Capitalism

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“The middle class is like a buffer between the capitalist ruling class and the proletariat, often serving the interests of the former while believing they are defending the latter.”

— Karl Marx

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In a society in which nearly everybody is dominated by somebody else’s mind or by a disembodied mind, it becomes increasingly difficult to learn the truth about the activities of governments and corporations, about the quality or value of products, or about the health of one’s own place and economy.

In such a society, also, our private economies will depend less and less upon the private ownership of real, usable property, and more and more upon property that is institutional and abstract, beyond individual control, such as money, insurance policies, certificates of deposit, stocks, and shares. And as our private economies become more abstract, the mutual, free helps and pleasures of family and community life will be supplanted by a kind of displaced or placeless citizenship and by commerce with impersonal and self-interested suppliers…

Thus, although we are not slaves in name, and cannot be carried to market and sold as somebody else’s legal chattels, we are free only within narrow limits. For all our talk about liberation and personal autonomy, there are few choices that we are free to make. What would be the point, for example, if a majority of our people decided to be self-employed?

The great enemy of freedom is the alignment of political power with wealth. This alignment destroys the commonwealth – that is, the natural wealth of localities and the local economies of household, neighborhood, and community – and so destroys democracy, of which the commonwealth is the foundation and practical means.

— Wendell Berry

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Charlie Munger’s Principles

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donotdestroy:

“The middle class is like a buffer between the capitalist ruling class and the proletariat, often serving the interests of the former while believing they are defending the latter.”

— Karl Marx

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“Our favorite stock holding period is forever.”

Warren Buffett

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“Buffett’s approach is rooted in discipline and patience — two values that we also emphasize in Rule #1 investing. The secret isn’t chasing quick gains or timing the market. It’s about identifying wonderful companies with strong financials, trustworthy leadership, and a long-term competitive advantage — then buying them when they’re undervalued. That’s the Rule #1 way.”

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donotdestroy:

“The rich get richer and the poor get poorer; a rat race where the rats are winning.”

— Percy Bysshe Shelley

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“Art is not a pleasure, a solace, or an amusement; art is a great matter. But most art of the upper classes is made for luxury, and does not serve the poor in any way.”

— Leo Tolstoy, What is Art? (1897)

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“The greatest illusion the middle class holds is that they can ‘fix’ poverty from the outside, without ever understanding the lived experience of those within it.”

— Anonymous

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“Nearly two average American lifetimes (79 years) have passed since the end of slavery, only two. It is not surprising that we can still feel the looming presence of this institution, which helped turn a poor, fledgling nation into a financial colossus. The surprising bit has to do with the many eerily specific ways slavery can still be felt in our economic life. “American slavery is necessarily imprinted on the DNA of American capitalism,” write the historians Sven Beckert and Seth Rockman. The task now, they argue, is “cataloging the dominant and recessive traits” that have been passed down to us, tracing the unsettling and often unrecognized lines of descent by which America’s national sin is now being visited upon the third and fourth generations.”

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“The Salesforce founder declared he ‘fully supported’ President Trump and thought National Guard troops should patrol San Francisco streets. He gushed about sitting across from Trump at a Windsor Castle state dinner, telling the president ‘how grateful I am for everything he’s doing.’ He praised Elon Musk’s government efficiency efforts and said he hadn’t closely followed news about immigration raids or Trump’s attacks on the media.”

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donotdestroy:

“The rich get richer and the poor get poorer; a rat race where the rats are winning.”

— Percy Bysshe Shelley

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