Capitalism is a social system based on the recognition of individual rights, in which all property is privately owned. Under capitalism the state is separate from economics, just as the state is separate from religion.
My roommate during my boarding school years was the great-grandson of the founder of Germany’s most famous private banking family. I vividly remember our night-long debates over communism versus capitalism. It was a popular topic during the Cold War years. He would favor communism and I would hold steadfast that the capitalistic system is the only sensible way to bring progress to the world.
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Those of us that can will have to re-start our economic engine and rebuild the wealth; but as long as we collectively believe that we are doomed, we will indeed live out a self-fulfilling prophecy…the sooner that we can focus on staking out the next frontier the faster we are going to get out of this.
The other day I learned a new phrase that was not part of my economics professor’s vocabulary: “the cascading economic downward spiral.”
What a profound way to describe our current economic condition. I leave it to your own imagination what exactly the term is trying to describe.
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Our will, our patience and our pocketbooks will get tested in ways we have not experienced in a very long time, but if you believe in the fundamentals that I have outlined, you will understand that your hope for better days ahead are well founded.
As the stiff breeze of a difficult economy is blowing hard in our faces, it is becoming increasingly more difficult to stay positive.
One of my recipes in a situation like this is to put things into perspective and therefore it would be a good moment for us to remember what makes this nation great in the first place, so that we can understand the fundamental forces that are in play which will drive us toward a better economic futur: Read More
With a new president in office, we have entered a new era in American history. We already have heard the themes of the new Administration – “Personal Responsibility,” “Restore Hope” and working towards “Positive Change.” Whether these words take root and create positive momentum is left to be answered by all of us.
Te Economy is the No. 1 topic. Te fact that we are in the deepest recession of our lifetime is worrisome and has taken center stage in our daily lives. We have already witnessed that the government is prepared to do its part, and the new administration will continue to take every measure it can pass through Congress to help the economy.
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