Socialists fully expect members of the capitalist class to be our enemy and we are not at all surprised by their misinformation and disinformation.
The world’s most powerful banker has attacked socialism, saying it produces “stagnation, corruption and often worse”.
The world’s most powerful banker has attacked socialism, saying it produces “stagnation, corruption and often worse”.
JP Morgan's billionaire chief executive Jamie Dimon took aim at socialism in his annual letter to shareholders, and warned it would be “a disaster for our country”.
Dimon, who was paid $31m last year as the head of America’s largest bank and who is estimated by Forbes to be worth $1.3bn, took his swipe as a new wave of left politics has emerged in the US.
Dimon wrote: “When governments control companies, economic assets (companies, lenders and so on) over time are used to further political interests – leading to inefficient companies and markets, enormous favoritism and corruption.” He went on: “Socialism inevitably produces stagnation, corruption and often worse – such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives – which they frequently do to maintain power. This would be as much a disaster for our country as it has been in the other places it’s been tried.” In his letter, Dimon acknowledged capitalism’s “flaws” but praised it as “the most successful economic system the world has ever seen”.
He has obviously forgotten such "flaws" as the causes of the 2007/8 recession and financial crisis, forgotten all about what is called "crony capitalism" and forgotten of those proven criminal yet unpunished acts conducted by the banksters. He also forgot to say that it was "authoritarian" government intervention using billions to bail-out the banks from further disaster.
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