of humanity, but letting those responsible off without any repercussions and allowing the top fat cats to still collect unruly bonuses planted a seed of mistrust that you now see grow and reference here.

Capitalism doesn’t bailout without holding accountable.
North Americans don’t have perspective of what happened over the past 100 years, they don’t fear trying other systems again even though those who study history know the likely outcome. Good caretakers of capitalism are necessary to defend it. That means holding people accountable.

Maybe regulators do need to step in to stop people from binging on credit, maybe that’s the real central planning needed instead of monetary games and accounting magic tricks. How long can the books be cooked before a final crack up boom? Will debt jubilees really work? Will that stop the cantillion effect from being reimplemented and starting the process over?

Many questions, many variables. Capitalism works. Buy bitcoin.

#15 Former middle class on 02.01.20 at 3:16 pm

Capitalism doesn’t benefit the middle class. Period. It benefits the 0.01 percent that manipulate the system in their favour so they never LOSE… they use financial repression, junk money , MMT and never ending debt to slowly destroy the middle class..

#16 Shawn Allen on 02.01.20 at 3:37 pm

Is Stone at 13 trying to prove he’s as dumb as a rock?

#17 Remembrancer on 02.01.20 at 3:41 pm

#4 Apocalypse2020 on 02.01.20 at 2:12 pm

OK #OmegaMan

#18 Guy in Calgary on 02.01.20 at 3:52 pm

Banker bailouts/bonuses paid for by the tax payer do not exist in true capitalism. The system is rigged for the fat pigs at the top, no question about it.

#19 G on 02.01.20 at 3:53 pm

US declares coronavirus outbreak a public health emergency
https://www.youtube.com/watch?v=t-Y18xrFDHY

Quarantine in USA if you’ve been in China in last 14 day! You need to quarantine yourself now for 14 day!!! To protect the people around you. This is an engineered virus designed to kill and it got out is what it looks like. But they won’t tell you that.

Were is the Canadian quarantine response if you’ve been to China last 14 days? Delay will only cost lives and make it harder to contain, if it’s not to late!

#20 DFO on 02.01.20 at 4:01 pm

If capitalism wasn’t a gated system guarded by those who were lucky and yes I really mean lucky to have inherited capital from those who took advantage of other people’s hours of labour, then it would be alot better.
The biggest tycoon myth is how they pulled themselves up by their bootstraps and defied all the odds. This is 99% bs.
Right now the main way to get rich is to have rich parents or rich friends, period.
If I want to get into a startup I have to beg and network with rich people to get that seed money and MAYBE get a tiny percent in tax credits from the gov’t or if I know the right people get a small grant (never enough to start anything with).
Bill Gates, born wealthy.
Bezos got 300k from his parents.
Musk is in a family that used black slaves on farms.
Kendall Jenner born rich.
Etc etc etc
This is what capitalism is right now.

For those who think people need the incentives that are implicit in a do-or-die system is ignorant of how a good UBI system actually encourages entrepreneurship. There are studies that prove this. Canada and the US has abysmal rates of entrepreneurship compared, especially, to Asian nations. We all pay more taxes to support those who skip through the cracks of our inadequate social support systems.

And if you really hate paying taxes then consider how exciting it would be to have to organize and contract work parties to fix your local roads, or replace the broken transformer box in your alley, or take away your garbage.
The libertarian dream is so hilariously naive. Without government servies guess who gets to assume governmental duties? You do. Guess who pays for road maintenance? You do. Guess who holds you over a barrel for these services? Private contractors. Corruption is what makes government inefficient and expensive. And it’s the wealthy that make it that way.

#21 binky barnes on 02.01.20 at 4:08 pm

Great blog sir–one of your best. Yaaaaa capitalism.

#22 WUL on 02.01.20 at 4:29 pm

#102 IHCTD9 on 01.31.20 at 10:48 am

twang…twang…twang…

Catskinner:

Off topic but that’s old hat to me.

Glad your interest in C&W has been resurrected. I know 3 guitar chords and 225 cowboy / train songs. That’s OK. Bob Dylan became a billionaire with 3 chords.

Luke Combs has hit my radar too. Solid stuff. Speaking of Lukes, try Luke Bell “Sometimes” and “Bullfighter” and for a song about the Drumheller badlands, Red Deer River and the beauty of lilacs, try Richard Inman “Lilac”.

Prairie stuff.

Tell me. Have you retrofitted the D9 with a heated cab and wifi or are you still rockin’ the open air “headache rack” only?

LEWENZA – good piece today. Thx.

WUL

M63Ft. Mac

#23 Bobbin on 02.01.20 at 4:31 pm

Capitalism based on pure profits. How come it fights poverty??? There is no profit if you give money to people who can not or do not want to work. Capitalism causes poverty. It is part of socialism to share money ( welfare etc)

#24 akashic record on 02.01.20 at 4:33 pm

Capitalism is great, although it has some side-effects lately, just randomly:
– wealth-gap
– debt
– virtual monopolies and cartels
– billionaires hacking democracy
– companies in virtual monopoly hacking democracy
– compromised food production, creating epidemic health problems globally
– iphone (among other inventions) created surveillance society, comparable to any other totalitarian system
– requires endless growth, which is on collision with “how dare you?”

#25 S.Bby on 02.01.20 at 4:48 pm

Psychopaths Rule The World (Capitalism is Psychopathic)

https://www.youtube.com/watch?v=5icTmYItwiE

now it all makes sense …

#26 ever after on 02.01.20 at 5:07 pm

i have argued this for years with people .. i am grateful for my lifestyle from capitalism .

however .. we are shooting ourselves in the foot or rather our children

capitalism has ravaged the planet .. plastic chokes the oceans and the air is polluted from belching factories etc etc .

short term gain , long term disaster .

i know of no alternatives however .. . its a human disease .. only

#27 Stone on 02.01.20 at 5:08 pm

#15 Shawn Allen on 02.01.20 at 3:37 pm
Is Stone at 13 trying to prove he’s as dumb as a rock?

———

You’re entitled to your opinion. It doesn’t mean it has any value though.

#28 Derek on 02.01.20 at 5:23 pm

January 2020 Vancouver real estate numbers are being leaked ahead of announcement next week.

For the North Shore and particularly West Vancouver sales were apparently a disaster. Not only were volumes way down again, so we’re prices achieved.

Realtors are already blaming it on:
Snow – no one at opens.
Iran situation – no Persian buying.
Coronavirus – no Chinese buying.
They claim it’s just a temporary blip in a definitely resurgent market.

Hmmm….

#29 NDP Commie on 02.01.20 at 5:33 pm

Explain to me how is it capitalism that forces government to create an underclass of workers who are willing to work for free just to get a teeny chance of starting off their careers?

Why do corporations lobby government to relax laws on temporary workers and migrant workers, while at the same time funding nationalist groups to harass temporary workers and migrant workers?

This isn’t capitalism. Nor Communism. It’s Stephen Harperism.

#30 Been there on 02.01.20 at 5:39 pm

Great column Ryan and I certainly concur having grown up in a non-capitalist country and witnessing first hand the impact of stunting new ideas and personal initiative, supporting mediocrity and ensuring that no one got ahead.
When socialism / communism finally proved to be an abject failure by any definition, my country along with the rest of Eastern Europe began to proper in ways that could never have been imagined without capitalism!

#31 I’m stupid on 02.01.20 at 5:42 pm

#4 Apocalypse2020

Read your own article. 11749 people are infected and 259 deaths. That implies a mortality rate of around 2%. If we deduct the deaths from elderly or those with comprised immune systems and factor in that healthcare in China is spotty at best we would have a mortality rate of under 1%. That’s hardly a reason to stock up on can tuna and live in the woods.

