In order to have reached the peak level of power the 1% currently enjoys, they have had to inflict growing threats, sabotage and pain on the underlying population.
It seems the 1% have something to fear after all and 400 or so barbed wired FEMA camps tells me we haven’t reached the end of the ever increasing violence against the “little” people yet.
This guest post from Zero hedge blog asserts that in order to manoeuvre the 1% in power they have had to inflict more and more pain on the population and the absurd amount of people is directly correlated with their ever increasing wealth and privilege. The problem they are beginning to have is that in order to keep them in power they will have to keep increasing the amount of hardship and pain on the population and that is obviously going to have to stop at some stage because we all know what happens when you reach the boiling point… Yep, that’s when the Guillotine comes out.
Capitalists have been gripped by ‘systemic fear’ making them worry not about the day-to-day movements of growth, employment, and profit, but about ‘losing their grip’. An interesting recent article by the Real-World Economics Review on the Asymptotes of Power focuses on the fact that the capitalists are forced to realize that their system may not be eternal, and that it may not survive in its current form. The authors fear that, peering into the future, the ‘1%’ realize that in order to maintain (or further increase) their distributional power (their net profit share of national income – which hovers at record highs) they will have to unleash even greater doses of social ‘violence’ on the lower classes. The high level of force already being applied makes them increasingly fearful of the backlash they are about to receive (think Europe to a lesser extent) and nowhere is this relationship between the wealthy capitalists and social upheaval more evident than in the incredible correlation between the Top 10% share of wealth and the percent of the labor force in prison. In order to have reached the peak level of power it currently enjoys, the ruling class has had to inflict growing threats, sabotage and pain on the underlying population.
During the 1930s and 1940s, this level proved to be the asymptote of capitalist power: it triggered a systemic crisis, the complete reordering of the U.S. political economy, and a sharp decline in capitalist power, as indicated by the large drop in inequality.
As we can see, since the 1940s this ratio has been tightly and positively correlated with the distributional power of the ruling class: the greater the power indicated by the income share of the top 10 per cent of the population, the larger the dose of violence proxied by the correctional population. Presently, the number of ‘corrected’ adults is equivalent to nearly 5 per cent of the U.S. labour force. This is the largest proportion in the world, as well as in the history of the United States.
Nowadays, the notions of systemic fear and systemic crisis are no longer far fetched.
In fact, they seem to have become commonplace. Public figures – from dominant capitalists and corporate executives, to Nobel laureates and finance ministers, to journalists and TV hosts – know to warn us that the ‘system is at risk’, and that if we fail to do something about it, we may face the ‘end of the world as we know it’.