From: video61atarisales@gmail.com   
      
   On Thursday, June 15, 2023 at 10:03:51 AM UTC-5, nickname unavailable wrote:   
   > going back hundreds of years capitalism has collapsed on average every 7.5   
   years, requiring a social bailout, CAPITALISM SIMPLY CANNOT WORK WITHOUT   
   SOCIALISTS OVER SITE, WE TRIED IT BEFORE, ITS FAILED EVERY SINGLE TIME, IT   
   SIMPLY CANNOT WORK    
   >    
   > "Hyman Minsky contended that financial instability and crises emerge out of   
   the logic of capitalist market activity itself.    
   >    
   > This is why, in Minsky’s view, economic upswings without regulations   
   inevitably encourage speculative excesses, which cause financial bubbles. In   
   an unregulated environment, Minsky explained, the only way to eliminate   
   bubbles is to let them burst.    
   Financial markets then fall into a crisis, resulting in a recession or   
   depression.    
   >    
   > "Minsky saw this system of regulations and bailout operations as largely   
   successful. From the end of World War II to the mid-1970s, markets in the   
   United States and abroad were much more stable than in any previous historical   
   period. But even during    
   the New Deal years and the initial post-World War II period, financial market   
   titans around the world fought vehemently to eliminate, or at least defang,   
   the regulations. By the 1970s almost all politicians—Democrats and   
   Republicans alike—had become    
   compliant. The regulations were initially weakened, then abolished altogether   
   in 1999 under President Bill Clinton and the guidance of his top economic   
   advisors—Alan Greenspan, Robert Rubin, and Lawrence Summers."    
   >    
   > "As bailouts have prevented full-scale market crashes—and thereby allowed   
   market speculators to escape the full consequences of their exce   
   ses—financial institutions and market trading have, accordingly, grown   
   exponentially under neoliberalism. For    
   example, as of 1980, stock market trading in U.S. markets was double what   
   corporations spent on productive investments, such as machines, buildings,   
   land, and R&D. As of 2019 U.S. stock market trading had ballooned to 30 times   
   the amount spent on    
   productive investments. In other words, the ratio of stock market trading to   
   productive investments has increased fifteen-fold in the neoliberal era."    
   >    
   > "The problem with practice what you preach capitalism is that it has been   
   tried, and the results are well-documented. It was under this approach that   
   financial markets collapsed regularly throughout most of the history of   
   capitalism. Charles    
   Kindleberger described this pattern in his classic 1978 work Manias, Panics,   
   and Crashes, in which he framed his historical analysis within Minsky’s Wall   
   Street Paradigm. Kindleberger’s discussion begins with the notorious South   
   Sea Bubble in 1720,    
   during which the South Sea Company, a failing British slave-trading firm,   
   managed to massively, if briefly, profit from obtaining inside information on   
   how the British government was managing its debt. Kindleberger reveals that   
   between this 1720 South    
   Sea bubble fiasco and the 1929 Wall Street crash, financial crises occurred in   
   the United States and Europe an average of approximately every 7.5 years (a   
   pattern recognized 100 years earlier by Karl Marx). The press reports of the   
   crises that spanned    
   the roughly 200 years include: “One of the fiercest financial storms of the   
   century,” in Britain in 1772; in Germany in 1857, “So complete and classic   
   a panic has never been seen before”; and in 1929 in the United States,   
   “The greatest cycle of    
   speculative boom and collapse in modern times—since, in fact, the South Sea   
   Bubble.”    
   >    
   > "Through allowing firms to fail, we would return to a self-regulating   
   variant of capitalism. The problem is we have tried this, and financial   
   markets collapsed regularly.    
   >    
   > At our present historical juncture, it would require a huge leap of faith to   
   assume that the self-regulating properties of free markets could deliver a   
   stable version of capitalism on their own. They have never succeeded in doing   
   so in the past.    
   Moreover, the extent to which contemporary capitalism has become financialized   
   would make any such experiment in market self-regulation far riskier than it   
   ever was in the 200 years that Kindleberger describes."...   
      
   the quackery of free trade economics, simply cannot omprehende debt.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)