Don’t get me wrong. I believe in regulated capitalism as a means of betterment for all. However, “Extraction Capitalism” is a means of betterment of the few at the expense of the many.
There is an evident fact that the mining and other “extraction” industries move away when the mineral resources is depleted.
But where do extraction capitalists go when they have wrung the last cent out of the many? They become extinct!
Let me step back and define “extraction capitalism”. Extraction capitalism is not about making products, or improving society, or about making jobs. Its not even about making money. Its about moving wealth from one class of citizens to another. In our present case its about extracting wealth from the poor, the working poor, and the former middle class. The “extracted” wealth is then moved to the media/governing/banking class. I do not use that class term lightly. The media class is dependent on the governing class for something to do and the governing class is dependent on the banking class for financing its survival..
How does the media/government/banking class reallocate your wealth. Its simple, every time there is a monetary transaction on the planet the banks “extract” a share of the transaction. Because the banks “extract” a fee from your grocery store for credit card and debit transaction, all groceries are more expensive. The banks “extracts” wealth from you when you buy groceries. They extract wealth from you whenever you buy goods and services. They extract wealth from you when your put money in even the safest “savings” accounts. They extract wealth if you invest in stocks and bonds. They extract wealth from you when the government “borrows” money to keep the media/governing/banking class operating. I even pay a fee to pay my taxes with a credit card.
How can it be that the banks had their best year ever last year, when everyone on Main Street “lost” a significant segment of their wealth. Most of your wealth was not “lost” it was transferred to the media/government/banking class,
I watch the “Tea Party” movement and on TV, they are mostly middle aged and older and white, and I ask myself, how much of their wealth are they willing to give to Fox News, Sarah Palin and their bankers before they realize that the “other side”-the bad guys, the young and diverse are in the same peril of giving their wealth to the same media/government/banking class from the opposite direction. Either way the wealth, has been, and continues to move away from Main Street.
The bright side is that, like all “extraction” industries, extraction capitalism will just go away when the resource has been depleted. So when the money is gone from Main Street and there is no where for the “extraction” capitalist to look for wealth, the “Tea Party” members and the “Left Wing Socialists” on Main Street might just have to sit down together and figure out where we would like “capitalism” to go in the future.