I think your "silver" rule is called communism. Works for ants and bees, I guess, but never for humans.
Humans are by nature greedy and lazy. These are opposite forces and should be kept in balance. The problem with your silver rule (communism) is it allows people to be lazy (produce little or nothing and take more than they "need") while not rewarding those who are greedy and would work harder.
This give you North Korea and the old soviet union. China has delayed the issue with forced labor and a HUGE market in the US where they can dump cheap products.
Pure capitalism doesn't protect those who cannot do for themselves (in particular, children and disabled). This is more like what happened with immigrants who worked in "company" towns and who could never make enough to buy their own freedom.
So, while neither system in its pure form is perfect, the question is how do you strike a reasonable balance. We have a system that punishes hard workers (higher taxes) while rewarding bad behavior and the lazy (welfare systems, food stamps, popping out an unlimited number of children, unemployment extensions, etc.)
I think that a national sales tax would be a good first step, in that it levels the US and foreign goods, preventing the dumping that currently goes on. It generates more revenue from people who spend more, thus encouraging savings, and it would collect something from everyone.
As for Obama's desires, I don't like a "thought" police. There are plenty of things that he has already done to warrant our loathing. No reason to try and guess what is in his heart. Hey, he might have good intentions and just be a bleeding idiot.