How to fix the problem - the capitalist’s viewpoint

arbitrage

Peter Schiff is very well respected in financial circles and is trying to clear up some of the misconceptions.

It is from a USA perspective but is applicable to Ireland also.

I was watching it and found myself jumping from both sides of the fence at different points depending on what he had to say.

Peter makes some very controversial points and it will be an interesting view on how to improve the economy.

Basically he says the government should let the corporations run free and interest rates should be increased and that would actually improve all our lives.

The best part is from an hour onwards.

Lambsbread

While he talks very well and makes good points, it is difficult to describe it as a debate when he is really just showing up the general lack of intelligence from the Occupy Wall Street Movement.

arbitrage

There are some points he said that I agree with and others such as having no minimum wage that I wouldn't. Its an interesting take from someone who truely believes in capitalism.

I wouldn't pay too much attention to the majority of the people on the video as they are mostly young people who have poorly thought out ideas mostly gathered from talking amongst themselves.

There is a lot of merit to the OWS movement but was poorly executed by well intentioned people.

Unfortunately there are people who turn up to protest anything and are usually the first to jump in front of the camera which gives the wrong perspective to the general public.

not yet

Wonder would he still hold capitalism in such high regard if he were unlucky enough to be working for minimum wage, It's all down to holding what you have.

Chucky the tree

not yet wrote: »

Wonder would he still hold capitalism in such high regard if he were unlucky enough to be working for minimum wage, It's all down to holding what you have.

Pretty sure he'd say it has nothing to do with luck.

Scofflaw

Chucky the tree wrote: »

Pretty sure he'd say it has nothing to do with luck.

Or birth, of course...

cordially,
Scofflaw

not yet

Chucky the tree wrote: »

Pretty sure he'd say it has nothing to do with luck.

So you believe what back round you are born into is not luck ?

Chucky the tree

not yet wrote: »

So you believe what back round you are born into is not luck ?

I believe not working in a minimum wage job for a long time is not about luck. Plenty of people have been born into a rough/poor background who don't earn minimum wage.

Sleepy

It could be described as luck, or it could equally be described as the conditions one's parents created for one to be born: i.e. the result of their hard work.

Luck plays a factor in almost all success but I think many people greatly over-state it's importance in living a decent life. We can't all be born into rich families and many of the world's richest people hail from poverty-stricken or very modest backgrounds.

Scofflaw

Sleepy wrote: »

It could be described as luck, or it could equally be described as the conditions one's parents created for one to be born: i.e. the result of their hard work.

Luck plays a factor in almost all success but I think many people greatly over-state it's importance in living a decent life. We can't all be born into rich families and many of the world's richest people hail from poverty-stricken or very modest backgrounds.

Actually, a very small number of them do. The vast majority of the world's wealthy (both in a global sense and the individual sense) are born wealthy and remain wealthy.

The 'rags to riches' narrative is heavily promoted, but highly uncommon.

cordially,
Scofflaw

not yet

I think it's quiet simple really, The rich are given every chance to succeed in life based on the back round they are born into.

Where as the working class child has a huge amount to overcome simply to get to college, The bottom line is most rich people/employers would gladly pay minimum wage if they could get away with it.

Sleepy

While true, only a very small number of the worlds wealthy come from modest background either. And while many who are born poor stay poor, many others manage to provide their children with better lives than they themselves had. The largest factor I can see in those who's children remain in poverty (in the developed world at least) is parental influence.

While providing children with a decent education isn't as free as one might like, in Ireland at least, there's little or no barriers for someone who wants to obtain a third level qualification that's prepared to put the work in. Sure, all other things being equal, Mary from the council estate will have to work harder than Fiachra from Foxrock who's parents can afford grind schools, language trips to the Gaeltacht or continental Europe etc. but she can still become degree qualified and provide herself and any future offspring with a better life than she had.

Those born rich have arguably just had more generations of accumulated effort put into their lives. Even were we to introduce a 100% inheritance tax, children born to parents who have worked hard would still, on average, out-perform those whose parents hadn't.

Mr. teddywinkles

Sleepy wrote: »

While true, only a very small number of the worlds wealthy come from modest background either. And while many who are born poor stay poor, many others manage to provide their children with better lives than they themselves had. The largest factor I can see in those who's children remain in poverty (in the developed world at least) is parental influence.

While providing children with a decent education isn't as free as one might like, in Ireland at least, there's little or no barriers for someone who wants to obtain a third level qualification that's prepared to put the work in. Sure, all other things being equal, Mary from the council estate will have to work harder than Fiachra from Foxrock who's parents can afford grind schools, language trips to the Gaeltacht or continental Europe etc. but she can still become degree qualified and provide herself and any future offspring with a better life than she had.

Those born rich have arguably just had more generations of accumulated effort put into their lives. Even were we to introduce a 100% inheritance tax, children born to parents who have worked hard would still, on average, out-perform those whose parents hadn't.

MMM Last time I checked brains isn't an achievement either or is that neither