Now This: Author Denise Hearn on the Hidden Cause of U.S. Inequality
Posted in Daily
click image to watch video
posted January 2, 2019
“Capitalism without competition is not capitalism.” — The hidden reason economic inequality is on the rise is right in front our noses.
Mike, thank you for this article/video. It is true, but what the author never mentions is the power behind the concentration of business: multinational corporations are dependent on huge loans from the banking system. The owners of the banking system (think owners of Chase or Citi) run a money system where private commercial banks CREATE money when they give bankmoney to a borrower. Who has more power than this in the private economy? The U.S. government must borrow money to pay its bills. The U.S. government has over 21.4 trillion of debt – the largest single owner of Treasury debt being the private 12 Federal Reserve Banks. And the 12 Federal Reserve Banks are owned by their member commercial banks (think Chase and Citi and….). This is the CORE of what drives concentration of industry and inequality.
Corporations that are buying up other corporations do so with their huge ‘loans’ (i.e. created bankmoney) from the large Wall Street banks.
Sue