Is it right for the government to give a huge bailout to banks to keep them in business? NO!
Can it ever be unjust to accumulate wealth? YES!
These are some examples of the injustices involving bailouts and wealth accumulation:
-Corporations not paying their fair share of taxes
-Loose bankruptcy laws for large corporations leave workers out of a job who have mortgage debt or school loans with debt that cannot be forgiven, unlike the big corporation they were working for
-Corporations outsourcing jobs
-Banks bailed out and shifting the risks of economic failure onto the back of average working people and taxpayers
-The creation of money by central banks
These are just a few examples of the rich getting richer and the poor getting poorer.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” -Henry Ford
3 Comments for “M3 (Garcia)”
Though I agree with using outer resources to your own success/benefit, i don’t agree with scamming. I like this video because it shows a different side to were self success and interest just becomes being greedy. Other than the introduction to Ch 3, this video, too, has provided me with a lot of valuable information on how to understand better our world’s economy.
I’ve seen this video before, and it is one of my favorite ways to visualize the unequal distribution of wealth. I agree with you when you say that it can be unjust to accumulate wealth, but I am curious as to where you’d draw the line between “making a living” and “accumulation too much wealth”. A totally equal distribution across all people isn’t feasible (at this point in time at least), so it would be interesting to figure out where the shift happened between just and unjust as far as having money goes. Maybe sometimes an unequal distribution isn’t the worst thing either. Pages 102-103 in the book had a good example explaining a situation in which people originally in a society with an equal monetary distribution would actually be happier being on the lower end of an unequal distribution in a different society. On page 103 it states, “Rawls’ principles permit economic inequalities only if they do in fact benefit the least advantaged,” so again, it would be interesting to see how far this idea could be stretched before it becomes unjust (even if the poor still are benefiting in some way).
I have seen this video before but its a great reminder of just how whacked the world is. Corruption and back room deals are common place and do nothing to share with those who don’t have. Such a shame. Thanks for sharing. Next time include a reference to some of the theories we have discussed.