When I started following the flow of wealth upward, the top 10 percent already owned more than the rest of us combined. Now --the 'ruling' one percent owns and/or controls more wealth than is owned by the rest of us combined. Enron was not an aberration. Enron's crime was not only that of putting the screws to California; Enron's crime was 'getting caught'. The sell out to China by Nixon/Bush was not an aberration; it was, like Enron, a part of the game plan. It is no accident that China props up the buck but only because and when it is in their interests to do so. Lately, China, it is said, is reconsidering its 'bargain' with Satan.
Monied interests control our daily lives in ways that we have not fully understood. We need dollars to buy not just 'luxury items' but essentials --housing, food, transportation. But, as a result of Nixon's Faustian bargain with China, our dollars are worth less (worthless?).
In the meantime, the ruling elites own the media that we watch. That's worth repeating: the elites --about a half-dozen huge corporations --own the media! Thanks to the administrations of Ronald Reagan and George H.W. Bush, the media was relieved of its responsibility to serve public interests. Thanks to Ronald Reagan, the Fairness Doctrine was trashed, limits on corporate ownership rescinded. Thanks to Ronald Reagan primarily, the corporate media have no other job but to serve up lies and bullshit and tell you what to think! Fox is but the most obvious and repugnant example, but, in fact, no other outlet is, in any way, encouraged to be factual, fair, or responsible. The 'public interest' is considered to be 'quaint'.
When television is good, nothing — not the theater, not the magazines or newspapers — nothing is better. But when television is bad, nothing is worse. I invite each of you to sit down in front of your own television set when your station goes on the air and stay there, for a day, without a book, without a magazine, without a newspaper, without a profit and loss sheet or a rating book to distract you.But this article is not solely about the media but about how the ruling 'elites' own and control K-Street and, hence, the government of the United States. It is about how the media is but a means by which the 'people' --you and I --are, in fact, ruled and manipulated. The elites own not only the media but the Military/Industrial complex! They are the sole beneficiaries of wars for which 'we the people' are expected to sacrifice both our lives and our lifestyles. Wars are fought entirely for the benefit of of this ruling elite. Bobby Darin's 'Simple Song of Freedom' nailed it: "....we the people here don't want a war!" Anyone not a member of the elite are cannon fodder.
Keep your eyes glued to that set until the station signs off. I can assure you that what you will observe is a vast wasteland. You will see a procession of game shows, formula comedies about totally unbelievable families, blood and thunder, mayhem, violence, sadism, murder, western bad men, western good men, private eyes, gangsters, more violence, and cartoons. And endlessly commercials — many screaming, cajoling, and offending. And most of all, boredom. True, you'll see a few things you will enjoy. But they will be very, very few. And if you think I exaggerate, I only ask you to try it.--Newton Minow, Upon his Appointment to the FCC by President John F. Kennedy
Every major economist from the conservative Adam Smith to Karl Marx, from Ricardo to Krugman concedes: 'wealth' is created by labor. Ergo: wealth flows upward --never down as the GOP would have you believe. Supply-side ecnomics (trickle down theory) was clearly designed to fool a gullible public. It is nothing more than a disingenuous rationalization, in fact, a bald-faced lie! Understanding this reality explains why no GOP tax cut has ever benefited the U.S. economy. It also explains why, in fact, every GOP administration is defined by the recession/depression that inevitably catches up with them. It is a credit to the great and awesome GOP noise, bullshit and propaganda machine [NBPM] that any intelligent person in the United States should buy into 'supply-side economics', otherwise called 'trickled down theory'.
It is interesting that while 'labor' creates wealth, it is the 'ruling elite' which --alone --benefits! Only the word slavery can describe an absurd upside-down, through-the-looking-glass world in which the rich have acquired the political power required to grant themselves 'largesse' --tax cuts and lucrative contracts!
A perfectly egalitarian society could get along just fine if there were perfect equality, i.,e if there were no rich folk whatever. I would put money on such a society being much more productive, happier, peaceful! Why are wars fought? Wars are fought to seize the resources of other nations and in almost every case the assets seized are distributed in various ways to the ruling elites who are most certainly the most vocal proponents of war. Rome is still the best analogy. Rome was often bankrupt! Rome invaded Dacia for its 'gold'! Why? Roman sesterces were worthless as a medium of exchange. As a mere token to facilitate a head-count, sesterces would get you into the Coliseum. It is doubtful that it was worth a load of bread. When the Praetorian Guard auctioned off the empire, it was purchased by a nobleman --Didius Julianus! He paid in Greek Drachmas --not the worthless roman 'currency'.
Who risks his/her life in wars abroad, wars which benefit only the ruling one percent? It is the poorer classes who are honored with front-line duties. It was those 'left behind' by GOP policies who were, in various ways, rounded up and sent to the front lines in Viet Nam and, more recently, Iraq! Because of the 'draft' --involuntary servitude --Viet Nam was especially troubling. Iraq is no less disturbing; because of a failing economy, recruiting was easy from among those left behind by the GOP and exploitative right wing policies in general. How many members of the 'ruling one percent' have been killed in Afghanistan and/or Iraq? I want names and numbers!