#32 Scott on 02.01.20 at 5:42 pm

Another great post Ryan, as usual!
I agree with just about everything you said. I think something that gets lost in these statistics is many of those people who think capitalism does more harm than good would point to Northern Europe as examples of countries doing better than capitalism. They’re still capitalistic, just much better wealth re-distribution in the form of higher taxes and stronger social programs. It’s rather subjective to each persons image of socialism or capitalism.
I know Garth is quite convinced Trump will reign supreme for four more years but I think Bernie Sanders will make a compelling argument. I think that split in the vote by Edelman is perfectly displayed in Muricca where half the country think Sanders is a free loading communist and the other half thinks health care should be a right and not just a privilege enjoyed by those who have a good enough job. Half the country calls him a radical leftist when for the most part he just wants policies consistent with the rest of the developed world. It will be interesting to see what happens. Steve Bannon called it at the Munk debate a couple years ago that populism is on the rise and it will either be Trump again from the right or Sanders from the left. Although much of the developing world is seeing better results being lifted out of extreme poverty, the middle class seems to be eroding in places like the US and Canada. I find us Canucks are basically US lite. Second last in developed countries as far as legal requirement to provide paid days off for your employees behind only (you guessed it) the US. Our days off is similar to our health care. Seems great compared to our Southern neighbor but if you measure against the rest of the developed world, it’s pretty abysmal.

#33 Andrew on 02.01.20 at 5:45 pm

As others above me have pointed out, GDP has very little relevance to quality of life. A nation can have a high GDP while its people toil away in sweatshops. It also doesn’t account for the value added by volunteers or stay-at-home parents, which means it’s inherently inaccurate.
Regarding the iPhone…socialism did indeed play a part. The internal GPS, touchscreen, and other systems were all initially researched and designed by the military and government bodies. These are all publicly funded. Same with the Internet and other important tech you listed. Check out Mark Blyth’s take on this: http://www.youtube.com/watch?v=KyPuJtfYGd8
Frankly, I don’t see why we can’t have a workable combination of both capitalism and socialism (if we are to think of this as a binary slider scale). Certain objectives are better accomplished when privatized, while other needs are better (and more equitably) met when they are socialized. I want to live in a society where everyone can benefit from the creativity of bright individuals and small business owners, without having to suffer from unaffordable rents, exploitative work, and billionaires manipulating our politics.
We could take a cue from Adam Smith: “It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.”

#34 Not Drinking on 02.01.20 at 5:53 pm

I am all for Capitalism but it certainly is not perfect.

Answers too much to shareholders; tax, tax, tax! Garth mentioned numerous times that I believe 50% of the population is a couple hundred bucks away from serious issues; many times there choice; unless a serious tragedy or medical issue arises out of there control.

The greatest capitalist country in the World, the mighty U.S.A is what 20 maybe 21 trillion in the hole.

Not perfect but what else do we have? Something needs to give!

#35 TurnerNation on 02.01.20 at 5:55 pm

Welcome to condo living. Most are serving as Air B&B. I see the masses with their rollaboard suitcases coming in.
Here we have quintuple shooting at one of those.

https://www.cbc.ca/news/canada/toronto/three-dead-shooting-cityplace-1.5448788

Three dead, two injured in shooting at Airbnb rental in downtown Toronto | The Star thestar.com

#36 crowdedelevatorfartz on 02.01.20 at 6:00 pm

Excellent history lesson and article Ryan.

@ #10 Paddy
“Apocalypse 2020” needs a hug……….”
++++
nah.
Just a blowup doll for the bunker and maybe a patch kit….

#37 Ray on 02.01.20 at 6:05 pm

I think a lot of people equate capitalism with the U.S, and then they equate the U.S with Trump. And then they equate Trump with corruption, so the equation becomes capitalism is corruption. So, getting rid of tRUMP is the best thing the U.S. can do to clear it’s name on the world stage.
BTY #19 DFO, The Musks left South Africa and became Canadian citizens because they were against apartheid.

#38 espressobob on 02.01.20 at 6:13 pm

It’s all about balance. Something between capitalism and socialism that provides ballast.

That would prove most productive.

#39 crowdedelevatorfartz on 02.01.20 at 6:14 pm

@#97MF
“I work in the private sector and you must be in denial if you think everyone “works hard”.”
++++

Stuck in the Millenial code monkey rut are we?

Well, I work almost daily hand in hand with govt employees.
Lazy, arrogant and stupid are but the nicer adjectives I can think of.

Their jobs are bullet proof no matter how bad of a screw up they are.
The attitude seems to be “Why do today what can be done for overtime tonight”….so every govt worker just slows down….while the private sector workers hammer out productiveity that constantly amazes the govt workers.
I had serveral over the past 18 months complain of “stress”.
I laugh right in their face and say, “Quit and come work for me . I’ll show you stress.”
No takers yet.
A few of the younger govt employees with only a few years of senority look at the decades of mindless, soul sucking sloth staring them in the face and quit.
The smart ones .
One kid finished his shift and quit. Right then and there.
Reason.
Bored shite-less.
I noticed you never once commented on the gold plated garanteed pensions, the generous pensions, benefits etc. and the excellent salaries the govt workers get compared to the private sector.

As for my jealousy.
Nah. I made close to 200k last year and I expect this year will be much better.
I work for a living and I have zero patience for tax money that pays for slothful, whining slugs that suck off the govt payroll teat.

#40 G on 02.01.20 at 6:23 pm

Must see! 45min.
He gets visible upset because of what he knows now at @38:38 and tells it like it is, and it doesn’t look good.
I hope two week quarantine is enough. Are you ready?

Coronavirus and Q&A from viewers by Dr. Paul Cottrell
https://www.youtube.com/watch?v=UeR9i4BNTTY&t=220s

#41 Tony on 02.01.20 at 6:24 pm

Capitalism is completely dead. The lies and brainwashing in America will be replaced with socialism then with communism. The days of the old west only exist in the history books. The government ruined everything.

#42 Piano_Man87 on 02.01.20 at 6:36 pm

Socialism didn’t invent the iPhone. Ryan is right.

But Steve Jobs/Apple invented zero of the critical technologies that allowed the iPhone to exist. They were all invented by the US military, or by academics, working in Universities. It was all paid for by taxpayer dollars, one way or another. GPS, touchscreens, TCP/IP communication, lithium batteries, etc. So… the government paid for it all. Steve Jobs just put the parts together in a flashy box for us to go gah-gah over.

This is similar to how the personal computer was “invented.” All the real heavy lifting was done on taxpayer dollars in labs like the ones at MIT. Once it became economically viable, it was released to the private sector.

This is also how pharmaceuticals are presently developed. It’s the same model.

Where’s your equity share of Microsoft? Apple? You didn’t get one.

Oh, and yeah. Capitalism and sustainability cannot coexist. How can a system that depends on infinite growth exist on a planet with finite resources? It can’t. And things that can’t go on forever – don’t.

#43 statsfreak on 02.01.20 at 6:36 pm

What a freakin’ awesome article!!!
Thank you Ryan!

#44 Grunt on 02.01.20 at 6:40 pm

You still get 1 percenters in socialist economies. I’ve been reading a fair bit on the DDR – former East Germany.
The party & military elite lived in a gated community outside Berlin. They lived in luxury homes and drove luxury cars. They had their own private ‘Loblaws’ inside the gate stocked with western exotic product and luxury apparel labels. Including ordinary items like bananas, which weren’t available to the general population.

There were ups, like free daycare, education & health. But if you were middle-road no bananas and you drove Trabrant – no Kias & timmys…

The mainstream political parties here need to adopt more green policies. This will take the wind out of the sails of the anti-capitalists.

#45 Figmund Sreud on 02.01.20 at 6:44 pm

Now capitalism is not perfect. Far from it.
_________________________

Of course it is not even half close to perfect, … and hoi polloi, in general, sense this, … hence results of your referenced survey.

