This post was first published at Government Cheese – Chronicling the collapse of democracy, because it belonged there.
Extraction
Everything is extraction now. Late-stage capitalism has turned into whatever you call the billionaires (and trillionaire) owning everything and extracting all the wealth from everywhere that’s left.
Their giant multinational monopolies buy up all the businesses. All the businesses extract all the local spending and transfer it to tax havens. The governments have to “borrow” their wealth back to keep running, then extract taxes to pay interest — to the billionaires.
The Final Extraction
There are still a few things left in the world to extract. Some people still have some equity in their homes. There are still some independent farms and businesses (in hock to the billionaires’ banks.)
The billionaires are circling the rest, though.
Until Collapse
Extraction at this extreme level has to lead to collapse.
Far too oil has been extracted, in spite of the warnings. The world has passed a 1.5C temperature increase and looks like 2C is already baked in. (Sorry for that one.) The climate is collapsing in front of our eyes.
Trump’s strategic failure in Iran will collapse the world economy.
That means the stock bubble will collapse.
The AI bubble will collapse.
The world debt bubble will collapse.
What Comes Next?
What comes after collapse? Who knows?
The billionaires will be in their bunkers, their slaves wearing shock collars to keep them in line. The rest of us will be bathing in our billionaire-funded propaganda bath… Will we still blame trans people and non-white migrants for everything? Everyone will BE migrants transitioning to starvation, so who knows?
Since no one will have any wealth left maybe the psychopaths will leave us all alone and everyone will be able to start over somehow. Who knows? (Yes, that’s a Bible reference. Leviticus 25:8-13)