Industrial Capitalism Is Finished – Time To Take the Money And Run – Only Parasites Can Borrow – Choice: Barbarism or Renovation
by Charles Hughes Smith • Monday, March 18, 2019
While the Nation Fragments Socially, the Financial Aristocracy Rules Unimpeded
America’s aristocracy is not formalized, and that’s the secret of its success.
If there is one central irony in American history, it is this: the citizenry that broke free of the chains of British Monarchy, the citizenry that reckoned everyone was equal before the law, the citizenry that vowed never to be ruled by an aristocracy that controlled the government and finance as a means of self-enrichment, is now so distracted by social fragmentation that the citizenry is blind to their servitude to a new and formidably informal financial aristocracy.
From this juncture, ironies abound: the so-called Socialist demands for Medicare for All, “free” college for all and Universal Basic Income (UBI) are encouraged (or perhaps orchestrated) by the financial aristocracy, which rakes in tens of billions of dollars in profits from its banking, healthcare, national defense and higher education cartels: throwing more trillions down the ratholes of Medicare and higher education will only further enrich and empower the financial elites.
As for Universal Basic Income (UBI), the financial aristocracy is cheering loudly for UBI, which would enable debt-serfs to keep servicing their debts. (Is anyone so naive to think that UBI won’t have a clause which enables the deduction of debt payments from the monthly “free money”? Does anyone think the financial aristocracy is going to give $1,000 a month to debt-serfs and then let them default on their debt? Get real!)
The demands for social justice, i.e. that everyone be allowed to be treated the same before the law and enjoy the same rights as other citizens, is a core tenet of American culture. Long before the Constitution was even ratified, the calls to end slavery were becoming louder. Long before women won the the right to vote, the calls to treat women equally before the law were gaining ground.
In the long sweep of U.S. history, the rights of gays to marry and other contemporary social justice issues are of a piece with all previous drives to eliminate disparities between the way individuals are treated before the law. This is of course as it should be: this was a core value of the revolutionaries, as limited as it was in that era, and this drive is largely what makes America America.
Equally important was the cultural drive to never be ruled by a neofeudal aristocracy or let an aristocracy form in America. Yet this is precisely what has come to pass: we are ruled by an informal but oh-so neofeudal aristocracy.
As social justice controversies fragment the increasingly economically precarious populace, a financial aristocracy has arisen that rules the nation behind the screens of “meritocracy” and “equal rights.” No one is more in favor of equal rights and the abolition of social privilege than the members of the financial aristocracy, who have no need for social privilege since they control the real source of power in America: proximity to credit and newly issued money.
(Look at the liberal leanings of the Silicon Valley, L.A., Boston and NYC elites. They all love whatever distracts everyone from scrutinizing their power, and love recruiting fresh talent to slave away for their private empires.)
With this wealth, the financial aristocracy buys political influence for piddling sums and scoops up most of the low-risk productive assets of the private sector.
Please go to oftwominds.com to read the entire article.
Source: The Unz Review
Survival of the Richest
All Are Equal, Except Those Who Aren’t
by Nomi Prins • February 26, 2019 • 132 Comments
Like a gilded coating that makes the dullest things glitter, today’s
thin veneer of political populism covers a grotesque underbelly of
growing inequality that’s hiding in plain sight. And this phenomenon of
ever more concentrated wealth and power has both Newtonian and Darwinian
components to it.
In terms of Newton’s first law of motion: those in power will remain in power unless acted upon by an external force. Those who are wealthy will only gain in wealth as long as nothing deflects them from their present course. As for Darwin, in the world of financial evolution, those with wealth or power will do what’s in their best interest to protect that wealth, even if it’s in no one else’s interest at all.
In George Orwell’s iconic 1945 novel, Animal Farm, the pigs who gain control in a rebellion against a human farmer eventually impose a dictatorship on the other animals on the basis of a single commandment: “All animals are equal, but some animals are more equal than others.” In terms of the American republic, the modern equivalent would be: “All citizens are equal, but the wealthy are so much more equal than anyone else (and plan to remain that way).”
Certainly, inequality is the economic great wall between those with power and those without it.
As the animals of Orwell’s farm grew ever less equal, so in the present moment in a country that still claims equal opportunity for its citizens, one in which three Americans now have as much wealth as the bottom half of society (160 million people), you could certainly say that we live in an increasingly Orwellian society. Or perhaps an increasingly Twainian one.
After all, Mark Twain and Charles Dudley Warner wrote a classic 1873 novel that put an unforgettable label on their moment and could do the same for ours. The Gilded Age: A Tale of Today depicted the greed and political corruption of post-Civil War America. Its title caught the spirit of what proved to be a long moment when the uber-rich came to dominate Washington and the rest of America. It was a period saturated with robber barons, professional grifters, and incomprehensibly wealthy banking magnates. (Anything sound familiar?) The main difference between that last century’s gilded moment and this one was that those robber barons built tangible things like railroads. Today’s equivalent crew of the mega-wealthy build remarkably intangible things like tech and electronic platforms, while a grifter of a president opts for the only new infrastructure in sight, a great wall to nowhere.
In Twain’s epoch, the U.S. was emerging from the Civil War. Opportunists were rising from the ashes of the nation’s battered soul. Land speculation, government lobbying, and shady deals soon converged to create an unequal society of the first order (at least until now). Soon after their novel came out, a series of recessions ravaged the country, followed by a 1907 financial panic in New York City caused by a speculator-led copper-market scam.
Please go to The Unz Review to read the entire article.
Related particularly considering the foundation of our social, financial and economic problems are all related to debt. No discussion on wealth, finance and economics should go without first forming a level of understanding of our collective circumstances from the work Michael Hudson (the “most interesting man in the world”):
Antisemitism related to finance and debt from Michael Hudson:
“If you look at what role financed played in the transition of early capitalism for state finances, from the medieval period down to about the 19th century. There was reason why the Jews were selected by the princes as the bankers. If you are a prince you want to keep authority in your own hands. The last thing you want to do is assign the most important function of government, money creation in the treasury to one of the other aristocratic families. Because then you would be giving them the power to overthrow you and they would achieve power over you.
You want to keep the financial management out of a position where it would be able to gain control of the economy. Antisemitism was the perfect vehicle for how European governments financed themselves; because the Jews could not own land. The center of early capitalist policy was to separate the financial functions from the land owning functions, and antisemitism was the perfect vehicle to prevent this from happening. The aristocratic said alright, we’ll let you do the finances but it is like a nuclear rector. You have to keep this financial system separate from land ownership. That’s why democracy meaning the oligarchic take over of the revolt of the barons and the Magna Carta said, ‘we don’t have to pay all the money we owe the Jews.'”
Immediate solutions are NOW required:
Breaking up (disemboweled) the Democratic Party should be paramount. The Democratic Party is the party of Wall $treet and the Neocons. Political warfare is coming.
Take the money and run…
This is what we’re up against: