oligarch

The “Working Rich” Are Not Like You and Me (or the Oligarchs)

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incomeCharles Hugh Smith – F. Scott Fitzgerald’s story The Rich Boy included this famous line: “Let me tell you about the very rich. They are different from you and me.” According to a recent paper published by the National Bureau of Economic Research (NBER),Capitalists in the Twenty-First Century (abstract only), the “working rich” are different from you and me, and from the Oligarchs above them who pay little in U.S. income taxes due to offshore tax havens and philanthro-capitalist tax avoidance scams.

Before we start complaining about the rich not paying their fair share, let’s note that the top 3% of taxpayers–mostly “working rich”– pay more than 50% of all income taxes. The latest available IRS data is from the 2016 tax year, as reported by Bloomberg: Top 3% of U.S. Taxpayers Paid Majority of Income Tax in 2016. Continue reading →

If Hillary Isn’t Indicted, the Rule of Law and the Republic Are Dead

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republic Charles Hugh Smith – To paraphrase Ernest Hemingway: How did you lose your Republic? Two ways, gradually and then suddenly. The Romans experienced this when their Republic was extinguished by Empire.

The erosion of the Republic was gradual: slowly but surely, the lower classes’ representation in governance was curtailed; the Oligarchy of the wealthy and powerful cemented their privileges at the expense of the many; Oligarchs rose above the laws that were supposed to apply to all, and executive power was consolidated in top administrators and the wealthy at the expense of the Senate.

When Caesar crossed the Rubicon with his army to seize control of Rome, the Roman Republic ceased to exist. Gradually and then suddenly: this is how Republics become Empires.

We find ourselves in a parallel moment in history: the American Republic has been hollowed into a shell that is maintained for PR purposes. Beneath the propaganda, the Establishment runs the nation for its own benefit. The people are ignored, because they are powerless in this hollow shell of democracy: their only role is to provide bodies, talent and blood for the Imperial armed forces, pay taxes if they have any money, and spend their food stamps if they don’t.

Here’s the proof: Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens

Continue reading →