We have what I would call "Elitist Socialism" -- or "Socialism for...
R.Сам 🦋🐏@Logo_Daedalus
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Jul 10, 2025
~1 min read
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We have what I would call "Elitist Socialism" -- or "Socialism for Banks" -- where in the past under Capitalism, the financial collapse of 2008 (or 2020) would have lead to the liquidation of the largest banks in the world, instead they were bailed out by the State.
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When did this happen? Impossible to pinpoint to a specific date-- but I would say even in the 1920s people like Rockefeller & Carnegie described themselves as Socialists, but not Marxist Socialists-- they were more like "Fabian Socialists"-- they believed in the rule by "Society" in the form of NGOs, & were skeptical of "Authoritarian Socialism"-- it's really just the rule of Finance Capital, "Financial Socialism" -- most corporations are owned by Statestreet, Vanguard, and Blackrock. These are themselves not primarily owned by any individual, in the way that Standard Oil was primarily owned by JD Rockefeller-- they are themselves socialized. They are primarily owned by "institutional investors" -- Blackrock owns part of VG & SS, & every combo you can come up with out of that.
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You could either pin it to the creation of the Federal Reserve as an "independent within government" quasi-NGO or with 1972's abandonment of commodity money in favor of pure credit/token money.