Creeping Socialism?

February 15, 2009 at 3:57 pm (Uncategorized)

I’ve spent a couple of days (OK minutes over  a couple of days) looking for a quotation, but alas, no luck.

The quotation went something like. The Rich are in favour of socialism; but for themselves. The rest of get capitalism.

I saw a clip on the Inveresk Street Ingrate  blog from Glen Beck. Beck is outraged that Obama has made the mildly populist, and politically astute proviso that CEO salaries in firms which receive bailouts should be capped at $500,000. For Beck, this is evidence of the creeping socialism in Obama’s government. Oh Glen, that’s not socialism. The purpose of the bailout is to save capitalism.

I received a letter from my bank a few days ago telling me that the little RSP payments I make every year to get a bigger tax return are worth a little less than they were when I started this particular plan about four years ago. The letter went on to inform me that this was perfectly normal and a part of the regular business cycle. Now, if you’ve read other posts on this blog, you’ll know I don’t regard this particular crisis as a normal part of the business cycle, but something deeper, more fundamental. But even if I did accept the notion that this was normal, and my little losses are part of a greater good, I haven’t seen any corporations lining saying: it’s OK, our bankruptcy is for the greater good of capitalism. No no, cap  in hand they come until the cheque clears. The story of Merill Lynch handing out $700 million in bonus as the firm tanked is only the most  current example.

The Italian left communist Amedeo Bordiga once noted that state capitalism wasn’t the state taking over business, it was business taking over the state.

Socialism is the abolition of value production and wage labour.



  1. pilgebump said,

    Is capitalism worth saving?

  2. Alienation, Isolation and Blogging « Notes from Underground said,

    […] By fischerzed Categories: Uncategorized A few weeks ago in response to a post called Creeping socialism?, I received the comment, Is capitalism worth saving?; Unfortunately, I never got around to posting […]

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