Objectivists say the little people are naturally subordinate to a small number of elites. We all yield to that “natural identity.”
The Confederacy, during the US Civil War, sent massive numbers of people to their death in support of the Objectivist concept of natural identity. While slavery was defeated, we still operate with the Objectivist notion of “objective reality,” nevertheless.
People are now subordinated to debt. The subordination is economically structured, having on-demand attributes, which means it also has a naturally political dimension. A conservative, political philosopher like Thomas Hobbes said, for example, that the on-demand attributes of the elite identity are unavoidable.
The result of the US Civil War was: the on-demand attribution winning the argument for legitimate, objective distribution of power. It is a political identity, economically derived, and like Hobbes said, it is a natural identity that yields to objective reality, self-assembled (randomly creative as it may appear), existing on demand. It has the attributes of an efficient cause.
Today, elite experts are always appealing to the efficiency attributes of economic means to ends. The beauty of the free market is that it legitimately yields to subordination on demand; and since it requires money (currency, or useful value) to actually make demands (cash being king), we have a compounding debt burden, expertly referred to as the “credit-default risk.”
For most people, making demands means running to the store — where the value is stored in the form of accepted-useful currency. Since most of the stored value is privately owned by the top 10%, everybody else, Objectivists contend, for example, is naturally subordinated to the debt to make demands in the marketplace, which critics then describe as just another form of slavery, and which the alt-right does not disagree with.
Currently (as I noted in previous articles), we are back to levels of consumer debt before the 08-09 credit-default crisis. To bank on this, yielding to the subordination, uncle Warren Buffet recently dumped his shares of GE and bought shares of SYF, which is a consumer-finance company.
A lot of household income will be “used” to pay the debt (being naturally subordinated) both public and private, which results in a declining rate of profit for firms that make things, like GE.
Remember that people like Buffet say they do not exploit the adversity of others to profit; but there it is, plain as day!
There is a lot of money to be made as consumer confidence rises with the debt proportion, making uncle Warren and company a whole lot richer, and everybody else a whole lot poorer, yielding to the subordination, existing on demand.