Una chance al verdadero Capitalismo

Can we try capitalism? Real capitalism. Give it a chance.

Not the increasingly bastardized version we have been practicing the last two decades.

And then let’s just see whether a capitalist economic system is the most effective way to bring about broad-based prosperity and the flourishing of human dignity.

For eight years I watched the Obama administration disparage the efficacy and fairness of capitalism.

The influence of government increased in every aspect of our lives.
The cost of regulation doubled. Corporate America was attacked in the name of social equality.

And our healthcare system, hard to believe, was made even more inefficient.

Now, I did not support Donald Trump. But, after he was elected, I was at least hopeful that it would represent an inflection point in the trend away from capitalism.

But . . . we missed the golden opportunity to offset some revenue loss and address generational equity when Congress passed tax reform.

Instead, government debt, which has doubled over the last decade, is set to increase to levels only reached during World War II over the next decade.

So we will have sacrificed our future during a relatively peaceful economic period . . . simply because politicians can’t say no.

Finally, let me address a distortion that is one of the greatest threats to a properly functioning capitalist system.

For years now a mix of financial repression and central bank intervention has made long-term interest rates largely determined by government fiat.

Bond-buying by central bankers, commonly referred to as Quantitative Easing (QE), has become so ingrained in current thinking that it is now in the Fed’s conventional toolkit– a tool once reserved for a depression or financial crisis is now to be used at the first inkling of the next recession.

For those of us old enough to have seen the dangers of price controls, they led to shortages, wasted resources, and disincentives to invest in what consumers want.

They inevitably led to an allocation of resources by political actors in another great afront to capitalism.

Copiado de Billionaire Druckenmiller: "Can We Try Capitalism? Real Capitalism. Give It A Chance"