Dubai's free market capitalism

[Mr. Peepers]

If this system heralded by "conservatives", republicans and corporatists is so unshakably sound and the best system out there - and self-correcting... what the heck happened? Dubai is the "shining Jewel" of free market capitalism in the middle east. Now it is pretty much bankrupt and having to be bailed out by the Saudis.

Also, this came out today:

BBC NEWS | Special Reports | Free market flawed, says survey

 

[Bern80]

If this system heralded by "conservatives", republicans and corporatists is so unshakably sound and the best system out there - and self-correcting... what the heck happened? Dubai is the "shining Jewel" of free market capitalism in the middle east. Now it is pretty much bankrupt and having to be bailed out by the Saudis.

Also, this came out today:

BBC NEWS | Special Reports | Free market flawed, says survey

Wow. Are you really this dumb? What happened in Dubai is not a failure of capitalism. The market worked exactly as it should have. They gambled and lost. They failed to predict the economic downturn while they were building these monstrous resorts. They were loaned money to build the resorts believing they would be rolling in dough from tourism when it was all done and would easily be able to pay the loan back. They have a product without a market and as such are in danger of going bankrupt. That is EXACTELY how capitalism works.

 

[Mr. Peepers]

Still waiting. C'mon. I know this board is lousy with free market corporatists.

 

[Mr. Peepers]

That is EXACTELY how capitalism works.

It bankrupted the entire country. They are INSOLVENT. You just negated your whole point. It is OK to adopt a system that bankrupts your entire country? How on earth is that good economic policy??? It is EXACTLY a failure of capitalism.

 

[Bern80]

That is EXACTELY how capitalism works.

It bankrupted the entire country. They are INSOLVENT. You just negated your whole point. It is OK to adopt a system that bankrupts your entire country? How on earth is that good economic policy??? It is EXACTLY a failure of capitalism.

What part of capitalism says you are guarunteed to make money?

 

[DiamondDave]

Exactly.. with the freedoms instilled in the capitalist system.. you have the freedom to succeed that goes hand in hand with the freedom to fail....

Still much better than the control based slavery of anything based on Marxism, socialism, or communism

 

[uscitizen]

The market should have the freedom to fail.

 

[Mr. Peepers]

What part of capitalism says you are guarunteed to make money?

Retards, this wasn't a business that failed. It was a whole country. Just like capitalist greed toppled our economy, only we didn't technically go bankrupt. Do you think there should be more regulation when capitalism fails like this?

 

[Mr. Peepers]

Question: Do you consider Ireland a socialist country?

 

[DiamondDave]

What part of capitalism says you are guarunteed to make money?

Retards, this wasn't a business that failed. It was a whole country. Just like capitalist greed toppled our economy, only we didn't technically go bankrupt. Do you think there should be more regulation when capitalism fails like this?

No.. could have nothing to do with power greed by individuals such as Frank.. overblown government policies... and other such things.. it was all 'capitalist greed'

utter winger horseshit from the likes of peeping tom again

 

[blu]

you don't always win in capitalism. any sane economist could have told you the extreme risk dubai was taking. the russian intel agency controlled companies caught the same fate when they held heavy usd debts as the collapse came and attempted to pay it back in ruples.

 

[Truthmatters]

More than 29,000 people in 27 countries were questioned. In only two countries, the United States and Pakistan, did more than one in five people feel that capitalism works well as it stands.

This is the Bush legacy folks

 

[Bern80]

What part of capitalism says you are guarunteed to make money?

Retards, this wasn't a business that failed. It was a whole country. Just like capitalist greed toppled our economy, only we didn't technically go bankrupt. Do you think there should be more regulation when capitalism fails like this?

First let's get a few factoids straight. Dubai is not a country. It is a city state, part of the UAE. The UAE is comprised of many city states. While all of them are struggling with this economy, just as most countries around the world are, they are having a huge problem because they baned a lot on tourism just before the economy collapsed.

Again it is incorrect to say capitalism failed. This isn't a case of capitalism not working because there is nothing about capitalism that says it's going to make everyone rich all the time and be 100% free of risk. Lasaiz faire means whatever will be will be. It is a system that has almost unlimited potential for success. It also a great capacity for collossal failure. It's simply a question of whether society accepts those risks or would rather have a system that is safer but little opportunity to be truly wealthy.