The very presence of elites distort markets. If there were no 'elites' the price of advertising would adjust to reality --a little thing called 'supply' and 'demand'. Basic economic concepts include 'elasticity' or 'inelasticity' of demand, concepts that describe the responsiveness of 'demand' to changes in price. The same concepts describe 'demand' for money, i.e, the effect of great wealth upon money markets. The demand for most necessities (food, medicine, basic clothing) is said to be ineleastic, i.e, people who are very sick, for example, will pay almost any price for relief or cure. The hungry will pay almost any price for food --if they should be lucky enough to have it.
For everyone but the very rich, this is true of money. For us, money is a necessity. Elites, however, increase their holdings most dramatically when the dollar is lowest vis a vis other world currencies. Thus, great wealth controls the world market for money. We are but pawns, monetary cannon-fodder, thrust into the front lines of the money wars. We plebs are but pawns who must inevitably take the fall for 'Queen and country'.
If there were no 'elites' to bid the prices up with their mere presence, ski resorts might enjoy a 'plebeian' clientele. But, because skiing is 'in' among jet setters, playboys and glamorous blondes, folk will spend absurd sums to ski in Aspen. These people are not better than you and I --just richer. I know at least one extremely wealthy health-club magnate drawn to Aspen like a bee to honey. He turned out to be, like many another rich asshole, a psychopath who left his wife, moved in with a hot 'honey' and when things did not go his way hired incompetent hit men who tried but (fortunately) failed to murder the intended victim, a beautiful blonde pageant winner. She recovered, changed her identity and, presumably left the country.
In fact, little would change but for those items in which the ultimate retail price is bid up by big money. But if there is no big money, the production and sale of 'goods' would simply find a new level, a new equilibrium. The elites have bid up prices unnecessarily and there is no evidence that there is or ever has been a rationale, a reason why this must be the case. It is often implied that this is just the way the world works, the 'way things are'! I don't think so! I often got into trouble as a high schooler for daring to ask: who sez?
In fact, many are priced out of markets. But why? What is the net gain to society as a whole? Some items that are prohibitively expensive to produce and/or market might go the way of the dodo unless they are absolutely essential to --say --national security! I don't think Beluga caviar qualifies.
I daresay --more egalitarian economies are the more efficient economies; inequitable economies much less so as inequities increase. In the U.S. the degree to which an economy is determined to be either egalitarian or skewed toward elites is measured by the GINI INDEX. I would urge a bright seeker of a doctorate in economics to make the case (in his/her paper) that in the U.S. the most egalitarian regimes are and have been the most productive as measured by the ratio of GINI to GDP. It is no coincidence that every major recession – at least –since WWII has occurred during and as a result of GOP economic/monetary policies, primarily Calvin Coolidge, Herbert Hoover, Dwight Eisenhower, Ronald Reagan, George H.W. Bush, George W. Bush. Who did I leave out? It must be pointed out that every GOP administration since World War II has, likewise, run up the largest debts and deficits. On this point, it is the administration of Ronald Reagan that is the specimen that is typical of the GOP 'species' as a whole.
Recessions may not be defined by joblessness but are always characterized by it. Typical of the right wing, Austrian economist Joseph Schumpeter dismissed this result saying that the Great Depression (for example) was simply a 'good, cold douche' for the economy'. Douche! A 'douche', he called it! I don't buy that. I think his argument was and remains shallow and flippant and, rather, missed the point! Rather --recessions benefit only the investor class perhaps by design. It is hard not to conclude that they are manufactured so that the investor class can take its profits, sell short, and, in other ways, consolidate positions. We buy into this because, in America, it is all we've known. Face it ---we've all been brainwashed since birth!
The very, very rich benefit from what I call the 'Malibu Effect' defined by the ability of rich folk to 'price' poor folk 'out of a market'. For a long time, the houses on Malibu were nothing to write home about. Until, that is, the very rich discovered Malibu! Big money wasted no time bidding up the price of wood frames on stilts. You could have had the same house in Lazbuddy, TX for a song. But because it is 'in' or 'fashionable', the word MALIBU on your address is worth a lot of money ---wood frame or not!
It was in the late 60s that a distinguished economist (whose name I cannot recall) wrote that 'status symbols' were on the wane as income and wealth inequities declined. His words were written during the administration of LBJ. Perhaps Lyndon had created a 'great society' after all.
I am quite sure that as this economist was writing, the GOP base of elites were already scheming to change all that. Since that time, the GOP has succeeded in proving that they have the power to price you out of the market for many things that are not only desirable but often necessary. Why should the very wealthy be allowed to deny the middle and lower classes of access to health care, quality education, decent housing, transportation to jobs? Health care is often the battleground on which is waged this war between the classes! It is not enough that the elites can afford to get care and you cannot, the elites --by way of their control over both K-street, Wall Street and Congress --deny you what should be declared a universal, human right to 'universal health care'!Addendum:
Yes, the S.S. Minnow from Gilligan's Island is being restored and will be available for tours. More than one boat was used on the show, but this is the one in the opening credits.I have special affection for this boat because it was named after my father, Newton Minow, whose famous speech to the broadcasters calling television a "vast wasteland" annoyed "Gilligan's Island" creator Sherwood Schwartz. So Schwartz named the sinking boat after him! My dad got a huge kick out of it and later had a very cordial exchange of letters with Schwartz. It is a great point of pride for our family. [Read more]
Bobby Darin: A Simple Song of Freedom
Lost on Gilligan's Island