williatw wrote:MSimon wrote:We have no examples of a high tech society collapsing. We have a LOT of examples of societies run by paper going down.
I am not saying it can't happen but some times qualitative differences change circumstances. We shall see.
I can see a banking collapse. The steel mills, computers, and roadways will not disappear.
I find your words comforting....but I wonder how many people in 1929 thought they lived in a "high tech society"? After all the western world of 1929 was the most industrialized technological & wealthiest society in history at the time, just like us. As for the present day barring nuclear war or something how about some kind of killer computer virus that causes computer systems to crash all over the world? Could we even pump gas at our local gas station if the computers stopped working? Or buy groceries if the system wouldn't accept or record a buy/sell? Or the suppliers of said grocery stores ability to properly order, bill, inventory and ship more food if the computer systems crashed for an extended period of time?
The vulnerability is not the computers, nor the eminently digitally editable numbers we call bank accounts. The vulnerability is the electricity. Dies the fire, and everything dies. Freezers shut down and meat goes bad, pumps do not function to pump fuel into car gas tanks, batteries in the ipads do not recharge after the current charge runs down, pharmaceutical synthesis plants do not function and the only stocks of meds remaining are what is on the shelves. Mount a stuxnet attack on the power plants, burn out the turbines and the high end step-down transformers, and we are back in the iron age for decades.
hanelyp wrote:Ah contrare, "Free market" if used honestly is antithetical to Corporatism, Fascism, Communism, Socialism. The latter are all exercises in aggressive force, an element an honest free market regards as alien.
"Capitalism" is a marxist term applied to a parody of the market, what the market turns into when aggressive force is allowed to run rampant.
A free market exists only when defended by a government. Without that defense, there is only anarchy.
Eventually, capitalists will opt to secure guaranteed profits from government clientage, as opposed to the possibility of higher profits, but also far higher risk, from competition. At that point the Iron Law of Oligarchy wins and capitalism dies once again.
choff wrote:Once the private central bankers have taken over Seigniorage for a target country, the eventual outcome is private monopoly control of the economy, not free markets. That's why I differentiate between free enterprise and capitalism. The only distinction between private monopoly capitalism and state monopoly capitalism is in the name.
There is no distinction whatsoever. A "private monopoly" will become a de facto arm of the state or even a de facto state itself. See the Honorable East India Company, see also the finance banks of Wall Street - branches of the Fed in all but name. The revolving door of personnel back and forth between high level "private" and "public" service jobs tells the tale; they are one cadre, and the three letter acronym or corporate nameplate printed on the office door today is of no consequence to ties to their fellows, wherever the offices of those fellows may be this year.