Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

6/11/2014 (6 months ago)

Catholic Online (www.catholic.org)

Elites gather in London to complain about capitalism.

The elites of the free world may be awakening to the fact that their unfettered pursuit of more is perhaps the single greatest existential threat to their existence. At a recent invitation-only conference in London, several billionaires as well as the head of the IMF and Prince Charles gathered to decry the excesses of capitalism over very fancy meals.

IMF managing director Christine Lagarde gave a keynote address where she quoted Karl Marx.

IMF managing director Christine Lagarde gave a keynote address where she quoted Karl Marx.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

6/11/2014 (6 months ago)

Published in Business & Economics

Keywords: capitalism, social justice, elites, London


LOS ANGELES, CA (Catholic Online) - Gathering at the Guildhall in London, international investors along with Christine Lagarde, keynote speaker and managing director of the International Moneyary Fund (IMF) along with Prince Charles discussed the danger that capitalism represents to itself.

This almost Kafkaesque meeting featured Lagarde quoting Karl Marx as the gathering dined on fancy plates for dinner.

Make tomorrow better, help support moral education.


Lagarde quoted Marx, saying "Capitalism carried the seeds of its own destruction" and she quoted Pope Francis who accused rising inequality as "the root of social evil." Then she made a call for progressive tax systems and property taxes, both means by which wealth is taken from the rich and redistributed to the poor.

Prince Charles also participated, who actually lamented, although in reserved terms, the collapse of the Soviet system and commented "the long-term job of capitalism is to serve people, rather than the other way around."

The wealthy are entitled to their opinions the same as any other individual, but those expressed at the gathering in late May were unlike those previously heard from that quarter. Why are the world's wealthiest people calling for more taxes and more equality? Why are they lamenting capitalism, the very system which made them and keeps them rich?

The answer may have to do with self-preservation.

These educated elites probably know that the French Revolution did not begin with the storming of the Bastille, but rather with a less-publicized famine and crop failure that started in 1788. The government, already paying half of its GDP to cover just the interest on the national debt, did not have money to provide the starving masses with bread. Eventually, a revolution ensued. Many aristocrats lost their heads, although by and large it was the poor who did most of the bleeding for the next several decades.

Still, a desire to soak the rich grows in a climate where opportunity appears stifled. This is what both Pope Francis and Christine Lagarde were referring to in their otherwise different presentations.

The United States has long been heralded as a land of opportunity, however those opportunities are becoming increasingly limited. Outrageous prices for everything from homes to tuition as well as a rapidly-changing marketplace where a college degree can become obsolete just days after graduation, has many Americans upset at the way things are.

The system, most Americans are beginning to see, isn't very fair. Case and point, look at the FCC plans to upset "net neutrality." The appointee to the head of the FCC, chosen by President Obama, is a former cable company lobbyist and he has crafted a proposal whose title suggests the law will protect net neutrality. However, the law does the opposite of what its title suggests. In addition, the public outrage over the proposal to create "internet fast lanes" is wildly unpopular, but the special interests appear likely to win.

America, and indeed much of the world, has become a plutocracy and the people, fed dreams of opportunity, are finding out for themselves that the system is designed to work against them.

It's an open secret that the wealthy manipulate governments and the laws to their own advantage but now the abuses are becoming so blatant that people are becoming fed up. Indeed, even Pope Francis himself has made comment on the issue.

The capitalists have recognized that their system is in jeopardy because greed has gone too far. Now they are looking for a way to reverse the tide of popular opinion before it's too late to save capitalism from itself.

Needless to say, the odds, and human nature, are against them.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for December 2014
Christmas, hope for humanity:
That the birth of the Redeemer may bring peace and hope to all people of good will.
Parents: That parents may be true evangelizers, passing on to their children the precious gift of faith.



Comments


More Business & Economics

Made in the U.S.A.: Lincoln Logs come back home just in time for the holidays Watch

Image of Consumers are preferring 'Made in the U.S.A.' products over those produced overseas.

By Abigail James (NEWS CONSORTIUM)

Lincoln Logs, a classic American toy invented in 1916 by John Lloyd Wright, has been a popular iconic toy for many years. LOS ANGELES, CA (Catholic Online) - The toy is made out of 100 percent real wood, cut straight from tree logs during the manufacturing process. For ... continue reading


OPEC's bust is America's boom! Why cheap oil is a friend to America Watch

Image of Falling oil prices have caused a great deal of pain among OPEC countries, but the group won't cut production until three months after oil drops below $40 a barrel.

