@vexwerewolf: "socialism fails because you run out of other people's money." actually describes every single capitalist crisis that has ever befallen western society, from the Great Depression to Enron.
Alice Clearwater
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A common capitalist lie is "socialism fails because you run out of other people's money."

But that actually describes every single capitalist crisis that has ever befallen western society, from the Great Depression to Enron.

The Wall Street Crash was caused, in part, by fractional reserve banking being unable to cope with a large number of people wanting to withdraw their assets at once.

They literally ran out of other people's money.

The South Sea Bubble, back in the damn 1720s, happened because it was a Ponzi scheme - almost two centuries before he himself was born. It all relied on paying early investors with the money of new investors while making no money yourself - paying with other people's money.

The subprime mortgage collapse happened because banks offered lines of exorbitant credit to people who had no financial security, and then collapsed the economy when to their shocked surprise, those people couldn't maintain their payments.

They ran out of other people's money.

Supply-side economics has been tried again and again and each time it ended in economic disaster simply because it is an engine for concentrating wealth in the hands of a few oligarchs, but if you suck the blood from the middle class too long, YOU RUN OUT OF OTHER PEOPLE'S MONEY.

Some of the staggering economic madness you see today, from predatory microtransactions to vertical integration to union-busting, makes a lot more sense when you realise that its perpetrators are worried there is literally not enough money in the world to support their own wealth.

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