Re: [pf] David Steele's "Why not Economic Democracy?" on IthacaToday.com

It is not only in the stock market that rich people are paid for doing 
nothing.  Jesus through the money changers out of the Temple for good
reason.  Any interest paid on borrowed money is a gain for having money, not
for production.  As interest is paid now only about 1% of the people have
enough money to make money on money.  The rest of us pay out more in
interest than we take in in interest.  Home mortchge, carp payments, credit
cards.  Add up the interest you pay out an the interest you take in.
Chances are your a looser.
Bill Ellis

> David MacClement wrote:
>> Why not Economic Democracy?
>> by David Steele      (posted 08/14/00)
>>
>>   First and foremost of their tools is the stock market. The stock market
>> allows those who already have an excess of money to appropriate even more
>> for themselves without doing anything productive. Taken to the basics, the
>> stock market is used to gain coupons (money) for the productive output of
>> others in exchange for doing essentially nothing. The vast majority of
>> stock trades provide nothing real to the economy. They are merely exchanges
>> of pieces of paper or electronic receipts between individuals. Only very
>> rarely are these exchanges used to provide money for a new factory or
>> anything at all to do with the capitalization of a company. And when it
>> does capitalize, it often has perverse results. 

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