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Don’t Blame The Millionaires

Articles & Blogs - US Commentary

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One of the principal accomplishments (already) of the “Occupy Wall Street” protest movement is that is has correctly focused our attention on the real enemy: “the top-1%”. It is very important that readers remain focused upon that point, because (as usual) the media propaganda machine is not only seeking to twist the facts, but to distort the actual issue itself.

There are two ways in which the media has been distorting this problem. One of these methods is extremely obvious while the other is much more subtle. Beginning with the obvious, we see the media attempting to twist the backlash against the top-1% into a much more muted initiative of “taxing millionaires”.

To understand how this dilutes and undermines the process of reversing the most-egregious wealth inequality in all of history, we first must understand the nature of this inequality. In an interview on the BBC news program “Hard Talk”, a Wall Street insider in the credit default swap market reveals there is more than $200 trillion in debt saturating the global economy.

Let’s put this into perspective. Even with interest rates artificially suppressed for much of the world (most notably the U.S.), annual interest on this debt is somewhere in excess of $10 trillion per year. Given a global economy with a total GDP of close to $60 trillion, this works out to more than one out of every six dollars of global economic activity wasted in paying interest to the bond parasites. It is debt-slavery.

This is such a crippling debt-load that if the global economy was one, single economic entity it would be on the verge of declaring bankruptcy. It has caused some, including Australian economist Steve Keen to call for a “debt jubilee”. Readers not familiar with that term may have less trouble understanding my own previous label for that solution: a “bond-burning party”.

Keen points out that simply “wiping the slate clean” has been history’s one-and-only solution to the serial debt-crises caused every time that bankers acquire too much political/economic power – and then bury the world in debts. This solution becomes more obvious as soon as we identify precisely who are these shadowy bond-parasites.

They are not ordinary people. We are all net-debtors. They are not corporations. Corporations have become huge, net debtors – brainwashed by the banksters into believing that the only way to grow is through piling on more and more debt. They are not sovereign governments. Indeed, our national governments are the largest net debtors on the planet.

The bond-parasites are the top-1%. More specifically, they are the shadowy trillionaires, Oligarchs like the Rothschilds and Rockefellers who are so wealthy they are able to totally conceal their massive wealth-hoards from the rest of the world. Instead, we are regularly subjected to the ludicrous propaganda that mere billionaires like the “Bill Gates” and “Warren Buffets” of the world are the “richest people” on the planet – when they are merely “working class folks” in comparison to the true, idle rich.

In seeking to identify precisely who comprises the "kings” of these bond-parasites, there is no better place to start than with the ground-breaking chronology of Charles Savoie – in a body of research he has titled The Silver Stealers”. Savoie points to an elitist group known as “The Pilgrims”, and documents much of the activities (and inter-relationships) among these Oligarchs over the past 200 years.

As Savoie and other banking historians like Darryl Schoon have noted, the key to the stealing of all the wealth of a society by the ultra-wealthy has always been via banking – and the worthless paper currencies they have managed to foist upon the world any and every time that bankers acquire too much power.

Indeed, this principle has been immortalized in an infamous quote from one of the Rothschilds. Mayer Amschel Rothschilds made this declaration roughly 200 years ago:

Give me control of a nation’s money, and I care not who makes its laws.

Notably, that was the last famous quote from the Rothschilds. Belatedly, they realized that bragging about how they steal the world’s wealth was “bad for business”. The meaning of those words is plain. It’s not that the people who make the laws (i.e. our governments) are irrelevant, but rather that whoever controls a nation’s money is able to buy the government of their choice.

The obvious example here is the United States. It was the banksters who threw their money behind George Bush Junior for two terms, buying victory. Then in 2008, having used up any/all “goodwill” toward the Republican Party, the banksters switched their bets from “Tweedle-Dumb” to “Tweedle-Dee” – and bought victory for the Democrats.

Clearly the bankers still see Obama as their boy, as they have funneled more campaign contributions into his coffers for the upcoming election than all of the Republican pseudo-candidates, combined. This prompted me to be the first to “declare” Barack Obama the winner of the 2012 U.S. presidential election. Why wait for the dreary and irrelevant formalities at the ballot box?

