Citizen Action Monitor

Globalization’s demands on capitalism give rise to mechanisms that override states’ jurisdiction

If we value our democracy, we have time to build movements to stop “this onslaught of concentrated capital growth.

No 2368 Posted by fw, September 5, 2018

NOTETo access my other posts related to Prof. Phillips’ book and video, click on the Tab in the top left margin, titled Giants: The Global Power Elite by Peter Phillips ~ Links to All Posts.

Peter Phillips

“The idea of legal boundaries for nation-states has long been held sacrosanct in the traditional liberal capitalist economies. However, globalization has placed a new set of demands on capitalism that requires transnational mechanisms to support continued capital growth worldwide, increasingly beyond the boundaries of individual states. The financial crisis of 2008 is an acknowledgment that the global system of capital is under threat. We see these demands as allowing for the abandonment of nation-state rights altogether by occupations, wars, trade agreements, and enforced economic rules. … It’s not too late for democracy movements to divert this onslaught of concentrated capital growth. But rapid adjustments are needed very soon if we value our human rights and democracy.”Prof. Peter Phillips

Today’s post, Part 7, is the last in my series of transcripts of a one-hour video of Prof. Peter Phillips’ talk about his 240-page book Giants: The Global Power Elite. Peter Phillips is a professor of political sociology at Sonoma State University.

In Yesterday’s post, Part 6 of this series of transcripts, Professor Phillips talked first about the ownership and control of global corporate media by the transnational capitalist class, mentioning, among other things: their primary goal, which is the promotion of products and pro-capitalist propaganda through their psychological control of human desires, emotions, beliefs, fears and values;. He then turned his attention to the power elites’ use public relations and propaganda firms to supply media outlets with much of their content. Most alarmingly, he drew attention to PR firms, and their corporate media partners, targeting of the world’s masses with an unrelenting ideological assault designed to brainwash citizens to perceive private corporations as “an essential element of democracy.

In today’ post, the last, shortest, and partially abridged transcript in this series, Phillips begins where he left off in Part 6 – with a warning that globalizations’ demands on capitalism have given rise to mechanisms that override state jurisdictions. He points to the 2008 financial crisis as direct evidence of the dire threat to the global system of capital. The global power elites, he warns, are “rapidly building organizations to support transnational capital and bring together elites from every region of the world.” If we value our democracy, we have time to build movements to stop this “onslaught of concentrated capital growth

I have also included in this post Professor Phillips’ answers to questions raised in the short Q&A session following his talk. I’ll leave you with this remark that illustrates the elites’ power over democratically elected presidents, in this case, Donald Trump:

“But if he [Trump] does too much of that [raising trade barriers], he’s not going to be around very long. … Blackrock’s board, Chase-Manhattan, Jamie Dimon – they certainly have second thoughts, but their idea is well, he’s the one flying our airplane right now so we have to support him. But I think if they’re airplane flies too far one way or the other and impacts happen, we’ll see some kind of an impeachment action happen pretty quick.”

To facilitate selective access to the video’s content, my transcript, which appears below the video, is chronologically indexed, and edited, as necessary, to enhance text readability of Phillip’s talk. In addition, to enable skimming, I have added my own headings and subheadings in [square brackets] and, as well, text highlighting to bring important text to the fore.

The transcript for Part 5 starts with his talk at 50:01 and ends at 51:42. The abridged Q&A starts at 52:00, ends at 57:53.

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Giants: The Global Power Elite – A talk by Peter Phillips — Published by Project Censored, April 4, 2018

TRANSCRIPT (Talk from 50:01 to 51:42 // Q&A abridged from 52:00 to 57:53)

[IF WE VALUE OUR DEMOCRACY, WE HAVE TIME TO BUILD MOVEMENTS TO STOP “THIS ONSLAUGHT OF CONCENTRATED CAPITAL GROWTH.”]

[Globalization’s demands on capitalism give rise to mechanisms that override jurisdiction of states]

50:01 — The idea of legal boundaries for nation-states has long been held sacrosanct in the traditional liberal capitalist economies. However, globalization has placed a new set of demands on capitalism that requires transnational mechanisms to support continued capital growth worldwide, increasingly beyond the boundaries of individual states.

[The 2008 financial crisis exposed a dire threat to the global system of capital]

50:22 — The financial crisis of 2008 is an acknowledgment that the global system of capital is under threat. We see these demands as allowing for the abandonment of nation-state rights altogether by occupations, wars, trade agreements, and enforced economic rules. Failed states, manufactured civil wars – like in Syria – regime changes, direct invasion and occupations are all manifestations of the New World Order requirements for protecting transnational capital.

