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Showing posts with the label 21st century corporate feudalism

January 21, 2010: The day corporate dictatorship destroyed the last remnants of US Democracy

globinfo freexchange     As we described many times in this blog, corporate power grew rapidly since the early 70s with the rise of neoliberalism and its subsequent establishment as the dominant culture, especially in the West.  In the motherland of neoliberalism, the United States, corporations essentially legalized corruption in politics during the 70s in order to capture the entire political system and put it under their complete control. As David Harvey describes in his book A Brief History of Neoliberalism :                          The supposedly ‘progressive’ campaign finance laws of 1971 in effect legalized the financial corruption of politics. A crucial set of Supreme Court decisions began in 1976 when it was first established that the right of a corporation to make unlimited money contributions to political parties and political action committees was protected under the First Amendment guaranteeing the rights of individuals (in this instance corporations) to freedom of speec

March 23, 2022: The day Dollar domination ended ... for good

globinfo freexchange   It's quite remarkable that the West didn't see this coming. It was stupid enough to insist on unproductive sanctions against countries who would not surrender to its corporate colonialism. West's elites didn't realize that the reckless over-usage of sanctions as a tool for political pressure would one day become ineffective in causing the desirable regime change in any country-target. And that this reckless policy, would instead overheat the dollar-domination machine, accelerating the de-dollarization process in the targeted countries and elsewhere. The war in Ukraine and West's sanction-driven typical response against Russia, would only accelerate the de-dollarization process. That is, the attempt of the Sino-Russian bloc to decouple national economies from the declining neoliberal economic system of the West and make this new separate system attractive to other developing nations - several of which also suffer from long-term Western sanctio

Jonathan Pie proves that the post-capitalist civil war still goes on

globinfo freexchange   As we mentioned in the beginning of 2021, since at least July 2019, we were supporting the idea that Brexit is primarily the result of a capitalist civil war. Very few people (mostly in social media), were eager to accept this theory, while several were even mocking it as some kind of crazy conspiracy theory.    What puzzled us most, was the fact that even people from the global real Left were completely ignoring the capitalist-civil-war factor in Brexit equation during public debates. Many of them were seeing Brexit mainly as an angry response by the UK working class against the political and financial elites. We thought it would take forever to find someone from the Left to support the capitalist-civil-war theory.   We need to understand that this civil war between the capitalist factions does not come out of any substantially different ideological or political approach. Essentially, it's only a tough bargain. Capitalists just pick sides to n

Julian Assange, Gianna Papadakou, Kostas Vaxevanis: Western post-democracy becomes more authoritarian than ever

globinfo freexchange   When a dominant system begins openly and mercilessly go after top investigative journalists, you can understand that we have already entered the post-democratic era beyond doubt. But it is also a sign that the system becomes increasingly authoritarian because it loses the control of the flow of information and the narratives that reach the wide public.   The Western former crypto-fascist and now openly fascist neoliberal establishment wants to preserve the power of the corporate elites and the super-rich, even if it has to suspend more and more democratic principles that have been conquered in previous decades through struggles and blood. Like freedom of press, for instance.   And it's certainly not a coincidence that the system is going through a transition phase , (from capitalism to a modern type of corporate feudalism), in which, naturally, democracy has to be defeated decisively.    As we mentioned recently, Mitsotakis regime in Greece is taking steps t

Confirmed: Unpopular US President Kamala Harris is the most faithful puppet of the corporate oligarchy

globinfo freexchange     A recent article published on Bloomberg exposes impressively two things:    First, that the Democrats have no intention to even slightly move from their pro-corporate positions and towards the interests of the US working class; on the contrary.   Second, the elites essentially replaced Joe Biden with Kamala Harris.    The article was re-published by various websites and the surprises already start from the title: Harris quietly taps Wall Street, tech CEOs for advice on policy . Not that it is something we didn't expect, but why a top establishment outlet admits that Harris "quietly" runs to the banking-corporate oligarchy for "instructions"?  Perhaps more surprisingly, the answer can be found within the article itself:   The corporate world has provided a familiar source of help. As California's attorney general, Harris gained a reputation for frequently partnering with technology companies — rather than prosecuting them — as

August 12, 2020: The day capitalism officially died and replaced by something even worse

globinfo freexchange   It was the 12th of August, 2020. Nine o'clock in the morning, in London, the news came out that the national income of Britain (GDP) had fallen by more than 20% . That had never happened before in the history of capitalism - British GDP falling by 21% or so in one year. It was not anticipated. The markets were expecting a fall of 8,9,10%. No one was expecting a 21% fall. Fifteen or sixteen minutes later, the London stock exchange went up by 3% . There can be no explanation of that along the lines of capitalism.     This is how the Greek economist, Yanis Varoufakis, described essentially the official death of capitalism and its replacement by something even worse. The thing he calls "technofeudalism". While Varoufakis in various discussions struggles to explain why capitalism is already dead, it's rather funny that people still willing to debate on something that's already dead (capitalism) against something that's far from being practi

Fifty years from Nixon's shock: The moment the gates of hell opened to release neoliberalism and financial capitalism

globinfo freexchange   Half century passed from Richard Nixon's economic reform. The "Nixon shock" included " the unilateral cancellation of the direct international convertibility of the United States dollar to gold. Although Nixon's actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative. While Nixon publicly stated his intention to resume direct convertibility of the dollar after reforms to the Bretton Woods system had been implemented, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was replaced de facto by the current regime based on freely floating fiat currencies. "   And so, one of the worst presidents in the history of the United States opened the door to the domination of financial capitalism and the correlated destructive neoliberalism.    Two years after Nixon's s