America’s aristocracy is not formalized, and that’s the secret of its success.
- Charles Hugh Smith
If there is one central irony in American history, it is this: the citizenry that broke free of the chains of British Monarchy, the citizenry that reckoned everyone was equal before the law, the citizenry that vowed never to be ruled by an aristocracy that controlled the government and finance as a means of self-enrichment, is now so distracted by social fragmentation that the citizenry is blind to their servitude to a new and formidably informal financial aristocracy.
From this juncture, ironies abound: the so-called Socialist demands for Medicare for All, “free” college for all and Universal Basic Income (UBI) are encouraged (or perhaps orchestrated) by the financial aristocracy, which rakes in tens of billions of dollars in profits from its banking, healthcare, national defense and higher education cartels: throwing more trillions down the ratholes of Medicare and higher education will only further enrich and empower the financial elites.
As for Universal Basic Income (UBI), the financial aristocracy is cheering loudly for UBI, which would enable debt-serfs to keep servicing their debts. (Is anyone so naive to think that UBI won’t have a clause which enables the deduction of debt payments from the monthly “free money”? Does anyone think the financial aristocracy is going to give $1,000 a month to debt-serfs and then let them default on their debt? Get real!)
The demands for social justice, i.e. that everyone be allowed to be treated the same before the law and enjoy the same rights as other citizens, is a core tenet of American culture. Long before the Constitution was even ratified, the calls to end slavery were becoming louder. Long before women won the the right to vote, the calls to treat women equally before the law were gaining ground. In the long sweep of U.S. history, the rights of gays to marry and other contemporary social justice issues are of a piece with all previous drives to eliminate disparities between the way individuals are treated before the law. This is of course as it should be: this was a core value of the revolutionaries, as limited as it was in that era, and this drive is largely what makes America America.
Equally important was the cultural drive to never be ruled by a neofeudal aristocracy or let an aristocracy form in America. Yet this is precisely what has come to pass: we are ruled by an informal but oh-so neofeudal aristocracy.
As social justice controversies fragment the increasingly economically precarious populace, a financial aristocracy has arisen that rules the nation behind the screens of “meritocracy” and “equal rights.” No one is more in favor of equal rights and the abolition of social privilege that the members of the financial aristocracy, who have no need for social privilege since they control the real source of power in America: proximity to credit and newly issued money. …