Resident columnist Dickson Igwe
A $500 million dollar yacht moors off a remote Caribbean island. A helicopter takes off from its deck. A massive private jet sits silently on the tarmac of a private airport nearby; surrounded by smaller planes. A billionaire is ‘chilling’ off his private island with his friends and associates.
Jack owns a controlling interest in a $3 trillion global business. The man is a metaphor for the triumph of capital. The rule of capital is self-evident. The capitalist culture is ubiquitous from east to west and from north to south. We all live in the New Gilded Age ruled by the billionaire.
The world has plunged into an era of conflict, ethnic hatred, and uncertainty, reminiscent of the early 1900s, when various powers, especially in a cauldron called Europe, vied to be number one, not hesitating to go to war killing millions of their own young men, some mere teenagers.
However, this writer believes that in 2024 capitalism – the rule of capital- will prevail over isolationism, populism, and nationalism, anti-Semitism, racism, Trump, and Brexit; just as capital prevailed over fascism of the 1930s-50s, socialism and communism. Why: because capitalism and globalization benefit the powerful investor and wily tycoon. Liberalism in its pure form is the religion of the omnipotent capitalist- capital rules.
Ok. Donald Trump and his toxic brand of populism- the offspring of angry white males who feel left behind by outsourcing to China and elsewhere -is a simple hiatus: a ‘’hiccup’’ in the move towards an unstoppable global order, driven by technology, cross border investment, and shortly, artificial intelligence. History will end with the rule of Capital.
The reason Jack the Capitalist is hugely successful is his focus on his bottom line. Jack considers philanthropy fashionable, yes, but his massive wealth and benevolence is dependent upon a hardheaded approach to business. Consequently, Jack is a free trader.
Jack’s energy and effort underwrites and maximizes the returns on his investments. Jack does not consider himself a citizen of any one country: wherever there is a solid return on capital, Jack lays his head. Jack looks after ‘’number one.’’
Jack will migrate his investments to where costs are lowest, and productivity, highest. Jack lives by his own rules. Why? He can afford to. Unlike ‘’mere mortals’’ Jack has the resources and knowhow to move his massive wealth to desirable locations at the click of a mouse, even sending hundreds, even thousands, of ‘’mortals’’ into unemployment and despair.
A world threatened by a return to 20th century nationalism is not in Jack’s interests. Trade wars, military wars, and closed borders, threaten cross border trade that has made Jack enormously wealthy. Jack will therefore fight insurgent populism with his considerable resources. Jack will back globally oriented politicians for self-preservation. Jack is a globalist. Global is a synonym for multinational, which is another name for Jack.
Jack will place his cash in trusts, foundations, and think tanks that support his multinational interests. Jack is WOKE because it favors Jack’s business interests. However, were right wing populism profitable, Jack would be reactionary: Jack is mercenary: Jack is opportunist. Jack is omnipresent. Jack has no personal beliefs. Jack’s ideology is the profit and loss account. The balance sheet is where Jack goes for worship.
Jack’s favorite port of call is a resort called Davos in Switzerland. That is where Jack huddles with his billionaire chums, together with Jack’s well-funded economics experts, and political henchmen, to create a world in the image of Jack.
Jack is not too concerned with institutions such as the Federal Reserve, the European Central Bank, Bank of England, the World Bank, and the International Monetary Fund. Why? The reason is these organizations silently work for Jack. Jack indirectly controls these beasts through his ownership of the debt that they create and then loan to governments. Jack will ensure they do his bidding, albeit smartly and discreetly.
Jack’s fleet of jets and super yachts are at the disposal of politicians, judges, and those in high places, everywhere. These do his bidding. Conspiracy theorists pontificate on the hidden malevolence of the military industrial complex and deep state: but behind these is Jack and his corporations and interests.
In Europe, Jack was totally against Brexit. Jack is a unifier. Economy of scale is what drives Jack’s profits into the stratosphere. It was anathema to Jack to weaken the European Market and Community. Jack had too much to lose if Europe went belly-up. US isolationism too is not in Jack’s interests.
Consequently, politicians who strive on a nationalist and populist agenda will hit a wall, as immovable as Mount Everest. They already smell the coffee as progressives prevail over right wing demagogues.
Behind the scenes, Jack will put his considerable energy and resources against any move that will negatively affect his corporate interests and investments. Jack will ensure liberalism and globalization succeed. Why? Because Jack has a lot to lose if globalization- aka capitalism- goes south! Jack will fight tooth and nail to defend who and what really matters: JACK.
Dickson Igwe is an education official in the Virgin Islands. He is also a national sea safety instructor. He writes a national column across media and has authored a story book on the Caribbean: 'The Adventures of a West Indian Villager'. Dickson is focused on economics articles, and he believes economics holds the answer to the full economic and social development of the Caribbean. He is of both West African and Caribbean heritage. Dickson is married with one son.
