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When the greatest capitalists criticize capitalism

Hardly a Bank is more in the center of the global capitalism as a J. P. Morgan Chase . Early on, they and its founder John Pierpont Morgan had played a leadin

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When the greatest capitalists criticize capitalism

Hardly a Bank is more in the center of the global capitalism as a J. P. Morgan Chase . Early on, they and its founder John Pierpont Morgan had played a leading role to save the System, if it seemed by the severity of the crises in the danger, such as in the year 1907.

Also the current President and CEO of the Bank staff Union, Jamie Dimon, seems to be back to capitalism, at least its acceptance in the population. Over several pages in his letter to the shareholders of the Bank, he defended the prevailing System, just as if it would be in acute danger.

a part of the hazards Dimon is equal to itself. He speaks, among other things, as in the USA, parts of society have been left behind financially for decades of progress and on the edge of poverty, greater inequality, a lack of infrastructure and a dwindling adhere to equal opportunities of life, particularly in the field of education and to expensive and more efficient usage of costly health care.

"Is capitalism to blame? Socialism is better?", Dimon asks in his letter to shareholders. The answer is as expected a resounding no to both questions.

Successfully, but not without defects

"Of capitalism the most successful System the world has ever seen is, without question," writes the Bank's chief, but it was not without defects. And neither he nor hardly anyone else, he knew, was an advocate of totally unregulated capitalism. to gain

To give the System more credibility, calls for Dimon, all reset to their short-term self-interests in the interest of the Whole, because all have become selfish. For the richest, it calls for even higher taxes, if the money is spent wisely for the concerns of society.

According to Jamie Dimon Manager can no longer "on the social issues foutieren".

Dimon turned to his colleagues in the boardrooms of other company . The business leaders in the boards of Directors and Management could not foutieren to the social issues. This is ultimately also in their own interest and in the interest of your company.

One may ask why a business leader, has conceded for the last year of his Bank of $ 31 million, attracts attention with such a commitment. Of some of the procedural request was interpreted as preparation for a presidential candidacy. However, the J. P. Morgan chief has been flagged.

A different Interpretation of the British Financial journal "Financial Times provides in its today's edition" in a longer report: In the boardrooms of the US economy, the fear of a growing System growing General disenchantment and a success of politicians who refer to themselves openly as a socialist; this is especially true for the young Senator Alexandria Ocasio-Cortez.

More followers for socialism

According to a survey by the opinion research Institute Gallup under the age of 18 - to 29-year-old Americans in the last year, have 51 percent have a positive image of socialism – and, therefore, the same as in 2010. Has changed dramatically, but the evaluation to capitalism: in 2010, a clear majority saw 68 per cent of this in a positive light, and 2018, the numbers were 45 percent, less than half.

Even more so than Jamie Dimon Ray Dalio commented on the dangers. In a Twitter-spread the Text, he writes that "either people with different ideological inclinations to cooperate, to have the System sent in a way so that the economic pie is equitably distributed and grows, or will we see a big conflict and some Form of Revolution, which hurts everyone the most, and the cake will shrink." Capitalism will not be reformed, writes the self-confessed capitalist Dalio, be a threat to the United States existentially.

Dalio is the founder of the hedge Fund Bridgewater, one with managed assets of around 120 billion dollars to the largest ten of its kind in the world. The assets of Dalio is estimated to be around 19 billion dollars, which is according to the magazine "Forbes" ranked 25 of the 400 richest Americans.

risk factor populism

other corporate leaders are increasingly worried, even if you say it is as dramatic as Ray Dalio, especially in view of the growing inequality. The "Financial Times", about Evan Greenberg, chief of the insurance group Chubb, has its seat in Switzerland. Large corporations, such as General Electric or Honeywell have begun, populism and a negative political climate towards multi-reports-national corporations as the risk factors in your Company to be listed.

"Even in the case of Jesus Christ, not justified," Disney CEO Bob Igers content in a cinematic comparison.

Abigail Disney from the family of the eponymous company's founder, Walt Disney made with the criticism of the 66-million dollar salary from Disney CEO Bob Iger. "Even in the case of Jesus Christ it would not be justified if he would take 500 times the median wage," she said laconically.

The American business leaders to collect significantly more than their colleagues in other countries and benefit from the current System so that particularly strong. That the critique of inequality and capitalism comes from their ranks, although taken in Public, but their statements have in the American policy has only limited weight, among other reasons, because the bosses in this area to enjoy, no great credibility. Critics complain that it is ultimately less important what these people say, but on what they actually company.

(editing Tamedia)

Created: 23.04.2019, 18:57 PM

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