Economic growth measures increase in wealth. Economic growth of a nation state is treated as the most important indicator of its performance. Such prestigious organizations as the World Bank, the International Monetary Fund, the Federal Reserve, the Bank of International Settlements and similar overseers of the World Economy all agree that Perpetual Economic Growth is essential to human well being.
According to Friedman’s theory, wealth trickles down from the captains of industry and commerce, who accumulate wealth by whatever means, to benefit all strata of society to the very poorest. Therefore, entrepreneurs are to be encouraged by low taxation and lack of regulation, to make vast fortunes. Evidence in support of the trickle down theory is awaited too patiently by the majority of workers, on whom wealth creation depends.
Perpetual Economic Growth is essential to the accumulation of wealth by the characters who manage the World Economy. The most honored of them was Alan Greenspan, who ran the Federal Reserve for nearly 20 years, until 2006. His cryptic remarks were mainly undecipherable as he depressed workers’ wages, orchestrated the housing boom and presided over the resultant economic growth. He forecast the 2008 economic crisis and got out in time, awarded with high honors by the USA, UK and France.
Masters of commerce and industry work in harmony with their political and banking cronies. They meet in exclusive cabals. Bilderberg and Davos are locations for their international annual conferences. There are hundreds of more local events such as Warren Buffet breakfasts and Sun Valley Conferences that attract multibillionaires to discuss perpetual economic growth and tightening their control on governments.
Beneficiaries of economic growth include inventive geniuses such as Fredrick Koch, who revolutionized cracking processes to most effectively break down large crude oil molecules to form gasoline for automobiles and airplanes.
Skills of Invention linked with entrepreneurial skills enrich founders of companies and their shareholders. Some provide safe working environments, collaboration on working methods and a fair share of the profits as take home pay and pension entitlements. Some don’t. They prefer to bribe governments to reduce taxes on the wealthy and remove laws designed to protect workers.
The Koch Brothers, two of Fredrick’s four sons, claimed their father’s businesses and vast fortune (most wealthy people’s only claim to their wealth is a result of other people’s work and often obtained by trickery). The Koch brothers have used their father’s fortune to control Federal and State governments to massively increase their wealth and power. It is reckoned more than a third of the members of Congress are beholden to the Koch Brothers and sworn to vote in their interests. Denial of Climate Change and support for funding the Terror War are part of dozens of sordid deals that enrich many Representatives and Senators.
Illustration courtesy of jackson-jost Further reading DARK MONEY by Jane Mayer