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Young Americans have no clue about socialism

Niall Ferguson
 

By Niall Ferguson (Original source The Times)

“A spectre is haunting America — the spectre of socialism. The spectre of socialism past is Bernie Sanders, the veteran Vermont senator. The spectre of socialism present is Alexandria Ocasio-Cortez, or AOC, the novice representative from New York’s 14th congressional district. And the spectre of socialism future is some kind of hideous cross between Sanders, AOC and the Venezuelan tyrant Nicolas Maduro.

Who said the following? “I believe that all good things taken to an extreme can be self-destructive and that everything must evolve or die. This is now true for capitalism. The income/wealth/opportunity gap is leading to dangerous social and political divisions that threaten our cohesive fabric and capitalism itself.” If there is no reform, “we will have great conflict and some form of revolution”.

No, it was not Sanders or AOC. It was Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, which has about $160bn (£123bn) of assets under management. Dalio himself has an estimated net worth of more than $18bn. In a recent essay published on LinkedIn he tore into the system that has made him a billionaire.”

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