The Final Extraction

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Extraction

Everything is extraction now. Late-stage capitalism has turned into whatever you call the billionaires (and trillionaire) owning everything and extracting all the wealth from everywhere that’s left.

Their giant multinational monopolies buy up all the businesses. All the businesses extract all the local spending and transfer it to tax havens. The governments have to “borrow” their wealth back to keep running, then extract taxes to pay interest — to the billionaires.

The Final Extraction

There are still a few things left in the world to extract. Some people still have some equity in their homes. There are still some independent farms and businesses (in hock to the billionaires’ banks.)

The billionaires are circling the rest, though.

Until Collapse

Extraction at this extreme level has to lead to collapse.

Far too oil has been extracted, in spite of the warnings. The world has passed a 1.5C temperature increase and looks like 2C is already baked in. (Sorry for that one.) The climate is collapsing in front of our eyes.

Trump’s strategic failure in Iran will collapse the world economy.

That means the stock bubble will collapse.

The AI bubble will collapse.

The world debt bubble will collapse.

What Comes Next?

What comes after collapse? Who knows?

The billionaires will be in their bunkers , their slaves wearing shock collars to keep them in line. The rest of us will be bathing in our billionaire-funded propaganda bath… Will we still blame trans people and non-white migrants for everything? Everyone will BE migrants transitioning to starvation, so who knows?

Since no one will have any wealth left maybe the psychopaths will leave us all alone and everyone will be able to start over somehow. Who knows? (Yes, that’s a Bible reference. Leviticus 25:8-13)

Everything Is Trickle-Down Now

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“Trickle-down” thinking – the idea that “growth” is driven by the rich, not by regular people with money to spend – led to competition for the crumbs that fall off the table where the wealthy feast. Cut taxes & wages & regulations, then businesses and the wealthy will come to you. So other states/countries cut their taxes & wages & regulations even more to get them back. Soon the wealthy have everything.

Democracies Defunded

Democracies have been defunded by tax cuts and competing “trade” deals, and the .01% have literally all the wealth in the world. So the only way to keep things going is to try to get the rich to park their wealth with you in hope some of it might “trickle down.”

So you set up a tax-dodging haven to “compete’ with other tax-dodging havens. You will make THEM poor so you can get the few crumbs that fall off the table.

If You Tax Them They’ll Leave

Be warned, “If you tax them they’ll leave.” If they leave the crumbs won’t trickle down! Please give us a few crumbs, sir!!!!

Everything is “trickle down” now! Everyone is betting everything on hope “they” will “invest” some of the wealth they took and you’ll be able to have some infrastructure or education or healthcare… (Of course, “they” will be getting their “return” for that. So even more gets drained away. But that’s tomorrow and you are desperate today.)

Now It’s Turkey

Now Turkey is offering special tax dodging “incentives” to “compete” to get those with vast “undeclared” wealth to bring it there because, “Dubai and Abu Dhabi, recent magnets for international wealth, have been tested by the US war in Iran and localized attacks, shaking their status as regional safe havens.”

Turkey seeks to capitalise on strategic location to attract the rich from London & Dubai
Ankara recently announced it’s ushering in a range of tax incentives for monied expats and investors abroad.

“… Turkey is seeking to capitalize on its strategic location to attract more rich residents as instability hits rival wealth hubs from London to Dubai.

The country recently announced it’s ushering in a range of tax incentives for monied expats and investors abroad, ranging from minimal inheritance tax, the chance for 20 years of overseas income free from local levies and an amnesty program to bring in undeclared assets held overseas.

[. . .] The new policies arrive at a sensitive time for some rival finance centers. Dubai and Abu Dhabi, recent magnets for international wealth, have been tested by the US war in Iran and localized attacks, shaking their status as regional safe havens.”

Just read the rest. It’s disgusting. This has been going on so long that even imagining democracy and the idea that the public can be in charge of things is gone.

Smiling Politicians With Kennedy Haircuts Issue Focus-Group Words

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Fossil-fueled psychopathic planetary pollution. Sew dependence reap profit and power. Smiling politicians with Kennedy haircuts and earnest, rolled-up sleeves issue focus-group words and wet their beaks.

Temperatures ever more extreme. The land becomes brown not green. Smoke from fires clogs our lungs. Species go extinct. Crops won’t grow.

It’s OK both sides do it radical terrorists say it’s wrong. Divisions are stoked and they are conquered.

It will trickle down.

Most Voters Too Young To Remember

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I was thinking about how most voters out there have no memory of all kinds of things people who are older remember.