[Throughout his book, Phillips named names, 389 in all, of the core global power elites]

50:57 — The global power elites understand the need for transnational agreements and international mechanisms in support of capital expansion and growth. They’re very rapidly building organizations to support transnational capital and bring together elites from every region of the world. Knowing who, exactly, they are as core players in the world is an important part of understanding what needs to be done. In the book we [name] 389 of them. [the core of the policy planning nongovernmental networks that manage, facilitate, and protect the continued concentration of global capital].

[If we value our democracy, we have time to build movements to stop this “onslaught of concentrated capital growth”]

51:29 – It’s not too late for democracy movements to divert this onslaught of concentrated capital growth. But rapid adjustments are needed very soon if we value our human rights and democracy.

51:42 – That’s that.

[END OF TALK]

*****

[Q&A]

52:00 — It really is quite amazing. Most people don’t realize the degree to which capital is so concentrated in the world today and how few people control it. That concentration is bigger than governments. Governments are paying attention to protecting the capital in a very big way.

52:40 – Re the TPP, Trans-Pacific Partnership, I think we’re [the US] still trying to move in that direction. But it’s all about keeping the free flow of capital going, and investments happening without trade barriers and that. So, I’m still trying to figure out what Trump is doing with the steel industry – other than internal political stuff

52:59But if he does too much of that [raising trade barriers], he’s not going to be around very long. Because it’s really Wall Street that’s setting those up and making those plans. But what we’re seeing, too, in Davos they worry and talk about the precariat. The precariat is the working class people who aren’t doing as well. And they’re the ones that voted for Brexit in England <sic> [Britain]. So, they’re standing up and revolting. And now we’re trying to figure out how do we deal with middle-class people voting – and in a way, that explains how Trump got in, because he was not the choice of Wall Street particularly. He got through. What the best thing he did was get them the tax relief they wanted. They save billions and billions of dollars. Now I think they’re starting to think rather seriously – and he put together an advisory board of 15 people originally, and they disbanded after some of the stuff he said last summer.

54:03So, Blackrock’s board, Chase-Manhattan, Jamie Dimon – they certainly have second thoughts, but their idea is well, he’s the one flying our airplane right now so we have to support him. But I think if they’re airplane flies too far one way or the other and impacts happen, we’ll see some kind of an impeachment action happen pretty quick.  

54:38 Q – Is there much of a difference between multinational corporations and the transnational economic elite that you’re talking about?

54:41 – The elite are people in debt management investment capital. Transnational corporations get a lot of money from those sources, like Coca-Cola. Massive amounts of money come those investment management firms. They go into Coca-Cola or American Tobacco, or the auto dealerships. Yeah, multinational companies, they need to have money, they need to have people invested. And increasingly, it’s not you and me investing in them, unless you’re in a pension plan that does a little bit of that. But we don’t have any say about it [pension plan investments]. The negative impacts that’s happening, environmentally, increased wars, regime changes – it’s just incredible. It’s an awful manifestation. And the sooner we understand this, and we can really relate to this, and address it as the 99%, and demand our democracy – that would empower us. And I think that social movements scare the hell out of them.

55:52 Q – So multinational corporations could be part of our democratic movements if we can kind of support them?

55:55 – Certainly individuals within multinational corporations – I mean we write a letter at the end of the book, [and] 90 local folks have signed this letter. We’re saying, look you guys, this isn’t working well. Yeah, the top 20% are getting wealthy, but the 80% aren’t. And this will ultimately lead to civil wars, unrest, destruction, environmental riots – that sort of thing. And environmental collapse. And financial collapse with you guys [the wealthy 20%] because you don’t have places to invest all this money. So let’s figure it out. Let’s do something. Let’s turn what you call a trickle down into a river of resources that’s going downward into the coffers of every human being on this world, and pulling them out of poverty. It wouldn’t take that much. They [individuals within multinationals] are the ones in power to do that, short of massive civil wars and revolutions. And that gets pretty terrible. But they are capable and we have to find the ones that support that kind of activity, encourage them, have social movements that really stress the inequality, and it doesn’t matter what it is. I mean social movements are happening around a lot of different things. But ideally, it would be an Occupied type movement where people in the streets, in massive kinds of ways saying we want the concentration of wealth stopped, we want billionaires stopped, we want to tax their money. You can be a millionaire. We’ll let you stay wealthy. But we want all those resources put into humanitarian purposes for the world. And they could [put] public banks in every city. You could take the top 10% off of all of this growth investment and pretty much fund every family in the world to a level of human survival that meets the Universal Declaration of Human Rights. 

END OF Q&A // END OF PART 7 AND OF SERIES OF TRANSCRIPTIONS

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