If you often wonder why ‘free market
capitalism’ feels like it is failing despite universal assurances
from economists and political pundits that it is working as intended, your
intuition is correct. Free market capitalism has become a
thing of the past. In truth free market capitalism has been replaced
by something that is truly anti-free market and anti-capitalistic.
The diversion operates in plain sight.
Beginning sometime
around 1970 the U.S. and most of the ‘free world’ have diverged from
traditional “free market capitalism” to something different. Today the U.S. and much of the
world’s economies are operating under what I call Monetary Fascism: a
system where financial interests control the State for the advancement of
the financial class. This is markedly different from
traditional Fascism: a system where State and industry work together for
the advancement of the State.
Monetary Fascism
was created and propagated through the Chicago School
of Economics. Milton Friedman’s collective works constitute the
foundation of Monetary Fascism. Knowing that the term ’Fascism’
was universally unpopular; Friedman and the Chicago School of Economics
masquerade these works as ‘Capitalism’ and ’Free
Market’ economics.
The
foundation of Friedman’s corrupting principle is that the investor (money
to be more precise) has no duty, obligation or covenant to anyone or
anything. Friedman’s ‘Market’ is
not subject to ‘any’ human standard of morality,
political limitations or national interests. Money is free to act
without bounds or conventions. Nothing is prohibited as long as the
market can provide a “clearing price”.
The fundamental
difference between Adam Smith’s free market capitalism
and Friedman’s ‘free market capitalism’ is that Friedman’s
is a hyper extractive model, the kind that creates and maintains
Third-World-Countries and Banana-Republics, without
geo-political borders.
If you say that
this is nothing new, you miss the point. Friedman does
not differentiate between some third world country and his own. The
ultimate difference is that Friedman has created a model that sanctions
and promotes the exploitation of his own country, in fact every country,
for the benefit of the investor, money the uber-wealthy. He dressed up this noxious ideology
as ‘free market capitalism’ and then convinced most
of the world to embrace it as their economic salvation.
As improbable as it
sounds, this ideology has the near-universal
support of most economists, the media, universities, the Federal Reserve,
the U.S. Treasury, nearly every member of The U.S. Congress and most
everyone you know. Today Friedman’s ideology is
accepted, to some degree, by nearly every country in the world. But
ultimately this exploitive model is not sustainable at any level, or for
anyone or any nation.
The
ultimate difference between Friedman’s ideology and Smith is simply
this: Smith was in fact a Mercantilist. True,
he opposed the custom of hording gold and other Mercantilist practices,
but ultimately he was a Mercantilist. Smith promoted “free trade” with the
goal of improving the English merchant’s advantage, and thus the State’s.
Nothing expresses this more clearly that the title of his book An
Inquiry into the Nature and Causes of the Wealth of
Nations. Mercantilism is based on the relative wealth of one Nation
State over the other, not the plunder of the State and it’s peoples for
the benefit of the individual.
Smith believed in
the power of the State and recognized that it was only by the power of the
State that free enterprise could succeed and thrive. In a world without
the State, he sided with Lock, “life was brutish and short”. Consequently one
had obligations to the State and the people who make up the state:
the working man.
According
to Smith every butcher, baker, craftsman and merchant would seek out his
own self-interest and that economic advantage would ultimately benefit his
fellow Englishman and the Crown. Smith’s arguments against some precepts of Mercantilism were
intended to give the English tradesman a greater advantage, nothing more.
The intended effect was to enrich one’s State above all others as an
alternative to the primitive act of war, the traditional means to National
enrichment. Smith viewed things as a zero sum game. And as
England was the undisputed master of global exploitation at this time,
exploitation of other Nations was fair game.
However, according
to Economist David Ricardo trade between nations of relative economic
parity result in what he termed “Comparative
Advantage”. Comparative Advantage is based on
specialization: Germany builds machine equipment, Italy does leather
goods, France produces cheese, wine and literature. When these
nations trade with each other all parties enjoyed a net gain as a result
of specialization and non-duplication of resources.
Of course this does not work when first world nations off-shore
factories and jobs into subsistence-based economies (the term “comparative” is no
longer germane). Off-shoring into non-comparative economies is
purely extractive because all of the gains are ‘privatized and are no
longer correlated to national interests. Non-Comparative off-shoring
undermines both the host and source/flagship nation.
