A Future Beyond Capitalism: Debunking Second Thought Part 3

In this third part debunking Second Thought on A Future Beyond Capitalism he concedes to the fact that what led to such a problem was the issuing out of cheap credit, which is an acknowledgement that interest rates were artificially driven down. I briefly explain what led to the 2008 banking crisis in relation to this.

Second Thought then goes on to claim that profiteering is what led to the crisis. Again, it's proof that most people fail to comprehend what profits are and why profits are so important to the economy. The cause of such a crisis wasn't because banks were seeking profits, but because government took away the risk of the creditors enabling legally protected fraud.

As I have pointed out numerous times, capitalism is an individualist system, it is not about subordinating the rights of individuals, forcing society into a collective group for the state to forcibly remove tax money from society collectively to pay for the losses of others. If it was a capitalist system, individuals would have individual responsibility over their own finances, therefore, they would not be forced to pay for other people.

Again, Second Thought lives in the assumption that capitalists have no concern whatsoever over the wellbeing of their workers, perhaps businesses in today's market might cause harm whilst being protected by government, but in a free market business reputation is vitally important and there is nothing profitable for business owners if they harm their workers and there would be nothing stopping those workers leaving the company and working for themselves or another company in competition.

Second Thought also fails to acknowledge why prices drive up in this economy today especially with regards to housing. His assumption, again, is almost as if to claim all housing is the same. Whilst I briefly explained, the bottom line is, each individual have their own preference and that goes for type of housing to the location and demand far exceeds availability.

I must note that I'm not against homeless people being given the opportunity to get shelter and get out of the mess that they are in, I'm all for that, but thinking housing is just something you can treat as some give away and as if it's all the same is deeply flawed.

Part of the problem in today's economy, this is happening, it's why the taxpayer is furious, because they're working their backside off only to see immigrants flood in and get better housing, cars, etc given to them on a plate whilst having not worked for it. This destroys the incentive for people to work hard. Again, socialists don't understand meritocracy, they think you can just gift things on a plate with no consequence for their actions.

He then moves onto claiming that capitalism is somehow responsible for all the war intervention, which is just ridiculous. It's every bit as ridiculous as those who claimed capitalism was responsible for killing millions, even although capitalism is about individualism and nothing to do with imperialism, colonialism, fascism, etc. Again, socialists are desperate to separate capitalism from individualism for this reason, because they need something to blame capitalism for. Second Thought is of no exception to this, he doesn't wish to accept that on a question of scale, the governments interference that led to these problems is socialism.