Hedge-fund billionaire Ray Dalio says capitalism needs urgent reform
What happens when a capitalist says that capitalism is broken? Does this catch you attention?
It should especially when that capitalist is Ray Dalio, one of the most successful hedge-fund managers there is.
He came out and said the system is broken. The present political divide is not going to end well. The problem, as he sees it, is that conservatives do not know how to share the pie whlie liberal are clueless how to grow it. That was the problem with communism. It worked well on the equality front yet was a dead system. There was no growth.
In the West, the opposite problem exists. The left is up in arms because of the income inequality that keeps growing. Dalio believes this shows how the right is tone deaf when it comes to sharing the wealth. They know how to grow it, just in a manner that favors the upper end.
In his view, the political divide is going to end very poorly. If this is not addressed, we are going to see the split grow which will move towards a violent outcome. The right and left in politics today do not hear each other. It is full blown attack.
Here is the crux of the problem:
Most people in the bottom 60% “are poor,” he writes. About 40% of all Americans would struggle to raise $400 in the event of an emergency, he says, citing a recent Federal Reserve study. The childhood poverty rate stands at 17.5% and has not shown meaningful improvement in decades. That, in turn, leads to poor academic achievement, low productivity and low incomes.
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The issue is that this all stems from a lack of philosophy on both sides regarding capitalism. Liberals/Progressives/Leftist all detest capitalism and demand it be "done away with" in the name of equality and equity, while reaping its benefits to the fullest extent. Conservatives, however, don't support capitalism as a system of creating value for those with the skills to do so in a free market of individual freedom of choice, but instead only indirectly support it, at most, through such arguments as faith, tradition or some other form of pseudo-support. The Conservative argument is perhaps the more dangerous one as it creates a false front of support when none actually exists. The Liberal/Progressive/Leftist argument often is the more honest of the two in what they want to do with capitalism, even if their expected outcomes are a dangerous flight of utopian fantasy that can never be achieved. The Conservative argument is more dangerous in terms of supporting capitalism as it leads to the undermining of it though false reasons of support. The Liberal/Progressive/Leftist argument is more dangerous when enacted as it leads to the collapse of what has been built by Capitalism and can never be realized in a collectivized economic system.
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capitalism and demand it be "done away with" in the name of equality and equity, while reaping its benefits to the fullest extent. Conservatives, however, don't support capitalism as a system of creating value for those with the skills to do so in a free market of individual freedom of choice, but instead only indirectly support it, at most, through such arguments as faith, tradition or some other form of pseudo-support. The Conservative argument is perhaps the more dangerous one as it creates a false front of support when none actually exists. The Liberal/Progressive/Leftist argument often is the more honest of the two in what they want to do with capitalism, even if their expected outcomes are a dangerous flight of utopian fantasy that can never be achieved.
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