The
financial entity is able to extract environmental, capital, tax
and infrastructure concessions from the host nation. If
the host nation ever seeks to renegotiate its position with the financial
entity the entity can enlist the powers of its flagship nation (i.e. State
Department). This type of intervention can be very costly to the
flagship nation and end very tragically for the host nation.
Under Monetary Fascism the financial entity maintains out-sized
rents from the host nation by utilizing the state as its enforcement
agent, while maximizing tax avoidance via off-shore corporations (and
other gimmicks).
Free
market capitalism, as conceived by Smith, was Nationalistic in nature and
as the Nation State became wealthier, so did its people and industry. This relationship required shared obligations and
shared rewards between the State and its people.
Traditional
Fascism, as conceived by Mussolini or Hitler, had an aggressive
Nationalistic disposition where the State promoted Industry above all
others in order to strengthen the State relative to its perceived rivals.
Hitler and Mussolini believed that as the State lifted
industry, industry lifted the people – dignity and pride in one’s nation
were foundational principles.
Monetary
Fascism, as conceived by Friedman, uses the powers of the state to put the
interest of money and the financial class above and beyond all other forms
of industry (and other stake holders) and the state itself.
In democracies and
first world nations this is achieved through lobbying, campaign donations,
financial incentives, revolving door regulators and through other means.
As such, the state is coopted into altering regulations /
legislation, diverting investigations / prosecutions or creating tax loopholes
for the benefit of the financial class/ industry. Ultimately these actions
undermine states sovereignty.
For the rest
of the world state interests and sovereignty are undermined through the
IMF, The World Bank and other global monetary agencies.
Monetary
Fascism has a strong preference for political rather than
capital investments. These investments are designed to sustain and support
the preferences and activities of the financial class as it manipulates
and create ever larger out-sized rent opportunities or constructs
risk-diverting transactions that aggregate a ‘risk-arbitrage premium’ to
one side of a transaction and transfers all future losses to the other.
On a global basis
Friedman’s ideas heavily influence international treaties on taxation and
capital flows with the single minded goal of freeing capital from
any obligation to the host or origin country. These agreements have
essentially created
a virtual nation, or non-nation, of money that is ultimately beyond
the reach of the conventional Nation State.
Friedman’s ‘invisible hand’ is free to extract the wealth of any
corporation or Nation without any reciprocal obligations.
The
Serene Insurrection of Money
All economic
theories are devised to fill a need; to justify public and / or private
actions. With the rapidly growing profits
to the financial class during the divestment era, beginning in
the early 1970s and continuing today, they needed some
ideological justification for what they were doing (selling out America’s future and
destroying corporations and jobs for quick profits) so they found and
embraced Monetary Fascism. In fact, they found each other: Friedman was
just ‘fulfilling a need in the market place’. Friedman simply created
a new ideology that justified what the financial class was doing.
Rationalizing the
divestment of an entire economy is morally deplorable, but it also offered
“out-sized” profit opportunities on a massive scale. Seeking relevance in this
sweeping tide of economic-cannibalism other academics rushed into the
water. None
bothered to consider the long term consequences that would result from the
wholesale dismemberment of our industrial economy. Instead academics
suddenly ‘discovered’ an implausible utopian
future that would be sustained by the creative powers of
finance and trading our industrial heritage for a service
economy.
Shocking? – no, the academic promotion of
concepts, theories, historical narratives and the state of ‘fact’ and
‘science’ are increasingly available to the highest bidder. Custom
realities are also made-to-order ad nausea from within our Nation’s many
tax exempt ‘think tanks’ that attempt to define public debate and
guide public policy for the benefit of their patrons.
Milton
Friedman and the Chicago School of economics claimed to have refined and
developed modern, scientific tools of ‘free market capitalism’, capable of unlocking ever greater
rewards from Adam Smith’s simple, primitive concept of free markets.
Monetary Fascism was rapidly adopted because western
culture recognizes the tremendous historical contributions of traditional
free market capitalism and wanted to participate in the promise of these
enhanced rewards.
In
truth, it was nothing more than a cloak of deception – providing cover for
the unscrupulous behavior of investment bankers, corporate raiders,
speculators, off-shore corporation, debt mongers and bubble pushers (typically
one and the same). The enhanced rewards came from the pilfering of
capital investments and technology from generations past, the liquidation of
employees and off-shoring of production, the pilfering of pension accounts and
the termination or spin-out of R&D departments and option packages to
executives and directors that focused on short term stock price targets.
