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IPFS News Link • Crony Capitalism

USA 2021: Capitalism for the Powerless, Crony-Socialism for the Powerful

• Charles Hugh Smith

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: market price of money, capital's exploitive potential, free-for-all competition and creative destruction.

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.
 


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