Neoliberalism’s Legacy

Ravens on steps at Barr'd Island

This Chris Hedges post inspired my listing below, but my own blunt, scruffy and ornery mood soon took over, so don’t blame him…

Neoliberalism’s Grand Achievement: 8 Families now own half of the Planet’s “wealth”

A concise, incomplete history of it’s ascendency:

  • Sharing the wealth was invented to deal with uppity, but needed, unionized workers in the 20th century
  • A phoney science called “economics” was born and nurtured
  • They stumbled onto a flawed idea called “free” trade
  • Corporations were soon made into “persons” with rights and the ability to live forever; that’s much longer than real persons live
  • Those rights grew and grew as worker’s power shrank
  • Human rights, such as clean water, became “commodities” – sold at a positively pornographic price in some places
  • Market “freedom” inevitably led to privatization: fewer and richer Rich vs more and poorer Poor
  • Entertainment and gadgetry kept the middle class distracted – a worthy crowd control project presented to government/corporate/labour think tanks in the 70’s
  • Monopolies were made legal instead of criminal
  • Unemployment Insurance was euphemized Employment Insurance in Canada
  • Companies were allowed to use their employees’ pension savings, including the workers’ own contributions leaving just a bunch of promised numbers in the safe
  • Banks were allowed play with insurance and sell mutual funds
  • Crazy shit like derivatives became a way for the banks to get richer – until they didn’t
  • Your taxes and mine went to bail out poorly managed banks and their overpaid executives
  • Car companies were bailed out even though they broke their pension promises
  • Private equity firm(s) gobbled up peoples’ houses at auctions as if they’d planned it.
  • “Disaster Capitalism” took control of natural and organized disasters
  • Little wealth was created, just redistributed upward
  • The good freedoms of the many (association, speech…) were replaced by freedoms of the few (monopoly, price gauging, foreclosure…)
  • Human beings are now just another “commodity” to those above eight families.
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