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Tue Nov 13, 2012, 01:29 AM

Thom Hartmann: The Oligarchs Don't Understand Economic Collapse Happens When They Get All the Money

http://www.alternet.org/economy/danger-ahead-oligarchs-dont-understand-economic-collapse-happens-when-they-get-all-money

Thomhartmann.com / By Thom Hartmann, Sam Sacks

Danger Ahead: The Oligarchs Don't Understand That Economic Collapse Happens When They Get All the Money

The corporate masters seem to have forgotten they depend on working people for their own survival.


November 12, 2012

Letís face it, if your opponent in Monopoly scoops up Boardwalk, Park Place, North Carolina Avenue, Pacific Avenue, both utilities, and the four railroads Ė thatís game over.

The other players, all of whom have been relegated to mere consumers instead of property owners, will slowly go bankrupt having to pay higher and higher costs for rent and services, utilities, and transportation. Eventually, one player has all the money and the losers have to clean up the board game and put it away.

But letís assume the Monopoly game doesnít end there. Letís assume the broke players keep rolling the dice and keep going around the board. They essentially keep living their lives desperate and broke, using their credit cards and home lines of credit to stay in the game. Maybe they end up in jail. If theyíre lucky, they land on Baltic Avenue and can afford to stay a night in the slums.

Meanwhile, the oligarch who owns everything can no longer collect any income. The other players canít afford to pay rent, they canít pay utilities, and they canít ride on the railroads. Eventually, without consumers spending money, the Monopoly oligarch goes broke, too. His properties and businesses disappear and suddenly everyone is broke!

Thatís what Monopolyís version of economic collapse looks like. And itís very similar to what global economic collapse in the real world looks like, too.

Now put the Monopoly game board away and consider this: Researchers in Zurich, Switzerland have found that there are roughly 43,000 transnational corporations that dominate the global economy. Of those, there are about 1,300 companies that control 80% of all the global revenues for all the transnational corporations on the planet. Now letís take it a step further. Of those 1,300 core companies, only 147 companies, which all happen to own each other in some way, control 40% - or nearly half Ė of all the wealth in the entire transnational corporate network. That means 1% of transnationals own 40% of all the worldís business wealth.

In other words, the global 1% has its own 1%.

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Reply Thom Hartmann: The Oligarchs Don't Understand Economic Collapse Happens When They Get All the Money (Original post)
Hissyspit Nov 2012 OP
DCKit Nov 2012 #1
Fire Walk With Me Nov 2012 #2
HooptieWagon Nov 2012 #3
Live and Learn Nov 2012 #4
Selatius Nov 2012 #5
Live and Learn Nov 2012 #6
Selatius Nov 2012 #7
Live and Learn Nov 2012 #8
Hissyspit Nov 2012 #9
reformist2 Nov 2012 #10
marions ghost Nov 2012 #11

Response to Hissyspit (Original post)

Tue Nov 13, 2012, 01:42 AM

1. So forwarded.

 

Have I told you how much I love you in the past two days?

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Response to Hissyspit (Original post)

Tue Nov 13, 2012, 01:44 AM

2. More like, they don't care one whit

 

or get a tremendous laugh out of it.

It is dangerous to eliminate "intent" from their actions. They are not automatons.

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Response to Hissyspit (Original post)

Tue Nov 13, 2012, 02:03 AM

3. Friedman's economic model was tested in Chile.

Chile's economy was devastated, a handful of people got very wealthy, so the free marketers declared it a success.
http://www.bidstrup.com/economics.htm

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Response to Hissyspit (Original post)

Tue Nov 13, 2012, 03:29 AM

4. Monopoly is what I have always equated it to, too.

Hated the board game and the real life game sucks even more!

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Response to Live and Learn (Reply #4)

Tue Nov 13, 2012, 03:52 AM

5. Supposedly, the inventor of the game set it up to mimic what happens in any market.

If you let the players do their thing, eventually only a few players or just one is left in the market. He then becomes a monopolist, and the game stops because there is no more competition.

If you wanted the game to go on and on, you have periodic bouts of trust-busting, where you expropriate money and property from the monopolist and redistribute to the other players who were defeated, and you go again.

Then, you're actually mimicking social programs in real life like the SBA or food stamps or unemployment insurance, programs that help people get back up on their feet when they "lose" the game.

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Response to Selatius (Reply #5)

Tue Nov 13, 2012, 04:11 AM

6. Exactly. Without some form of redistribution, the 99.999999... die off.

And then what becomes of the 1 left?

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Response to Live and Learn (Reply #6)

Tue Nov 13, 2012, 04:44 AM

7. Another game starts. It's called Feudalism.

After the Roman Empire and civil society disintegrated, anybody else who wasn't on the feudal manor died.

Those who were on the plantation or worked for the landowner became locked in and were reduced to serfs and peasants; the landowner became lord; the plantation became the feudal manor. The peasants worked the land to grow food. The lord ate the food and gave the scraps to the peasants. Religion is used to put the fear of the landlord into their hearts with the divine right to rule over all.

The Roman coinage was locked up in the keep, eventually melted down into new coins and stamped with the face of the new lord, this to erase any lingering memory of a form of government elected by people.

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Response to Selatius (Reply #7)

Tue Nov 13, 2012, 04:48 AM

8. Yep. In my home, it was called throwing the game up into the air.

Funny, it was usually done by the only one of my 4 siblings to become a right winger.
Of course, at this point he is the best well off of any of us and calling for our parent's government pensions to be revoked. Arghhh.

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Response to Hissyspit (Original post)

Tue Nov 13, 2012, 06:38 AM

9. kick nt

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Response to Hissyspit (Original post)

Tue Nov 13, 2012, 06:43 AM

10. We've known for over 100 years that capitalism ends up in monopoly. Trust-busting, new deals...

...redistribution, to be blunt, is the only real solution. Not only is it the solution, it's the only option left. That is, unless you happen to want impoverishment and slavery.

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Response to Hissyspit (Original post)

Tue Nov 13, 2012, 08:08 AM

11. Yep--Oligarchs never get it

Up to us to help them understand.

Group solidarity.

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