Mises says that a country can be considered capitalistic if it has a stock market. I love Mises, but most of his work was before the CIA, NSA, QE infinity, Bank Secrecy Act, and the Patriot Act. If you think the USA qualifies as capitalistic because of its stock market, then hi my name is John Law and I have shares of the Mississippi Company to sell you.
Read up on, and if not, I'm sure you're probably aware of, The BIS. After the next BIG/MAJOR crash, you'll own nothing.
My location on Twitter was always set to Basel, Switzerland 😉. Literal Nazi bank.
Ha ha, you must own a lot of Nazi gold then, and fine art😬😂.
The fed actively intervenes in the US futures market - admittedly (more important than the "stock" market)
The stock market is for the public (pleb money) the futures market is for nation state money.
Not free market capitalist for a while.
Many forget Adam Smith arguing that the idea of publicly traded stocks causes a lack of direct accountability and could be detrimental to society. The stock market comment is the one thing I disagree with Mises
This was one point from Mises that I struggled with as well. When the fed bails out major banks like SVB and Wall Street during the GFC, it’s hard to believe this is capitalism. They removed the buy button on GameStop and halt trading all the time. It’s is literally controlled by them lmao I will say that viewing capitalism/socialism as a spectrum is probably better. America is more capitalistic than China and China is more capitalistic than Soviet Russia. I don’t think we’ve ever seen pure capitalism and we won’t as long as you have violent individuals doing business as the government taxing and regulating everything.
Yes. Spectrum. I heard this on a podcast recently and my gripe is really with them, not Mises.
Maybe he was right during his time. Back then stocks were physical bearer assets right? You got a stock certificate when you owned shares in a company. You couldn’t get rugged and it was difficult to manipulate kinda like taking custody of bitcoin makes it difficult to manipulate the price of bitcoin. But it’s all digital now. How do you halt trading of GameStop if everyone holds their stock certificates?
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