The AudioBook Guide

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The main argument that says capitalism is bad goes like this: people need to be controlled or the greedy and the powerful will use the good hard-working people of the earth and destroy the earth while they are at it. The world is made up of sheep and wolves and the wolves will destroy take what they want from the sheep even if it is unfair and inhuman.  An economy regulated by-laws will create checks and balances and give a safety net for those who can not manage for one reason or another.

Capitalist lack compassion and understanding about the suffering of people of this world. Socialism believe man is basically selfish, let to their own they would not care about the world and eventually most people will suffer.

To understand why capitalism is good to consider the alternative. Socialism capitalism’s main alternative is the road to serfdom. There will be greedy and powerful people always, however, under socialism or mixed capitalism, the power is given to bureaucrats and not too creative people called entrepreneurs. Just like there were powerful in the Soviet Union or any state-run by bureaucrats. I live in a post-socialist country and see how it destroyed the lives of everyone but the people in government and special interests friends. The people who suffered the most was the poor and middle class.

Bureaucrats are the new oligarchs under a noncapitalist system – These people actualized their greed for power by using the government and law to keep their power and keep up the status quo and not competing freely with the rest of society. The haves keeps their power using the law and the have-nots are given fewer chances.  Government becomes the funnel for income redistribution penalizing the hard-working and creative and rewarding special interests.

Capitalism like democracy believes that men are basically good and when they act on their enlighten self-interest society as a whole is lifted to a higher level, just compare North Korea and South Korea.  Where would you have rather live West German or East German? People would rather work for their own families and then give to the poor like most of the wealthy from Bill Gates to Warren Buffet than being forced by the government to give their productive energy working for another man’s wife via redistribution of taxes.I am an unrepentant capitalist. I think except for some minimal regulation capitalism allows everyone to be the best that they can be. I live in Eastern Europe in an ex-communist country and for anyone who thinks capitalism is wrong or evil or does not work, should come here and see what the alternatives to capitalism did to the people of many countries.

Capitalism is not in my mind connected to religion. I am a religious man, but I think economics and religion are two different things. However, I do think capitalism is the most compassionate form of economics as it gives everyone a chance. Why? The best form of capital is intellectual capital, not financial capital. I believe that we are all equal and given talents unique to ourselves.What do you think, is capitalism good or bad? Have I given a fair assessment?

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Over the last 30 years, wage inequality in the United States has increased substantially, with the overall level of inequality now approaching the extreme level that prevailed prior to the Great Depression. This general characterization of the inequality trend oversimplifies, though, the actual pattern of change: The chart below shows that the trend at the top of the income distribution (the “upper tail”) is not exactly the same as the trend at the bottom of the distribution (the “lower tail”). “Lower-tail” inequality is measured here by taking the ratio of wages at the middle of the income distribution (i.e., the 50th percentile) to those near the bottom of the distribution (i.e., the 10th percentile); “upper-tail” inequality is measured by taking the ratio of wages near the top of the distribution (i.e., the 90th percentile) to those at the middle of the distribution (i.e., the 50th percentile of workers). We find that lower-tail inequality rose sharply in the 1980s and contracted somewhat thereafter, while upper-tail inequality has increased steadily since 1980.

Recent decades have seen a clear increase in the difference between CEO compensation and that of the average worker in manufacturing or “production.” CEOs in 1965 made 24 times more than the average production worker, whereas in 2009 they made 185 times more. This chart shows how this ratio between the compensation of CEOs and production workers took off in the 1980s.

U.S. CEO pay in relation to the average production worker's compensation

There are 750,000 Americans who are homeless on any given night, with one in five of them considered chronically homeless. The ranks of the sheltered homeless include disproportionate numbers of males, blacks, middle-aged people (i.e., ages 31-50), veterans, and disabled.

Only college graduates have experienced growth in median weekly earnings since 1979 (in real terms). High school dropouts have, by contrast, seen their real median weekly earnings decline by about 22 percent.

Throughout much of the 20th century, the average woman earned about 60% of what the average man earned. Starting in the late 1970s, there was a substantial increase in women’s relative earnings, with women coming to earn about 80% of what men earned. This historic rise plateaued in 2005 and, since then, the pay gap has remained roughly unchanged.

Women and men tend to work in very different occupations. And overall “men’s jobs” are better paid than “women’s jobs.”

High-school dropout rates are least among whites and highest among Hispanics, while college enrollment rates are least among blacks and highest among whites. The high-school dropout rate has grown more similar among these three groups, while the college enrollment rate has grown more sharply different.