This brings us to the second, more subtle branch of the media’s propaganda campaign with respect to the issue of “wealth inequality”. Amusingly, any and every time one reads an article from the mainstream media (supposedly) discussing “wealth inequality”, readers will note that the media talking-heads spend 100% of their time talking about “income” – and never, ever, ever provide any data on wealth.

This is by no means an accident. As an obvious tautology, the problem with “wealth inequality” is unequal wealth – not incomes. While we cannot precisely quantify the size of these wealth-hoards of history’s greatest misers, we know it starts with the $100+ trillion in “IOU’s” they are holding (and paying them interest).

It then continues with countless $trillions more in real estate and hard assets, principally luxury items like jewelry, antiques, and “priceless” works of art.

While we cannot exactly state the size of the problem, it is very easy to see the damage it is causing. With these parasites having sucked-dry Western economies (in particular), every one of these hollowed-out economies is on the verge of total collapse.

Only a few short decades ago, we were able to keep our economies healthily humming along financed only by our savings. Today, it is only near-zero interest rates, credit extended ‘to the max’, and even more extreme money-printing (i.e. stealing) which has prevented implosion already. Meanwhile our governments, who are as morally bankrupt as they are financially bankrupt, do nothing but engage in bigger and biggger lies – to hide the rapid deterioration of our economies, and prevent rioting in the streets (most of the time).

Thus when the media propaganda machine (belatedly and grudgingly) offered the suggestion of taxing the incomes of millionaires, this was yet just another ruse to divert us from the real problem (the wealth-hoards of the trillionaires), and the real solution: a flat wealth tax which for the first time in history would tax the wealth-hoards of the trillionaires.

There is a second and equally important reason why the ultra-wealthy have instructed their stooges in the media to stress “taxing millionaires”: one of the oldest tactics in (class) war – divide and conquer. The media has been desperately trying to brainwash the “in-betweeners” (i.e. the remainder of the top 10% or 15%) that they are the “targets” in this campaign for greater wealth equity. The goal is to get all the mere millionaires to pledge their allegiance to the bankers and the bond-parasites, rather than standing with ordinary people, against the true enemy of us all.

There is no reason for the media to be blaming “millionaires” for wealth inequality. Yes, they too have benefited from the lowest tax rates in history for those on top. However, there is a huge conceptual difference between the millionaires and the trillionaires.

The millionaires are not parasites. These are generally productive members of society who actually earn much/most/all of their money – rather than simply blood-sucking like the ultra-wealthy. Equally important, millionaires tend to be “big spenders”, helping to fuel our economies with their consumption. Conversely, the bond-parasites hoard their obscene mountains of wealth. The percentage of wealth they spend each year in consumption is not statistically greater than 0%.

It is elementary arithmetic that if you suck all of the “capital” out of capitalist economies they will collapse – in precisely the same manner that a victim of a vampire perishes from blood-loss. Yet blinded by their insatiable greed, history’s greatest misers just continue parasitically draining the wealth from our economies, oblivious to the imminent total economic collapse while perched in their ivory towers.

We owe a debt of gratitude to the Occupy Wall Street protesters for shining a light into a place which the media propaganda machine continues to hide – in the “shadows” of its lies. The problem confronting us is the unprecedented wealth-hoards of the top 1%. The solution to that problem is to tax the wealth of the trillionaires, not the incomes of the millionaires. Any suggestion to the contrary is just more divide-and-conquer propaganda.

Comments (8)Add Comment
Jeff Nielson
written by Jeff Nielson, December 08, 2011
The "millionaires" are the scapegoats to be sacrificed to the angry masses by the shadow bankers lurking in their "dark pools."

Could not even the primary banks themselves be thrown on the pyre in order to satiate them? After all, they seem to be just vehicles for the transfer of wealth via the CDS/Debt fraud into those pools.

Good points Dylan.

With respect to the SMALLER banks there's no ambiguity here: Wall Street wants to cannibalize all of them. There are still THOUSANDS of banks in the U.S. (despite all those that have failed), and even the Wall Street Oligarchs gaze on in envy at Canada - which has only a handful of banks (lol).
written by Dylan, December 07, 2011
The "millionaires" are the scapegoats to be sacrificed to the angry masses by the shadow bankers lurking in their "dark pools."