In fact, for practical purposes, we reside inside an economic fascism, … a form of – sort of – rancid version of capitalism, where powerful government job is to channel wealth to corporations – owned and operated by the elitist cadre, … cadre of welfare statists, …

… and so, your follow up statement, “That’s one reason why governments exist to oversee and protect against unlawful and immoral corporate behavior.”, I consider largely as false, …

Best,

F.S. – Calgary, Alberta.

#46 Ryan Lewenza on 02.01.20 at 6:44 pm

Guy in Calgary “Banker bailouts/bonuses paid for by the tax payer do not exist in true capitalism. The system is rigged for the fat pigs at the top, no question about it.”

Kind of agree with this. Initially I was not a supporter of the bailouts but the more I learned about the crisis and how close we were to the next Great Depression I realized it was the only option we had and it ended up working. The banks/economy stabilized and the loans were paid back. – Ryan L

#47 Nonplused on 02.01.20 at 7:22 pm

Ryan, I think part of the problem is that most people don’t know what “capitalism” is, at least not in the sense that Adam Smith meant it. They look at Wall Street and all the financialization that goes on with leveraged buyouts and pension raiding and such and conclude that that is capitalism. Adam Smith knew nothing of the sort because he was dealing with a monetary system based on gold and silver in which fiat money and government debt always failed. But that is what we have now. Wall Street sucking the life out of corporations and individuals alike and calling it “capitalism”. So you can’t blame the 50% for being confused and thinking what they call “capitalism” (financialization) is not helpful.

Adam Smith’s version of capital, in essence, was natural resources and the investment of excess labor in the development of land and equipment to increase productivity. So a simple example might be a farmer who owns a plot of land who has a bumper crop, more than he needs to feed his family, sells the excess, and uses the profits to build a barn. The barn represents Adam Smith style capitalism. And it continues of course through the 400 years you discussed as we (humans) used labor to build all kinds of infrastructure that increases productivity. You cite many of them. Something like the iPhone would not have been possible if it were not for the fact that a great many factories had been built based on profits from previous factories building simpler things that never the less represented improvements in productivity themselves. Before the iPhone Apple made its mark with the Apple II. But look what an iPhone can do now in comparison, and it costs less than an Apple II did, even without adjusting for inflation. I mean, I am as prone as the next guy to complain about the cost of cell phones, but really, as a computer they are so much more capable than a full desk top computer in 1984 and they fit in your pocket with a battery that can run them for hours, and adjusted for inflation they are much less expensive. At the rate things are going the cell phone and cloud computing may replace most computers and video game consoles in just the next few years. That is the effect of capitalism, Adam Smith style.

The main problem with capitalism, according to socialists, is that capital begets more capital, and people like Steve Jobs grow enormously wealthy as they reinvest profits from previous ventures into further production capabilities. Somehow this “isn’t fair”. They think the profits should be shared like a family shares dinner. But unfortunately every family contains equal amounts of people inclined to invest and prodigal sons who are prone to waste the money. Thus, socialist economies have trouble raising enough capital to invest in new production and stagnate.

The solution of course is to have the government build and own the means of production and that means taxation. And it also means nobody really has any incentive to be successful. And the real killer is that once governments start running things, there is no competition. Now, if the leaders of a socialist government had perfect insight and benevolence, maybe they would build only the best factories and the most desired products. But they aren’t. They are no better at making decisions than Eve in the garden. Another facet of capitalism Adam Smith style is that in a sort of Darwinian way good ideas and practices move to the top, while bad ideas and practices get pushed out. For example when Henry Ford introduced the world to the assembly line, everything changed. Everything. But would a socialist invent such a thing? It means more production with fewer or at least no new jobs. And more wealth for Ford. That is not where socialism intends to go, despite the fact that it means now most people can afford a car.

So the problem with socialism is dire on all fronts and it does not consider human nature. Given a choice between having to work or to not work for the same money most people chose not to work. New ideas are frowned on. Eventually, socialist countries eat their capital and must eventually resort to violence. That is why they killed so many of their own citizens over the last 100 years. Everyone talks about what a tragedy WWII was, and it certainly was, but socialism killed at least 4 times as many people with no wars.

PS. So if socialism is such a failure, how did the Soviet Union manage to build such good fighter jest and get to space first? Well, they have oil. They sell oil. To Europe, which for the most part wasn’t very socialist at the time, or they wouldn’t have been able to afford the oil. And they had competition in the form of the USA, so the planes had to be good. But I have ridden in a Lada before and I can say without qualification that where there was no external competition Soviet products were crap.

#48 Linda on 02.01.20 at 7:25 pm

When I think about the sheer volume of energy wasted in finger pointing & blame of anything or anyone other than one’s own actions – gad. If only all that energy was used instead to pick up ones socks & do what needs to be done instead, the world would be awash in success stories. I know, totally not a realistic thought on my part. However, just a caveat on at least one of the earlier comments – the plastic in the oceans one. Capitalism in no way put that plastic there. People did, by either not bothering to step up to a recycle/garbage container & actually put the object within or by not being willing to pay a few dollars per month to ensure the plastic was properly disposed of, preferably via recycling that kept it out of a landfill. That also refers to so called ‘capitalists’ who choose to dump their waste illegally because they don’t want to pay to have it property disposed of – human action, each & every time. I’d add they would do the same thing under any other regime, though if they were shot for doing so under the more repressive governing styles they wouldn’t be able to keep on polluting – unless of course they were affiliated with the governors.

#49 BS on 02.01.20 at 7:41 pm

#19 DFO on 02.01.20 at 4:01 pm

If capitalism wasn’t a gated system guarded by those who were lucky and yes I really mean lucky to have inherited capital from those who took advantage of other people’s hours of labour, then it would be alot better.
The biggest tycoon myth is how they pulled themselves up by their bootstraps and defied all the odds. This is 99% bs.
Right now the main way to get rich is to have rich parents or rich friends, period.

Wrong. Maybe you are just an under achiever?

There are 2,604 billionaires in the world, and 55.8% of them are self-made…

Another 30.9% of billionaires made at least some of their wealth themselves, according to the report, while 13.3% inherited their wealth entirely.

https://www.cnbc.com/2019/05/10/wealthx-billionaire-census-majority-of-worlds-billionaires-self-made.html

#50 JM on 02.01.20 at 7:45 pm

Please define capitalism. Is it bailing out financial and auto companies? Is it continued fiscal stimulus for the greater good?

That sounds like cronyism.

I’m not bitter nor jaded, I’ve done quite well (probably like most of your readers) but let’s not be so naive to suggest the “invisible hand” of capitalism even exists.

#51 The Great Gazoo on 02.01.20 at 7:48 pm

Ryan, a couple of years ago Garth posted a link to the following paper by the Bank for International Settlements.

Demographics will reverse three multi-decade global trends

https://www.bis.org/publ/work656.htm

I have always been intrigued by the paper because it provide a rationale explanation why we experienced declining interest rates for the last 3 decades – and why that will reverse as a result of world-wide demographics

Current consensus is that interest rates will be lower for longer and I believe you support that position. But I always struggled with the why anyone (as one example) would lend at ~2% or lower for 10 years. I understand that many portfolio managers are required to hold bonds so they are effectively “forced” to lend.

The other argument I hear is that the economy would tank if rates increased. Don’t disagree with that, but..

With every country in the world increasing deficits – the demand for borrowing seems endless – look no further than the US running a $1 trillion per year deficit in a booming economy. I question that there is an endless supply of lenders willing to fund this.

In the BIS article the authors make a good case for why the trend of declining interest rates will reverse – primarily related to demographics. Some key takeaways:

– Over the last 3 decades China has had a major influence on world wide labour costs – low cost labour pulled production to China.

– Workers in advanced economies lost their bargaining power – this kept wages and inflation low around the world for decades.

