Nina-Bytes: Rigged Games, Supervillains, and Neofeudalism

 

Editor's note: Nina-Bytes is a weekday blogging series that features short analysis and commentary on articles from around the web.

 

U.S. Billionaires Got 70% More Wealth Under COVID. They Didn’t Deserve Any of It.

A little over a week ago, I published a blog that briefly touched on the historically unprecedented levels of financial inequity in our society. In that post I theorized that this phenomenon was both a contributor to, and side effect from, our society's ongoing transition to a state of capitalism I, and others, have been calling neofeudalism. In this Jacobin article by Luke Savage, we get a glimpse of what that actually looks like in the context of an ongoing class war during a pandemic; and it's predictably infuriating. 

Using data from an Institute for Policy Studies report, Savage reports that the combined wealth of America's billionaires has risen by seventy percent during the pandemic. This includes the minting of a hundred and thirty one new billionaires; creating a situation where just under seven hundred and fifty people "now own almost 70 percent more wealth than half the country combined." Although Savage doesn't mention it, the report also notes that this comes during a pandemic when eighty-nine million people in the U.S. have lost their jobs. "We're all in this together" my shiny pink ass.

 

Although the numbers are staggering, it's tempting to write them off as pandemic profiteering. As Savage notes however, the real driving force behind this intense concentration of wealth during the pandemic is keystroke hot money injected into financial markets by central bankers. In other words; this is plutocratic disaster capitalism on steroids. As nearly everyone on the left predicted, the pandemic relief strategy of just giving rich people a bunch of money to buoy the stock markets, worked out well for rich people and not so much for the rest of us.

 

This pandemic windfall is of course on the heels of, and in addition to, the unprecedented transfer of wealth granted to America's rich by Donald Trump's barely-remembered tax cuts. Furthermore, all of this wealth concentration must be understood in the context of a lobbying fight against even moderate tax increases, that these same rich people are waging against Joe Biden's Build Back Better Act as we speak. Clearly, it's always a good time to be rich in America; which brings me to my larger point.

 

Unfortunately, explaining precisely how I think neofeudalist capitalism works is beyond the scope of this blog. I can however easily tell you what it looks like. And what it looks like is a society rigged so that no matter what happens, good or bad, the billionaires always win. It looks like a society where the political solution to every crisis, or even the absence of a crisis, is to give billionaires more public money. Most importantly, it looks like a society prepared to herd eight billion people off the ecological cliff so knock off supervillains like Jeff Bezos and Charles Koch can pocket unheard-of wealth for just a little while longer. 

 

I have seen the enemy, and he is Musk.

nina illingworth

Anarcho-syndicalist writer, critic, and analyst. 

You can find my work at NIDC, Can’t You Read, Media Madness and my Patreon Blog

Updates available on Twitter, Instagram, Mastodon and Facebook. Podcast at “No Fugazi” on Soundcloud.

Inquiries and requests to speak to the manager @ASNinaWrites

Chat with fellow readers online at Anarcho Nina Writes on Discord!

“It’s ok Willie; swing heil, swing heil…”

Nina-Bytes: Class War, Inequity, and the Rise of Neofeudalism

 

Editor's note: Nina-Bytes is a weekday blogging series that features short analysis and commentary on articles from around the web. This post is archival and originally appeared on October 11th, 2021 over on our Facebook page.

As Americans Demand Tax Reforms, Analysis Finds Top 1% Hold More Wealth Than Whole Middle Class

Look, I hate to keep beating this same drum here, but there’s a reason I loathe rich people and it sure ain’t envy. In this Common Dreams article, Brett Wilkins talks about a recent Bloomberg report revealing that Americans in the top 1% have more wealth than the entire middle class; these are of course the same Americans funneling cash into dark money groups to stop moderate tax reforms in the U.S. as we speak. Even setting aside the somewhat arbitrary and politically disempowering way the “middle class” is defined here, the federal data shows that 1.3 million U.S. households (making 500K or more) now have more wealth than the 77.8 million families in the middle 60% of income tiers.

As the article details, the super-rich are currently beating the “middle class” (which includes plenty of affluent people as the maximum income rate for this definition is 141K a year) 27% to 26.6% in terms of national wealth share. This represents a stark departure some similar figures released as recently as 1990, when the super-rich controlled roughly 17% of national wealth, to the middle-classes 36%. Please keep in mind that while this economists definition of the middle class does include people making as little as 27K a year, it does not include anyone our society is prepared to call “poor.”

What I don’t think really comes across in this article however, is how absolutely unprecedented this situation is in the history of the Pig Empire. Everyone knows that the so-called Gilded Age was an era of vast inequity, robber barons, and open corruption by a complicit political class under the influence of monopoly power and its rivulets of cash. What most people don’t seem to realize however is that the levels of financial inequity and open corruption in our very own society have long surpassed anything from the Roaring Twenties.

Indeed, as I have posited elsewhere, we’re approaching a point where this level of inequity is fueling a new, and yet disturbingly familiar form of capitalism I’ve taken to calling “neofeudalism.” The rich have captured enough wealth and political influence to transform our whole society into a machine whose entire purpose is funneling even more wealth and power into their greedy fingers; even at the cost of all life on earth. Given that this is still capitalism, this wealth is obviously being taken from everyonebeneath them on the socioeconomic ladder; as the numbers we just looked at demonstrate.

This fusion of money power and control of the state has now locked the whole of society into a parasitic relationship that resembles landed lords and serfs from the darkest ages of European feudalism, and there’s no indication the rich have plans to stop the machine anytime soon. The class war may not look any different on the ground, but the moneyed interests we’re battling against today are armed with more power and influence than ever before; which is allowing them to rig our governments to serve them, and snatch the wealth of a broader and broader swath of our society.

