Training his guns on capitalism, Academy Award winning US filmmaker Michael Moore said it is "a legalised endorsement of greed" and it has to go.
The director also claimed that it has failed the world.
"Capitalism is responsible not (only) for the worldwide recession, but (also) for the suffering in the US and around the world," he said here MOnday.
Moore's latest movie "Capitalism: A Love Story" takes jabs at the current western economic system in the wake of the global crisis. It is one of the most talked about films at the Toronto Film Festival which runs till Sep 19.
"'Capitalism: A Love Story', which will be released next month, lays bare the lives of Americans rendered homeless as banks took possession of their homes and corporations threw them out of jobs to cut costs and maximise profits," he said.
"The film is an attempt to give voice to frustration of millions of people angry with the system.
"To me, capitalism is a system of legalised greed and it is a Ponzi scheme because it guarantees that just a few people at the top of the pyramid are going to earn most of the money and everybody else becomes their slaves essentially to do their bidding and earn that money for them," he added.
"How can you defend a system when the richest one percent Americans control more wealth than the bottom 95 percent?
"Capitalism is a legalised endorsement of greed. It does not have a soul...I reject this system because I believe in democracy."
Moore said since the crisis began last year he has not seen a single talk show or newspaper in the US saying that "the real problem is capitalism itself".
He said he has not heard anybody say that "it is an economic system that does not work, it is not fair, it is not democratic, it is not just...it has to go.
"Aren't we smart enough in the new century to come up with something that is relevant to what we are dealing with right now? I think we are."
But he added that eliminating capitalism will not be easy.
"People who have amassed so much wealth and so much power are not going to give up easily. It has to be essentially taken away from them in a legal, democratic and non-violent way," he said.
Moore said his film is a reflection of rising anger among people.