Racial discrimination continues to be in the labor market. An experiment carried out in Chicago and Boston during 2001 and 2002 shows that resumes with “white-sounding” names, whether male or female, were much more likely to result in call backs for interviews than were those with “black-sounding” names (even though the resumes were otherwise identical).

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The beauty of Physics is mainly represented by its remarkable capability to understand any fascinating natural phenomena, from the origin of rainbows to the formation of a star, from the blue color of the sea to the changing seasons, and even the basic functioning of man-made objects and techniques such as lasers, barcodes, smartphones, computers, GPS, LEDs, transportation systems, etc., which all of us heavily use in our everyday lives. That’s why physics can be seen as the foundation of many disciplines of science and also allows to understand and solve completely different problems in other fields including, among others, medicine, biology, engineering, and social sciences. It basically consists of two branches that focus on the macroscopic and microscopic world: They are called classical and quantum physics, respectively. To test and apply the latter, one usually needs to go to very sophisticated and expensive labs that make it possible to observe the fragile properties of very tiny objects like atoms and electrons or to engineer complex but very clean nanostructrures which is often only possible at temperatures that are much colder than any place on Earth. However, recent experimental and theoretical studies have shown that “hot and wet” natural macroscopic phenomena like photosynthesis, olfaction and bird navigation can be investigated remarkably well through quantum physics.

Fascinating ultra-fast laser spectroscopy experiments on photosynthesis have investigated the electronic energy transfer from the antenna complex, where the light is absorbed, to the so-called reaction center, where the electronic energy is converted into chemical energy that is further exploited for the life of bacteria, algae and green plants. This transport process occurs along a molecular wire, represented by a nanoscale pigment-protein complex, similarly to a standard TV cable from a roof antenna to our indoor TV devices. However, for some biological light-harvesting systems the amount of signal (light) to be absorbed from the antenna is extremely low, hence they really need to optimize this energy conversion task as well as possible to survive.The prototype system for these studies is the so-called Green-Sulphur bacterium that is a main candidate for being the progenitor of life on our planet. It is assumed to exist on Earth for 3-4 billion years already. This bacterium lives also on the bottom of the ocean at a depth of 5000 meters where no sunlight is detected at all. However, it lives off the dim glow of hydrothermal vents coming from chimney-like structures that are called black smokers. In other words, it absorbs the geothermal energy generated and stored in the Earth even though this corresponds to a very tiny amount of light radiation. In fact, each bacterium absorbs around 3 photons per second while each of its pigment-protein structures, called a Fenna-Matthews-Olson (FMO) complex, receives around 1 photon every 24 hours.Therefore, each FMO complex has to successfully convert its single daily photon into available energy to survive and to have guaranteed the origin of life on Earth. Hence, this energy transport occurs in just 5ps and with a very remarkable efficiency of almost 100% that is very surprising since these are ‘hot and wet’ biological objects.

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Globalization and Nationalism are said to be the two different parts of the same coin. In a way, both are connected with each other, and still are very different from each other. In the changing world, where world is shrinking with the use of latest technology, people are finding it tough to stay in touch with their own sense of nationalism. Is globalization hurting nationalism? Are we paying a huge cost to become a part of modern and global world?

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This whole situation really began in 2016 when the Consumer Financial Protection Bureau revealed that Wells Fargo had been opening millions of deposit and credit card accounts on behalf of its customers without their authorization. Needless to say, regulators were not happy. Wells Fargo was subject to numerous lawsuits and eventually agreed to pay a $3 billion fine as well. The Federal Reserve also prohibited the bank from exceeding $1.95 trillion in assets until it could fix its regulatory infrastructure and internal controls that led to the phony-accounts scandal.

In August 2020, Bloomberg concluded that the cap had cost Wells Fargo at least $4 billion in lost profits. Additionally, the cap proved very costly to the bank's stock during the coronavirus pandemic. When the Fed lowered the overnight bank lending rate to practically zero early last year, the bank saw its net interest income from loans take a significant hit. It couldn't increase loan volume -- not that there was a ton in 2020 -- to offset the drop in rates because it was right up against the cap.

Since that time, the bank has made progress. It hired industry veteran Charlie Scharf as CEO in 2019, and he got to work on improving the bank's regulatory infrastructure. First, Scharf more or less cleaned house, bringing in a new team to run the bank. Roughly half of the bank's top 150 leaders are new to their roles from the start of 2020, including more than 40 who are brand new to the organization. The bank's operating committee, the most senior group responsible for running the company, has seen nine of its 18 members hired externally. Four of the remaining members were hired within the last two years, and four are in different roles.

