A dictionary definition of capitalism is: “An economic system in which all or most of the means of production and distribution, are privately owned and operated.” Under a capitalistic system, the consumer is the controlling influence. Consumers buy or fail to buy what is manufactured and placed on the market, thereby controlling whether it is good, bad, or how much is produced. The upcoming election, is an expression of capitalism, but unfortunately, it may be influenced by propaganda or voter ignorance. Voter ignorance, is responsible for the fact that it is a ‘close call,’ otherwise, closing the borders, promoting the Second Amendment, expelling illegals, etc., would make it overwhelmingly Republican, in spite of Trump’s continuous lies and exaggerations. We’ll see by next Wednesday.
Ludwig von Mises, (1881-1973), once defined economics, as “People Act.” He also said that, “If you want to acquire wealth, then try to satisfy the public by offering them something that is cheaper, or which they like better.” Capitalism helped Coors Brewing Company survive he prohibition era. Rather than go bankrupt as dozens of brewers did, Coors made malted milk. Mars Candy Co, bought much of Coor’s malted milk, and Coors sold malted milk powder until the 1950’s. Capitalism works, and socialistic and communistic nations haven’t even the simplest notions of what capitalism has done for us. Communism and socialism, are direct opposites of capitalism.
I must quote some of Von Mises’ utterances, because they make so much sense. “What is needed to become a capitalist, an entrepreneur or a deviser of new technological methods, are brains and will power.” “The characteristic mark of big business, is mass production for the satisfaction of the masses.” “All nations are moving towards socialism, and freedom is vanishing, step by step.” “Innovation, is first a luxury of only a few people, until by degrees, it comes into the reach of many.” “The dainty ladies and gentlemen, who first began to use soap, were the harbingers of the big scale production of soap for the common man.” This capitalistic system of introducing something needed and desirable, has been true of automobiles, airplanes. televisions, radios, computers, and most of what we enjoy today. All of these things were begun small, and as each time period passed, they became perfected, mass produced, and everyone has benefitted. Thanks to capitalism.
“It is non-sensical to blame the capitalistic nations of the west, for the plight the backward peoples have brought upon themselves, by government policies of expropriation, discriminatory taxation, unpayable debts, and endless controls.” “Capital is not a free gift from God or of nature. It is the outcome of a provident restriction of consumption on the part of man. It is created and increased by saving and maintained by the abstention of from dissaving,”
Capitalism, is what brought Colorado Gold into existence. Doing what people wanted, cheaper and better, with no central office, advertising, complicated paperwork, ID numbers, or the like. It has worked, and Von Mises urged saving in gold and silver backed dollars, as was the case when he was alive, but now, save in real historic money in the form of gold and silver, since the dollar is virtually useless paper with no backing other than government ‘promises,’
If, on Tuesday, Trump loses, I can only imagine what prices metals will be in retrospect, but had I some extra, I would surely get out of excess dollars…in case.
-Don Stott, don@coloradogold.com