On a recent episode of the Canadian business show The Lang and O’Leary Exchange, Kevin O’Leary, a Successful Canadian businessman and star of the reality show Shark Tank, ignorantly described how people living in poverty is “fantastic news”.
O’Leary praised the recently released statistic that the combined wealth of the world’s 85 richest people is equal to the wealth of the 3.5 billion poorest. He tries to explain that those 3.5 billion poorest individuals are in good situations as they could be motivated to make something out of their lives and look up to the financial elite for inspiration. He then mentions that he “celebrates capitalism”. I would agree with him if we actually did live in capitalism, however, the fact is we no longer do O’Leary.
Central banks around the world are printing money to keep interest rates artificially low while expanding the “currency supply” to keep the system from breaking down. A scheme which increases the wealth of the elite at the expense of the poor. How is this capitalism? What about large bailouts provided to banks in 2008-2009? Is that Capitalism? What about the NSA snooping on our email and phone calls? Is that capitalism?
We are living in crony capitalism and this is the system that O’Leary is praising.
Watch the video below.