We're All Serfs In Big Tech Plantation
Channel: The Nomad Economist
Date: 2021-02-16

We're All Serfs Of Big Tech Now
When Facebook censors Ron Paul, or Twitter bans President Trump, is that censorship?

Or because these are private companies, does that automatically make it NOT censorship?

Amazon banned Parler, but is it their right as a private company to choose their customers?
We're All Serfs Of Big Tech Now.
What do you call an economy of monopolies without competition or any regulatory restraints?

An economy of monopolies that controls both the buying and selling in the markets they control?

Monopolies with the power to commit legalized fraud and the profits to buy political influence?

Monopolies whose black box algorithms are all-powerful but completely opaque to public scrutiny?

Call it whatever you want, but it certainly isn’t Capitalism, which requires competition and market transparency to price capital, labor, risk, credit, goods, services, etc.

Black Box Monopoly is the death of Capitalism as it eliminates competition and market transparency.

The American economy is now dominated by Big Tech Black Box Monopolies, and thus what we have isn’t a “free market” system (a.k.a. capitalism), it’s the pretense of capitalism, a slick PR cover for the most rapacious form of exploitation.

The SillyCon Valley model is simple: achieve monopoly power by scaling the network effect and buying up hundreds of potential competitors with stock “printed” out of thin air.


For the full transcript go to https://financearmageddon.blogspot.com
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