Two events coincided this week that illustrate the crisis of political economy in the capitalist West—the premature and intensely sad death of Hugo Chavez and the trite idiocy symbolizing the class warfare declared by the rich against the rest of us as the Dow Jones stock index reached its highest point ever. Where Mr. Chavez dedicated (and likely gave) his life to improving the lot of Venezuela’s and the regional South’s poor and building the infrastructure of real economic and political democracy, America’s ‘liberal’ President Barack Obama claimed the right of extra-judicial assassination of the citizenry at his whim while ‘sequestering’ the economic interests of poor and working Americans to bolster the already substantial fortunes of the pirate financiers and industrialists he serves. To the political ‘left’ that voted for Mr. Obama, the contrast is there if you care to see it.
Lest there be confusion around the matter, the richest 1% of Americans own 40% of financial assets and the richest 10% own 80%. The soaring stock market symbolizes the ascendancy of a tiny economic elite with all social resources dedicated to consolidating its power. Remove financial and oil company profits, two industries existing on government transfer payments, tax breaks, business guarantees and occasional wars, all at public expense, along with the nearly $3 trillion in Federal Reserve asset purchases designed to boost the value of wealth ‘owned’ overwhelmingly by America’s plutocracy, and the stock market would be trolling the lower depths of hell. Through their mouthpieces in the capitalist media the wealthy put forward their wealth as fact of nature when it is anything but. As Mr. Chavez was able to demonstrate, from whence it came to where it goes, social wealth can be made to once again serve its social purpose.
A thought unlikely to occur to most Americans is the profoundly anti-democratic sidestep around habeas corpus that Mr. Obama’s claim to the right of extra-judicial murder of citizens implies ties directly to his economic policies. At a time when the U.S. uses murder robots around the globe to slaughter people charged with no crime, launches ‘pre-emptive’ wars of aggression, incarcerates millions of overwhelmingly people of color in for-profit prisons and returns immigrants to countries U.S. trade policies have rendered economically dysfunctional, the economic and political elite here enjoys near complete immunity from prosecution for any of a large number of war, political and economic crimes. As the informed left might have it, the concentration of wealth so facilitated by Mr. Obama’s economic policies ties directly to the concentration of political power amongst America’s plutocracy. While Republican voter suppression efforts appear directly anti-democratic, Mr. Obama’s policies to revive the fortunes of the rich while leaving everyone else to rot renders voting irrelevant to the formation of public policy through the relation of economic to political power. READ MORE