Could not even the primary banks themselves be thrown on the pyre in order to satiate them? After all, they seem to be just vehicles for the transfer of wealth via the CDS/Debt fraud into those pools.

Just as they have attempted to hijack the occupy movement, when things finally collapse, might they not attempt to ride in as redeemers of the wasteland using their gold looted at bargain basement prices with all their ill-gotten gains? Foundation X to the rescue!
Jeff Nielson
written by Jeff Nielson, December 06, 2011
The Trillionaires pay politicians to pass laws that keep the rest of us in our place. They do not live by these same laws, and would never comply with any laws attempting to strip them of their accumulated wealth. The best way to "redistribute" the wealth is to take their Central Banks down, destroy the system of fractional reserve banking, and let them spend their money in the market place.

Here, here Jeanna!

However we don't actually have to "take down" anything ourselves. All we need to do is to take OUR money out of THEIR hands (by converting it to precious metals) - and then simply let the banksters finish destroying themselves.
written by apberusdisvet, December 06, 2011
Jeff: one very interesting anecdote about taxing millionaires is that when Maryland imposed a surtax on millionaires a few years back, the millionaires left and tax receipts actually declined. But you won't hear about this in any rebuttal to the current marxist propaganda.
written by Jeanna, December 06, 2011
The Trillionaires pay politicians to pass laws that keep the rest of us in our place. They do not live by these same laws, and would never comply with any laws attempting to strip them of their accumulated wealth. The best way to "redistribute" the wealth is to take their Central Banks down, destroy the system of fractional reserve banking, and let them spend their money in the market place.
Jeff Nielson
written by Jeff Nielson, December 05, 2011
Thanks for the comments, Earl and Dalkrin.

Dalkrin, it is quite right to be skeptical of any new "taxation system", since we are understandably concerned that it would simply be a new way to screw "the little guy". smilies/cheesy.gifsmilies/cheesy.gifsmilies/cheesy.gif

In this case however, the starting point is to note that NO other tax system could possibly be as complex, as burdensome, and as totally incomprehensible as income taxation.

As I've noted in many previous commentaries, income taxation is fatally flawed on several bases. And with ANY flawed scheme, attempting to make it "work" only ends up resulting in more and more rules - to the point where we literally have more than a MILLION pages of literature to define and interpret income taxation.

Conversely, assessing wealth would be (by comparison) about a thousand times simpler. The whole concept of "insurance" is based upon the ASSUMPTION that we can accurately calculate/assess wealth. Indeed, insurance records would become the primary means of "auditing" individuals.

If you claim to the government that you only have $1 million of wealth to be assessed, but you have $2 million of "insurable assets", don't be surprised to hear the tax-man knocking on your door... (lol)

And of course wealth taxation would be about 1 million times as efficient economically - since we would simultaneously abolish INCOME tax, and CAPITAL GAINS tax, and SALES tax, and CORPORATE tax - and about a dozen other taxes that all DISCOURAGE economic activity.

Coversely, wealth taxation provides absolutely no disincentives - in fact with no income taxation people would never have BENEFITED from their own labours to the same degree before.
written by Dalkrin, December 05, 2011
Accolades are due to you for presenting the crux of the problem with a minimum of layered cosmetic dross. If someone in power were to successfully follow these suggestions, I am sure the world as we know it could be drastically changed in many ways.

Has such a wealth assessment and tax been performed in the modern world in the last century or previously? Seems as though through regulatory capture the 1% made this very threat the first of their objectives to quash as soon as rising wealth gained access to the corridors of power.

Would be all but impossible these days to identify, verify, and then actually effect the slicing of the celestial treasure pie. If it were to be done once, then knowing politicians, it would be attempted again, so long as the populace could find a way to spend such windfall funds.

The true situation as it stands is that the 1% simultaneously controls wealth, political power, military power, media channels, and whatever else suits their fancy. I am on your side, and I can foresee a violent economic reckoning in the near future, but the establishment is well enmeshed in center of the spiderweb.
written by Earl, December 05, 2011

CLEAR message.

If you ever went and read the moronic piece(s) my beloved has posted,you'd understand the connection to this particular commentary. I'm now going to officially drop the capital "L" when I state "libertarian".

The MAR quote caught me (again). The jaw is now off the floor.

Thank You

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