$75000 Profit per Minute

I think you misunderstood my example. I didn't say that it was theft, I said nothing was produced, so the total wealth was not increased and that is the reason it is not capitalism.

Let's change the example to make it more clear. You have $100 in your pocket and an oil company has $20 of oil. The total wealth of the 2 is $120.

In example one, you buy the $20 of oil, now you have $80 in cash + $20 in oil so your total wealth is still $100 and the oil company has $20 in cash.
No change of total capital ($120) and no redistribution of wealth.

In example two, you buy the same oil for $50, now you have $50 in cash and $20 worth of oil, your total wealth now is $50+$20=$70 but in the mean time the oil company has $50 in cash. The total value of the capital ($120) has not changed but it has been redistributed in a way that you have less than what you begin with but oil company has more than what they started with.

Since the total amount of Capital ($120) has not changed, no new wealth has been produced and therefore is not capitalism. The same effect could have been achieved by government simply confiscating your bank account and giving it to the oil company but probably in that case people would have protested.

 

Have you noticed that the gas companies are finally lowering gas prices? It is because they never needed to be so high. It was a scam at every level, from hurricanes to demand. They know they have been caught and now are backing off. I just hope the lawsuits go through, cause that is wrong!

 

Yes debunked! Sadly though, we are such a short termed memory and attention span of a society, we only see the current price and tend to forget that these billionaires were stealing from us just days ago ... but that's what they're banking on no doubt. I too hope that they get what's coming to them.

 

They were definitely taking advantage of people in hard times. Kind of like the funeral homes that pressure people during a very emotional time.