This video was created by Christian Jackson. Taken from Yaron Brook Show: Ray Dalio‘s Attack on “Capitalism”
Billionaire Ray Dalio: “Capitalism Is FALLING”
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But it's fascinating you read a values long essay which appears on LinkedIn but appears in a bunch of other places and there's no mention of property which when you describe successful countries versus unsuccessful countries. No mention of property which when he describes when he describes capitalism is he doesn't mention property rights. Here's his description of what form of what capitalism is.
Let me find it.
Second and third attempt at the thumb. This is this is capitalism. The ability to make money save it and put it into capitalism. That's it. Ability to make money save it and put it into capital. Now that's suddenly an aspect of capitalism.
But that's exactly thinking in non essentials what capitalism is is the freedom to make save or consume put into capital if one wishes capitalism is a system where that freedom is protected and one of the ways in which it's protected may be the primary way is which is protected is the recognition of the idea that you have an inalienable right to your property. It's the idea of property rights which what makes the protection of that freedom possible real cuts.
You know something that people can hold.
Something the people the government can then defend the government is the defender of our property rights. It's a protector of those property rights. We need that definition. But without it that ability to make money save it and put it into corporate I mean you could cronyism somewhat fixed that. Now although it's not exactly making money. But part of it maybe is making policies redistributing you can save it and you can see why if you hold such a undefined floating weird definition of capitalism that you don't know that we don't have capitalism today. You don't live in a capitalist place because hey I can make money I can save it and put it into capital but is that the essential characteristic. No no it's not the central characteristic is the protection of property rights. The central characteristic is the protection of individual rights. The central characteristic is freedom freedom individual liberty individual freedom. That is the essential catchers to get rid of capitalism. And if one doesn't understand that that's what capitalism is about.
Then one can't defended what can argue against it.
Why can't attack it because one doesn't even understand what it is. And read W has no concept what capitalism actually is.
I want to go back to the pie because he as I said he says most couples don't know how to divide the economic pie. Well they kind of do they know how to divide the economic pie that they created their economic pie meet and he says most socialists don't know how to grow it well.
So here's the thing about values. Solution right. Implied in the statement it's implied directly in the statement why don't we divvy up responsibilities. Why don't we let capitalists grow the pie because they're good at that. And the Socialists divide the pie because they're good at that. So why don't we just got here's the solution. All our problems ago Ray Dalio tells us why can't we just re engineer the system he says so that the pie is both divided and grown well and to do that he says what we need is to get a bipartisan committee together of socialists and capitalists together to just solve these problems to re engineer the system to figure out how to grow the pie.
That is you greedy productive people out they give you enough incentives you don't stop working to make sure the Dagny keeps on running those trains to make sure the trains get to where they're going on time and effectively and she can make enough money so that it's worth a while to keep the trains running and then to tax the hell out of you.