 

[xsited1]

I'm amazed this thread hasn't reached the 'Lame Zone' yet.

 

[Mr. Peepers]

It's simply a question of whether society accepts those risks or would rather have a system that is safer but little opportunity to be truly wealthy.

Why would any sane society take those risks? You are creating a corrupt oligarchy in these "free markets", yes? By the way, what do you consider to be truly wealty and do you think there is a moral line to be drawn at obscene wealth when someone has millions or billions times more than he needs and when there is such a large income gap?

Again, do you consider Ireland to be a socialist country?

 

[Truthmatters]

What part of capitalism says you are guarunteed to make money?

Retards, this wasn't a business that failed. It was a whole country. Just like capitalist greed toppled our economy, only we didn't technically go bankrupt. Do you think there should be more regulation when capitalism fails like this?

First let's get a few factoids straight. Dubai is not a country. It is a city state, part of the UAE. The UAE is comprised of many city states. While all of them are struggling with this economy, just as most countries around the world are, they are having a huge problem because they baned a lot on tourism just before the economy collapsed.

Again it is incorrect to say capitalism failed. This isn't a case of capitalism not working because there is nothing about capitalism that says it's going to make everyone rich all the time and be 100% free of risk. Lasaiz faire means whatever will be will be. It is a system that has almost unlimited potential for success. It also a great capacity for collossal failure. It's simply a question of whether society accepts those risks or would rather have a system that is safer but little opportunity to be truly wealthy.

How about we make regulations that keep the assholes from tearing us a new one every 20 years or so because there are NO restrictions on what they can do?

You see our fettered caplitalism worked pretty damned good under Glass Steagal

 

[Bern80]

Why would any sane society take those risks?

Because they want to be free.

You are creating a corrupt oligarchy in these "free markets", yes?

Can there be corruption? Of course. But corruption isn't something unique to capitalism. The USSR had it's fair share as well. That was also an oligarchy. It just happened it was also the government. At least in capitalism if that level of corruption happens you have a government to turn to. Who will you turn to when the government starts screwing you over?

By the way, what do you consider to be truly wealty and do you think there is a moral line to be drawn at obscene wealth when someone has millions or billions times more than he needs and when there is such a large income gap?

I can't put a number on what it means to be wealthy. Essentially what is important is the freedom to make as much as you feel like. No there is not moral line that needs to be drawn. There isn't anything immoral about making money. There isn't anything immoral about keeping what you earned. It IS immoral to have taken from you by force what you have earned and give it to those that haven't. Whether one needs it or not is irrelevant. Do you seriously want to live in a society where some group arbitrarily gets to decided what you need and only need?

Again, do you consider Ireland to be a socialist country?

I don't know enough about their system to comment on it.

 

[Truthmatters]

There in lies the problem, you people refuse to educate yourselves on the facts

 

[Mr. Peepers]

It seems to me that you are defending a system that enriches only a few to the detriment of the rest. I see that as immoral. Are you christian? What about that part in the bible about turning out the money changers? Isn't greed (gluttony) one of the 7 sins?

Let me turn your argument on its ear... If you are giving the vast majority of wealth to only a handful of people, aren't you, in essence, taking it from the rest bit by bit? That money has to come from somewhere and wealth is a finite resource. So, in essence, the extremely wealthy use their policies take from the rest to amass more and more wealth.

 

[DiamondDave]

It seems to me that you are defending a system that enriches only a few to the detriment of the rest. I see that as immoral. Are you christian? What about that part in the bible about turning out the money changers? Isn't greed (gluttony) one of the 7 sins?

Let me turn your argument on its ear... If you are giving the vast majority of wealth to only a handful of people, aren't you, in essence, taking it from the rest bit by bit? That money has to come from somewhere and wealth is a finite resource. So, in essence, the extremely wealthy use their policies take from the rest to amass more and more wealth.

You idiot fucking winger...

The oh so predictable 'christian' approach... well tell you what, Einstein.. let's see you reference scripture to show where forced redistribution was called for

And you once again confuse giving with earning..

Try and use your mongoloid mental capacities to their fullest to comprehend that there are positives and negatives associated with having your freedoms... and that even with the risks of negatives, it is to be sought after above the slavery based systems of Marxism, socialism, and communism