One More Step toward Fascism
By David Henderson
The Wall Street Journal reports the following today:
Policies that set the pay for tens of thousands of bank employees nationwide would require approval from the Federal Reserve as part of a far-reaching proposal to rein in risk-taking at financial institutions.
David Kramer calls this “Bank Salary Socialism.” But the essence of socialism is government ownership of the means of production. The essence of fascism as an economic system is that private property is kept in private hands but subject to extensive government control. Sheldon Richman, in his article, “Fascism” in The Concise Encyclopedia of Economics, writes:
Where socialism abolished money and prices, fascism controlled the monetary system and set all prices and wages politically.