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Archive for 27. Dezember 2019

Capitalism Isn’t a ‘System’

Posted by hkarner - 27. Dezember 2019

Date: 26‑12‑2019

Source: The Wall Street Journal By Barton Swaim

Socialists err dangerously when they assume a market economy is a conscious project.

Airy, abstract words are the currency of democratic politics. Conservatism, liberalism, nationalism, democracy, socialism—you have to use them, but they can easily gum up your thought. George Orwell famously objected to the haphazard use of “fascism,” and before him Samuel Taylor Coleridge complained bitterly that “Jacobin” has “either no meaning, or a very vague one: for definite terms are unmanageable things, and the passions of men do not readily gather round them.”

The ill‑defined word of the moment is “capitalism.” After Soviet communism fell, capitalism seemed to have won the argument. But anticapitalists didn’t concede. Maybe socialism and communism hadn’t worked as envisioned, they argued, but capitalism was still the corrosive, dehumanizing force it had always been. This viewpoint expressed itself in riots outside World Trade Organization conferences and also proposals for “participatory economy,” “eco‑communitarianism” and “postcapitalist” arrangements. Den Rest des Beitrags lesen »

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Stocks Hit Fresh Highs as Nasdaq Crosses 9000

Posted by hkarner - 27. Dezember 2019

Date: 26‑12‑2019

Source: The Wall Street Journal

Dow industrials, S&P 500 also end day at closing records as Nasdaq goes above 9000 for first time

U.S. stocks pushed toward new records on Thursday as markets reopened after the Christmas holiday and the Nasdaq Composite Index crossed 9000 for the first time.

The tech‑heavy Nasdaq Composite Index rose 0.7% to 9016 after Amazon.com shares rose on strong holiday sales. The Dow Jones Industrial Average gained 106 points, or 0.4%. The S&P 500 was up 0.5%.

All three indexes were on track to end the day at all‑time closing highs.

Shares of Amazon.com gained 4%, putting the company on track to be the best performer in the S&P 500. The e‑commerce giant said on Thursday it had a record‑breaking holiday season, with its Echo Dot speaker and the iRobot Roomba 675 Robot Vacuum among its top sellers.

U.S. stocks have rallied in recent weeks amid confidence in the U.S. economy and optimism that Washington and China will soon sign a “phase one” trade deal.

Holiday sales have also been strong, highlighting the resilience of consumer spending, which has kept the U.S. economy growing this year despite trade tensions and intermittent fears that a recession could be around the corner.

Total U.S. retail sales for Nov. 1 through Christmas Eve rose 3.4% from a year earlier, according to Mastercard SpendingPulse, which tracks both online and in‑store spending. 

“The recession has been postponed,” said Christopher Smart, senior market strategist at Barings. “Not only has the Fed intervened to provide cheaper money, U.S. consumers continue to look very healthy.” Den Rest des Beitrags lesen »

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