Monday, August 8, 2011

Ayn Rand's Ultimate Oligarch Central Planning Wet Dream Comes True

Via P2PFoundation (@mbauwens) and Global Guerrillas (@johnrobb):
The answer is that an extreme concentration of wealth at the center of our market economy has led to a form of central planning. The concentration of wealth is now in so few hands and is so extreme in degree, that the combined liquid financial power of all of those not in this small group is inconsequential to determining the direction of the economy. As a result, we now have the equivalent of centralized planning in global marketplaces. A few thousand extremely wealthy people making decisions on the allocation of our collective wealth. The result was inevitable: gross misallocation across all facets of the private economy.
NOT because of government or democracy or collectivist cooperation as Rand ranted; quite the contrary, all of this is because her very own beloved industrial era capitalism ran it's full course; and ran it quite well in bringing humanity out of the agrarian age, thank you very much. However, unchecked by democracy, and unbalanced by an adaptive mixed-economy model:
The result of [industrial market capitalism's] central planning in the US has finally hit the wall.  The list of problems is endless. The misallocations range from the dangerous $600 trillion derivatives market to the destruction of the US middle class.
It's not time to hate or blame. We were all complicit. It's time to admit we were wrong, misinformed, fooled, or just not paying attention. It's time to increment: Capitalism++