Condemning Capitalism and Freedom

The relentless assaults on American capitalism continue unabated. This week such an attack even appeared on the Wall Street Journal's website, Market Watch. Columnist Paul B. Farrell penned a column titled, "Capitalism is killing our morals, our future." Not only is the article devoid of any logic, but it demonstrates a shocking lack of understanding of economics and the nature of the American economy. The article begins with the predictable attacks against the wealthy, decrying the fact that the number of billionaires in the world has quadrupled in the past 12 years. Evidently, Mr. Farrell does not understand that the amount of money in the world is not finite; every time you earn a dollar and put it in the bank, it does not mean that there is one less dollar available for someone else to earn. No one on Earth is poor because someone else is rich. Mr. Farrell then tells us, "For the rest of the world, capitalism is not working: a billion live on less than two dollars a day." First...(Read Full Article)