Bell Labs, once
part of AT&T, laid the foundation for all modern telecommunication and
electronics technology today was morphed into Lucent Technology.
Lucent quickly looted the legacy portfolio of Bell Laboratories to
enrich themselves and shareholders, leaving a worthless shell that was
eventually merged with Alcatel.
Wall Street
Investment Bankers, leveraged buyout firms and hedge funds became the
Paladin Knights of the ’free market’ whose allegiance was to
the ‘noble shareholder’, markets and liquidity. In truth the
shareholder was/is nothing more than a nameless, faceless transient in an
endless pursuit of ever larger ‘outsized returns’. Traditional
capital formation was replaced with financial schemes designed to acquire
existing asset for liquidation, management and directors traded long term
management discipline for short term performance and accounting gimmicks
tied to stock and option pricing. With most of the IPO capital used
to pay for the exit of early investors, the stock market has
become nothing more than a series of game theory type exit strategies.
The equity markets are a failed
forum for the creation of productive or capital intensive projects.
However, the larger
system failure at the nation and global level stems from the perversion of
the public and private debt market. This was made
possible through massive decade’s long deregulation and the post 2008
financial crisis.
The
entire 2008 financial crisis lies at the feet of The U.S. Congress. When
The U.S. Congress repealed the Glass Steagall Act, passed in response to
the Great Depression, they eliminated any meaningful financial oversight
within the Banking and Investment Banking industry.
Why did
the U.S. Congress change the law that protects our economy from a second
1930s type depression? Simple, it was campaign
contributions (shit-loads of cash, considered bribes or worse in the private
sector), filling the top post in the Fed, Treasury and the Administration
with top level executives from Goldman and the like and the prospects of
private sector jobs in the financial industry for pliable regulators,
retired Members of The U.S. Congress and former Presidents.
It was from the decades-long
cash infused orgy of conflicted interest that Congress finally entrusted
the financial industry with “self-regulation.” If you believe the rhetorical
record, deregulation was intended to unleash the ‘wealth creating
powers’ of these new financial instruments created through the
pure genius of the investment bankers.
Alan
Greenspan and others saw no limits to
the potential economic contributions of the financial markets – if they
could only be freed of unnecessary and burdensome regulations.
This wanton
deregulation allowed the financial industry to create trillions of dollars
in unregulated CMOs and CDSs (CMO: Collateralized Mortgage Obligations –
packages of high risk mortgages that were rated AAA & CDS: Credit
Default Swaps – bogus insurance on junk paper like CMOs) and other complex
derivatives, hypothecated derivatives, synthetic derivatives,
even hypothecated synthetic derivatives and the ‘black pools’ of
unregulated capital that created and priced these complex financial
instruments.
This resulted
in the unprecedented and unsustainable accumulation of debt and related
derivative instruments, literally in the hundreds of trillions of
dollars, dwarfing global GDP by a number of factors,
controlled by unregulated and uninhibited bankers. Ultimately it has
cost most nations their sovereignty.
Monetary
Sovereignty and the Death of Nations
Friedman’s model
of wealth extraction has been in conflict with the traditional
Nation State and the concept of State sovereignty from inception.
Great,
you say! The state is evil and must be replaced with something new. Beware of this thinking.
The evils of the state are nothing when compared to
the money-counter. The State must answer to the public, or at
least the mob. The money-counter only answers to his insatiable
desire for more and more money.
Friedman’s
ideology undermines State sovereignty by initially delinking
the aggregation of wealth from the interest of the state. As
wealth accumulates it is then used to alter political outcomes, tax avoidance
and financial regulations for the benefit of the wealthy. Throughout
history the State has always jealously protected its sovereignty. So
how did this ideology survive and eventually overtake the State.
Easy, they co-opt
everyone. First the academics and think tanks then
one political party after the other. The media was consumed and
consolidated by large corporate conglomerates who quickly enforced their
own interest’s at the editor and programmer’s desk. Then they locked in
the entire public through 401(k)s and savings plans. Even the
unemployed and the unemployable qualified for credit cards, new cars and
even homes. At the national and global level they expanded public and
private debt everywhere. They made everyone feel
richer for a short time. At
the same time the financial industry off-shored, liquidated, crowded out
and displaced the traditional industry of our economy.
With
the introduction of Monetary Fascism financial activities as a percentage
of GDP grew from less than 5% in 1969 to more than 22% of GDP by 2008. Over the same period U.S.
manufacturing as a percentage of GDP declined from more than 26% to
just 12%. Using historical measures 2008 GDP for the manufacturing sector
would be considerably less than 10%. Only the federal government was
consuming a larger portion of GDP at 35%.
