Technology has no function except to save labor. Yet how often do we hear that the purpose of new capital formation is to create jobs?

Take Milton Friedman, he sits at his desk pontificating about such bunk as the monetary system being the answer to our problems. The monetary system is a legal contrivance. Property, not money, is real wealth. It's physical, not legal.

I'm a secret nonmember of the establishment. This isn't a grubby kind of revolution I'm talking about. This isn't Che Guevara stuff. I don't want to live on berries in the woods - I don't think anybody does.

If we functionally define a capitalist household as one that receives at least half of the annual income it spends on consumption in the form of return on invested capital, less than 1 percent of United States households are capitalists.

Most of us owe instead of own. And the less the economy needs our labor, the less able we are to "save" our way to capital ownership.

When capital owners are few, the private-property conduits of necessity create vast savings reservoirs for those few. If there were many owners, the same conduits would broadly irrigate the economy with purchasing power.

The owners of labor, on the other hand, are being taught, by the most powerful and well-publicized examples, that the highest rewards are not for production, but for the employment of organized power to take over a share of what others produce.