Capitalism 2.0: Wealth Redistribution
This morning, Obama is giving more working capital to General Motors, keeping yet another failed company on more life-support. The market is responding by falling 300 points after a nice rally last week. The chronic deficit spending continues under President Obama-led wealth redistribution, in perfect opposition to free-market capitalism.
Here’s what Ayn Rand has to say on wealth redistribution: “Whoever claims the “right” to “redistribute” the wealth produced by others is claiming the “right” to treat human beings as chattel.” Indeed, distributing tax payer money and deficit accumulation seems to be considered the government’s “right” these days.
Rand says, “If a man proposes to redistribute wealth, he means explicitly and necessarily that the wealth is his to distribute. If he proposes it in the name of the government, then the wealth belongs to the government; if in the name of society, then it belongs to society. No one, to my knowledge, did or could define a difference between that proposal and the basic principle of communism.”
By the above definition, President Obama seems to be leading the US to a communist society.
I am very sorry to be watching this play out in America, a country that was supposed to be “free” and respectful of individual rights, individual achievements.
I just cannot see how this sort of mass scale wealth redistribution, deficit spending, freewheeling with tax dollars would preserve any of the capitalistic system. I hear everywhere fatigue – people who are normally builders, entrepreneurs, leaders – are feeling fatigue, disappointment, and helplessness.
This is the kind of situation that made Atlas shrug.
This segment is part 5 in a 15 part series Character →
Jump to part: The Need For Regulation, Is Integrity Implicit?, Intellectual Laziness, The Welfare State, Wealth Redistribution, Character, Logic, Rationality, Speculator vs. Creator, Value Creation vs. Value Destruction, Justice, Excess, Hedonism, Value, Credit, Spending, Welfare
Sramana, I follow you on Twitter, which led me to this post. I’ve also listened in on a couple RoundTable calls. I share your optimism for building value (through innovative business, incl start ups) and it seems I also share what I can only call a disgust for actions that tear down value. How might I help you help others keep our country and our World full of value-builders? -Lori
Where was your concern when wealth was being redistributed to corporations and other rich individuals at the expense of the middle class.
Really, when was that? Can you please explain to me how that happened and when?
I must say, I have no idea what you are talking about!