The Arrogance of Wealth and Power II

[This is adapted from the blog post of last year at this time. I was surprised how few changes I had to make to update it.]

“Davos" is the epitome of that syndrome. Rich and powerful people meet in a resort to discuss the "world economy", viz., how they can control the common man and bend him to their wishes. Is increasing human freedom a pillar of their goals ? ... No. Is increasing human culture and knowledge a goal ? ... No. They network among each other to exchange thinking on how to maintain and increase their control over ... the rest of us. Every year Davos makes me want to puke.

Lately I have read in the WSJ, FT, the BBC online, Le Monde and Le Figaro that some in government want to "change capitalism" due to the financial crisis. Hmmm, the world's governments want to tell us how to change "capitalism". I don't think they really know what the word means. That word, "capitalism" is unfortunately a Marxist word for an economic system in contraposition to socialism and communism. "Capitalism" is not simply a system with private capital employed for increasing wealth, but is a label for the entire free private property system where a free man or woman can "own" things and do with them what they please. What people think of as "capitalism" is an effect of this human freedom which developed in the early 19th century as free people found ways to band together and use resources more effectively by sharing and exchanging risks and ideas.

So efforts to "change capitalism" are simply stupid. What does that mean ? If it means anything other than trying to get leaders to "freely" adjust business practices, then it is really a limitation on human freedom. Now some limits on human freedom are fine with me, namely those that prevent the rich & powerful from using their positions to dominate the common man and become new feudal lords. Now huge pools of money from the rich raid companies and small nations like the Vikings of the 9th century. They manipulate the dynamics of markets to create fear and intimidate the common man. And panics of the rich from their unproductive speculations trample the lives and livelihoods of the common man. That's how feudalism began ... fighting men used their skills to dominate farmers into giving up their own freedom and lands and accepting "protection".

So is Davos about actually helping people .. or is it about using and creating fear and grabbing power so "they" can become new Dukes & Barons ? I think it's a bit of both, but the well-meaning fools seeking the former are being used as cover by those knaves seeking the latter. Are restrictions on the rich and powerful a subject at Davos ? What about regulation of hedge funds ? If they want to discuss how to control themselves, fine, that's an admirable topic. Otherwise, they should shut up and leave us alone.

Word of the Day

"Sempiternal" - adjective [$10]; literary; a Mencken word
Sempiternal means eternal, everlasting.
Sentences -
The Mencken usage (from the Truman Presidential election campaign in 1948]: "Every one of them (voters), he (Truman) figured, was itching for something, and he made his campaign by the sempiternal device of engaging to give it to them."

Bunkerman: The sempiternal desires of the rich and powerful for more wealth and power are the psychological cause of their recurrent efforts in history to create an aristocracy to dominate a nation. In many civilizations, this led to the downfall of the civilization as the aristocracy weakened and subjugated the foundational pillars of the its strength, viz., the common man and woman. Instead of interfering with enterprise, central governments should put reasonable limits on that budding aristocracy and prevent it from gaining more wealth and power. The common man and woman should be completely free to pursuit their happiness.