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BadMouthProductions – Calculating Capitalism’s Death Toll

Summary:
Imagine a Sci -fi film about an alien planet that has an economic system where 3% of its inhabitants die each year. It is said that there is no alternative because if the system is changed then even more people will die.There has to be competition to bring wages down to make goods more affordable, they say - even if that means that 3% of the population have no work and may starve.  And so it is accepted that some people will die so that others can live. Fortunately, it's a horror film. [embedded content]

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Imagine a Sci -fi film about an alien planet that has an economic system where 3% of its inhabitants die each year. It is said that there is no alternative because if the system is changed then even more people will die.

There has to be competition to bring wages down to make goods more affordable, they say - even if that means that 3% of the population have no work and may starve.  And so it is accepted that some people will die so that others can live. Fortunately, it's a horror film.

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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