A Very Interesting Article Appeared Recently in the Financial Post Entitled: The G-7 Plan to Build Back The State and was written by astute financial commentator Terrence Corcoran.
I am going to quote passages from his Essay but I too have been saying for a long time that Capitalism is under attack everywhere. This is most surprising for two reasons: First Capitalism has single handedly pulled the world up out of poverty and Second, Socialism and Communism have time and again shown themselves not to work.
China, not too long ago, was a poverty stricken country with starvation running rampant throughout. It morphed its economy into a form of Capitalism and today sits 2nd behind the United States in Economic Size and quickly moving to first place assuming that it has not already achieved that status. China though has a problem, the Capitalism it champions is run 'top-down' by it's Communist Party Politburo. Given this, it will eventually fail but more on that another time.
This fact though does have relevance to today's blog ...in that the Free World moving so decisively to Socialism too will end in failure and the results will not be pretty.
With those uplifting thoughts ...back to Corcoran's Article.
Around the world governments are joining hands in a great campaign to stamp out market capitalism and replace it with a new model in which powerful corporations and governments clasp hands and take control of the economy and markets be damned. Take for instance the headlong rush to Green ...again the economy be damned.
Even more scary, a quote from Carolyn Wilkins former deputy governor of the Bank of Canada ..."to fill the common good there is renewed interest in examining how the public sector can set the context to enable the private sector to do what it does best, all with the aim of enhancing public good." In fact history shows well that the private sector does best when the public sector gets out of the way !!
Corcoran goes on... "the basic tenets of free-market economics have been under severe attack for several years from the World Economic Forum, Think Tanks, and the World's Academic Institutions."
Corcoran's Article then lists G-7 Initiatives designed to "overthrow the principles of capitalism and, free markets..."
I mentioned above, that China is on a path to failure with its corrupted form of Capitalism but We here in the West are doing them one better...we will get to collapse even sooner by purposing working to destroy Capitalism.
And to make matters even worse, we are consciously doing this while we are flat broke. Democracies have for years now been running Deficits, enduring Debt and Printing Money not even worth the paper it is written on...as the saying goes. Covid has greatly exasperated the financial mess we all find ourselves in but we were well on our way down the road to financial ruin long before it.
There was a time when we could rely upon Capitalism to come to our rescue but those days too are long gone.
So what can you or I do to see this reversed? Sadly...nothing other than continue to speak out to the ever growing community of deaf ears.
But there is one thing you and I can do ...for ourselves that is.
More on this in my very next Blog.
As I See It...
K. D. Bell
