Thanks for clearing that up. I live in central Europe (Poland), and from what I’ve seen, many pathologies and dysfunctions of the previous socialist state (they didn’t call it communism) were caused by the fact that means of production belonged to the state (and so effectively to the ruling party) and not to the workers.
Right now Polish government together with EU literally gives money to the capitalists, so they can invest it as their own (It applies to special investment funds investing only in the start-ups, capitalist gives 20% of investment money to the fund and state gives rest for free, enriching the capitalist). Imagine what impact it would have if that money was used to fund co-operatives instead.
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Yes, a true way to MAGA! The Not So Great Orange One didn’t examine that concept when trying to roll back the world 60-70 years.
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However, according to Salon , the reason many millennials haven’t been investing … it’s because they think our current economic system, capitalism, will cease to exist by the time they are in their 60s.
Article says, “many millenials”. Headline of referenced article says, “some millenials”. Actual article is about some people the author chatted up. Hmm.
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aNd HERe i tHouGHt ThIS arTICle waS aBouT sOMetHinG cOmpLetEly dIFfEreNt. ThAnKS teenVOGUE
We have lots of socialism for concentrated wealth too. Things like bailouts, tax carve outs, public/private partnerships in which profits are guaranteed, this and more protect, preserve, and coddle hyper-wealthy leaches and add nothing to the productive capability of an economy.
Seems we afford this sort of socialism though, oddly.
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That’s interesting that you bring up the fact that you, given your age, have the 2008 financial crisis in mind still, since you experienced it. This is kind of a long read, but it talks about how our experiences shape what we know and what we do (in the context of investing; that’s what that blog/site is really about).
One relevant bit:
[As] Millennials, who have never experienced inflation: When we invest on our own, we put 59% of our assets in cash and bonds, and 28% in stocks, according to UBS Wealth Management. And of course we do: Many of us started making money in the teeth of the Great Recession and the largest bear market in generations, which also happened to be the period when bonds not only preserved but grew wealth as interest rates fell to 0%. That’s our history. That’s what we know. And what we know is more persuasive than what we read.
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All I know it’s a certainty any equity I put in a home will be destroyed once this next bubble pops. But a money market fund at a credit union will likely keep its value.
That’s true, and only because there are laws and rules that guarantee you’ll get your money back in case something seriously bad happens. It’s just a matter of time until the for-profit financial industry starts going after 1) rules like that (FDIC insurance) and 2) credit unions and other not-for-profit competitors of theirs.
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Right, and to some extant Ben Ber. was ready to act on providing aide to banks and even foreign ones because he studied the Great Dep. so although he didn’t live through it he understood if he, as Fed chair ,did not do enough lending to banks it could go sour real fast
The bit about mutual funds was taught to me by one of my Econ professors, he stated before giving the class this piece of advice is that his colleagues too told him he should tell us about stock investment because the pay out was higher, even though it is less safe, and what my professor was trying to accomplish was not high pay out but consistency
To make sure the mutual fund we eventually bought in was not only giving X amount in interest, but that it was diverse so that it would be able to take a shock in the market easier
True, but I don’t have the energy to write a whole manifesto. Maybe I should, but I think Peter Kropotkin, Emma Goldman and Murray Bookchin cover most of what it would be.
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So how many readers of Teen Vogue have gotten radicalized for life by its critiques of capitalism?
37? 370? 3700?
Do we need a number?
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