The story is similar when it comes to the media, where the change has been even more rapid and more sinister. In 1983 90% of media in the US was owned by 50 companies. In 2011 that same 90% was owned by just 6 companies; GE, Disney, Viacom, Time Warner, News Corp, and CBS. Given the essential nature of a free media in a vibrant democracy, Americans must ask themselves; how can you have a free media when a tiny elite own and control 90% of what you read, see and hear? Most pertinent of all though has been the consolidation and monopolisation of the banking industry in the United States. According to the Federal Reserve over the past twenty years 37 banks have merged into just four. CitiGroup, JP Morgan Chase, Wells Fargo and Bank of America. In 1990 the ten largest financial institutions in America held 20% of the nation’s assets. Today they hold 54%. Twenty years ago American had 12,500 banks. Today it has around 8,000. This monopoly is not a law of nature. Neither is the existence of corporations themselves. They are entirely man-made, modern entities, with no allegiance except to their shareholders. Apologists for capitalism and neo-liberalism frequently claim that competition is good for the consumer, that allowing corporations a free role in the economy promotes choice and diversity. We can see that the opposite is the case. By allowing corporations unprescendented access to political power and influence, a corrupt system has evolved where there is little to no choice at all in the American economy. If Americans want to change this they can. They can boycott these corporate bullies, highlight their crimes and exorbitants behaviour, and they can send a powerful emssage at the ballow box by supporting candidates who genuinely stand up for the rights of living, breathing American citizens, not soulless, predatory corpoations. - See more at: aattp.org/revealed-illusion-free-market/#sthash.HDY9jbTn.dpuf
Posted on: Sat, 09 Nov 2013 20:26:58 +0000
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