Americans mythologize competition and credit it with saving us from socialist bread lines. Actually, capitalism and competition are opposites. Capitalism is premised on the accumulation of capital, but under perfect competition, all profits get competed away.

'Perfect competition' is considered both the ideal and the default state in Economics 101. So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.

In a world where wealth is growing, you can get away with printing money. Doubling the debt over the next 20 years is not a problem.

“Capital has become the legal rationalization for doing what is immoral and therefore, criminal or otherwise deviant behavior.”

I think competition can make people stronger at whatever it is they're competing on. If we're competing in some athletic event for competitive swimmers, really intensely competing, it's likely that both of us will become better, but it's also quite possible we'll lose sight of what's truly valuable.

It is a socialist idea that making profits is a vice; I consider the real vice is making losses.