By Matt Waterson (NEWS CONSORTIUM)

The price of a barrel of oil continues to plunge, bringing with it an economic boon to motorists and headaches and potential layoffs to oil producers in the U.S. and around the world. LOS ANGELES, CA (Catholic Online) - Currently the price of a barrel of oil is ... continue reading


Is OPEC over and done with? Bank of America makes startling predictions Watch

Image of OPEC is

By Catholic Online (NEWS CONSORTIUM)

According to Bank of America, the OPEC oil cartel no longer exists in any meaningful sense. Furthermore, crude prices will drop to $50 a barrel over the coming months. This might mean relief at the pump - but this isn't necessarily a good thing, officials warn. ... continue reading


Sears no longer where America shops: 235 stores to close shortly Watch

Image of Analysts called the move a step in the right direction for the company, which has been tapping into its real estate in creative ways to compensate for downward-spiraling sales.

By Troy Dredge, Catholic Online

Few retailers are as American as Sears, one of its former and most popular taglines being "Where America Shops." That's no longer the case, as Wal-Mart has long seized that throne. It was a heavy heart that Sears announced that 235 under-performing stores would ... continue reading


36-year-low: Labor participation in the U.S. lowest since 1978 Watch

Image of The year 1978 was marked by the non-ironic use of disco music by Americans who blasted it on the radio to shake their groove things.

By Troy Dredge, Catholic Online

The year 1978 was marked by the non-ironic use of disco music by Americans who blasted it on the radio to shake their groove things. Another, far less nostalgic reminder of the year has been offered up by the Bureau of Labor Statistics: The labor force ... continue reading


Reflects very badly on U.S.: China is now world's largest economy Watch

Image of How did this happen? As recently as 2000, we produced nearly three times as much as the Chinese.

By Troy Dredge, Catholic Online

In the great car rental war that was between Hertz and Avis back in the 1960s, Avis took pride in the fact that they were behind Hertz with the saying: "We're Number Two - so we try harder!" It seems like the United States didn't try hard enough, as for the ... continue reading


Falling oil prices have helped the U.S. economy and revitalized the spending power of the American consumer Watch

Image of The continuing decline in the price of crude oil has brought numerous benefits to the American consumer and the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The recent plummet of oil prices have drained hundreds of billions of dollars from oil-rich exporters and oil companies but has injected a critically needed boost to the faltering economies in Europe and parts of Asia, but more directly to the American consumer, ... continue reading


Internet retail giant Amazon switches to a ROBOT workforce of thousands Watch

Image of Before anyone accuses Amazon of laying off human workers in order to facilitate automation, it must be noted that the company is opening more shipping centers and hiring 80,000 seasonal workers.

By Catholic Online (NEWS CONSORTIUM)

Internet retail giant Amazon.com Inc. is handling "Cyber Monday" - the online shopping rush that usually occurs on the Monday following the Thanksgiving weekend - all in stride. Anticipating a new influx of customers, Amazon has upgraded and expanded its ... continue reading


Is Apple about to hit $1 trillion? Not if Google has anything to say about it Watch

Image of While Apple dominates the smartphone market, some suspect that its heavy reliance on products will lead to its downfall to companies who offer more services and software.

By Catholic Online (NEWS CONSORTIUM)

Silicon Valley tech giant Apple may one day be worth more than a trillion. Just for a second think about how massive that is. LOS ANGELES, CA (Catholic Online) - The maker of mac computers, iPods, iPhones and more is already worth more than $670 billion, and has a $260 ... continue reading


Feet on the desk - more and more Americans simply don't want to work anymore Watch

Image of Pew Research says that 39 percent of 16 to 24-year-olds don't want to work, up a substantial amount from 29 percent in 2000.

By Catholic Online (NEWS CONSORTIUM)

Nearly four in 10 Americans, or 92 million, are not in the labor force. Many are unemployed for no fault of their own. Many others have simply stopped looking for work. Why? The reasons are complex. LOS ANGELES, CA (Catholic Online) - The largest group of people ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Samuel 1:24-28
24 When she had weaned him, she took him up with her, ... Read More

Psalm, First Samuel 2:1, 4-5, 6-7, 8
1 Hannah then prayed as follows: My heart exults in ... Read More

Gospel, Luke 1:46-56
46 And Mary said: My soul proclaims the greatness of ... Read More

Saint of the Day

Saint of the Day for December 22nd, 2014 Image

St. Chaeromon
December 22: Bishop of Nilopolis, in Egypt. When the persecution was ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter