It's Time to Upgrade Capitalism

Episode #347 | February 5, 2024

Episode #347 | February 5, 2024

It's Time to Upgrade Capitalism

In This Episode

On this week's Stansberry Investor Hour, Dan and Corey are joined by Stansberry Research's own Eric Wade. Eric is the editor of Crypto Capital and Stansberry Innovations Report. He returns to give listeners an overview of the exciting opportunities happening in the crypto market as well as to share some ideas from his book that's releasing tomorrow.

Dan and Corey kick off the show by discussing debt spirals, death spirals, their effect on things like gross domestic product and economic growth, and the increasing reliance on debt spending. They point out that the U.S. government's annual interest payment on debt will soon surpass the budget for national defense. "When does it stop?" Corey asks. Dan also speculates that the government is using illegal immigration as a means to depress wages.

Next, Eric joins the conversation by discussing his current thoughts on the crypto market as a whole. He notes that the U.S. just approved bitcoin spot ETFs, which will allow investors to profit from bitcoin without actually holding the token. He also brings up the bitcoin halving that's happening this April, AI's role in crypto, and how crypto is being used to solve real-world problems. Overall, the industry will be getting a new class of customers at the same time that there will be less bitcoin flowing into the market, which could translate into soaring prices.

Eric then briefly name-drops two cryptos that have real-world applications today. After that, he goes into detail on his new book called America vs. Americans: How Capitalism Has Failed a Capitalist Nation and What We Can Do About It. This book focuses on American "laborism," the shortcomings of our current capitalist system, and how all of this could be improved. As Eric describes...

Government, economics, and politics are a lot closer together than they should be. [Co-author Phil Herel and I] wanted to write an economics book with the basic idea being, "What if we created an economic system that respected labor in the way that capitalism respects capital?"

Eric explores the history of capitalism and talks about the economic system that preceded it – mercantilism. According to Eric, this system "had almost no respect for labor" and "made us mistreat human beings dramatically." He then transitions into talking about laborism and how it could be an upgrade from capitalism...

Laborism – one of the things we're doing is, we want to take people who need help and educate them to a point where they don't... Why would I come up with that as a solution? Well, because I believe labor that earns more is good for us... If one of the answers to "so you want to be a capitalist and have no capital" is "well, go convert some of your labor into capital," then that makes us believe that labor should be the bottom layer. Maybe labor should be the foundation.

Finally, Eric details how laborism could pull millions of folks out of poverty, why it would be so closely tied to education, and the fact it would call for a hard currency and a smaller government with less government intervention...

You can't say there's 30 to 40 million people living in poverty and the federal government is doing its job.

To hear all about Eric's ideas and why laborism could be the solution to so many of the country's problems, listen to this week's podcast.