anti-capitalist

LibertyWeek 79: Where Are the Jobs?

by Richard Morrison on February 1, 2010

in CEI Projects, Podcast

Richard Morrison, Marc Scribner and Josh Barro join forces to being you Episode 79 of the LibertyWeek podcast. We take on barriers to job creation, anti-capitalist murmurs in Davos, the iPad’s unapproved technology, laws against motorized texting and why it’s all or nothing in the healthcare debate.

Capitalist-David rally versus Goliath-protests for Socialism

by Michelle Minton on March 31, 2009 · 19 comments

in Deregulate to Stimulate, Economy, International, Personal Liberty

During the G20 summit something like 40,000 plus protesters slated to descend upon London. Of that number, there is a small but growing and prodigiously brave group of idealists planning to throw their message and bodies into the breach. They are not there to demand government action against climate change, stricter business regulations, nor are they requesting money for the poor, hungry, or infirm. Their message is simple, but profound: Get out of our way.

This small band, comprised mostly of university students and recent graduates wants only to communicate the message to the world that capitalism is not to blame for the current economic crisis. In fact, they want people to know that interventionist policies are what got us into the mess in the first place and increased state intervention is unacceptable.

“The point must be made, essentially, that we do not live in a Capitalist system and certainly not a Laissez-Faire Capitalist system. The sectors of the economy that failed were the most regulated sectors of a ‘mixed-economy’,” said Rory Hodgson, University of York student and protest organizer.

Perhaps because those still in university and recent graduates have the most to lose that they are willing to risk physical harm in order to oppose the ever-tightening choke-hold the government has on the economy. But we should all be as worried about the future and willing to fight the increasing anti-capitalist sentiment and the vulnerability of individual liberty.

Losing talent in these perilous times

by Fran Smith on March 26, 2009

in Bailout Watch, Economy, International, Nanny State

We’re beginning to see the talent exodus from TARP-funded financial institutions.  Yesterday in an op-ed Jake DeSantis of AIG-Financial Products wrote his “resignation letter” saying why he was leaving AIG.  One major reason was the raging mob calling for the heads of those who received retention payments, now called bonuses, and the tepid defense that AIG’s $1-per-year chairman gave before Rep. Barney Frank’s rabid committee.

Today we learned from the Wall Street Journal that several top managers at Banque AIG in France are leaving, which experts say could cause defaults in $234 billion of derivative transactions.  That’s because Banque AIG has to get French banking regulators to approve their replacements.  If the regulators instead put in their own manager that could lead to defaults, since under the derivative contracts, such an appointment would mean a change in control and could null the contracts.

On top of that, two top Merrill Lynch strategists are leaving Banc of America Securities-Merrill Lynch research unit.

Retention payments to try to keep good managers in these trying times — to help resusitate ailing and failing financial firms — seem like a good idea, but not in the face of mob frenzy whipped up by policymakers and so-called community groups like ACORN, which has been leading protests and bus tours to point out “bonus” recipients’ homes.

An earlier post had speculated that London’s financial center could grow in power with U.S. financial talent being driven out.  But that was before vandals attacked the Edinburgh home of the former head of the Royal Bank of Scotland, where they broke windows in his house and his car.  Is London still safe from the anti-capitalist mobs that have threatened chaos at the G-20 meetings next week?  Don’t bet on it.  They too have been stoked up by policymakers’ — and world leaders’ — anti-capitalist rhetoric.