Mercantilism, not capitalism, is the enemy

Mercantilism, not capitalism, is the enemy

OWS is missing the advantage of the Tea Party: combining disparate elements over the TARP and forgetting social issues. The TARP was a clear gift to the mercantilist elements of the financial sector. The social issues are there to divide us, but the mercantilists would like us to concentrate on distracting fights over unemployment benefits, taxes on earned income, illegal immigration and the deficit instead of private sector jobs.


   Mercantilism is the Enemy

   Wayne Jett © October 17, 2011

   Those protesting Wall Street oligarchs and those protesting Big Government spending have much more in common than even they think. They are all middle class who worry their prospects are suffering, although they propose conflicting political solutions and rhetorically attack each other. Each must awaken to this fact: their common oppressor is mercantilism – not capitalism.

   Oligarchs and Mercantilism

   Mercantilism is the historical name given to methods used by oligarchs to influence government and advance their agenda. First on the oligarch agenda is to increase their capital holdings by looting financial markets and by exploiting de facto monopolies in business. Greater capital brings them closer to complete control of government and, eventually, to full power without need for bending to the appearance of democratic process. Mercantilism effectively implemented builds this destructive cycle: greater capital builds greater government influence which brings greater capital, and on and on…

Middle Class Grievances

   Aligned interests of OWS and Tea Party are not obvious, largely because grievances are heavily camouflaged in political ideology. Essentially all activists in both groups are middle class, sprinkled with some who are poor. None is among the dominant elite, whose operatives watch, ready to spend or withhold money to determine the course of events.

   Dig into Tea Party grievances and you quickly find distrust of financial sector influence in the events of 2008 which crippled the U. S. economy and brought unprecedented federal government intervention in private firms. Political outcry against widely perceived manipulation of crude oil prices to $147 per barrel in 2008 delivered many middle class voters to “change we can believe in.”

   Distrust of financial sector influence over the Troubled Asset Recovery Program (TARP) $700 billion bailout of “too-big-to-fail” banks likewise produced 90%-plus popular opposition and initial defeat of TARP in the first House vote, despite bipartisan leadership touting passage. Such near-unanimous political activism is possible only when the middle class is united.

   American liberals correctly believe oligarchs control U. S. policy and oppress the middle class and poor. Conservatives struggle valiantly to overcome “Eastern Establishment” influence which produces “Republican-in-name-only” elected officials and elitist-inspired government policies which heap regulatory and tax burdens ever higher on middle class producers.

   These grievances from Left and Right are fundamentally the same. Conflict arises in designing solutions to the problem. The Left sees relief in bigger government called socialism. The Right wants smaller government, lower taxes and less regulation. Both Left and Right demand fairness, transparency and justice in the financial sector……

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