It’s a slaughter alright; but the fattest pigs are running the abattoir and everyone who isn’t with them, is next on the chopping block.

nina illingworth

Anarcho-syndicalist writer, critic, and analyst. 

You can find my work at NIDC, Can’t You Read, Media Madness and my Patreon Blog

Updates available on Twitter, Instagram, Mastodon and Facebook. Podcast at “No Fugazi” on Soundcloud.

Inquiries and requests to speak to the manager @ASNinaWrites

Chat with fellow readers online at Anarcho Nina Writes on Discord!

“It’s ok Willie; swing heil, swing heil…”

Nina-Bytes: Climate Crisis, Capitalism, and Culpability

 

Editor's note: Nina-Bytes is a weekday blogging series that features short analysis and commentary on articles from around the web. This post is archival and originally appeared on October 5th, 2021 over on our Facebook page.

World's richest 1% cause double CO2 emissions of poorest 50%, says Oxfam

I don't know about you, but I'm getting mighty damn tired of hearing excuses about why "we" can't collectively come together to prevent climate catastrophe; and I'm especially getting tired of hearing it from bougie ruling class muppets who're inarguably a massive part of the problem.

You can chant "we're all on this Earth together" like a mantra if you want, but the numbers don't lie. Rich people are overwhelmingly using more of our shared resources, and releasing more carbon than the entire labor class. Poor people and indigenous farmers aren't killing the planet; seventy one percent of global greenhouse gas emissions since 1988 come from just one hundred corporations. And we know who the owners and controllers of those corporations are! Hell the one of the largest polluters on Earth is the United States military; does that sound like a "we" problem to you?

It's overwhelmingly the capitalist class that's causing the problem, and it's the capitalist class whose lust for endless and immediate profits that's preventing us from taking the steps necessary to save our planet, and with it potentially all life on Earth. The rich have already pillaged our collective future for filthy lucre, and now they (and their in pocket politicians) are refusing to pay for the ensuing fallout; a fallout that may well kill us all. 

This is absolutely not a "we" crisis, and we sure as sh*t aren't all in this together.

nina illingworth

Anarcho-syndicalist writer, critic, and analyst. 

You can find my work at NIDC, Can’t You Read, Media Madness and my Patreon Blog

Updates available on Twitter, Instagram, Mastodon and Facebook. Podcast at “No Fugazi” on Soundcloud.

Inquiries and requests to speak to the manager @ASNinaWrites

Chat with fellow readers online at Anarcho Nina Writes on Discord!

“It’s ok Willie; swing heil, swing heil…”

Nina-Bytes: Global Corruption and a Culture of Zero Accountability

 

Editor's note: Nina-Bytes is a weekday blogging series that features short analysis and commentary on articles from around the web. This post is archival and originally appeared on October 3rd, 2021 over on our Facebook page.

The Pandora Papers

Over the next few weeks, you're likely going to be hearing a lot about a series of global financial leaks called "the Pandora Papers" - and if the history of the Panama Papers, and the Paradise Papers is any indication, the reporting on this subject will be equal parts atrocious and complicit. 

These leaks are a part of a gigantic (2.94 terabyte) data trove that exposes the secret offshore financial manipulations and tax evasions schemes of the uber wealthy; including individuals from over 200 countries and territories. Perhaps most importantly, these leaks include records of financial skullduggery from more than 330 politicians and 130 Forbes billionaires; these aren't just the machinations of the ruling classes, but also of their in-pocket muppets in what is very loosely defined as "public service."

This project, from the International Consortium of Investigative Journalists, involved processing more than 11.9 million individual records, and represents the work of over 600 individual journalists, from roughly 150 separate news outlets around the world. In other words, this is the mother lode of dirt on rich guys and their schemes to accumulate and hide wealth, without having to return anything whatsoever to society. 

Unfortunately, and despite the gravity of these leaks, this story will likely receive very little attention (long term) in for-profit Western media for two primary reasons.

The first reason is that due to the absolutely absurd way American tax law works to protect the wealthy from any form of taxation, there are very few Americans listed in these leaks because American billionaires already get to keep all their money; and as anyone who has ever worked in American media can tell you, the world ends for our news on the near shores of either ocean that surrounds Turtle Island.

The second reason is that despite the (rightful) moral outrage these leaks would produce in any person who actually understood them, the vast majority of financial activity depicted within is perfectly legal. Oh sure, there may be some question of ethics violations by the various political puppets who used offshoring and secret banking instruments to enrich themselves while on the public dime, but the reality is that rich people all over the globe have spent the past forty years making this type of bald faced corruption not only legal, but the expected reasonable behavior for the rich.

Of course, rigging the laws to make your wholly unethical behavior "strictly legal" is nothing new; I'm reminded of the time when Martin Luther King Jr told a captivated audience that "everything Hitler did in Germany, was legal." Nor should it be particularly surprising that a media owned (and increasingly staffed) by the wealthy, would hand wave away corruption and malfeasance like this; it's a big club, and you aren't in it lads. 

What's surprising here more than anything, is the crassness with which the ruling classes will respond to this; shrugging their shoulders and in their best Joe Manchin asking "you got a problem?" And even worse is the realization, even before the news has grown cold, that at the end of the day they're all going to get away with it.

nina illingworth

Anarcho-syndicalist writer, critic, and analyst. 

You can find my work at NIDC, Can’t You Read, Media Madness and my Patreon Blog

Updates available on Twitter, Instagram, Mastodon and Facebook. Podcast at “No Fugazi” on Soundcloud.

Inquiries and requests to speak to the manager @ASNinaWrites

Chat with fellow readers online at Anarcho Nina Writes on Discord!

“It’s ok Willie; swing heil, swing heil…”