– People in China saved like crazy because of the poor social safety net and one child policy. These savings eventually found their way into US treasuries and other debt around the world – contributing to lower interest rates.

– As much of the world ages this trend will reverse.

– Older folks in China and advanced economies will draw down their savings and the burden on governments to pay for health care will increase. Caring for the elderly is very labour intensive.

– As the % of workers to dependents (young and old) declines, workers will gain more bargaining power and push for higher wages – in part because there will be a large tax burden to pay for increased health care costs.

These changes will contribute to higher wages and inflation.

With the increasing deficits and debt around the world seems to me there will be tension building in the system.

Not looking for a response today, but proposing this as a future Saturday post topic in the coming months.

Specifically, do you think the theory outlined in the BIS paper makes good sense or is fundamentally flawed? What is your mid (2-5 yrs) and long (5-10 yrs+) term outlook for interest rates? If you do believe interest rates will remain low for longer (yrs?) would like to understand why you believe that.

Thanks

#52 Stan Brooks on 02.01.20 at 7:48 pm

I don’t really have time to provide detailed analysis on this article but can give some advises to the author.

1. Before analyzing such complex topic as ‘Capitalism’ read ‘The Capital’ from Marx.

2. Adam Smith did not give any boost to capitalism, he and other economy ‘philosophers’ merely documented it’s initial steps.

3. Lending is not capitalism. It existed in Roman’s times and even earlier. Trading existed in Roman’s times.

4. What you show on your chart with the GDP growing due to industrial revolution is result from cheap oil and coal. It freed people to do other work.

5. Financialization has very little to do with capitalism.
Current policies of cheap money mess up with the fundamental principles of Capitalism – of market forces and market discovery of prices and cost of money.

6. Your analysis of countries like China and Russia is frankly pathetic as it measures nominal GDP per capita , not purchasing power per capita. Look at trends, China grew at 10 % + for 3 decades.

7. Many of the rich countries have adopted mixed social construct as to both incentivize progress and protect the consumer, pure capitalism does not exist anywhere.

8. If there is a linkage between freedom and capitalism, ancient Greece would have been the most advance technological nation in history while Britain in early development of capitalism – the most democratic nation on earth, both very far from the truth.

In summary:

If a student wrote this mess of pretentious misstatements with such obvious mistakes on correlation and causation, I will score it between C and D.

#53 astronaft911 on 02.01.20 at 7:52 pm

If capitalism was allowed to operating its pure form all the money would end up in one person’s hands. All people would be paying rent for air to Emir of Qatar within 100 years.

The world is changing. And like most changes people find it hard to accept, clinging to what’s familiar. Those at the bottom cannot change the system, those at the top – don’t want.

Plastic choking oceans, industrial fishing scapes the ocean’s floor till very little left behind, glyphosate traces in every live cell. There is a lot to fix in capitalism. My hopes are on AI.

#54 Lead Paint on 02.01.20 at 8:23 pm

#18 G on 02.01.20 at 3:53 pm

Quarantine in USA if you’ve been in China in last 14 day! You need to quarantine yourself now for 14 day!!! To protect the people around you. This is an engineered virus designed to kill and it got out is what it looks like. But they won’t tell you that.

Were is the Canadian quarantine response if you’ve been to China last 14 days? Delay will only cost lives and make it harder to contain, if it’s not to late!

—————————————————-

Our leaders would rather see us get infected with the coronavirus than hurt anyone’s feelings. It’s virtue signalling to the extreme.

I Googled to see if anyone had started a petition to halt flights from China until the outbreak is properly contained. Zero results of such petitions, just tons of articles highlighting an earlier ‘racist’ petition to keep kids who recently visited China away from schools for two weeks. Not Chinese kids, just any kid. But it was deemed racist by the school board and the journalists.

The virus is not a race, China is a geographical place, not a race, but somehow it’s racist to suggest people might carry the virus if they just came from a place with the outbreak.

If we don’t have a serious outbreak it will be due to luck, amazing frontline workers, but not Liberal leadership.

#55 oh bouy on 02.01.20 at 8:29 pm

@#51 Stan Brooks on 02.01.20 at 7:48 pm
I don’t really have time to provide detailed analysis on this article but can give some advises to the author.
________________________________

you’re the absolute last person that should be giving ‘advises’ lol

#56 Yukon Elvis on 02.01.20 at 9:02 pm

DELETED

#57 Nonplused on 02.01.20 at 9:08 pm

#51 Stan Brooks

I hope you are not in a position to grade students, obviously having been a bad student yourself.

You get an F- from me.

#58 Steven Rowlandson on 02.01.20 at 9:10 pm

“Capitalism still works.”

Does it and for whom and what is it really?

If it is investing, running a business or inventing or producing goods and services call it private enterprise.
If it is flipping or profiting from jacking up home prices and rents call it usury and genocide.
But don’t call it Capitalism. Capitalism has come to mean a political ideology that justifies the rule of wealthy people and the undue and unwarranted influence of big corporations and oligarchs over government. It has also come to justify predatory and manipulative economic activity that is inconsistent with the common good. Government has to remain above and beyond the influence of special interests especially those that are wealthy and it has to protect society from the depredations of this wealthy class in terms of its actions and examples that are inconsistent with the common good. This isn’t about bringing in communism this is about protecting society from the greed and excesses of the wealthy or land lords. Otherwise you have survival of the richest and greediest and little or no middle class or upward mobility for those starting from scratch or poverty. The last thing you want is a society that is like one of John Calhoun’s mouse utopia experiments.

#59 Alessio on 02.01.20 at 9:30 pm

Perhaps have a low or middle class citizen write an article on capitalism. It would sound a lot different. Just saying Lewenza. Btw I sense you were a Gino in your younger days listening to Spring Love by Stevie B in your Honda CRX.

#60 Phylis on 02.01.20 at 9:35 pm

The question is biased. Maybe we should ask which system has the best chance of being the least corrupt?

#61 Sail Away on 02.01.20 at 9:58 pm

#14 Andrew on 02.01.20 at 3:12 pm

Buy bitcoin.

———————-

No. Don’t do that.

#62 Stan Brooks on 02.01.20 at 10:09 pm

#54 Lead Paint on 02.01.20 at 8:23 pm

It is an extreme and aggressively cultivated political correctness within an extremely fluent and conforming society that suppresses any objectivity in favor of ‘popular believes’ and ‘feel good’ policies and forcefully and unlawfully eliminates individual freedoms in favor of totalitarian ‘rule of the masses’ that is implemented through focused indoctrination and public prosecution/condemnation of those who disagree.

Let’s see how it works out when a real threat arrives.

#63 Blockhead on 02.01.20 at 10:09 pm

I never worked. I had a job with the city.

#64 bill hilly on 02.01.20 at 10:15 pm

@#54 Lead Paint on 02.01.20 at 8:23 pm

____________________________________

you should change your name to huffing lead paint

#65 Slim Pickends on 02.01.20 at 10:57 pm

Ryan

A bit of education for you. Karl Marx was the only classical economist to theorize on the “laws” of capitalism, and basically concluded that it will implode on itself given time, due to increasing concentration of capital. He failed to account for various externalities though such as government intervention and black swan events to name a few.

Global warming is the latest creation by rich countries to shift the economic dynamics by imposing rules on the less wealthy and skew returns to those who control the system.

Teaching moment over.

#66 Slim Pickends on 02.01.20 at 11:03 pm

#44 Grunt on 02.01.20 at 6:40 pm

You still get 1 percenters in socialist economies. I’ve been reading a fair bit on the DDR – former East Germany.
The party & military elite lived in a gated community outside Berlin. They lived in luxury homes and drove luxury cars.”

Is this where those gigantic East German female bobsledders of PEDs resided?

