High-Caste Technocrats, Enforcers, and Factotums

by Mark Gordon

“Beneath the bogus propaganda of ‘free market capitalism’ is an economy in which the real money is skimmed day in and day out without risk or benefit to the real economy. Investment banks generate profits of $100 million a day without interference of mere probability, which would suggest an occasional losing day.

“Vast industries practice a highly-refined type of crony capitalism which can be characterized as ‘Federalized entrepreneurship,’ in which a revolving-door between captured regulators and goverment managers and private cartels insure a highly profitable ‘partnership’ channels profits to the National Security State contractors, the sickcare cartels (insurance, pharmaceuticals, etc.) and other industries dependent on Federal largesse.

“At the top of this foul heap of phony capitalism–in effect, a partnership of the State, a monopoly with exclusive power to collect trillions in taxes and borrow trillions more, and corporate cartels which act as monopoly-capital in their industry–rests the ultimate parasites of the financial ‘industry’: producing nothing but skimmed profits for the Plutocracy and its loyal army of high-caste technocrats, enforcers and factotums.”

-Charles Hugh Smith, from the post, “What the ’25 Most Expensive Homes’ Reveal About the U.S. Economy.”