Ep 297 - Exposing the Titans of Capital with Peter Phillips

Macro N Cheese

The titans of capital aren’t just the obscenely wealthy. They are the directors of transnational finance companies; they manage the money of the obscenely wealthy.

Steve’s guest, political sociologist Peter Phillips, is the author of Titans of Capital: How Concentrated Wealth Threatens Humanity. The titans, he says, have doubled their AUM (assets under management) in the past 5 years.

“There's only 117 of them and they manage $50 trillion of capital. That $50 trillion is the core –– almost half of the free-floating capital in the world. And that is what the US calls a vital interest. So, when the US says we have vital interests in the world, that's what they mean.

“And that's why we have military bases everywhere in the world, because these investors are everywhere. And any rivalries are undermined by our intelligence agencies, by the government, by military whenever possible. So, it just happens that governments work on behalf of capital.”

So, if you’re wondering why the US has military interests in Ukraine or Gaza. Look to the titans, whose firms are investing in the defense industry. They profit off of war

While the titans are massively increasing the wealth of the top .05 percent of the world’s population, over 20,000 people die each day from starvation and easily curable diseases.

While the ruling class and their media mouthpieces insist that capitalism is going to save the world and money will trickle down...

“It's not. It's exactly the opposite. People are dying daily. There are 700 million people who live in extreme poverty in the world. And extreme poverty means you're living on $2.15 a day. That's the UN set level for extreme poverty.

Steve and Peter discuss ways in which the titans are able to bend policy to their own purposes. They mention the role of groups like the Trilateral Commission and the Council on Foreign Relations.

The episode also compares the approaches of the US and China, illustrating China's success in alleviating extreme poverty through state-driven economic strategies and how the US tries to spin China as a threat.

Steve and Peter talk about the need for revolutionary social movements to challenge the entrenched capitalist structures and demand wealth redistribution, using the insights of MMT to spur new thinking about alternative economic possibilities.

Peter Phillips is a Professor of Political Sociology at Sonoma State University since 1994, former Director of Project Censored 1996 to 2010 and President of Media Freedom Foundation 2003 to 2017.