The Object of Self-Possession

Ideally, capitalists say, once you own something you are entitled to do whatever you want with it. It is the law in small numbers.

Capital is owned in small numbers, and to keep it that way, conservatives say it is necessary to let the free market determine its best use, which then determines the best practices. Whatever conserves ownership of capital in small numbers is a best practice and whatever harm is done is determined by the ontologics of a free and open market, not the practices that derive from it. The hand that does the harm is fate, capitalists contend, possessed by the emergent properties of a natural existence.

Capitalists work real hard to possess your fate and mine, and this is referred to as risk management. The best way to do that, they contend, is to “network the externalities” by consolidating industry and markets, forming “natural monopolies” (referred to as diversification, as in the case of Berkshire Hathaway) that minimize costs and maximize profits.

Capitalists build-out a network to control for the risk, not reduce it (and in the case of Berkshire Hathaway, a private equity holding company, the probability a person owns shares of it is very small but the probability of owning the risk–paying the rent that pays the dividend–is very large). Networking controls for when risk happens and to whom. It is turned into a measurable commodity, yielding a default risk premium, managed by what are called “fixers” in bond markets where capital is used by a very small number of people to determine what the risk really is by actually using the capital, which effectively defines its use value.

The way capital is deliberately used effectively possesses your fate and mine, described and explained as being the object of self-determination, possessed by the the corporate body (having the utility of singularity), which (“they” say) naturally exists with limited liability (naturally existing the small number as a measurable efficiency).

So, when the Fed pays its member banks $70 billion a year on funds held in reserve, the dividend (the entitlement) can be used to provide liquidity–buying foreclosed homes from HUD then selling them to Berkshire Hathaway, and Blackrock, for example, who in turn pay a dividend to their private-equity interests. The dividend exceeds the going rate of interest on a treasury bond, which means that the incentive (at the going rate of interest, determined by the free hand of the market) is to conserve it (fix it).

The fix for the lack of liquidity conforms to the utility in small numbers. It is the object of self-possession, commoditizing the risk by building-out the natural-monopoly structure Senator Sanders says needs to be busted because it can’t be trusted.

At the going rate of interest, it’s time to Vote For Bernie Sanders!


About griffithlighton

musician-composer, artist, writer, philosopher and political economist (M.A.)
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