By Dickson Igwe, Contributor
Jack the super-wealthy and the working poor austere trickledown economics has created a world oligarchy.
The world is ruled by the super-wealthy. A great irony with globalization is that it has re-established the exponential social inequalities inherent in both ancient and recent history.
Furthermore, globalization has benefitted autocrats and authoritarian rulers. Democracy has not benefitted from globalization, albeit, globalization has created a new middle class- in relative terms- in Asia, Africa, and the Third World, of over a billion people.
The new middle class is ruled over by authoritarians and dictators mainly. OK. From the gilded age of the early 1900s, back to medieval feudalism, then all the way back to the start of written history, the world has been ruled by elites. Monarchs, scribes, warrior kings, landed nobles, and wealthy merchants, have ruled from the time of Ancient Egypt. Democracy is actually very recent. And women and blacks in the west only got the vote in the early to mid-1900s.
Slavery, toil of the peasantry the norm
For most of human history, slavery, serfdom, and the toil of the peasantry have been the norm. The one percent rule the world assisted in their control of the global economy by the nine percent. The nine percent are the advisers: lawyers, bankers, administrators, managers, and the security and military apparatus, who keep the wealth of the one percent ‘safe and sound’.
The nine percent form a type of professional upper class: they are an invisible wall between the 90% and the one percent. The nine percent are in the $150K to $1 million earnings bracket. These are proverbial ‘’henchmen’’ of the super-wealthy and powerful.
Drop swords of xenophobia
OK: What struggling ‘western workers’ fail to realize is that they would actually be better off were they to drop their swords of xenophobia and race hate, and two work with their fellow black and minority colleagues, to obtain better wages and benefits from the one percent, who own their places of work.
The one percent dislikes Unions and socialist type organizations intensely, and for good reason. Before the onset of the Supply Sided, Trickle Down, Economy, post the 1970s, the 90 percent — the working and middle classes- were actually better off in real terms than they are today. The Keynesian Economy was a bottom-up fiscal culture that invested heavily in social infrastructure that benefitted the masses. Public investment and economic stimulus drove western economics. Keynesian economics and socialism are symbioses. Since the onset of Trickle Down in the early 1980s, wages and living standards have stagnated for the 90 percent.
Massive transfer of wealth
Instead, there has been a massive transfer of wealth from 90 percent to one percent. A key reason for this transfer has been the increase in private debt brought on by the Trickle Down, Economy. This is debt that is indirectly owed to the one percent. Debt is a tool for increasing consumer demand. Increased consumer demand drives up both corporate profit and personal debt under the Supply Side Economy. Debt is also a reason for the boom to bust economic cycle.
Now, that growth in wealth inequality has been blamed for social upheaval in the US and the UK. Migrants are not to blame for job losses in the UK and USA. Those job losses are the result of a new world economic order that is integrated and top-down, where factory and business owners can move assets offshore, or to the Far East, at the click of a mouse.
Under the trickle-down supply-side economy, CEOs and top executives contemplate the purchase of their second yacht and third vacation home while the struggling working and lower-middle classes get the crumbs that fall off the “proverbial buffet table”.
Politicians who are part of the one percent like Donald Trump, giving tax breaks to their super-wealthy friends, will not help blue-collar types in Iowa and Ohio.
Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.