Tax Cuts Will Pay For Themselves

They don’t remember Reagan promising that tax cuts for the rich will cause them to invest in the economy and bring all kinds of great things that meant the tax cuts “will pay for themselves.” They didn’t watch the resulting shift from government taxing the rich and doing things for people, into “borrowing” FROM the rich, doing nothing for the people, and paying massive amounts of interest TO the rich. AND the resulting massive inequality. They don’t remember that there weren’t billionaires. Now it’s billionaires with all the money vs people in food lines, etc.

Deregulating Corporations Will Unleash Growth And Bring Prices Down

They don’t remember Reagan promising that deregulation of corporations will “unleash” growth, causing them to provide more great things so we would all be so much better off. Now they pollute at will and scam everyone. They don’t remember the promise that getting rid of antitrust regulations would force prices down and make everything better. They didn’t watch as merger after merger transformed the economy into a few giant monopolies that charge whatever they want and make you pay monthly to use products you already paid for.

Elections Were Competitive

They don’t remember competitive elections before campaign finance was undone. Regular people could run for office. Now a few oligarchs decide elections with “dark money” so no one knows who pays for the ads and bots and propaganda.

They don’t remember the Democratic Party standing up and fighting for working people.

Before The Propaganda

They don’t remember that TV news used to have rules about serving the public interest. They don’t remember that commercials were not allowed to lie. They don’t remember when the benefits of belonging to unions was allowed to be discussed on the air. They don’t remember that “markets are better at making decisions than government (i.e. “democracy”)” was laughed at. They don’t remember that there was a fight to allow non-whites to vote. They don’t remember that women couldn’t get bank accounts or credit cards without their husband’s permission. They don’t remember that government existed to make people’s lives better.

There are all kinds of things they know nothing about…

For a lot of them ALL they are old enough to remember is Trump coming down an escalator and saying immigrants are all criminals who rape and murder, etc…

They Meant It

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In 2005 I wrote a post titled “They Mean It” that warned about Christian fascism and the intent to take over the US. This is how it ended:

These people mean it. America is an experiment. Democracy is an experiment. American democracy has not been around very long, and we have never been so perilously close to losing it. All the checks and balances have been removed by allies of these people. They mean it. The leader of the Senate is saying that Democrats hate “people of faith.” They mean it. Time magazine puts on their cover a person who calls for murdering us.

They mean it. A Supreme Court Justice declares that rulers should be chosen by God, not the people. They mean it. The Vice President is the keynote speaker at a conference where other speakers called for “a new McCarthyism” to bring “terror” to intellectuals, saying “let’s oppress them [liberals],” and that “the entire Harvard faculty” are “traitors.” They mean it. They mean it.

Watch your backs. I mean it.

Well, now we know. They meant it. People didn’t watch their backs – and they did it.

They meant it, and they did it. And here we are.

The Virginia Gerrymandering Ruling: Rules Are Rules

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This post first appeared at Imagine Democracy – Imagining government of the people, by the people and for the people.

Virginia broke the rules. That’s all there is to it. Rules are rules.

Republican states can gerrymander to favor Republicans, Democratic states cannot gerrymander to favor Democrats. States can draw districts that exclude minority representation. States cannot draw districts that enable minority representation. Rules are rules.

It’s like “Stand Your Ground” gun laws. White people can stand their ground and shoot black people. Black people better not get near a gun. Rules are rules.

It’s like when I was a kid. All my neighbors were Black. I had to go to what was called the “white” school. It was a shiny new school some distance away. All my neighbors went to what was called the “black” school. It was built in the 1800s, run down, moldy, leaking roof, etc. Rules are rules. (Ann Arbor). Along came LBJ and Civil Rights and Democrats lost the South forever.

The South has risen again.

PS Also, women couldn’t get bank accounts, loans, managerial positions, and got paid 59 cents for each dollar men got paid for the same job, etc so expect that soon, too.

Rules are rules. 

What Can Be Done?

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America’s “system” brought THIS to the world. What can be done and how soon?

Pope Leo criticized the Iran attack. The Trump admin summoned a representative of the Vatican to let them know, “The United States has the military power to do whatever it wants in the world. The Catholic Church had better take its side.”

“One U.S. official present at the meeting brought up the Avignon papacy, a period in the 14th century in which the French monarchy bent the Catholic Church into submission, ordering an attack on Pope Boniface VIII that led to his downfall and subsequent death and forcing the papacy to relocate from Rome to Avignon, a region inside France.”

And today “Our great Military is … looking forward, actually, to its next Conquest.”

How Did We Get Here?

