Conspiracy to overthrow democracy?
The venerable Mr. Hartmann warns of a big business plan to overthrow democracy. It reminded me of a theory of capital, we’ll call it Dave’s theory, because no one else would be associated with it, but it’s a theory that forces a total rethinking of capitalism.
This theory states that capital does not care about capitalism; only to get more capital.
Let’s face it: we’re about a billion dollars short of being true capitalists. Non-billionaires who expound the virtues of capitalism like lower taxes for billionaires, are just lobbying on their behalf for free. That doesn’t mean they’re wrong, just that you can’t talk bullshit like tax cuts and refuse to acknowledge the lie.
Return to capital/capitalism.
Capital doesn’t care about capitalism unless today capitalism is the way to more capital. Tomorrow it could be a government contract subsidized by taxpayers. The next day is rent seeking. Next week is a big payout to a politician who will dismantle the EPA or oppose minimum wage increases…or just an envelope full of cash.
Maybe it’s about dumping raw materials or dumping toxic waste into a river at midnight. It could also be about destroying or even killing a competitor.
There are far more and easier ways for capital to get more capital than capitalism.
On this basis, it is essential to remember that the greatest enemy of capital is labor and, of course, the ability of labor to organize itself. To forget Labor markets will find equilibrium in the markets and Government intervention in capitalism destroys free markets. These are the words either of the losers repeating what they last heard on Fox News, or of capital intent on making us believe it doesn’t care about democracies and civilization.
Why shouldn’t capital care about democracies? Because there is a critical point where capital decides it can take its money and walk away. Once wealth inequality has reached its theoretical limit, let the sucker 99% compete for the remaining 10% of total wealth.
As Peter Thiel said, “I no longer think that freedom and democracy are compatible.”
Take the man at his word, folks. We the people are his enemy. A dollar for your welfare is a dollar he cannot have. But it is okay! He has enough to spend to ensure that if there’s an extra dollar floating around somewhere, he’s the first to take it. He will buy your block and rent it to you. He will buy and bury his competitors in a hole in the desert – to make sure you can only buy from him.
He’s very good at getting more capital and he only stops when he decides he’s had enough or when democracy opposes his “freedom”.
More likely the first.