Taking
the number one spot in the U.S. economy, the finance industry has become
the most influential player in government. But
the real power behind the finance industry is much deeper than just the
political access that campaign donations buy, the financial industry has
wide and deep influence throughout government policy via the Federal
Reserve, Treasury, Fannie May, Freddie Mac, the FDIC, key advisory rolls
in the Administration, Members of Congress, political appointments within
the SEC, CFTC, and membership on The Council on Foreign Relations and
participation in global organizations like the G8, G20, Basil Accords, IMF
and World Bank.
Through their
unparalleled influence over the Administration, Congressional Finance
Committees and the Federal Reserve they gained full control over
the regulators. In
fact, it was the Allen Greenspan, Tim Geithner (Federal Reserve) Robert
Rubin, and Larry Summers (the Administration) and others who
silence ‘Rouge Regulators’ who attempted to alert The U.S. Congress
to the potential risks of deregulation, dark pools and derivatives.
Greenspan, Summers, Rubin and others essentially staged a soviet
era show trial against Brooksley Born and others, designed to
send the message to any would-be-regulators that the rules no longer apply
to the financial class. It worked.
Once they
controlled the regulators and the key members of the Congressional Finance
Committee they were free to alter accounting standards,
create complex financial vehicles, and leverage risk in derivatives while
real losses accumulated to staggering and globally disruptive levels. They hypothecated CMOs and
even synthetic CMOs to unsupportable levels, papering over any
potentially observable warning signs with zero-collateral CDSs.
The real
risks to global finance were hidden in the derivative instruments related to the massive debt
portfolios controlled by the “Too Big To Fail” banks with unprecedented
political power. These banks were not subject to any measurable
regulatory restriction. Point of fact, Goldman Sachs and others were
able to morph into traditional Prime-Banks overnight, with the blessing
of their regulators, instantaneously gaining unlimited access to the
Discount Window. The act is so egregious that the public is
incapable of cognition, while the media, academics and think
tanks collectively remain silent.
Unlimited
access to the Discount Window was not enough. Investment
Banks and the overall financial industry enjoy unlimited government
largess in the form of Quantitative Easing, immunity from prosecution, as
it relates to fraudulent financial instruments such as CMOs, CDSs &
assorted derivatives, front running client accounts, pilfering of client
accounts, wholesale asset sweeps from failed banks to failing banks and
even the wholesale world-wide manipulation of LIBOR.
The final act of treachery was delivered by the U.S.
Supreme Court who imbued ‘money’ with a voice and electoral powers. This decision treated each and
every single dollar in circulation as a prospective voter. In the
hands of an ordinary citizen the dollar’s ultimate voice is limited to
$2,500 per person per candidate. But in the hands of a corporate
controlled Super-PAC the dollar’s voice is virtually unlimited.
The Financial
Sector invested more than $5 billion in campaign contributions and
lobbyists from 1998 to 2008. As if $5 billion was not
sufficient, the new Supreme Court Ruling and the creation of Super PACs will
create a financial Tsunami Effect on politics.
Super PACs may
raise and spend unlimited sums of money from individuals, corporations,
associations, and other interest groups to “overtly” advocate for
political candidates. A recent example of how disruptive this is
demonstrated by Sheldon Adelson and his wife’s $10 million contribution to
Newt Gingrich. The Aelson’s ‘legal’ Super
PAC contributions were able to keep ‘their candidate’ in the
Republican Primary single handedly. Gingrich had no meaningful support
beyond this single patron. Democracy? Representative
government?
This
decision effectively abolished our representative form of government. Again, this act of treachery
did not spark any meaningful discussions from academics, constitutional
scholars, think tanks, civil rights groups or the media. Why? They
have all been co-opted.
Today
the power of the State blindly serves the interest of these banks at
the expense of all others. I
am not claiming that this needs to be a preconceived conspiracy. To the
contrary, the outcome was inevitable. Without any restraints most
growth oriented systems, such as a virus, tend towards uninhibited growth.
With no means of restraint, equilibrium becomes impossible.
The single-minded focus on the growth of money compromises all other
systems in the economy.