#67 Drunken stupor on 02.01.20 at 11:04 pm

1. I lived the best of communism of Eastern Europe and thanks but no thanks. I don’t want to ever go back to that system. Lefties here hv no idea what they root for…

2. Is corona virus any worse than regular flu which kills hundreds of thousands every year with zero media coverage? Wake me up when thats the case pls. Meanwhile who is gonna make billions on a new vaccine for this?

#68 Ponzius Pilatus on 02.01.20 at 11:41 pm

Bozo , the other day added 13 billion to his wealth within 15 minutes.
How does that raise the wealth of the average person?

#69 Dazed and CONfused on 02.01.20 at 11:42 pm

“…..Wealth of Nations, he expounded on the key principles of capitalism including…..
#1) minimizing government intervention,
#2) our human tendency towards self-interest, and
#3)free trade……”

Unfortunately, too much of (#1 + #2) = GFC 2008

#70 Ponzius Pilatus on 02.01.20 at 11:55 pm

I thought you made some good points, but then you quoted the Fraser Institute.

#71 Robin on 02.02.20 at 12:59 am

https://ourworldindata.org/blog is an interesting site for looking at global statistics.
Most interesting is that changes that are slow don’t get the same attention as changes that are fast.

#72 Sam Gentile on 02.02.20 at 1:17 am

BANNED

#73 Not So New guy on 02.02.20 at 1:53 am

I believe that the capitalism/socialism debate is the divisive lie that is pushed on us to distract us from the real problem.

The real problem is credit. Taking future spending and turning it into debt to be spent today sucks the energy out of the future. When the future arrives, as it is starting to in the world economy, people suffer because they have less to live on and businesses suffer because they have already pumped themselves up on the consumerism of the past.

The banks, however, always seem to be making out like bandits. Good times or bad times they are always making billions in profits. Maybe we should ask why our media spends so little time on the parasitical effect of banking and the corrupt nature of central banking?

The very NYT itself got its start from funding by a banker and that seems to be the model. Don’t bite the hand that feeds

And for those who would say just buy some bank shares and shut up. These are some of the most oipiated folks around. For every hundred or so shares you can afford and by which you collect a ‘nice dividend’, the executive suite in the bank has been collecting exponentially more in the form of stock options. Those dividends make it look like they are doing a good community service but that is just window dressing for those who control society from their executive chairs at the bank and get paid well above of the rest of us for doing so

Remove the majority of credit from capitalism and capitalism gets the tarnish removed from its shiny surface. Then the kids will again begin to see it for the benefit it truly is

#74 Won’t be fooled again on 02.02.20 at 2:04 am

However did the CCP pull the wool over the world’s eyes? They used our capitalism against us. Our stupid leaders, media and educators fell for it. Time to wake up folks. Some can see right through it. It can get better. Just open your eyes.

#75 DAVID L TINDALL on 02.02.20 at 2:18 am

The worst thing is that people like Ryan profess to defend capitalism and everybody accepts that they are indeed celebrating capitalism The true nature of capitalism dictates that individuals are fully accountable for their actions and suffer the consequences. Start with the limited liability corporation which is not a necessary aspect of capitalism. In fact it allows people to evade their responsibilities, leaving it to others to suffer the consequences. Do away with that and you don’t get a multinational oil company pay a fraction of the cost of its oil spill and then get to carry on while the rest of us pick up the rest of the costs. Or the orphan oil wells whose clean up costs fall on the taxpayers while the oil company owners get to keep their profits paid out over the years. No true capitalism, as Adam Smith said is guided by an invisible hand. What we have today, are markets controlled by the hands of oligopolists who exist because they have seized control of our governments and get to enjoy monopoly rents because governments allow them to operate without much competition. Take practically any industry today and it is dominated by only a few multinational companies. This is not capitalism its more like fascism.

#76 westsider on 02.02.20 at 2:19 am

I start to worry when financial advisors have to explain the benefits of capitalism. It doesn’t bode well!!

#77 Peter Kook on 02.02.20 at 3:24 am

“…with more socialist and planned economies like Russia and China.” – this statement used to be correct. 40-50 years ago.

LOL

China has “state capitalism”, Russia is pure kleptocracy selling out resources for the last 30 years/

So, the capitalism is the only serious economic system on planet.
Nothing to compare with, therefore we cannot say good it or bad.

#78 Robert Ash on 02.02.20 at 4:33 am

The angst evidenced by the Poll, was anticipated by many, as the mid 1990’s witnessed, more than half the Impoverished world, joining the Capitalist Club. Delivered right to thier doorstep… I referenced the GoldSmith and Charlie Rose interview, several weeks, ago…watch it if you haven’t there is a link above..Goldsmith, called it… correctly… We altruistically allowed the poor Communist, and Impoverished countries to join the WTO, and Capitalism, stopped working for many, in the Developed Economies . The younger folks, have had to compete on a completely different unlevel, playing field, than the Generations of the 60’s, 70’s and 80’s. We simply had better leaders… After making this statement however the decision to embrace China, and Much of SE Asia, is/was the Humanitarian ” thing to do”, but we sold the Farm.. And guess who is winning at Capitalism, now and Loving, it..in 2020. Then the 2008 Crisis hit, and the other commentary about no accountability or responsibility for cheating and defrauding the Capitalist System, was correct. No accountability,…blame and responsibilty was Whitewashed, and sanitized, now we wonder why the Millenials, are Upset and Sceptical…… The sad reality however is if the current Electorate embrace high taxes, and socialism, then their problems, will only be exacerbated. The Younger folk, need to rejig Capitalism in thier Favor… and the last leaders you need are JT, Bernie S, Butts, Wynn, et al.. Suicide. They are already taxing you to a level to guarantee failure.

#79 Robert Ash on 02.02.20 at 4:55 am

Smarter Squirel nailed it with the Gold Smith and Charlie Rose interview… Capitalism, ie the old system took a knock out punch when China, and SE Asia, were let in the club, with their rules, and closed economies.. These countries, have won, this stretch… And it was Clinton, and other Social system leaders, that pushed the idea.. Embracing the idea, to help these countries, and bring them into the system, had some merits, but the weakness, was exploited, by our Democratic system…and temporary Leaders.
Then the Financial crisis hit… Cheating Fraud, and no one paid the price for this total lack of character, and morals… So big surprise, the new Millenials, are angry… The sadest part is the younger electorate, will self inflict more wounds, embracing socialism, as these new Capitalist wipe the floor with their Tax and Stifle policies, that ensure failure…

#80 MaryEn on 02.02.20 at 6:06 am

Great post, Ryan. Thank you!

#81 David Hawke on 02.02.20 at 8:14 am

Spot on Smarter squierl!

#82 To Apocko 2020 re exponential growth on 02.02.20 at 8:53 am

Hold hard there Apocko 400; an exponential increase from a base of 12,000 is 144,000,000 and not 75,000. Interviews with experts (I have been watching news broadcast by DW and BBC here in Berlin where I am on holiday) suggest that this version of the Corona virus is milder by far than the previous SARs that we saw in 2003. The pernicious thing about this virus though is that it has a higher likelihood of infecting others, as in it has a greater facility to spread than the 2003 outbreak.

Fear mongering or outright panic, my wee sleekit beastie, do not do anyone, particularly yourself, any favours. May I also suggest you avail yourself of the wisdom of Richard Dawkins? He is probably the best source of comfort in these times.

#83 crowdedelevatorfartz on 02.02.20 at 9:25 am

@#65 Slim Pickends
“Karl Marx was the only classical economist to theorize on the “laws” of capitalism”
++++
Marx a “classical economist”?
Please.
Marx dabbled at an education at the University of Bonn in the 1840’s but became radicalized hanging around with other students and professors that esposed anti religious and anti capitalist beliefs. The govt at the time was alarmed at the growing radical movement and place spies amoung them.
His studies suffered because of his devotion to the groups he associated with.
He sent his doctoral theses to the University of Jena because it was known to be lax in its academic requirements. Basically . He bought and paid for his degree. A classic capitalist move if there ever was one.

