Death of 'Soul of Capitalism:' Bogle, Faber, Moore

20 reasons America has lost its soul and collapse is inevitable

ARROYO GRANDE, Calif. (MarketWatch) — Jack Bogle published “The Battle for the Soul of Capitalism” four years ago. The battle’s over. The sequel should be titled: “Capitalism Died a Lost Soul.” Worse, we’ve lost “America’s Soul.” And worldwide the consequences will be catastrophic.

That’s why a man like Hong Kong’s contrarian economist Marc Faber warns in his Doom, Boom & Gloom Report: “The future will be a total disaster, with a collapse of our capitalistic system as we know it today.”

No, not just another meltdown, another bear market recession like the one recently triggered by Wall Street’s “too-greedy-to-fail” banks. Faber is warning that the entire system of capitalism will collapse. Get it? The engine driving the great “American Economic Empire” for 233 years will collapse, a total disaster, a destiny we created.

…Much more evidence litters the battlefield:

1.

Wall Street wealth now calls the shots in Congress, the White House

2.

America’s top 1% own more than 90% of America’s wealth

3.

The average worker’s income has declined in three decades while CEO compensation exploded over ten times

4.

The Fed is now the ‘fourth branch of government’ operating autonomously, secretly printing money at will

5.

Since Goldman and Morgan became bank holding companies, all banks are back gambling with taxpayer bailout money plus retail customer deposits

6.

Bill Gross warns of a “new normal” with slow growth, low earnings and stock prices

7.

While the White House’s chief economist retorts with hype of a recovery unimpeded by the “new normal”

8.

Wall Street’s high-frequency junkies make billions trading zombie stocks like AIG, FNMA, FMAC that have no fundamental value beyond a Treasury guarantee

9.

401(k)s have lost 26.7% of their value in the past decade

10.

Oil and energy costs will skyrocket

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Oil and energy costs will skyrocket