According to this article, “economic and political elites” will meet in Davos, Switzerland to talk about ending capialism:

Economic and political elites meeting this week at the Swiss resort of Davos will be asked to urgently find ways to reform a capitalist system that has been described as “outdated and crumbling.”

“We have a general morality gap, we are over-leveraged, we have neglected to invest in the future, we have undermined social coherence, and we are in danger of completely losing the confidence of future generations,” said Klaus Schwab, host and founder of the annual World Economic Forum.

“Solving problems in the context of outdated and crumbling models will only dig us deeper into the hole.

“We are in an era of profound change that urgently requires new ways of thinking instead of more business-as-usual,” the 73-year-old said, adding that “capitalism in its current form, has no place in the world around us.”

Some 1,600 economic and political leaders, including 40 heads of states and governments, will be asked to come up with new ideas as they converge at eastern Switzerland’s chic ski station for the 42nd edition of the five-day World Economic Forum which opens Wednesday.

The problem isn’t capitalism. The problem is that we’ve had an overabundance of unethical CEOs. Isn’t the real solution establishing sensible laws for corporations and CEOs, including serious prison time, not time in ‘Club Fed’? Isn’t part of the solution then enforcing those laws?

In his book “Capitalism and Freedom“, the late great economist Milton Friedman argued that you couldn’t have political freedom without economic freedom.

This classic video of Milton Friedman’s interview with Phil Donahue explains why capitalism is superior to socialism:

The last 30 seconds are priceless. Here’s the transcript:

Friedman: Is it really true that political self interest is nobler somehow than personal self interest? You know, I think you’re taking alot of things for granted. Just tell me where in the world you find these angels who are going to organize society for us. Well, I don’t even trust you to do that.

I’ll trust a single Milton Friedman over a city filled with elites when it comes to capitalism vs. socialism.

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One Response to “Capitalism is outdated?”

  • eric z says:

    Ayn Rand took Social Security payments. And you say what Wall Street did to us, and then the bailout of the big banks who did it, after pension funds took a hit and people’s future is more clouded – you are saying Wall Street running things is fine? No problem with that, continue business as usual per Bush, Obama, Romney, Gingrich? Then why do you oppose Romney? Isn’t Bain the poster child of capital? What else would you call it?

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