Renowned trader, Paul Tudor Jones, recently gave a TED speech where he said, correctly, that income inequality in the US is at an all-time high. He went on to state, correctly again, that this trajectory will eventually end in “revolution, higher taxes or war”.
He even went on to, again, correctly state that, “Capitalism has driven just about every great innovation that has made our world a more prosperous, comfortable and inspiring place to live.”
He then completely lost the plot.
According to his thesis the whole problem is that companies are too greedy. He stated, “Capitalism has to be based on justice and morality”.
Here is where he got confused. He believes that the US economy today is capitalism!
Capitalism is defined as “an economic system in which trade, industries, and the means of production are largely or entirely privately owned and operated for profit”. In other words, a system without any government control. A free market.
This post was published at Dollar Vigilante on March 20, 2015.
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