Capitalism vs. Cronyism: How the fake left and conservatives unite for cronyism

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Transcribed from audio

As with so much the left criticises, they end up indirectly promoting it… in some cases this is inadvertent, in many cases it’s quite deliberate, in which case it’s not the left at all we’re dealing with … this is the fake left, and propping up the right by proxy and destroying real left wing values is one of the core missions of the fake left.

One of the spaces we see this promotion by proxy is on capitalism…

The fake left’s main criticism of capitalism, is basically, that it’s mean, it’s cruel, and if you support capitalism, you’re a big meanie, and you should shut up…

Of course, if you seriously want to critique something, alleging that your opponent is a big meanie is not enough.

Indeed, the entire platform of the contemporary right is condensed in the phoney line “facts don’t care about your feelings”, but of course the fake left and the contemporary right are careful not to share the fact they’re allies in promoting the rigged capitalism of today… how do the fake left achieve this?

Well, if you say, down with capitalism, or something like this, the inference is this is capitalism, which is not accurate at all to say anymore, and related to this, it’s inferred from the fake left’s anti-capitalism rhetoric, that if you can’t survive under capitalism you’re weak: that it’s an economic system which can be at times cruel and produce inequality, but this is just the nature of things, this is the assumption behind the criticism that capitalism is cruel…

You’re not looking at whether capitalism achieves what it claims, you’re not saying it produces counter-actions which are antithetical to capitalism, you’re not saying it concentrates power, stifles freedom, innovation, choice, efficiency, you’re not refuting any of capitalism’s core claims, you’re saying it produces inequality and therefore that’s not nice.

Proponents of capitalism have never claimed it leads to equality, on the contrary, the inequality found in capitalist societies is said to be a good reflection of the “natural inequalities” found between humans in intelligence, culture, work ethic, health and so on.

So by simply arguing capitalism generates inequality, and therefore it’s not nice, and another such simplistic and ad hominem attacks, the fake left implicitly endorse all of the claims by defenders of the status quo, which I’m sure is what they meant to do all along…

So hopefully I can do a series on this, for now I wanna address one issue… the idea that capitalists hate capitalism. [I know we don’t ordinarily call business leaders capitalists anymore, but I’m going to for this argument.] Yes capitalists hate capitalism, why? Because it threatens their businesses… and if they can, they will do everything in their power to stifle capitalism, or more precisely, stifle competition and the free market, which is precisely what all the great multinationals and corporations do today.

The beating heart of real capitalism is of course free markets and competition, and yes capitalists hate competition and the free market, and business leaders across the West have been launching an aggressive campaign for many decades to reduce competition, rig the markets, over-regulate smaller or new competitors, combine government power with their own financial and market power to game the system, build monopolies and destroy capitalism… because real capitalism is the biggest threat to market incumbents…

In this way, it’s not hyperbole to say, today’s so-called conservatives, who gushingly speak of free markets and liberal economics, they are flat out lying, they know what they’re defending today is not capitalism, but cronyism, corporatism, oligarchy, even you could say a kind of perverse socialism… and they’re aided in their phoney messaging by the fake left, who rarely raise the contention that what we have isn’t capitalism at all, but are content with the criticism that the status quo is for meanies, not that it’s a scam.

But don’t take my word for claim that capitalists hate capitalism, in Jonathan Tepper and Denise Hearn’s book, the Myth of Capitalism, which is basically a book-length version of what I’m arguing here, I highly recommend it… they quote the so-called legends of American capitalism, politicking and proffering investment advice that is antithetical to capitalism.

They look at Warren Buffet’s career as an investor. Buffett’s career has been built on identifying and investing in monopolies, businesses that were shielded from competition. Buffet is very open about this, the ideal business to invest in he says, quote, is one that has “high pricing power, a monopoly”.

The authors state, “For decades, Americans have learned from Buffett that competition is bad and to avoid companies that require any investment or capital expenditures. American managers have absorbed his principles.”

Or Peter Thiel… Peter Thiel wrote a book about businesses that disrupt… among the book’s core arguments is, this is a direct quote, “Monopoly is the condition of every successful business… capitalism and competition are opposites.” Now, Thiel is coming from a somewhat different place than Buffett. Thiel is saying, a truly disruptive business is going to be unique, and by definition a monopoly… but the implication of this is, if you don’t have that one of a kind product or service, like Google or Facebook, do whatever you can to artificially create this condition, which is exactly what corporations do.

Like the banking and investment giant, Goldman Sachs, that praises monopoly businesses for having “lower competitive intensity, and greater pricing power with customers due to reduced choice, scale-cost benefits including stronger leverage over suppliers, and higher barriers to new entrants.”

So this is the biggest open secret of contemporary so-called capitalism, that it crushes free markets, stifles competition, and loves big government and regulation because their powers are used to lock out competitors and, when you’re in trouble, they have the resources to bail you out. But you won’t hear the fake left talk about this.