Blog Archives

If You Want to Limit the Power of the Super-Wealthy, Stop Using their Money

Many well-meaning people want to limit the wealth and power of the super-wealthy, i.e. the Financial Aristocracy/Oligarchy. (For more on the modern class structure, please see America’s Nine Classes: The New Class Hierarchy.)

Reformers have suggested everything from a global tax on wealth (Piketty) to publicly owned banks to limiting the pay to play circus of campaign contributions.

None of these will change the power structure or limit the super-wealthy. as I explained last week, If We Don’t Change the Way Money Is Created and Distributed, We Change Nothing. The super-wealthy will either move their capital elsewhere, derail the reforms, or have their political lackeys water the reforms down to the point they are nothing but a politically useful illusion of “change.”

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Nobody Wins Elections Promising to Trim Waste/Fraud and Simplify Regulations

The problem in representative democracy is that every instance of waste, graft, fraud and monopolistic racket is somebody’s fat paycheck or government contract.

Promising good governance guarantees a losing campaign for public office. The central irony of representative democracy is similar to the central irony of capitalism: the relentless pursuit of narrow self-interest ends up eroding the shared foundations every self-interested participant relies upon.

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