Any
U.S. political leader who puts forward a Nationalist agenda is pillared as
an opponent of ‘free trade’ and a danger to ‘free markets’. A
perfect example is the U.S. Congressional and Administrative reaction to
traditional Industrial Policy initiatives. The universal reaction is
to characterize any U.S. Industrial Policy initiatives as “anti-free
trade” and un-American. This is wrong on both counts: Adam Smith’s
entire argument about free trade was intended to enhance England’s
Industrial Policy. It is also a fact that the U.S.’s industrial
greatness was rooted in 200 years of government directed, supported or
sponsored Industrial Policy.
The press and
pundits also contribute to this reversal of reality when they recently
questioned Obama’s commitment to capitalism and free trade because he
criticized Mitt Romney’s “Off-Shoring” of U.S. jobs as the head of
Bain Capital. According to the press and
pundits off-shoring is a foundational principle of ‘free markets’, but
off-shoring has no basis whatsoever in Smith’s free markets. Off-shoring as we now
employ it technically does not fit with Riccardo either, as Riccardo’s
arguments of Comparative Advantage pre-suppose reciprocation of trade between
relatively equal partners.
Historically
governments would use tariffs or other measures to balance out large
deviations between un-equal or undesirable trading partners.
Today corporations and the financial industry pocket these out-sized
‘comparative disparities’. Eventually this results in wide spread
unemployment and dislocation inside the flagship/host-country and all of
these accumulated costs simply become a burden of the state.
This is
nothing more than arbitraging disparity and transferring the resulting collateral
costs to the state. As the unemployment and dislocation
costs to the state threaten the asymmetric relationship between the state
and the financial class, the financial class promotes austerity through
its various think tanks, financially sponsored academics and loyalist
inside Congress and the Administration.
Outside the U.S. it
is the IMF, the World Bank and various international trade and financial
trade and monetary agencies including the EU that promote austerity.
Today
the financial and banking class enforces this ideology through the
media and government with the same ruthlessness of the Church during the
Dark Ages: to question is to be a heretic. It
is a much more sinister form of excommunication for any public figure who
does not accept or property articulate his allegiance to Friedman’s
poisoned ideology.
Consequently, it is
a sad fact that both Democrats and Republican Members of Congress wear
Monetary Fascism on their sleeves – out of conviction or fear. Both
parties have become slaves to this deadly ideology.
Global
Contagion
Challenging
Monetary Fascism is much more dangerous for political leaders representing
countries outside the G-20. Populist
leaders who put forward Nationalist policies are automatically in
violation of one or more international ‘free trade’ agreements. Non-conformity with these
agreements ultimately results in trade sanctions, IMF or World Bank
imposed austerity, or worse…
Friedman’s ideology
is global and his rules of ‘free trade’ are deeply
integrated into the laws of international trade. All of our Nation’s
international treaties on trade and banking are a series of interlocking
agreements that force all nations to subvert their sovereignty and conform
to Monetary Fascism. It is a global pandemic
built on a world-wide transmission system with universal powers
of enforcement. Sovereign
Nations comply or they lose their credit rating. Considering the
world wide mass escalation of debt to GDP for most western nations, a
small increase in the cost of borrowing would easily result in default and
bankruptcy.
Today, Nation
States face nothing less than financial Armageddon – the Sampson Option,
if they do not comply with the demands of the global banking industry. And it is with this weapon that
the Financial Class has come to dominate the State.
Forget
Al Qaeda, the only legitimate threat to U.S. and international security
is the financial class. They have created Weapons of Mass
Financial Destruction (Financial WMDs) and they stand ready to
take down the world economy. They are more dangerous than any
‘terrorist group’, or even all of the ‘terrorist groups combined.
Exaggeration
– consider what Friedman’s ‘free market’ banking system has done
to Iceland, Ireland, Spain, Greece, Estonia, etc. How many western nations
has Islam overthrown? Not one, and by comparison that should scare
you.
Money
has become the state and the traditional state is forced to serve
money’s interests. Everywhere the Financial Class is
openly lording over sovereign nations. Ireland, Greece and Spain are
subject to ultimatums and remember Hank Paulson’s $700 billion extortion
from the U.S. Congress. The $700 billion was just the wedge.
Thanks to unlimited access to the Discount Window, Quantitative
Easing and other taxpayer funded debt-swap bailouts the total transfers to
the financial industry exceeded $16 trillion as of July 2010 according to
a Federal Reserve Audit. All of this was dumped on the taxpayer and it is
still growing.
