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Letter to: James Bartholomew The Daily Telegraph. London
2 June 2006
Revision course on Capitalism
Dear Mr Bartholomew
I have searched in a vain through the dictionaries, for an accurate
definition of capitalism. I also notice that you do not define the
word. I have not read the “Welfare state we're in” so
I am restricted to what you say in the Telegraph on 24th May.
When I speak of capitalism, I refer to the practice of using the
means of exchange, to earn by honest means, more of the means of
exchange. This usually involves using the means of exchange as wages,
for those who assist.
The means of exchange in the existing economy is money. Money should
be, that in which we have complete confidence, that it truly stands
proxy for what is being exchanged. Value is determined by the cost
of bringing the goods or services to the market place, for exchange
at a price, which can ensure future supplies of that item.
Within these terms the capitalist is better named an entrepreneur.
Under the existing monetary system, a Capitalist is a person who
uses money to obtain more money without having to earn it. Gambling
with the value of money is the prime example. With the appropriate
insider knowledge, this type of Capitalist can acquire other people's
money, quite legally, by being thoroughly dishonest. By giving nothing
in exchange for what he takes from others, he is a thief, but is
held in our highest esteem, in the existing culture.
The major source of this form of Capitalism, which is not the form
to which you refer in your article, is the manner in which the means
of exchange is created and issued in our existing monetary system.
New money required by the economy for the growth needed to flourish
and prosper, is created and issued as credit by private financiers.
These are the top dogs in the existing form of Capitalism. That
privilege gives them Supreme Power and puts them above the Law and
over Parliament.
If your revision course on capitalism, included all this important
data, your revision course will be a God send.
Do tell me whether we speak the same language.
Doctor Edward C Hamlyn MBChB
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