The bank has also completely overhauled its internal risk controls. Now, the operating committee reviews important issues using a much more holistic approach, and more business segments report directly to Scharf, who also hired a new chief risk officer for each business line at the bank. Wells Fargo also changed its internal and external reporting methods, rolled out a new customer feedback program, began a new sales practices management and oversight program, and launched an office of consumer practices.

In February, Bloomberg reported that the Fed had approved Wells Fargo's risk management and governance overhaul plan, which marks the most progress the bank has made on the asset cap since it went into place in 2018.

However, that approval, while a major step, is only one of several steps the bank needs to complete in order to get the cap fully removed. The bank still must submit other plans to the Fed that show how the bank's board of directors plans to carry out its overhaul plan and run the bank under the new governance structure. Then Wells Fargo has to actually implement these plans and undergo two independent reviews conducted by experts approved by the Federal Reserve. After all of that, the entire Federal Reserve Board of Governors must agree to remove the cap.

Mark Cuban  The 1 Reason Why Most People Fail In Business | Why Your Never Be Successful At Your Business 

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If you don’t have an effective business plan, you can’t properly communicate your vision to your team. Tony Robbins advocates not just having a business plan, but having a business map for entrepreneurs to take their small businesses to the next level. Your business map will help you master vital stages of the business cycle, like scaling. Explosive growth can be tempting, but not scaling in a mindful manner is one of the biggest reasons why businesses fail – you have to strike the right balance between growth and infrastructure.

One of the top reasons why businesses fail is that they fall in love with their product instead of their customer. To circumvent business failure, fall in love with your client and figure out every single way you can meet their needs. Anticipate what they want, what they need and, when possible, determine what they might not even know they need yet. Turn your customer into a raving fan – somebody who will tell everybody about your product or service or company. Once you grasp that your customer’s life is your business’ life, you can truly envision how to succeed.

Hiring the right people has a massive effect on nearly every area of your business. One of the most obvious examples is sales: If you don’t have enough sales, you can’t pay your team or yourself and you cannot grow. Confident salespeople are a key to increased sales. It’s also astounding how many businesses fail due to inventory mismanagement. Hiring someone who is skilled at inventory management or using a good inventory management software is an easy way to solve this issue.

Peter Drucker and Jay Abraham, among the greatest business minds of our time, maintain that business failure – and success ­– all starts with two key factors: innovation and marketing. Innovation means finding a better way to meet your clients’ needs than anybody else. Anybody can make some money for some amount of time. But if you want to become successful and sustain that success over years and over decades – if you want to build a brand – then you have to find a way to add more value than anybody else in the game. And that comes from constantly innovating.

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Bitcoin vs Gold The Great Debate | Should You Buy Bitcoin Or Gold, Which will yield more value in a long time?

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While other investment options such as stocks carry financial risk during an economic crisis, gold has a strong investment value and is a tangible commodity. It used to be considered a potential currency many years ago and has become a solid investment choice for long-term strategies.

It's a valuable commodity for the common investor. Additionally, its price behavior tends to be stable during uncertainty, creating consistent demand.

Below is the price of gold in the past 5 years. As an investment choice, gold and other precious metals maintain a strong market value during a financial crisis.

Gold has the same value all over the world. This is due to the fact the people all over the world want gold. However, the same cannot be said about Bitcoin. Only a select number of investors are interested in it. This is a crucial point when comparing cryptocurrencies to precious metals. Diversifying a portion of your investment account value into metals is an easy way to protect assets for the long-term.

While gold is an investment worth considering, the price of gold has been fluctuating during the global crisis. Luckily, we go over this metal in our yearly analysis.

How would you like to invest in something that costs less than three cents per unit, but will grow into several hundred dollars within a year? Chances are, you will not be alone in agreeing to such an opportunity. Bitcoin used to be this great deal for investors as an investment asset.

Today, Bitcoin has soared in price over the years. It has become a viable investment choice as it has become a normal item in trading accounts. It's store of value, while not a secure as gold, has become increasingly viable for virtual savings.

The price of Bitcoin has surpassed $5000 and is estimated to only continue to rise. Bitcoin has seen a lot of movement in 2021 so far, dipping off in price during the month of March but recovering during May.

Below is the market cap of Bitcoin since 2014.

It is a purely digital creation created by open source software that mines for new Bitcoins using highly complicated computational algorithms. It also has a fixed quantity. Once a certain number of Bitcoins are created, no new ones can be made. It is due to this combination of factors that a Bitcoin is such a hard investment commodity now.

While not being the best investment such as gold, Bitcoin is still an investment option you should consider to diversify your portfolio. It is an option to consider for 2021 alongside gold, stocks, etc.