There was a time not too long ago when capitalists used to make a show out of saying that the “free markets” requiring as little regulation as possible and demanded zero governmental infringements. Citing their gods Adam Smith and Alexander Hamilton, Wall Street “elites” used to insist that the “invisible hands of capitalism” would determine the winners and losers and always arrive at peak efficiency when it comes to producing goods for the consumer and delivering economic nirvana for society.
Of course, this was all a charade; corporate capitalists always had a symbiotic relationship with government. Going back to the days of Norman Rockefeller and JP Morgan in the early 1900’s and prior, godlessly rich robber barons used to leverage their size and scale to eradicate competition and dictate governmental policies. Woodrow Wilson was elected because he made a deal with the devil and bowed to the dictates of JP Morgan, the price Morgan demanded of Wilson for supporting his candidacy was a central bank that would come under the purview of private financiers.
Wilson delivered big time, in 1913 Morgan got his wishes as the Federal Reserve was implemented and economic decision making was transferred to a banking cabal that is not elected nor accountable to the people. Twenty years later, Franklin Delano Roosevelt delivered an even bigger payoff to the banking mafia; after Wall Street bled the US and the world economy, FDR repossessed gold from Americans in order to ensure that the Federal Reserve could control currencies without gold to back the US dollar. To this day, Roosevelt is lionized because he gave Americans chump change after Wall Street made off with their life savings only to turn around and enrich the criminals. Sound familiar?
But through all the shenanigans and rent-seeking ways of Wall Street, capitalists pushed the big lie that the markets should operate freely without outside interference. As they inveighed against communism in public, behind the scenes the CEO class kept going to government time and again to curry favor from politicians and get sweetheart deals like tax cuts, voodoo economics, NAFTA, getting the Glass-Steagall Act lifted and eviscerating the rights of workers to organize and form unions.
In 2008, the supposed aversion that capitalists had towards government interference melted away faster than the life savings of Americans. After betting like degenerate gamblers for years and inflating the prices of homes in order to reap the rewards of zero-risk loans by way of repackaging mortgages as exotic derivatives, when the markets finally imploded, the same criminals who crashed the economy held a gun to our heads and demanded that tax payers “save the economy”. But it was not the economy we were forced to save, we rescued bankers and let their victims be fed to the wolves of homelessness and poverty.
If the classical capitalism of Adam Smith was at play in 2008, every bank that committed fraud and leveraged themselves to the hilt would have failed and new banks would have risen in their wake. After all, this is the “destructive creationism” of capitalism that free marketeers peddle; except when the time came for the destruction of the banking cartel, they tossed Adam Smith to the side and embraced Friedrich Engels. The same people who rant about the evils of socialism flipped on a dime and socialized the pain after monopolizing profits for close to a decade. Money and malice have away of hiding hypocrisy and immunizes the plutocracy from morality.
Not one banking CEO went to jail for committing the biggest larceny in the history of America. Instead, they got off Scott free and made billions in profits for their criminal enterprises and the CEOs personally added zeros to their Swiss bank accounts. Barack Obama, the First Bank President, got elected on the promise of holding Wall Street accountable and ending immoral wars. To the contrary, he codified “too big to fail” by giving the thieves of Wall Street over $14 trillion dollars through Quantitative Easing, enacting “Dodd-Frank” that made it harder for smaller banks to compete with the Banking Cartel and started more wars than Bush.
In this continued fleecing of America, both Democrats and Republicans, as well as almost every institution within America, are wholly owned subsidiaries of the globalist oligarchy. If you think America has sovereignty and that “we the people” have a say in our governance, let me disabuse you of that thought. Americans want no more wars, Trump is adding on to the wars that Obama started by continuing wars in Syria, Libya, Yemen, Iraq and is now itching to get into a war with Iran. Americans want a fairer economic shake, Trump doubled down on Obama’s graft by passing a $1.5 trillion tax cut for the wealthy after that same country club group made off like bandits during Obama’s tenure. Meet new fraud, same as old fraud.
So I was not shocked in the least this morning while watching CNBC only to see “market experts” pleading for rates to be lowered in order to stimulate the economy. Their talking points are so mangled that they can’t even keep their lies coherent; if the markets are at all-time highs—which is always sold as an indicator of a good economy—why are they insisting on lowering interest rates? They are arguing two things at once, that the economy is solid but that the government should revert to Keynesian policies in order to keep the markets inflated. What they are not telling us is that the record highs we are witnessing is not an indication of a good economy but a sign of another bubble that is getting ready to burst like 2008. Matt Tiabbi and I discussed these same issues and more in an interview I conduced with him a couple of months ago.
They are so addicted to cheap money and the Fed incentivizing equity over savings by printing money that they are begging Powell and the Board of Governors to keep the economy artificially afloat long enough for them to get another fix of profits by transferring wealth from the bottom 90% into the pockets of the oligarchy. How quickly they changed their tunes, Wall Street plutocrats went from hating communism to being adherents of socialism as long as it only applies to the 1%. This germ of greed and myopia that is hobbling my birthplace Ethiopia is the same virus that is leading to the disintegration of my new home America. Globalism is a global pandemic that is suffocating humanity in order to enrich the corporate barons.From each American according to their means, to each gentry according to their greed. #KapitalistManifesto Click To Tweet
Like most Americans, I was hoodwinked for years to believe the lies of politicians, economists, pundits and scholars who sold the big lie of capitalism being the elixir for social inequalities. This hoodwink became a Goliath bamboozle after I earned an MBA from Johns Hopkins University in 2008 and spent the next few years thinking that the best way to address injustices was by empowering communities through the tenets of corporatism I was drilled to regurgitate without questioning. It took a dance with hardship and homelessness for me to realize the mendacity of capitalism, seeing the invisible faces of the status quo’s victims was a rude awakening that led me to the realization that capitalism is nothing more than a pyramid scheme.
I see now that capitalism and communism are the same thing; both doctrines depend on power being centralized at the federal level and economic policies being dictated by governmental technocrats. The only difference between the two is the way they steal the resources of the people; whereas communists preach centralized control at the government level, capitalists do them one better and purchase governments in order to dictate policies by weaponizing their wealth. What we have witnessed over the past 11 years is the end of hypocrisy; capitalists no longer pretend to be about market efficiencies and small government, they now openly advocate big government in order to reap big profits.
Forget Adam Smith and Alexander Hamilton, today’s capitalists are straight up Bolsheviks who insist on repossessing lands, savings and resources from Americans and transferring it to the aristocracy by way of economic policies. While the earning power of Americans have stalled and actually regressing and this generation entering the workforce is going to do worse than their parents’ generation, the wealthiest 1% own more than the bottom 50% of humanity combined. For the plutocrat class, capitalism is the best socialism money can buy.
“No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.” ~ Adam Smith
If you appreciated this article and believe in empowering truly independent journalism that can present analysis without worrying about upsetting corporate sponsors or losing access to mainstream media platforms, consider contributing to the Ghion Journal.
Latest posts by Teodrose Fikremariam (see all)
- Drawing the Fire of Sarah Jones and Blue Checkmarked Marks - January 26, 2021
- Race Shatters: from Black Menace to the Bogeymen of White Supremacists - January 25, 2021
- Hank Aaron Hammered to Death by Moderna’s Covid-19 Snake Oil - January 23, 2021