Marx was a philosopher and journalist. He also dabbled at poetry.
After marrying and moving to Paris he became fascinated with the growing Communist movement there.
Which he considered “utterly crude and unintelligent”
He worked as an editorand journalist to pay for his growing family.
He also co wrote several hard to read screeds that never successfully sold.
He once wrote to the Editor of the New York Times begging for a cash advance in pay to buy medication for his sick child.
The editor refused to grant him an advance and Marx’s sick child died.
That confirmed ( amoung many other things) his belief that Captialism was evil and , ultimately , would not survive.
Amusingly, He read The Economist Magazine to understand and form his opinions of Capitalism…..
Most of his writings were not published or widely read until long after his death.
His Economic Philosophy was written in 1844 and not published for almost 100 years.
Perhaps he considered himself an Economist but I doubt his rabidly anti capitalist views would stand up to most doctorial reviews.
Marx, an intelligent, angry, poor, philosopher who wrote, barely understood, philisophical diatribes against his percieved “enemies”…the rich.
Something he would never achive due his own stubbon deep seated beliefs.
He died poor due to his life long anti capitalist beliefs and left his 3 surviving children out of 7 with almost nothing.
He was buried in a paupers grave in London with no headstone. The Communist Party of England paid for one in the 1950’s.
So…..Ironically……. even his headstone was not “published” for almost 100 years after his death.

The end.
……mike drop…..

#84 reynolds531 on 02.02.20 at 9:51 am

I’m just questioning the freedom graphic when the US has +2 million citizens in prison.

#85 Stone on 02.02.20 at 9:53 am

In 1990, 36% of the world’s population lived in “extreme poverty”, which the World Bank Group defines as someone living on less than US$1.90/day. Today 10% of the world’s population are living below poverty. Put another way, over 1 billion people have been lifted out of poverty since 1990.

———

Are you telling me that because someone now makes more than $1.90/day, things are fantastic? Ryan, why don’t you try to live on $1.91/day and let me know how that works out. After all, it’s not living below poverty per your own statement.

Also, did you figure inflation into that calculation. I figure no one has risen out of poverty when that is factored in.

Stats, stats, stats. To confuse and befuddle.

#86 Stone on 02.02.20 at 9:57 am

#68 Ponzius Pilatus on 02.01.20 at 11:41 pm
Bozo , the other day added 13 billion to his wealth within 15 minutes.
How does that raise the wealth of the average person?

———

That’s the problem. It doesn’t. Using averages hides the truth. If the median is used, you’ll notice no incremental change whatsoever for the “average” person.

#87 P on 02.02.20 at 9:59 am

Good post. Thank you.

#88 Stone on 02.02.20 at 10:04 am

Indeed, under capitalism our standard of living has risen by over 10,000 percent!

———

Really? I must be in a constant, complete state of euphoria as a result.

Strange how that actually isn’t the case.

#89 Sail Away on 02.02.20 at 10:06 am

#68 Ponzius Pilatus on 02.01.20 at 11:41 pm
Bozo , the other day added 13 billion to his wealth within 15 minutes.
How does that raise the wealth of the average person?

——————-

Simple. He gets divorced, gives half to wife, she philanthropizes it back into circulation.

#90 Andrew on 02.02.20 at 10:13 am

Watch bitcoin today/tonight with uncertainty in the air. Desks want access to something global and liquid while the markets are closed. It cannot be emphasized enough: In times of macro and geopolitical stress, seamless and uninterrupted liquidity 24/7 becomes paramount…especially on weekends.

As for us normal folks, stay balanced and don’t do anything like Garth says, it is by far the wisest move. It doesn’t mean we can’t grab the popcorn and watch those who are active though.

#91 IHCTD9 on 02.02.20 at 10:13 am

#22 WUL on 02.01.20 at 4:29 pm
#102 IHCTD9 on 01.31.20 at 10:48 am

twang…twang…twang…

Catskinner:

Off topic but that’s old hat to me.

Glad your interest in C&W has been resurrected. I know 3 guitar chords and 225 cowboy / train songs. That’s OK. Bob Dylan became a billionaire with 3 chords.

Luke Combs has hit my radar too. Solid stuff. Speaking of Lukes, try Luke Bell “Sometimes” and “Bullfighter” and for a song about the Drumheller badlands, Red Deer River and the beauty of lilacs, try Richard Inman “Lilac”.

Prairie stuff.

Tell me. Have you retrofitted the D9 with a heated cab and wifi or are you still rockin’ the open air “headache rack” only?
——

Ha! Dylan and AC/DC both got rich on those three chords! 2020 marks my 31st year of guitar pick’n, but I have not progressed much past three chords either.

That Inman tune was good! One thing I’m liking about country is the lyrics and emotion it has written into it. Some of the writing styles in C+W are just outstanding. A good example:

https://www.youtube.com/watch?v=MtqxY3t74To

Others flow just right:

https://www.youtube.com/watch?v=g7f6HiQ2LuU

Both the track layers are still sporting “open operator stations”!

#92 Ponzius Pilatus on 02.02.20 at 10:41 am

#89
so you’re saying that higher standards of living of the masses are caused by handouts from the rich

#93 Ryan Lewenza on 02.02.20 at 10:47 am

Stone “Are you telling me that because someone now makes more than $1.90/day, things are fantastic? Ryan, why don’t you try to live on $1.91/day and let me know how that works out. After all, it’s not living below poverty per your own statement.”

Of course not! But isn’t it better than the alternative (millions and millions of people living in poverty)? Think of the billions of people across this planet that are better off today, as a result of capitalism, than in say 1600 when feudalism was the dominant system. I’m making a relative argument (people are better off under capitalism than other systems), and I believe the evidence clearly supports this view. South Koreans would definitely agree. In 1950s and 60s South Korea was one of poorest countries in the world. Today’s it has a booming economy with a high standard of living, low unemployment and poverty rates. Then compare that to its communist and authoritarian neighbour North Korea. Whose better off?
– Ryan L

#94 IHCTD9 on 02.02.20 at 10:54 am

#89 Sail Away on 02.02.20 at 10:06 am
#68 Ponzius Pilatus on 02.01.20 at 11:41 pm
Bozo , the other day added 13 billion to his wealth within 15 minutes.
How does that raise the wealth of the average person?

——————-

Simple. He gets divorced, gives half to wife, she philanthropizes it back into circulation.
——-

See Ponzie, Nature always finds a way! Haha

Who does’t know at least one rich dude (or two or three…) who got “equalized” in divorce court?

#95 Ryan Lewenza on 02.02.20 at 10:59 am

reynolds “I’m just questioning the freedom graphic when the US has +2 million citizens in prison.”

Well first their population is 320 million people. Second, this is partly due to their tough on crime criminal system, which dates back to Regan and the war on drugs campaign. Lastly, this is just one aspect of “freedom”. In China or Russia you can be locked up for holding a political rally or just being a muslim (the Uighurs). I don’t think there’s even a debate around whether the US and other developed nations like Canada or the UK are freer than more authoritarian countries like Russia, China and North Korea. – Ryan L

#96 Ponzius Pilatus on 02.02.20 at 11:05 am

#91 IHCTD9 on 02.02.20 at 10:13 am
#22 WUL on 02.01.20 at 4:29 pm
#102 IHCTD9 on 01.31.20 at 10:48 am

twang…twang…twang…

Catskinner:

Off topic but that’s old hat to me.

Glad your interest in C&W has been resurrected. I know 3 guitar chords and 225 cowboy / train songs. That’s OK. Bob Dylan became a billionaire with 3 chords.

Luke Combs has hit my radar too. Solid stuff. Speaking of Lukes, try Luke Bell “Sometimes” and “Bullfighter” and for a song about the Drumheller badlands, Red Deer River and the beauty of lilacs, try Richard Inman “Lilac”.

