A typical fiancé capitalist response to the Occupy Wall Street protests is that it is “class warfare.” Von Mises, a conservative economist, described real “class warfare.”
When, after the Napoleonic Wars, the United Kingdom had to face the problem of reforming its currency, it chose the return to the pre-war gold parity of the pound and gave no thought to the idea of stabilizing the exchange ratio between the paper pound and gold as it had developed on the market under the impact of the inflation. Calamitous economic hardships resulted from this deflation; they stirred social unrest and begot the rise of an inflationist movement as well as the anticapitalistic agitation from which after a while Engels and Marx drew their inspiration.1
The finance capitalists slowed the economy, people lost jobs and homes while the government restored the wealth of the few. But this was two centuries ago. Why are we still fighting the same inequalities? Hint: Wall Street dominates government consequently the Federal Reserve Board has never had control of asset inflation as a mission.
1 Ludwig von Mises, The Theory of Money and Credit (Indianapolis, Indiana: Liberty Classics, 1980, irst published in Austria 1912, first translated into English 1934), p.498.