Favorite Economic System

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The Fed is better described as advanced capitalism than reformed capitalism. The goal of central banking is to advance, not reform, capitalism. Just ask Alexander Hamilton.

Also, keep in mind that under true conditions of government abstinence, the government is not the one issuing currency. Private banks may issue their own currency, as they often did in the 19th century. Under these conditions, the largest banks would create a Clearing House and issue scrip backed by the Clearing House. So the money supply would still be elastic and controlled by a centralized, Fed-like entity.

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Oswald Spengler claims that markets undermine democracy in the long run by turning free speech into nothing but a tool of greed and corrupting legislators, making the vote worthless. He says free speech is nothing but an instrument of class war, the bourgeois against the aristocracy (or in today's day, that would be the 'special interests' against everyone else) As a result, a Caesar would arise to overthrow free market democracy. Spengler claimed this was preferable. Upon lengthy reflection, I disagree, and would prefer a corrupt democracy over a Caesar.

However, in light of recent events, it seems Spengler was quite right about the first part. The question is, why has American democracy survived for 234 years without giving way to a Caesar? And can it continue? It's too early to say that free market democracy has triumphed. Capitalism might just take longer to collapse than Communism.

[Beet]

Oswald Spengler claims that markets undermine democracy in the long run by turning free speech into nothing but a tool of greed and corrupting legislators, making the vote worthless. He says free speech is nothing but an instrument of class war, the bourgeois against the aristocracy (or in today's day, that would be the 'special interests' against everyone else) As a result, a Caesar would arise to overthrow free market democracy. Spengler claimed this was preferable. Upon lengthy reflection, I disagree, and would prefer a corrupt democracy over a Caesar.

However, in light of recent events, it seems Spengler was quite right about the first part. The question is, why has American democracy survived for 234 years without giving way to a Caesar? And can it continue? It's too early to say that free market democracy has triumphed. Capitalism might just take longer to collapse than Communism.

After the Civil war how many real social crises has America faced? The 30s? The Vietnam War Era? Both of those were actually pretty tame in comparsion to Europe of the time...

Good point.

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