Prairie stuff.

Tell me. Have you retrofitted the D9 with a heated cab and wifi or are you still rockin’ the open air “headache rack” only?
——

Ha! Dylan and AC/DC both got rich on those three chords! 2020 marks my 31st year of guitar pick’n, but I have not progressed much past three chords either.
—————-
In would have guessed you’re a virtuoso with the Banjo.

#97 Dharma Bum on 02.02.20 at 11:08 am

Those who are against capitalism are the perpetual losers.

Being against capitalism is like being against competitive sports.

There have to be losers in order for there to be winners.

If you are always the loser, you’re not going to like it. You will be in the camp of “everyone deserves a trophy for participating”. We’re all equal and deserve the same.

Socialism is like handing out consolation prizes all around.

Loser mentality.

Capitalism is for winners.

Unfortunate, but true.

#98 Ponzius Pilatus on 02.02.20 at 11:08 am

Only classic Economists still use GDP as a measure of wealth.

#99 Ryan Lewenza on 02.02.20 at 11:12 am

Slim Pickends “Ryan. A bit of education for you. Karl Marx was the only classical economist to theorize on the “laws” of capitalism, and basically concluded that it will implode on itself given time, due to increasing concentration of capital. He failed to account for various externalities though such as government intervention and black swan events to name a few. Teaching moment over.”

I read Karl Marx’s The Communist Manifesto and I’ll take a hard pass on that ideology. That book was the foundation of Marxism, Leninism and Stalinism. How did that turn out for the Soviet Union? – Ryan L

#100 Ryan Lewenza on 02.02.20 at 11:14 am

Stan Brooks “I don’t really have time to provide detailed analysis on this article but can give some advises to the author.

1. Before analyzing such complex topic as ‘Capitalism’ read ‘The Capital’ from Marx.

2. Adam Smith did not give any boost to capitalism, he and other economy ‘philosophers’ merely documented it’s initial steps.

3. Lending is not capitalism. It existed in Roman’s times and even earlier. Trading existed in Roman’s times.

4. What you show on your chart with the GDP growing due to industrial revolution is result from cheap oil and coal. It freed people to do other work.

5. Financialization has very little to do with capitalism.
Current policies of cheap money mess up with the fundamental principles of Capitalism – of market forces and market discovery of prices and cost of money.

6. Your analysis of countries like China and Russia is frankly pathetic as it measures nominal GDP per capita , not purchasing power per capita. Look at trends, China grew at 10 % + for 3 decades.

7. Many of the rich countries have adopted mixed social construct as to both incentivize progress and protect the consumer, pure capitalism does not exist anywhere.

8. If there is a linkage between freedom and capitalism, ancient Greece would have been the most advance technological nation in history while Britain in early development of capitalism – the most democratic nation on earth, both very far from the truth.

In summary:

If a student wrote this mess of pretentious misstatements with such obvious mistakes on correlation and causation, I will score it between C and D.”

But other than that did you like the blog post? – Ryan L

#101 Ponzius Pilatus on 02.02.20 at 11:16 am

#94 IHCTD9 on 02.02.20 at 10:54 am
#89 Sail Away on 02.02.20 at 10:06 am
#68 Ponzius Pilatus on 02.01.20 at 11:41 pm
Bozo , the other day added 13 billion to his wealth within 15 minutes.
How does that raise the wealth of the average person?

——————-

Simple. He gets divorced, gives half to wife, she philanthropizes it back into circulation.
——-

See Ponzie, Nature always finds a way! Haha

Who does’t know at least one rich dude (or two or three…) who got “equalized” in divorce court?
————–
The divorced couples I know are all poorer now.
And what about the kids?

#102 NoName on 02.02.20 at 11:17 am

#91 IHCTD9 on 02.02.20 at 10:13 am
#22 WUL on 02.01.20 at 4:29 pm
#102 IHCTD9 on 01.31.20 at 10:48 am

now that you two twang.

Until recently i couldn’t stand it, maybe song here and there, until one day i went binge drinking with my magnificent bastiges. I steel dont know what happened, recollection is foggy at best…

here are my two mystery links.

song 1
https://www.youtube.com/watch?v=B4Q5M7azdVg
song 2
https://www.youtube.com/watch?v=B4Q5M7azdVg

#103 NoName on 02.02.20 at 11:21 am

ops same link

2nd song
https://www.youtube.com/watch?v=NQFhnvJ9tsk

and 3rd as bonus
https://www.youtube.com/watch?v=8Au6qBLgk1A

#104 IHCTD9 on 02.02.20 at 11:35 am

#96 Ponzius Pilatus on 02.02.20 at 11:05 am

In would have guessed you’re a virtuoso with the Banjo.

——

I wish I was.

If I were a banjo player, I’d want to be Dave Hum – a Salisbury busker that played old traditional American tunes and Celtic stuff on the five string in three finger and claw hammer styles. Guy had talent coming out the wazoo…

https://www.youtube.com/watch?v=krfU3_Xk6w4

#105 Keith on 02.02.20 at 11:37 am

“7. Many of the rich countries have adopted mixed social construct as to both incentivize progress and protect the consumer, pure capitalism does not exist anywhere.”

Exactly.

So the debate should be about the form of capitalism, (American style all the way to Scandinavian), what the government should and should not do, how big the social safety net should be, and how do we finance public services fairly and completely. Sadly we lack the maturity to have a reasoned and reasonable dialogue about these seminal issues, and we get the politicians and policies we deserve – crony serving parties, resolute for drift.

#106 Niagara Region on 02.02.20 at 11:50 am

I heard an indigenous man on CBC radio last week talking about a group of indigenous people whose traditional way of life required only nine weeks of work per year to meet the first two of the needs in Maslow’s hierarchy of needs (food and shelter). He asked “How could the white man think he could possibly improve our way of life?” The speaker had a point.

#107 Stone on 02.02.20 at 12:00 pm

#93 Ryan Lewenza on 02.02.20 at 10:47 am
Stone “Are you telling me that because someone now makes more than $1.90/day, things are fantastic? Ryan, why don’t you try to live on $1.91/day and let me know how that works out. After all, it’s not living below poverty per your own statement.”

Of course not! But isn’t it better than the alternative (millions and millions of people living in poverty)? Think of the billions of people across this planet that are better off today, as a result of capitalism, than in say 1600 when feudalism was the dominant system. I’m making a relative argument (people are better off under capitalism than other systems), and I believe the evidence clearly supports this view. South Koreans would definitely agree. In 1950s and 60s South Korea was one of poorest countries in the world. Today’s it has a booming economy with a high standard of living, low unemployment and poverty rates. Then compare that to its communist and authoritarian neighbour North Korea. Whose better off?
– Ryan L

———

Comparing today to feudalism in the 1600s is a bit difficult as both you and I have no firsthand knowledge of what feudalism really was like (unless you want to tell me what’s on Netflix is an accurate depiction – lol). Who knows…maybe it was way better at that time than now.

I will tell you from personal experience that many who lived in East Germany before the wall came down complain how things were better during Soviet times than they are since the wall came down. In every system, be it communism, capitalism, feudalism, tyranny, etc., there are those at the top, those at the bottom, and the rest in the middle. And whiners galore.

For South Korea, there is good and bad. Unfortunately, I think the party in South Korea is mostly over. As with Canada, the U.S. and other developed nations, it’s all fuelled by an unsustainable binge on credit. When that credit bubble pops, we’ll see where South Korea and its counterparts will stand. I have a feeling you and I will both be around to witness that first hand (unlike feudalism of the 1600s) and we’ll be able to provide our views on whether it was sustainable or not. I’m going to vote for unsustainable.

#108 Stan Brooks on 02.02.20 at 12:09 pm

But other than that did you like the blog post? – Ryan L

No offence intended.

