Edward Chancellor, Devil Take the Hindmost, 1999
"Over the past 30 years the plutocrats have used their vastly increased wealth to capture the flag and assure the government does their bidding. This marriage of money and politics has produced an America of gross inequality at the top and low social mobility at the bottom, with little but anxiety and dread in between, as middle class Americans feel the ground falling out from under their feet.
Like those populists of that earlier era, millions of Americans have awakened to a sobering reality: they live in a plutocracy, where they are disposable. Then, the remedy was a popular insurgency that ignited the spark of democracy. Now we have come to another parting of the ways, and once again the fate and character of our country are up for grabs."
Bill Moyers, last episode of Bill Moyers Journal, 30 April 2010
"Our plutocracy, whether the hedge fund managers in Greenwich, Connecticut, or the Internet moguls in Palo Alto, now lives like the British did in colonial India: ruling the place but not of it."
Mike Lofgren, The Deep State, 5 January 2016
"Special privileges and the use of the taxing power for private gain, these are the twin pillars upon which plutocracy rests. Accumulating by conscious frauds more money than they can use upon themselves, wisely distribute or safely leave to their children, these denounce as public enemies all who question their methods or throw a light upon their crimes.
Plutocracy is abhorrent to a republic; it is more despotic than monarchy, more heartless than aristocracy, more selfish than bureaucracy. It preys upon the nation in time of peace and conspires against it in the hour of its calamity. Conscienceless, compassionless and devoid of wisdom, it enervates its votaries while it impoverishes its victims."
William Jennings Bryan, Speech at Madison Square Garden, 30 August 1906
"For they sanctify the power of markets in the name of economic efficiency, which requires the elimination of administrative or political barriers capable of inconveniencing the owners of capital in their individual quest for the maximisation of individual profit, which has been turned into a model of rationality. They want independent central banks.
And they preach the subordination of nation-states to the requirements of economic freedom for the masters of the economy, with the suppression of any regulation of any market, beginning with the labour market, the prohibition of deficits and inflation, the general privatisation of public services, and the reduction of public and social expenses.
And yet the world is there, with the immediately visible effects of the implementation of the great neoliberal utopia: not only the poverty of an increasingly large segment of the most economically advanced societies, the extraordinary growth in income differences, the progressive disappearance of autonomous universes of cultural production, such as film, publishing, etc. through the intrusive imposition of commercial values, but also and above all two major trends.
First is the destruction of all the collective institutions capable of counteracting the effects of the infernal machine, primarily those of the state, repository of all of the universal values associated with the idea of the public realm. Second is the imposition everywhere, in the upper spheres of the economy and the state as at the heart of corporations, of that sort of moral Darwinism that, with the cult of the winner, schooled in higher mathematics and bungee jumping, institutes the struggle of all against all and cynicism as the norm of all action and behaviour."
Pierre Bourdieu, L’essence du néolibéralisme, (en français), December 1998
Stocks slumped again today despite an early afternoon attempt to take the major indices green.
Gold and silver were slammed lower.
The Dollar grabbed the 99 handle. It is still chopping within a relatively narrow range however.
VIX wallowed in near complacency, as it is often wont to do.
Bitcoin is hanging on to support a little north of 76k.
The markets seem quiet. Not in a peaceful way, but in anticipation of an outbreak of uncertainty.
Have a pleasant evening.
