The world that late-stage capitalism is creating is one where the only stable states—or things that resemble states—will be the fortified high-tech enclaves that the super-rich create in the wake of a collapsed civilization. In the scenarios that some futurists have been anticipating, by the end of this century the only places with reliable electricity are going to be the walled off communities of these elites, guarded by those seeking to be rewarded with food and housing and sustained by a neo-feudal network of farming.
Trump’s economic policies have not addressed the fundamental forces that have gutted industrial jobs under the administrations of both parties, says economist Michael Hudson on theAnalysis.news podcast with Paul Jay.
Matt Taibbi concluded that the 2008 Wall Street bailout had “built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors.” In this post-crash environment, the largest financial institutions gained more of a hegemonic grip than ever, with the five biggest banks having come to own almost half the industry by 2015.
BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve. The fate of a large portion of the country’s corporations has been put in the hands of a megalithic private entity with the private capitalist mandate to make as much money as possible for its owners and investors; and that is what it has proceeded to do.