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Charles Hugh Smith: Capitalism for the powerless, crony socialism for the powerful
By Charles Hugh Smith
OfTwoMinds.com
Friday, June 18, 2021
The only dynamic that's even faintly "capitalist" about America's crony-socialism is that the price of political corruption is still a "market."
The supposed "choice" between "capitalism" and "socialism" is a useful fabrication masking the worst of all possible worlds we inhabit: capitalism for the powerless and crony-socialism for the powerful.
Capitalism's primary dynamics are reserved solely for the powerless: a market price of money, capital's exploitive potential, free-for-all competition, and creative destruction.
... Dispatch continues below ...
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The powerful, on the other hand, bask in the warm glow of socialism: The Federal Reserve protects them from the market cost of money -- financiers and the super-wealthy get their money for virtually nothing from the Fed, in virtually unlimited quantities -- and the Treasury, Congress, and the executive branch protect them from any losses: their gains are private, but their losses are transferred to the public.
The Supreme Court ensures the super-rich maintain this cozy crony-socialism by ensuring they can buy political power via lobbying and campaign contributions -- under the laughable excuse of free speech. ...
... For the remainder of the commentary:
https://www.oftwominds.com/blogjune21/crony-socialism6-21.html
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