President Trump is an advocate for capitalism
Bad end for capitalism
One can now wonder whether Siemens boss Joe Kaeser will soon be the last advocate of US President Donald Trump's tax reform. Goldman Sachs boss Lloyd Blankfein, who is actually one of the beneficiaries of the reform, has now spoken out critically. Although the investment banker praised the US president for his economic policy to CNN, he warned at the same time that there could be a "bad end" because of Trump's tax and spending policy.
The fear that preoccupies Blankfein and others is that the tax cuts and investment program Trump recently announced could overheat the US economy. The consequence would be that a decade after the great financial crisis of 2008, a bubble could burst again sometime and somewhere. Of course, Blankfein and Co. are primarily concerned that their returns will still be right in two years' time. But their fears are justified. Ever since the economist Thomas Piketty proved that growing inequality leads to falling economic growth, everyone should be aware that too much redistribution from bottom to top does more harm than good to capitalism.
So it seems that ten years after the financial crisis, capitalism will soon have to be protected from itself again. But do we want that?
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