Dr Zitelmann, I am very glad for the people of Vietnam, I truly am. But in reality it’s the same old exploitation of the poor for self gain of the investor. Investors are the same the world round, they want a return on their investment for years to come and in itself sounds reasonable! I’m with you, entrepreneurs and the best and the brightest deserve the money they earn as well as those Vietnamese people and workers. I never have a problem with the reward for hard work, brilliance and excellence in leadership. But, what I have a problem with is the expectations that the framework for reward doesn’t keep the money rotating through SPENDING! Why should the rich be the ones not to have to SPEND their money back? What we have is capitalism that allows money to be held outside the working tax paying pot of the everyday worker. This creates a dam of money not being spent which makes the economy devoid of its rotation in and around those workers and consumers that prevents them from enjoying the proper fruits of their work. No tax is triggered on money that stays idle, sidelined, unspent and unused! Which is why in a fully capitalist society you still have mega rich next to mega poor. It only benefits the rich at the cost of the poor because SPENDING is withheld! I think the rich need to be wealthy from goods and services exchanged when all money is SPENT and exchanged. If it were, with a tsunami of SPENDING every day, much more tax revenue would be created that would instantly stop the need for government borrowing. At the same time, the poor will be no longer poor, wages would increase, benefits too! But ironically the rich would be richer as well! We are limiting our vision of happiness by allowing the status quo. If we now use computer bank accounts and reintroduce exchange control to keep all money in house and put a spend by date on money electronically to force SPENDING we can all be richer! Happier!! And the system can be autonomous and perpetual. An economy can’t work without two things. Money and SPENDING! If there is no money and no SPENDING it will never work! It really is that simple! I’m pleased for Vietnam but the system is stacked. The framework for capitalism has not been fully thought through because when most economists were thinking of it there were no computer bank cards!
Dr Zitelmann, I am very glad for the people of Vietnam, I truly am. But in reality it’s the same old exploitation of the poor for self gain of the investor. Investors are the same the world round, they want a return on their investment for years to come and in itself sounds reasonable! I’m with you, entrepreneurs and the best and the brightest deserve the money they earn as well as those Vietnamese people and workers. I never have a problem with the reward for hard work, brilliance and excellence in leadership. But, what I have a problem with is the expectations that the framework for reward doesn’t keep the money rotating through SPENDING! Why should the rich be the ones not to have to SPEND their money back? What we have is capitalism that allows money to be held outside the working tax paying pot of the everyday worker. This creates a dam of money not being spent which makes the economy devoid of its rotation in and around those workers and consumers that prevents them from enjoying the proper fruits of their work. No tax is triggered on money that stays idle, sidelined, unspent and unused! Which is why in a fully capitalist society you still have mega rich next to mega poor. It only benefits the rich at the cost of the poor because SPENDING is withheld! I think the rich need to be wealthy from goods and services exchanged when all money is SPENT and exchanged. If it were, with a tsunami of SPENDING every day, much more tax revenue would be created that would instantly stop the need for government borrowing. At the same time, the poor will be no longer poor, wages would increase, benefits too! But ironically the rich would be richer as well! We are limiting our vision of happiness by allowing the status quo. If we now use computer bank accounts and reintroduce exchange control to keep all money in house and put a spend by date on money electronically to force SPENDING we can all be richer! Happier!! And the system can be autonomous and perpetual. An economy can’t work without two things. Money and SPENDING! If there is no money and no SPENDING it will never work! It really is that simple! I’m pleased for Vietnam but the system is stacked. The framework for capitalism has not been fully thought through because when most economists were thinking of it there were no computer bank cards!