Why
must the people of Ireland or Iceland accept the losses of the
private banking sector as a public obligation? Why must Greece accept
austerity because its politician’s entered into a series of deals
structured by Goldman Sachs specifically designed to deceive its EU
partners? If Goldman Sachs authored documents with the intent of
fraud then Goldman Sachs is required to bear the losses and prosecution. The
taxpayer had no hand in this.
It is breathtaking.
Within the last 40 years ‘money’ has gained total control of each
and every one of us. Generations to come will enter this world
burdened with the debts of their fathers. It is inescapable and
ubiquitous. More than just a spider’s web, or a money-sucking
vampire squid, it is a global pandemic that infects our very DNA. It is the Original Sin of
money – subject to compound interest, converted into a derivative,
hypothecated and rolled into a CMO and then leveraged through CDSs.
The uber-wealthy
will continue to aggregate wealth. The banking system will continue
to make ‘risk free bets,’ booking gains and shifting the losses to
the public. As
these losses accumulate on the public balance sheet the state will
be forced to seek austerity measures from the public. As austerity and debt
levels increase the global economy will continue ‘circling of the
bowl’ with increasing speed until we suddenly plunge into the vortex.
All Bow
to the Welfare Queen
Total
governmental transfers and assumed liabilities related to U.S. financial
institutions since 2008 exceed the entire history of all social welfare
programs for all free world economies collectively since Bismarck (do the
numbers, its true).
So, how is it that
history’s biggest welfare queen can demand that the rest of human society
be forced to take responsibility for its prolific reproduction
of trillions of dollars in derivatives and other financial abominations in
the name of ‘free markets’? Easy, your government has surrendered its National Sovereignty.
Representative government has ended. The public’s misconception and
blind acceptance of Friedman’s ideology as a legitimate form of capitalism
is precisely what makes Monetary Fascism immune from any true
political recourse.
It is the classic
case of failing to properly identify the true nature and source of a
contagious epidemic. This
is the hidden strength of Monetary Fascism. Failure to identify the
source of the disease or its mode of transmission assures continued
contagion, misdiagnosis and mistreatment.
The public’s
support for Friedman’s poisoned system is based on the past success of
true capitalism and free markets as surmised by Smith. Most U.S. Citizens
desperately want to regain our Nation’s former prestige. Because they cannot
differentiate Smith’s system from Friedman’s they see
government restrictions on business, taxes and capital flows as the
obstacle to achieving our previous economic greatness. The public
can be counted on to demand even greater deregulation, undermining their
relevance in the system and our Nation’s economy and sovereignty.
Whole
industries have long ago disappeared. Friedman’s
Monetary Fascism has burnt through most of what remains of the middle
class. Seeking fuel, the fire has spread to the upper middle class
and the lower middle class. Small businesses and Unions are consumed in
the flame. Even the ranks of the finance industry were offered up to
the god of money. Tens of thousands of recently dispossessed upper
middle class and the lower ranks of the wealthy find themselves without
meaningful work and dark prospects. All of these people have passed
through the bowels of Monetary Fascism, yet they stand up and defend ‘free
markets’ so that they can be consumed once again as this raging fire seeks
new fuel.
The only rational
defense is for people everywhere to denounce Friedman’s ideology in
all public policy debates and academia, and to articulate the
true principles of Adam Smith.
Ending
the tyranny of Monetary Fascism begins with the wide spread
recognition that it is the anti-theses of capitalism, free markets,
individual self-determination and national sovereignty. However,
it is truly unstoppable as long as the world continues to view it as the
embodiment of Adam Smith’s “free market capitalism”.
Until
then, the plunder will continue, lives will be discarded the angry mob will continues to grow.
As we approach critical mass the fear is setting in.
The remaining upper middle class and middle class fear losing what
they have, while the recently disenfranchised desperately cling to their
faith in Friedman’s ‘free markets’ in the hopes of redemption. The
faithful double down on their own demise, while the ranks of the
dispossessed swell. Every one of us has become a bit player in our own
tragedy.
We are
at the end of human evolution, we have become chattel. We
are conditioned to the service of those with money, who only seek to
enlarge their store of money, to beget money, for money’s sake and nothing
more. The future is grim.
The predictable
long term outcome is a steep decline into a very dark Monetary Feudalism.
When
asked in an interview what humanities’ future looked like, Eric
Blair, better known as George Orwell, said “Imagine a boot smashing a
human face forever.”
Welcome
to the Dark Age of Money.
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