In short, we are talking about the disparity between the 1%, who own and control 90% or more of the wealth of the USA, and the rest of us who can now only dream uselessly about it.
In The Homeland: Big Brother Plutonomy we noted that the elite who control the behavior of MOMCOM, so as to protect their wealth and power from wee the people, are aware of the nightmare wee the people have been experiencing.
That post also pointed out that they have a Big Brother Answer to our pain, should we get any "ideas" that intend to seriously change things.
That post, The Homeland: Big Brother Plutonomy, revealed that the MOMCOM elite know very well that as wee the people wake up to realize that there is no longer an American Dream, rather it is in fact becoming the American Nightmare, there will be talk of retaliation.
MOMCOM knows that when we see through their demonization schemes that plague the airwaves before they invade one sovereign nation after another, we will attempt to hold them accountable like the Lilliputians did with Gulliver.
Yes, they know that when we find out that Libya had a much better society than the plutonomy they have produced, in terms of distribution of income, we will look at The Graphs of Wrath.
In this post today, we are going to focus more closely on the nature of a plutonomy, and how the American people, as well as the people of the world, are going to react to it once they find out about it, so lets roll:
It’s well known that the rich have an outsized influence on the economy.(The Wealth Report, Wall Street Journal). The last paragraph in that quote points out that the nations "we" tend to call "allies" are all plutonomies aren't they?
The nation’s top 1% of households own more than half the nation’s stocks, according to the Federal Reserve. They also control more than $16 trillion in wealth — more than the bottom 90%.
Yet a new body of research from Citigroup suggests that the rich have other, more-surprising impacts on the economy.
Ajay Kapur, global strategist at Citigroup, and his research team came up with the term “Plutonomy” in 2005 to describe a country that is defined by massive income and wealth inequality. According to their definition, the U.S. is a Plutonomy, along with the U.K., Canada and Australia.
They fought the war together long ago that General Eisenhower presided over to a great extent.
Later, he became president, and finally, as he exited that office, he warned us to worry about MOMCOM, because he did foresee that "something", a "something" we are now calling a plutonomy.
While Karl Marx also predicted this plutonomy quite competently, Dredd Blog does not agree with the reaction Marx predicted when the lights of wee the people finally come on, which sadly means, in terms of social revolution, that Dredd Blog predicts that nothing will be done about it:
... Kapur ... maintains that the “the rich are likely to keep getting even richer, and enjoy an even greater share of the wealth pie over the coming years.”(ibid, The Wealth Report). Unfortunately, Dredd Blog agrees with the Kapur expectation instead of the Marx prediction of a social revolution in the USA.
All of which means that, like it or not, inequality isn’t going away and may become even more pronounced in the coming years. The best way for companies and businesspeople to survive in Plutonomies, Kapur implies, is to disregard the “mass” consumer and focus on the increasingly rich market of the rich.
But to be fair, the form of the American reaction Dredd Blog has predicted is a combination composed of not only the Kapur prediction, but it also includes the reaction Huxley predicted, to wit:
We now continue this post with a quote ... :(Sickology vs. Penology). When Marx long ago predicted a future revolution in the USA, once the plutonomy formed, he did not have a crystal ball so he could take into consideration the ramifications of our civilization's addiction to oil or the impact such an addiction would have on nations world wide.
“There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution.”(Aldous Huxley, emphasis added). I doubt that Huxley really understood how that would happen, since he used a traditional pharmacological mechanism to articulate his vision.
Even though, as it turns out, he was correct in principle, it is just that he did not understand that the mega-drug would be oil.
Oil is the drug of choice that fits the bill for "a pharmacological method of making people love their servitude", it is just that the "pharmacological method", as it turns out, is not addiction to a pharmacological something which you buy at the local traditional drug store.
Instead, we buy the big drug at the local gas station (the "service station" in 1950's parlance), the Quick Stop, the Seven Eleven, or "the convenience store" (in post-peak-of-sanity civilization's parlance).
And we love it, like Huxley said we would.
The oil addiction has produced a criminally insane faction within the elite, as well as a Stockholm Syndrome faction in wee the people.
We are truly bound to the elite of the plutonomy even though we are not truly united with them.
If either one of us tries to violently destroy the other by any means, we will both go down, because the civilization, within which the plutonomy exists, cannot survive without the oil drug.
The current oil wars will reach a peak, then afterwards either the Eastern Plutonomy of China with her minions, or the Western Plutonomy of the USA and Europe with their minions, will control the oil.
That is unless those wars "go nuclear", in which case those who live through it will not need oil in order to glow in the dark.
I could talk further about how we have been in this trap since circa the time of The Peak of Sanity, but I think it is time for a song:
The lyrics to this epic work of art can be perused here.