Modern day versions of capitalism, fascism, and socialism in America.

~ Washington Post interview with Yves Smith Capitalism, Socialism, and Fascism in America

What is the current American economy: capitalism, socialism or fascism? p Many people call the Bush and Obama administration's approach to the economic crisis "socialism". Are they right? p We're essentially continuing a system where profits are privatized and..the lossesare socialized, in other words, the collective public as a social group bears the losses, as an example, do you really think the government is paying the oil companies subsidies, or you and me? That is³socialism.´ Some, however, argue that the economy is more like fascismthan socialism. p Remember that one of the best definitions of fascism - the one used by Mussolini ± ³fascism´is the "merger of state and corporate power". p As pointed out in May ³looting´ has replaced ³free market capitalism´: » The Times does a good job of explaining the looting dynamic:The paper¶s message is that the promise of government bailouts isn¶t merely one aspect of the problem. It is the core problem. So what do we really have in the United States today: Socialism-for-the-giants? Fascism between government and industry collusion, as in industry subsidies? Or an economy which calls itself "Capitalism"but which allows ³looting?´ p Whether we use the terminology regarding: » ³socialism-for-the-giants ³("socialized losses"), » ³fascism´ ("state/corporate mingled capital for the purpose of governing a society"), or » ³capitalizedlooting´ ("left the government holding the bag for their eventual and predictable losses"), it amounts to the exact same thing.

Whatever we have, it isn't³free market capitalism.´

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