Bank of America CEO says capitalism is 'the best way to solve the challenges that are facing society'

[rvZA]

Bank of America CEO says capitalism is 'the best way to solve the challenges that are facing society'

Bank of America CEO Brian Moynihan said Wednesday that capitalism is “the best way to solve the challenges that are facing society.”

www.foxbusiness.com

Bank of America CEO Brian Moynihan said Wednesday that capitalism is "the best way to solve the challenges that are facing society."

"We at Bank of America believe in capitalism, and it's the best way to solve the challenges that are facing society, we operate by delivering great returns for our shareholders and delivering for society. We call that responsible growth," Moynihan said in his testimony during a Senate Banking Committee oversight hearing.

 

[rvZA]

He isn't wrong.

 

[ForceFate]

we operate by delivering great returns for our shareholders.

Pretty much what it is.

 

[Crumbl0x]

I don't agree (with regards to the current state of crony capitalism in America) but it's probably the only driving economic system that's gone well far enough for all societies, even with the great imbalances.

There's no real viable alternative as long as people are gonna people, even if they were followed like a textbook technique.

 

[Moto Guzzi]

Bank of America CEO says capitalism is 'the best way to solve the challenges that are facing society'

Bank of America CEO Brian Moynihan said Wednesday that capitalism is “the best way to solve the challenges that are facing society.”

www.foxbusiness.com

Bank of America CEO says capitalism is 'the best way to solve the challenges that are facing society'

Bank of America CEO Brian Moynihan said Wednesday that capitalism is “the best way to solve the challenges that are facing society.”

www.foxbusiness.com

Slow or Fast cycles, predictable or stressfull unpredictable futures: Simplicity kills modern corruption.

-With an abstract digital base the type of system is/become irrelevant, unless digital undergo a 360degree change.
-The cost of digital and the fact that it never matures is a huge problem, we cant keep on buying and keep on throwing away, a waist of resources. True capitalism does not excists anywhere on the planet currently, just a picture painted of it. Fast unpredictable chaotic cycles. Children leaving school see no reasonable future, stressfull erratic life. It eats into and consume monetary systems from the inside out in an uncontrolable fashion. I don't see the future for 7 Billion+ in this. Digital is prone to corruption and insecurities, and it does not get better, every day theres just more of this....

-Analog Capitalism, yes no question. Slow predictable cycles, children leaving school see a future and a stable reasonable life.

 

[Barbarian Conan]

I agree with the headline, I don't think the American brand of capitalism is the right brand to solve their or our problems.

 

[My_King]

It is a kak system but it is the best we have.

 

[backstreetboy]

Bank of America CEO says Bitcoin is 'the best way to solve the challenges that are facing society'

tiftfy

 

[rvZA]

tiftfy

As long as bitcoin remains totally anonymous and unregulated, then yes, I agree it would be the solution.

 

[Milano]

As long as bitcoin remains totally anonymous and unregulated, then yes, I agree it would be the solution.

100% imperative. Extremely unlikely unfortunately with IMF and WEF global ambitions to use digital currency as a means to gain absolute control over the financial, political and social aspirations of the global population.

 

[KleinBoontjie]

Just a shame that in most cases, Capitalism serves the rich better than the poor. But that could be said for most.

 

[porchrat]

Just a shame that in most cases, Capitalism serves the rich better than the poor. But that could be said for most.

Capitalism serves the poor a lot better than the alternatives. The poor still get more wealthy year on year, just not as fast as the folks on top.

In communism the poor just starve to death.

 

[R13...]

Capitalism serves the poor a lot better than the alternatives. The poor still get more wealthy year on year, just not as fast as the folks on top.

In communism the poor just starve to death.

I wonder if communism could work if the politicians were honest. You'd also need a way to motivate people to innovate in a system where everyone gets the same (except the politicians) regardless of contribution. And they'd also have to do away with one party dictatorships if it is to have a chance. But I think the biggest issue is that people aren't willing to hand over their creations just to "serve" the state.

Capitalism's problem is unchecked greed and communism's is unchecked political power.

 

[saturnz]

Capitalism's problem is unchecked greed and communism's is unchecked political power.

under capitalism, man exploits man, under communism, its the other way round

 

[Unhappy438]

Capitalism serves the poor a lot better than the alternatives.

*Used to.

Its pretty much been corrupted and bent to serve special interests and big corporations nowadays.

 

[noxibox]

Capitalism is an extremely broad term. Some specific form of capitalism may well serve the poor well, but it is quite likely that the wealthy elite will not be too keen on that form. And indeed they do typically use the power to skew the system away from such forms. Adam Smith actually wrote about this sort of thing hundreds of years ago.

Pretty much what it is.

What it means is they'll trample everyone else, other than their shareholders, to do so.

I wonder if communism could work if the politicians were honest. You'd also need a way to motivate people to innovate in a system where everyone gets the same (except the politicians) regardless of contribution. And they'd also have to do away with one party dictatorships if it is to have a chance.

I think ultimately humans are simply not willing to put in the work and involvement it would take to put communism in place. Neither does it suit those who aspire to power, because there can be no central all-powerful government in a communist society. It's ludicrous to even call countries with such governments communist. Neither is it a system where everyone gets the same. Or one where people could get away with coasting or not contributing.

Capitalism's problem is unchecked greed and communism's is unchecked political power.

That would then not be communism. It's a bit like saying the problem with Christianity is the rampant worship of Satan.

Besides which unchecked political power is a problem in capitalist societies too. Specific checks and balances have to be put in place and constantly, vigorously defended. Nothing whatsoever to do with anything inherent in any sort of capitalism.

Capitalism serves the poor a lot better than the alternatives. The poor still get more wealthy year on year, just not as fast as the folks on top.

In communism the poor just starve to death.

Basically the same as unchecked capitalism then. Additionally capitalism does not guarantee nor inherently do much for the poor. As we can see that allowed to do so capitalism grows the gap and will even eventually increase the rate of that growth by making the majority poorer.

 

[noxibox]

*Used to.

Its pretty much been corrupted and bent to serve special interests and big corporations nowadays.

That will always happen. The wealthy elite will constantly attempt to erode the regulation of the system.

 

[Vrotappel]

Just a shame that in most cases, Capitalism serves the rich better than the poor. But that could be said for most.

The poor get the bulk of tax money in SA.

 

[Vrotappel]

I wonder if communism could work if the politicians were honest. You'd also need a way to motivate people to innovate in a system where everyone gets the same (except the politicians) regardless of contribution. And they'd also have to do away with one party dictatorships if it is to have a chance. But I think the biggest issue is that people aren't willing to hand over their creations just to "serve" the state.

Capitalism's problem is unchecked greed and communism's is unchecked political power.

You need people to put in the same before you can expect them to get the same. Good luck with that.

 

[Benedict A55h0le]

I wonder if communism could work if the politicians were honest. You'd also need a way to motivate people to innovate in a system where everyone gets the same (except the politicians) regardless of contribution. And they'd also have to do away with one party dictatorships if it is to have a chance. But I think the biggest issue is that people aren't willing to hand over their creations just to "serve" the state.

Capitalism's problem is unchecked greed and communism's is unchecked political power and also unchecked greed.

That part I added is important to remember.