I think overall the audience was entertained so the post served a good purpose.

Cheers,

#109 Andrew on 02.02.20 at 12:38 pm

#China’s securities regulator CSRC has reportedly notified brokerages to suspend short selling of stocks from Feb 3, according to the 21st Century Business Herald

https://twitter.com/yuantalks/status/1223980192613273601?s=21

Lolz can’t stop bitcoin from trading.

#110 IHCTD9 on 02.02.20 at 12:38 pm

#7 Dave on 02.01.20 at 2:36 pm

Is China and communism on track to beat democracy and capitalism across the globe?
——

Nope, they haven’t reached the finish line yet.

China’s economy is still based on “making it cheaper”, as they progress as a society, they will eventually be forced to innovate as their costs of production and living standards rise.

They will need to start selling products that bring margin through brand respect, loyalty, quality, and other “free” sources of profit. In short they will need to succeed in building and selling quality, get recognition for it, AND get paid for it. They will also need to outgun all their global competition (who are way ahead of them) consistently.

The last thing China wants to do is hang their economic hat on selling to the bottom end of the market, as they will forever live and die based on price alone. Eventually, other countries will be cheaper (already happening).

Put a Swedish Sthil MS460 chainsaw in front of me with a price tag of 1000.00, and put China’s ultimate best saw beside it with a price tag of 750.00. Which one would I buy, and why?

I’d buy the 460 even though it’s 33% more money. Why? Because I and everyone else who uses chainsaws knows Sthil makes great stuff, we’ve all owned them before and had great experiences with them. Both 1k and .75k are not chump change, so if I’m going to spend either amount, I want something good. Sthil has my trust, they have proven themselves to me, and have built with me some loyalty, I have confidence in their products, so I will pay Sthil the premium they are asking for that saw.

China has DECADES and DECADES to go before they can even THINK about asking for a premium. In fact, their reputation is so bad, they may never be able to.

#111 TurnerNation on 02.02.20 at 1:01 pm

The new normal they are setting us. Living in an $85,000 van while pooping into a box. Bliss. We have a massive resource rich and empty country. No way our elites are letting us enjoy it. Your other choice is living in a cramped times downtown shooting gallery condo.

Can you see it in their faces?

https://torontolife.com/city/life/some-people-cant-imagine-emptying-a-composting-toilet-but-id-rather-have-this-life-than-what-i-was-doing-before/

#112 IHCTD9 on 02.02.20 at 1:28 pm

#103 NoName on 02.02.20 at 11:21 am
ops same link

2nd song
https://www.youtube.com/watch?v=NQFhnvJ9tsk

and 3rd as bonus
https://www.youtube.com/watch?v=8Au6qBLgk1A
——

I like that Charlie Daniels one haha!

Speaking of rednecks, here’s a couple from the “Hick-Hop” branch of C+W cut from the same cloth.

https://www.youtube.com/watch?v=WDxSgq88Clw

https://www.youtube.com/watch?v=NMwdUOcpVj4

For those who would click on the above links, please note the following warnings:

American Patriotism warning
Pro-firearms warning
Pro-alcohol warning
Pro-Pickup Truck warning
Pro-hunting warning
Pro-burning furniture warning
Appreciation of Women warning
Preparation of chicken from step #1 warning
Language warning
Multiple Rebel flag warning
Multiple Rude and inappropriate gestures warning

Enjoy!

#113 crowdedelevatorfartz on 02.02.20 at 1:30 pm

Niagara Region
” people whose traditional way of life required only nine weeks of work per year to meet the first two of the needs in Maslow’s hierarchy of needs (food and shelter).”
++++
Funny.
Almost sounds like Maritimer getting his pogey weeks in.
But this person was using a modern telephone to call into CBC radio after listening to a broadcast provided by electricity.

Sounds real “traditional” to me.

I always love the people that happily accept fiat money to buy modern conveniences and then prattle on about their “traditional” way of life that is gone and will never come back ( unless Apocalypse 2020 is right).
Hell even Hutterites park their horse and buggy in the parking lot and shop at Safeway now and then.
No.
I will accept that “traditional” arguement if and when I’m sitting around a campfire, dressed in animal skins, eating meat cooked over a fire skewered on a stick talking to people in a similar situation.
Its pretty hard to accept the “traditional life”when people are using a gas powered truck to drive into the woods to hunt with a rifle. And it they are successful, butcher the meat, wrap it in plastic and store it in a freezer.
Anything else is the talk of hypocrites and Luddites.

#114 paulo on 02.02.20 at 1:32 pm

well reports of a outbreak of the H5N1 avian bird flu hunan province,next door Hubai.

#115 TurnerNation on 02.02.20 at 1:37 pm

The reason your property taxes will be rising 5-10% yearly compounded is due to the socialist public unions
NO accountability; BLANK cheques (entire budget must be spent this year else you will lose it; and claim hardship for a budget increase next year.) NO accountability; NO performance metrics. A sick system which helps no one.
But people keep electing leftists and former teachers. T2, Wynn, Calgary mayor. LEading our destruction into a UN agenda.

Even the leftists at Reddit are getting it. Check the top comments. SO pooched, competing for the few living- wage jobs; rents skyrocketing with demand; transit is full up with no relief in site. Toronto is a Red city, a wash. Let them eat cake I say:

https://old.reddit.com/r/toronto/comments/ewmsiq/the_population_of_the_toronto_area_will_hit_8/

The population of the Toronto area will hit 8 million in the next 10 years. It’s make or break time — are we ready? thestar.com

#116 TurnerNation on 02.02.20 at 1:39 pm

Umm maybe tongue in cheek but see this guy. Yay public unions.

“#63 Blockhead on 02.01.20 at 10:09 pm
I never worked. I had a job with the city.”

#117 Shawn Allen on 02.02.20 at 1:42 pm

Quite the diverse views… some disturbingly wrongheaded.

And yet even with everyone getting an equal vote the democracies muddle through and life keeps improving.

Great points from Dharma Bum at 97. You may win or you may lose. Some of that comes down to fate. But a lot of it comes down to attitude. Winners tend to win again more often than not.

Look around in your own lives. You probably see a lot of correlation between effort (and choices over a lifetime and attitude) and reward. Certainly not a perfect correlation. But a good degree?

#118 Breeze on 02.02.20 at 3:26 pm

Sorry Ryan. I think you may have stepped on a landmine with this topic. I am curious that you chose the Fraser report. My choice would be the World Happiness Report since that is really what its all about. Interestingly, the Scandinavian countries (with their 50% tax rates) show much better. You might also find Piketty on the History of Capitalism interesting.

#119 SunShowers on 02.02.20 at 3:42 pm

Hey Ryan, here’s a bit of suggested reading for people who I see trot out the $1.90 per day poverty statistic. I’ve explained it quite a few times in my own words to various other posters here, but I at least know you’ll take a look at the source articles.

https://www.theguardian.com/global-development-professionals-network/2015/nov/01/global-poverty-is-worse-than-you-think-could-you-live-on-190-a-day

https://www.currentaffairs.org/2018/06/better-does-not-mean-good

#120 michael on 02.02.20 at 4:42 pm

I read this somewhere; Two things almost allways true” #1 the world keeps getting better #2 the people allways think its getting worse.

#121 Fabio on 02.03.20 at 5:01 pm

While society grew because of capitalism it increased rapidly once they found the spacecraft. Canada has one since 1967. Russia has something too.

#122 Anon Coward on 02.04.20 at 6:20 pm

Reply to Crowded, 113 but how do you really feel….?LOL, I really wish I could not relate to you here. I work in Education and it is embarrassing how real your statement is. This is what our taxes are paying for. Now I have made myself sad. Garth I wish I had enough money to pay for your services. As soon as I have 100K saved would you take a new client? Thank you for sharing your knowledge with all of us, even those who choose not to listen.