also how do we get there?

@quiscalus Socialism will bring about wide-reaching changes in the sphere of social and economic development.

you need to understand what socialism is first

it's not a standalone ideology like politicians say

Socialism leads to communism. It is merely a transitional stage.

it's the transition from capitalism to communism

yes

many people have this notion where socialism is somehow its own thing

it's not

just because a system fails doesn't mean it is impossible, capitalism failed in the past and people reverted to feudalism or older methods of society

and it cant be

capitalist societies have failed, this is true

however many crises can be avoided

via deregulation and lower taxes, as well as the federal reserve controlling interest rates

among other factors

we learn from the past

I just feel capitalist societies have largely led to large concentration of power and wealth in society and led to masses deprived of material needs and political power

I will agree with you that the Fed is a major problem.

the federal reserve is the cause of the 2007 crisis

bullshit with the "deregulation was the problem"

the fed and its meddling with interest rates

isn't it banks and other financial institutions gambling with the world economy and peoples investments

is the cause of much of society's problems

?

well thats a part of it

most of the time, it's the governments who give the banks that power

by giving them bailouts and lower interest rates

bailouts for banks is a huge mistake

just a product of corruption

The "Great Recession" was a result of deregulation in the financial industry which resulted in banks engaging in hedge-fund trading with derivatives.

I think one of the issues is that democracy gets subverted because industry has has money to influence the law to give them a leg up often to the detriment of the people

no, it was a direct result of the federal reserve lowering interest rates to stimulate the housing market

this subsequently caused a bubble to form

the housing bubble popped, causing the recession

it didnt help that the government is always bailing out the banks

let them fail and start over for a more stable recovery

I am not sure if I agree totally with austrian perspective that low interests rates lead to poor use of capital because government manipulation but I think there is a reasonable argument that fucked up priced signals effects how soundly people use capital

it's up to people how they decide to use their capital, not the government

unless of course, the government raises taxes

but if hayek is right shouldn't nations who engaged in austerity be doing better than nations who used keynes ideas to increase capital available to stimulate the economies?

The inquiry commission concluded that the crisis was a direct result of failures in financial regulation and oversight, as well as failures of corporate governance and risk management at key financial institutions.