A long time ago there was a bridge i would pass under every day on the way to work and this bridge was known locally as the Cardboard City Bridge because there was rows and rows of large cardboard boxes donated by the local retailers which 'housed' homeless people.
As you entered the Bridge there was a large piece of graffiti overhead which someone had bravely climbed up to scrawl: 'Every day, we wake up on the wrong side of Capitalism'.
That wasn't my first brush with people for whom Capitalism meant living in a box under a bridge but it was part of the view that formed in my developing mind that Capitalism mostly benefits those at the top and it is those at the top who get to choose the system, hence why we are still stuck with it.
One of the facets of Capitalism is 'Trickle-Down Economics' which states that the wealth at the top will trickle down to everyone else but as a 2020 Credit Suisse report revealed, the top 1% globally own 43% of all the global wealth so not much trickling down seems to be going on nor much Competition which is another aspects of a Capitalist System and that brings us to two companies called BlackRock and Vanguard.
BlackRock is the largest money-management firm in the world with more than $10 trillion in assets, that's more money than the GDP of every country in the world, except the USA and China, Vanguard's assets total $8 trillion.
On their portfolio are all the major media companies CNN, CBS, Fox, Disney, Comcast, Gannett, and Sinclair Broadcast Group which in turn own several other major media outlets such as Sky, NBC, CNBC, MSNBC, ABC and over 250 global newspapers so as the top shareholders, BlackRock and Vanguard have a decent amount of sway over what gets into the news you see and read.
As well as rival Global Media companies, BlackRock and Vanguard own one-third of the shares in Coca-Cola and also PepsiCo and are the top investors in competing airlines Boeing, Airbus, travel companies Expedia, Bookings.com, AirBnB and Tech giants Facebook, Apple and Microsoft as well as other rival oil companies, e-commerce sites, credit card companies, insurance companies, tobacco companies, car giants and renewable energy companies which makes a mockery of these businesses being competitors if they are owned by the same companies.
The top three pharmaceutical companies, Pfizer, Johnson & Johnson, and Merck make large profits for their shareholders with the top investors just happening to be BlackRock and Vanguard and here comes the kicker, the majority shareholder in BlackRock is...Vanguard.
So there's Capitalism in a nutshell, good luck trying to avoid the things which generate profit for either of these two companies, two companies which are for all intents and purposes have the same personnel (and CEO, Larry Fink) so if you ever find yourself under a bridge, huddled up in a cardboard box with your meager possessions in a carrier bag, waking up on the wrong side of Capitalism, the knowledge that the rich, the ones who control everything, are getting even richer and unfortunately, that isn't going to change anytime soon because as this site shows, Blackrock are a major donor to all of the politicians who know that the gravy train will continue straight to their bank accounts as long as they keep BlackRock onside because no company offers sums of money to a Politician for altruistic reasons, they expect something in return.
Capitalism where the driving force is making the few at the top wealthier and dangling the unreachable, unattainable carrot that you can be that way also if you work hard enough and to end, a quote from Johnny Rotten 'Ever Get The Feeling You're being Cheated'? Well, do you?
Sunday, 10 July 2022
Feeling Cheated Yet?
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