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Let’s just say the Iran situation calms down, Iran sets up the toll system and the US just … leaves. Then the world has to sit and wonder what Trump does next. It could be literally anything. Back to Greenland? Cuba? Canada? Take the UK?

How did this happen? The disppearance of rule of law, international law, norms … we are now all at the whim of one madman with incredible power. The entire world!

After WWII the world tried to set up some structures to prevent another catastrophe. The US set up the regulatory state to prevent another depression and make people’s lives better. It was all systematically dismantled, piece by piece, with the effort hidden behind a fog of propaganda called “free speech” and based on “making some money.” Now a few people have all of the power and most of the wealth.

Will the world recover and do better next time?

Corruption Leads To Corruption Leads To Today

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Some time back I listened to Ezra Klein interviewing journalist Anand Giridharadas, The Infrastructure of Jeffrey Epstein’s Power, discussing how the networks Epstein set up worked. It was just so enlightening and I’m still thinking about it, seeing it everywhere…

Of course there were the people, like Trump, who were part of raping young girls, attending the parties, etc.

There were the people who did not engage in the worst but benefitted from the connections Epstein offered. They knew about the worst because he had already been convicted the first time, but they benefitted from the connections and that was what mattered to them.

Earlier than that there were people who saw it happening, knew about the girls and the parties and just thought boys will be boys and laughed. That’s what women and girls were for! It’s just the way it is.

There were lots of people who participated in letting Epstein off that first time. There was the entire crowd at the DOJ who stepped in and took over the prosecution and let him off easy and ordered everyone to keep quiet about it! There were the people who saw this happening and said nothing. This was how things were done and that’s the way it is and if you want your career you’ll keep your mouth shut. And so they kept their mouths shut.

An Entire System Of Corruption

After all, everyone knew that corporate executives and the very wealthy and certain politicians and powerful people like them were above the law. That’s the way it is and if you want to keep your career you’ll sign the NDA and keep your mouth shut.

This was just one part of an entire system of corruption and acceptance of and expectation of corruption built up over the years and it was of a part with the entire system of letting fraudsters and money-launderers and corporate criminals and an entire class of predators get away with harvesting the public for profit. No prosecutions of executives for anything, ever. Polluters. Tax dodgers. Bank executives who crashed the economy with fraud. “Lobbyists” who exist just to pay off politicians. Government regulators who keep their mouths shut and don’t make waves or rock the boat, then leave government and are given lucrative jobs or contracts or “speaking fees” thanking them for their service to the system of corruption.

A corrupt Supreme Court that has now legalized that system of bribery. Every day that all just got worse and worse until we have what we have now – a King and his family and the fascists around them raking in billions and billions.

The Dirty Hippies Who Refused To Participate In The Corrupt System

What stood out to me was there also were people who were repelled by it and wanted nothing to do with it and refused to benefit from the connections, favors & gifts and other things Epstein was dangling. They told associates to keep away from him and keep him away from anything they had to do with. Those are the ones the Trump admin is going after now because of that, prosecuting, etc. They are the “dirty hippies” who protest and show up at marches. They are the people who try to protect their neighbors from being taken away by masked thugs in unmarked vans.

So I recommend listening to:
The Infrastructure of Jeffrey Epstein’s Power
The journalist Anand Giridharadas examines the power and influence that Jeffrey Epstein brokered and that the latest batch of Epstein files puts on display.

Crypto Crash – The Serious Money Is Betting Trump Will Fail

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The crypto crash means the “serious money people” are betting that Trump will fail.

When crypto started to become big money serious investors got involved. Serious investors do real analysis and usually know what they’re involved in. Sure, there are the dupes out there who think crypto has real “value.” But the real money in crypto comes from real investors putting millions into it and doing some degree of actual analysis of the risks.

Crypto’s only real use is crime. Its “use case” is ransomware, organized crime, bribery, fraud. With Trump there is the “rug-pull” fraud use case where you “issue” crypto coins, people place bets, and the issuer pulls the rug and cashes out. (Note – When you buy crypto you are giving crypto owners liquidity – backing the ability of criminals to cash out after their ransomware/bribery/whatever score.)

“Investing” in crypto is really just a bet on criming going up.

Crypto’s price went up and up because the real money made bets that Trump is going to be able to keep the crime racket going, even increasing it. They also believed the US government would step in and back it, buying up billions and maintaining its liquidity. A bet on crypto was a bet on Trump’s success at imposing a mafia state on the world.

So by pulling out and crashing the price, the “prediction market” of crypto – the big players – are betting that Trumpism isn’t going to succeed.