by radon1 » Wed 12 Aug 2015, 15:46:17
$this->bbcode_second_pass_quote('KaiserJeep', ' ')We remain a beacon of hope to those oppressed under other economic systems ...
Fundamental mistake. Another failure of the persistent American ego-centrism.
Half or more of the world's population are outside the American-centric industrial capitalist system and most of them have no hope of joining it other that at a level close to subsistence. Bangladesh is producing like 80% of the world's shirts, a fascinating achievement in itself, but has no hope of getting out of utter poverty. China joined the system earlier and is at a bit higher level for the parts of its population, but is already experiencing severe problems having attempted to do something along the lines of "a consumer economy". South Korea joined earlier yet, and is at the third of the US income per capita, and has been stuck there for decades and will be stuck there forever. Japan, even an earlier joiner, has been at 2/3s of the US income and will be there forever too.
If unnoticed, the Fed, the world's de facto central bank, has been running a negative rates policy for years now, of which the QEs are an equivalent, and despite that, the inclusion of further people into the system is failing (on a side note, with that, the "overpopulation/overconsumption" issues may be mitigated too).
Thus, the only thing that the American capitalism is able to deliver is that static, hierarchical income pyramid described above, and even then, provided that that "the US" do not pull the plug from underneath it by somehow artificially destroying the dollar's status of the "reserve currency", if this is at all possible. So, the American capitalism is not a beacon of hope, this is a sign of total, irreversible hopelessness for a vast majority of the world's population. And a point of celebration for a small self-congratulating minority.
That's why some obscure old theories, not necessarily flawless themselves, that do explain why the things develop in the way they develop, remain relevant today, if not being a glimmer of hope for many. Along with other idiotic ancient stuff, like classic mechanics, Greek philosophy and so on.