Monday, August 24, 2009

This is Cronyism, Not Capitalism

"It is a mistake to think that the struggle we are describing is between the state and wealthy plutocrats, the usual equalitarian contention. We are witnessing a battle against all holders of capital, those who have savings accounts, stocks and bonds, annuities, insurance policies, and pension fund rights. Punitive taxation and inflation wreak havoc on all these investments. Thus, the entire middle class as well as many in what used to be called the working class are in the process of being expropriated. Those who prosper are speculators who realize what is happening and can take advantage of it and those who can manipulate the political process in such a way as to make themselves the beneficiaries of subsidies, grants, monopolies, tariffs, and other forms of political payoff." Idols For Destruction page 282

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