Nicholas Kristof does a good job laying out the reasons for our current plutocracy. If you don’t know, a plutocracy is defined as:
: government by the wealthy
: a controlling class of the wealthy
When 1% of the population controls not just 24% of all income but has enormous power over our elected officials, it’s a plutocracy.
It isn’t just the people though, it’s the businesses. I’ll focus on the banks in particular since they seem to be very much in the news today, what with a forecast that Bank of America is tanking.
I say let it fail. It’s insured, the FDIC will satisfy all demand. And it will be less expensive in the long run than doing another bailout and prolonging the inevitable.
But banks are getting greedy. In fact lots of companies like telecoms, net providers, broadcasters, book publishers, music publishers, etc. are all hiking fees and further curtailing how we can use their services.
At the same time the banks et al are shedding jobs like crazy. So tell me, when you have that many people economically disadvantaged by corporate profit, how do they buy the products of that company?
This is going to come back to bite them in the ass. I know it is because it is history repeating itself, only this time on our shores. It’s played out quite a few times in Europe over the years.
And now it’s our turn. And we’re doing the exact same things that the Germans did after the Treaty of Versailles except with slightly different motivators.
And we’re occupying not one but two countries in the oil and natural gas rich region of the world. Yeah, ok.